THE WOLLSTRA FACTOR

Evening Post, Volume CXIX, Issue 111, 13 May 1935, Page 12

THE WOLLSTRA FACTOR

;'. ■£: WOOLBROKER'S VIEW (By Telegraph.) (Special to the "Evening Post.") '- N . . DUNEDIN, This Day. .A well-known woolbroker on being interviewed said that wpllstradoes not* now threaten to be such, a menace as it vis first thought it'would-be to the profitable production of the raw material. Wollstra is, certainly; being produced, but so far1 the product has riot, been proved to'have the lasting quality of ■woollen goods; and, fui> ~the.r,> garments made of it have a tendency, to crease and to remain creased until re^ pressed. ' ■• ■ ~ With the past low prices qE wool, woilstra Ms.not had:a cnanceof successfully competing: against wool ;„ but its prospectß would be enhanced'if-'wool prices advanced substantially. ' German manufacturers are now making a.cloth combining' ;raw vpol and wollstra. Germany/^interest, in the New Zealand . wooljrmarket. is'gratifying, but this must ;be remembered, that that country has never exerted a big influence on prices 1 here. Its purchases have, been comparatively;; light fearid; in. the recently-concluded season itvdid not buy a bale. > Only a. small percentage of the total clip has been taken by Germany, in. the-best of seasons. Over a,period of 30 years'-the highest percentage of ■wool which has gone to, Germany ;wds 7.78: per .'cent: of the total clip, and percentages acquired by that nation in the past five.years have been as follows: 1931; 4;72 per cent.; .1932, 3.44 per cent.; 1933 3.35 per. cent.; 1934, 5.0 percent.; 1935, nil.. Winchcombe, Carson, and Co., Sydney, in their comprehensive, annual review of the wool; trade.; ©£;. Australia, remark that deniahd for wool has begun to increase; but the-review, -concludes that, the value or the lament world demand,mil not be pbtained \ until^he.^iatibnsjbegiri to clear avray; the restrictionsthey have placed 'upon international trade. Statistically, wool is: likely to Jje in a stronger position in the com- ': ing season., Th(ijnarket should strengthen owing to; smatler^'supplies of merinos and the; finer ' Crp^sbreds: Substitute fibres : have not-prevented.the" world using"as 1 much: wool today-as ever iii its history. Australia-grew oven 100,000 more bales this year; wool prices fell 50 per cent, between :January,,; 1934, and . January, 1935. The severity of the decline is attributed <to the German embargo;oh all imports. Yorkshire has been Australia's largest customer, and Japan was second. Production of wool in Australia1 for the year ending June 30, 1935, is expected to show an increase compared with the previous twelve months. July .1. to June 30. Bales. 1928-29 2,862,877 J929-30 . 2,867,000 1930-31 ~... 2,798,000 1931-32 3,051,000 v 1932-33 3,200,610 1933-34 ....;. 3,043.106 1934-35 ; ................ *3,140;.000 PRICE OF COLD (B*; Telegraph.—Press Assn.—Copyright.) LONDON, May 11. Price o? fine gold per ounce, 143s 4d. Per oz. a. tl. May. 10, , 143 5 May 9 >~........ «. 143 0 May 8 .144 0% May 7 , 143 7% Hay 4 144 1 May S 143 11% May 2 ;................. 144 4 May 1 145 0 April' 30 144 8 April 1 145 8% March' 29 .....-.....> 143 8 March 6 (record) ...... 149 4 X March 1 145 I February 1 142 4 January 1 , 140 10% DOLLAR AND STERLING (By Telegraph.—Press Assn.—Copyright,) LONDON, May 11.. Sterling exchange, London on New Tilork, 4.86% dollars. ' ' •■ 'Dollars to. £1. ilay 10 >.... 4K># May 0 .„, 4.54U-1G May S ■, » 48311-10 May 7 , 4,84% May ,4 4.83% -May 3 .., 4.84 5-16 May ( 2 483 7-lfi May 1 ' 4.82% April 39 ' 4.83% Aprii~l ....• 4.70% March- 1 : 4.8313-10 February 1 4.871-16 January 1 4043-10 DOLLAR RATES. ' The Assoeiated^Banlv") (other than ihc Bank of New South ]kVAles) qnqted the following dollar-sterling r«ites today, which are subject to alteration without notice:— . ' U.S.A. Canada. Dols. " ' Dols. Conversion of dollfic..b'ills .received; for 'collection and, sale of. dollar drafts ' I and telegraphic transfers 4 85 4 83 Pin chase, of dollar bills ~* 488 4.88 > ,on..a' New.Zealand currency ba9i's these ratds, are equivalent to: — ' US.A. Canada. , Selling— Dols. Dols. 'T.T ~. 389>/j 3.89% On demand 390 300| i BuyingT- • On demand 3 93'^i 3.95% THE FRENCH FRANC. (By Telegraph.—Press Assn.—Copyright.) . LONDON, May ll.' Sterling exchange on. Paiis, 73 13-16 francs to "sBl. Directors of Dominion Executive Trust, Ltd., annpiinco completion of the accounts for tho half-year ended March-31 last;• The' operations of,the trust over that period, it is reported, have shown a definite improvement, and interim interest at the rato of 5 per cent, per annum has been paid on the company's debenture issue, ■ ■ ■_ . ■■ ,