TRADE AND FINANCE WOOL AT NAPIER WELLINGTON'S FIRST SALE BRISBANE WOOL SALES. COMPANY LAW FEWER BANKRUPTCIES,

Evening Post, Volume CXX, Issue 134, 3 December 1935, Page 14

TRADE AND FINANCE

WOOL AT NAPIER

WELLINGTON'S FIRST SALE

BRISBANE WOOL SALES.

COMPANY LAW

FEWER BANKRUPTCIES,

PRODUCE & MARKET REPORTS FROM DAY TO DAY

A GOOD CLEARANCE

TWOPENCE UP ON LAST YEAR

(By Telegraph—Press Association.)

HASTINGS, December 2.

A 25 per cent, increase in wool prices was recorded at the first wool sale of tha season in Hawke's Bay today as compared with the opening sale last season. It is estimated that approximately half the offering oi 26,605 bales constituted held-over wool, which opened up in good condition. This season's wool, which was among the lots offered, was reported to be the best for many seasons past. Both old and new wool was sought after keenly by a full bench of buyers.

Comparing with this sale last season fleece wool was up 2d to 21d, coarser grades being eagerly sought after and selling well. Skirtings experienced similar increases. Grutchings were 2^d a 1b better, and locks 13d.

Continental competition was active. •A clearance of 96 per cent, of the offering was reported.

Wellington's first aggregate catalogue to be offered thjs season will be 29,850 bales. The sale begins at 8 a.m. on Saturday at the Town Hall. Christchurch follows on Thursday. December 12,- with an allotment of 24,000 bales.

(By Telegraph.—Press Assn: —Copyright.) (Received, December 3, 12.5 p.m.1) . BRISBANE, This Day. The wool'sales have reopened with an easier demand. Values are fully firm on those ruling at the close of the Sydney sales of last week. Top prices were greasy' 22id per Ib, scoured 29.=Jd. ■ !

NEW BILL IN AUSTRALIA,

A new Companies Bill, providing a complete code for the formation, management, control, and winding-up of companies, and protecting the public against fraud is before- the New South Wales Legislature.* ; The Bill is'designed to encourage, the formation of companies fpr •' carrying ■on ■ business, and to surfb.uhd, all stages "of 'a company's work w4thv safeguards for the investing public.-1" It imposes strict limitations on the hawking of shares arid bonds. .-.-•• ■:■ , ■-~;..■.•..' ■/.-

Two official' liquidators are to be appointed, and" f heir services may be engaged in" ' winding-up of companies. Companies will also have the option of appointing private liquidators. .■•:".... :

Provision is made for the registration of proprietary companies, a type of company organisation new to the State. Companies- " will .have wider latitude in the appointment of their auditors. ..;. — .

The Bill,'9b(itaihs detailed provisions about the contents and 'the issue of a prospectus, 'the .allotment of shares, the payment "of'commissions and discounts, and to share; capital.' A; new departure is provision for workers' shares. Facilities are provided for the removal of directors who do such things as if, done by private persons, ■would be dishonest, and the Court may review any unjust payments by directors to themselves before a wind-inc-up.

One of the provisions is that all money received before allotment of shares must be placed in trust, and its misuse is prohibited.

Following the South Australian legislation, companies will be empowered to set up superannuation funds for the good of their employees.

One of the most interesting features in the Christchurch monthly statistics for November, 1935, is the decrease in the number of bankruptcies dealt with by the Official Assignee's office, states the "Press." In, November, 1934, there were six; last month there was only one. It is considered that the big drop is due principally to the effect of farmer's relief legislation, which has given farmers in a precarious position recourse to other relief than through bankruptcy. . This falling-off in bankruptcy numbers has been noticeable in the last several months, ever since the relief legislation began to operate fully.

The following is the official range of prices:— Dec, 1934. Dec, 1935. ... : " d. d. d. d. SouthdownSuper — — Good-to super — 12 to 15 Average- ..... 9 to 10J . — Inferior .... — — Half bred— 56/48's, av'age — 13 to 14 • 52/56's, super — 124 to 14 Average 9 to 10J 11 to 12} ■ Inferior to 7;] 9 to 10:; Extra fine..crossbred— i ■ 48/50's', ■".'super. 8 to 94 11 to -121 Average'';,;:... 16 to -7.\ 9? ( to 104 . Inferior' 5 to 53 74 to 8J Fine crc&sbred— v . ,-46/48's, "'"super 6? to' 74 10 to 11 'Average 52i to 64. 8 to 94. Inferior '4J to 5.; 64 to 74 Medium crossbred — 44/46's, super 53 to 6i 9} to 103 . Average 43 to 54 8 to 9?. Inferior to 42 6 to 73 Coarse Crossbred — 40/44's, super 5J to 6.V — Average .... 4 to 5 7 to 8 Inferior — 54. to GJ Lincoln — Go*l to super — 84 to 9.V Average — 7" to 8 • Inferior — ' 5$ to 6i; Hoggets— . 52/56's — 11 to 14:; 48/50's ....... 64 to 8? 10 to 12 46/48's 5V to 6^ 8i to 11 Lambs— 48/50's. — 9 to Hi 46/48's — 8J to 10J Seedy and inferior .. — 64 to 8 Necks — Super 7.', to 8| 9J. to 11 Average 5 to 6 8 to 9 : Seedy and inferior .. — ■ 6J to 74 Piec^s-^r Super 6 to 7 — Good to super — 8 to 10 C:[ to 54. — • Low to medium .. — 54 to 74 Bellies— ■Super 44 to 51 — Good to super — 5j to 7J ■ Medium .... 34. to 4i — . .Low to ' ■ medium .. — 4? to 54 CirutcMngs— Superb .:,\%;. "■ — ' 1\ to 8i Good to-super 4J to 54 — Average 3J to 44 6 to 7.', Inferior to 3.1 44. to 54. Locks 2J to 34 4 to 4J