LONDON WOOL SALES

Dominion, Volume 30, Issue 173, 19 April 1937, Page 12

LONDON WOOL SALES

Advance in Prices Expected PROSPECTS FAVOURABLE The Bank of New Zealand, produce department, is advised by its London office, under date April 16, that the prospects for next series of sales commencing on April 27 arc favourable. Brices are generally expected to advance as follows : Merinos, id. to Id. Fine crossbreds, Id. to lid. Medium and coarse crossbreds, hl. to lid. per lb. At the close of the March series of wool sales, the London office of the Bank of New Zealand reported the following quotations for wools of average condition :—

The close of the New Zealand sales finds prices at the peak of tjie season, and the same position, or nearly so. is to he found in Australia. There is everywhere a keen demand for wool aud the lean months in regard to the quantity available for purchase are now at hand. The wool stores in New Zealand end the season with practically bare floors. On March 31 only 206,834 bales were in the Australian stores awaiting sale. Of that total 119,573 were in Sydney. Supplies in Victoria, Adelaide, Western Australia and Tasmania are now. negligible. From April to September supplies will be most limited, and consumers will be eating into stocks with very little opportunitv to replace them. On present indications, consumption is likely to be larger in 1937 than during 1936. Employment is greater in most countries. Raw material values generally are on much advanced levels. Under their impetus, production is expanding, putting more men into work, who, in their turn, demand larger quantities of manufactured goods to fill their wants. Just as diminishing prices in the early depression years created more and more idle hands, increasing prices are having the reverse effect. Of all raw materials, wool, therefore, is very strongly situated. Artificial fibres have probably exercised some check on its price, but they have not prevented the use of all the sheep’s staple which is grown. While employment is maintained or increased, a serious setback in wool prices looks improbable. It is stated that Bradford is short of supplies of wool and the prospects for the coming series of London sales are most favourable. FOREIGN EXCHANGES Position of Sterling By Telegraph.—Press Assn.—Copyright. London, April 16. The following mean closing rates on foreign exchanges were current to-day compared with those ruling on April 15:—

•Unofficial, f Official. London, April 16. Gold.—£7/1/5$ per ounce, fine. Silver.—Spot, 20 11-16 d. an ounce; forward, 20 11-16 d. (Received April 18, 6.30 p.m.) JLondon, April 17. Gold.— £7/1/2 an ounce, fine. Sterling exchange, London on New York, 4.91$ dollars; on Paris, 110 francs; on Batavia, 8.945 florins. On New Zealand Currency Basis The Bank of New South Wales, Wellington, quoted the following rates for their purchases and sales of foreign exchange on Saturday:—

Th<* Assoeiatod Banks (other than the Bank of New South Wales) quoted the following dollar rates on Saturday on a New Zealand currency basis. They are subject io alteration without notice. U.S.A. Doi Canadian Doi. Selling- (Per £1 N.Z.) , (Per £1 N.Z.)

N.Z. Pound Abroad Based on figures quoted by the Bank ot New South Wales, the New Zealand pound, compared With its original par value, la equivalent to approximately :— 16/1 in London. .£l/0/1 in Australia. 10/2| in U.S.A. 10/2 in Canada. 11/2} in France. 10/2.1 In Italy. 9/0} iu Germany. 11/9 in Java. £l/8/11 in Japan.

p er lb. Merinos — d. d. Super, 6O/64's ... ... 20 to 214 Ordinary ... 17 to 18 Inferior ... 144 to 151 Halfbred s— 56/58’s ... 18 to 20 56’s ... 17 to 18 50/56’s ... 161 to 1 4 ? Crossbreds— 50s ... 16 to 164 4S/50’s loA to 16 46/48’s ... 15 to 154 44/46's ... 15 to 154 40/44’s ... 15 to 154 36/40's ... 15 to lo 4

Par. Apr. 15. Apr. 16. N, York, dol. to £ 4.866 4.90S 4.91 9-16 Montreal, dol. to 4.866 4.90J 4.91 Paris, fr. to Brussels, bel. to £ 124.21 1101-64 1101-6-1 £ 48.611 29.125 29.16 Geneva, fr. to £ 25.225 21.51 i 21.53 Amst’dam. fl. to £ 12.107 8.063 8.98} Berlin, inks, to X* 20.43 12.21 12.22 St’holm, knr. to £ 18.159 19.395 19.395 C'hagen, knr. to £ 18.159 22.40 22.40 Oslo, knr. to £ 18.159 19.90 19.90 Vienna, schgs. to £ 34.585 26.50 26.50 Prague, knr. to £ 164.25 140.875 140.875 ITelTors, inks. to 193.23 i 226.50 220.50 Madrid, pes. to £ 25.225 — ___ Lisbon, esc. to £ 100 110 3-16110 3-16 Milan, lire to £ 92 93.25 93 5-16 Athens, drac. to £ 375 1 •5474 ♦5471 Bucharest, lei to X? 813.60 1 ’670 ♦667* Belgrade, din. to £ 276.31 213 , 213' Bio de J., p. to mil 5.899 14} f4j B. Aires, p. to peso 47.62 M. Video, p. to peso 51 1-39J f39| Calcutta, p. to rup. 18 18} 18J Shanghai, p. to dol. 14} 141 H.-Kong, p. to dol. —— 1415-16 14 5-16 Y’liama, p. to yen. 24.5S2 14 14 Batavia, fl. to £ 12.107 8.925 8.93

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