WOOL IN SYDNEY BUYING FOR CONTINENT ECONOMIC PALESTINE

Evening Post, Volume CXX, Issue 116, 12 November 1935, Page 14

WOOL IN SYDNEY

BUYING FOR CONTINENT

ECONOMIC PALESTINE

AUSTRALIAN SHARES

BEST LINES MARKET FIRM

A HEAVY TURNOVER

(By Telegraph.—Press Assn.—Copyright.) ■ ■ SYDNEY, Noyember 11. At the wool sales, 12,798 bales were offered, 12,272 being sold by auction and 2324 privately. The market for very best lines was firm and mostly in sellers' favour. All other average descriptions of fleece and skirtings, including comebacks and crossbreds, were 5 per cent, dearer. Faulty and inferior wools were unchanged. There was strong competition in all sections with improved support from the Continent. ' Greasy merino made 25Jd, equalling the season's record in> the Sydney market. The average price last week was £16 19s 9d a bale, or 13.7 d a lb.

Winchcombe, Carson, Ltd., Sydney, report:—Though prices for most classes of wool have of late varied slightly, demand has been experienced'in excellent volume, in which Japan, Yorkshire, all sections of the Continent, and Australian millmen have participated. A good flow of orders was anticipated from Japanese and Yorkshire buyers this season. Purchasing, by the Continent was a doubtful factor, but business on that account has been better during the first two months of the season than during the similar period of 1934. ■ When that improvement is regarded, however, the fact should not be overlooked that European buying is not as extensive as a few years ago, and the reduction diminishes the probability of the further sharp rise in prices which many of those optimistically inclined anticipated when the season opened. By way of example, exports of wool from Australia to France were larger last season than twelve months before, but they were 159,414 bales fewer than in 1932-33. Despite that fact, France's trade is still of great importance to Australia. She is the largest oversea buyer of Australian sheepskins, taking more than half of the quantity exported. In 1934 over 44 per cent, of'the sheepskins France imported was secured in the Commonwealth. Her requirements are, therefore, an important influence on Australian markets, and high prices for the products of the pastoral industry are dependent to a considerable degree on French conditions. The number of unemployed in the country in receipt of government relief has been reduced since early in the year, the total, which stood at 502,879 in February last, being down to 380,664 at the end of August.

DEMAND FOR ELECTRICITY Proposals for utilising the River Jordan for hydro-electric purposes are reported to be well under way, but current is already'being supplied by the Palestine Electric Corporation. During 1934, ' said the Marquis of Reading, chairman of the corporation, at the meeting in London, 13,463 additional/consumers had been connected -and the sale of energy had increased by oyer 70 per cent. The net profit for the year was £165.511, and adding £34,051 carried forward from last year, they obtained the amount of £199,562 shown in the balance-sheet. The board proposed to set aside £70.000 to general reserve, bringing it up to £100,000, and a further £25,000 for British income tax and other contingencies. They recommended a dividend on the ordinary shares of 7J per cent, free of British income tax. The new Haifa power-house was now completed, and both the 6000 and the 12,000 kw. turbogenerators had been in commercial operation for some time. In order to cope with the increased demand for energy, they were compelled to carry out further extensions, and one additional turbo-generator of 12,000 kw. capacity, together with all the necessai'y plant, was now on order for the new Haifa power-house. It was the policy of the directors, in the interests of the consumers and of the economic development of the country as a whole, to keep the rates as low as possible, and further reductions in the rates would be introduced when possible. . j The development of Palestine in practically every field of economic activity had been extraordinary during the past few years, and in this development electricity had played a leading part. The demand for electricity and the gross revenue of the Corporation had continued to increase during the present year. The report was unanimously adopted.

COMMONWEALTH SHIPS

PURCHASE MONEY OWING

Replying to inquiries as to what stage had been reached in the negotiation between the Federal Government and the purchasers of the Commonwealth Shipping Line for the payment of the balance owing to the Government; what was the amount outstanding; and when did the Government expect final payments to be made,' the Prime Minister (Mr. Lyons) said the White Star Company, to whom the ships were sold, was in liquidation. Proof of debt had been lodged by the Commonwealth, and all possible steps were being taken to safeguard Commonwealth' interests. After allowing for purchase money of £500,000 from the resale of the ships and £158,000, portion of insurance moneys on the Ferndale, the amount of principal outstanding, added Mr. Lyons, .was £662,000. In addition to that sum, the Commonwealth had lodged a claim for interest from August, 1932. It was not possible to say when a dividend would b, e Paid by the liquidator in respect of the Commonwealth claim.