WOOL POSITION

Evening Post, Volume CXXII, Issue 132, 1 December 1936, Page 12

WOOL POSITION

CROSSBRED DEMAND

THE SOUTHERN CLIP.

(By Telegraph.) (Special to the "Evening Post.") DUNEDIN, This Day. This is the first season for many years in which the gap between crossbred and halfbred wool prices has been closed. As Otago's main, supplies are of halfbreds farmers here are not so jubilant as the North Island growers, although they are highly pleased with the prospects of most payable prices. Crossbreds comprise the bulk ,of the North Island clip, and right through the slump this class of wool sold at fairly low prices. While in the 1933-34 season it did not en.ioy the marked advance prevailing on halfbreds. tops of crossbreds were then selling at round about lOd. Now they are bringing 16d. Fashions have changed to a certain extent and manufacturers are now making more use of crossbreds. while army requirements have also increased the demand. A comparison of the prices at Auckland on Saturday with those ruling at the first sale there three years ago shows that halfbreds have not made such a big rise above the prices then ruling. In Otago flocks have increased,'due largely to the tendency of farmers to go out of cropuing and dairying. This is evident m the larger quantity of wool of this season's clip that will be offered at the Dunedin sales this year. PRIVATE BUYING. However, the offering will not reach the offering of 114,766 bales which was a record last season. The slight carryover has been sola during the winter months. With prospects of higher prices, private buyers have been exceedingly active in the country, arid although the quantity sold has been small, farmers who have been induced to part with their clips will now have cause to be regretful because prices to be obtainable at the public sales will be in excess of the amounts realised on wool sold priVaThere will too be some degree of chagrin among Otago farmers because their clips will not be ready for the opening sale in Dunedin on December 21 ' Supplies' of wool are coming into stores very slowly and it is apparent that'■ unless "a .'spell of fine weather is experienced during the next fortnight Ihe wool committee's allocation ot 26,000 bales for the first sale will not be filled. . Farmers are very anxious to secure the high prices now ruling, and such prices can be expected if the. weather assists them to make a special erlprt to get their wool into the stores for the -first sale. The present spell of wet weather has come at a most inopportune time for shearing. "Wool so-far to hand is in an exceptionally good condition, hoggets particularly. Most of the wool is light, bright, and well grown. '■■ So far none of the clips has shown any break in staple, evidence of an excellent winter with growth unretarded, while some of the North Otago wools are showing signs of dust from the dry season experienced in that district. : FOREIGN EXCHANGE RATES ''Closing, sight rates as quoted by the Bank of New South Wales, Wellington, today, for buying and selling foreign currencies, based on New Zealand currency, are as follows:— On rlrmiinri. On rlemniul. Buying. Selling. Xew Zcnliuid mi £ s. il. £ s. il. London—£N.Z. to £ stg. . 100 123 10 0 VZi S 91 Australia—-£ A to £X.Z. 100 .-'...'............ 10t. 0 0 100 10 0 HJI—£K»tO'£X.Z..IOO . U0 T ti - S:i 0 0| N'civ York'— Dollars to ' £X.Z. 1. ' 3.95U 3.93% Montreal —Dollars to £ - £X.Z. 1. 3.117',i . :J.!)3U Austria—Schillings to £ X-.Z. 1: • — -»■■>> ifelKiiun^-Belsas to .£.. X.Z. 1. — -?--hl Czechoslovakia-— Crowns to £N.Z: 1 •• — 110- 10 Prnmarkr-Kronor tv £ . X.55. 1 IS.2C:; 3i.!M).) 1-iiim-e ■■— Francs to . £ X.Z. .1 — ■ >VI-'° Ccrmanv —Rcielimarks In £X.Z. 1 '-. — 9-7 M Holland—Florins to. fi X.z. 1. — '-:? 1 Italy—Wre to-£X.Z. .1. — . >*■■>'■> Java—Florins lo £'X.Z. 1 — '-Ujl Norway—Kroner to £ X.Z. ]. 18.211 13.M01 Swollen—Kr.ouor to £ X.z. i: 15.513 l.i. jUO .Switzerland —Francs to £ X.z. i —• ] i.Olid | Xmi'mea—Fraii'cV 'to £ X.Z. 1 — 8-- Uj Taiieete —Francs to £ X.Z. 1 - S-1U Him" Kon"—X.Z. pence to 1 dollar 18 21-IU 18 37-32 j li.fli.-i and Ceylon—X.Z. lienee to 1 rupee ... 22.11-32 22 -11-04 Japan—X.Z. pence to 1 -V ' Singapore—X.Z. pence to v I dollar "l r;« "•' "-10 Cliefoo— X.Z. Inline to . . 1 dollar 17 2.V52 IS 7-10 The above rates are for on demand transactions. The £1 is £1 in New Zealand currency. The rates are subiect to alteration without notice. ' Based on the figures quoted by the Bank of New South Wales, the New Zealand pound, compared with its original par value is equivalent to approximately:— £ s. (1. II l(i 1 in J.oiirton. I 0 1 in Australia: 0 lfi 2 in U.K.A-. II Hi 1% In Canada. 0 X! it% in France. 0 1« IVi In - Italy. 0 9 1',i,4 in (iermnny. It 11 10U in Java.-----1 S O^i in Japan. AUSTRALIAN ALLOY STEEL. Australian Alloy Steel Ltd. made a profit last year tended June 30) of £6428, compared with £6133 the pre-1 vious year. Dividend of 8 per cent, is proposed, accounting for £4800, a sum of £1928 is written of! brokerage account and with £3034 brought forward there is carried forward £2734. The debenture issue, which stood at £10,000 in 1934, has now been eliminated. Liabilities amount to £5299. Capital is £84,177, and income tax reserve amounts to £1800. Assets are valued at £97,811. Average capital employed during the year was £57,000. The company has acquired a contract to purchase all the shares in Hadfields (Aust, 1935) Ltd. The sum necessary to finance and carry through the transaction is approximately £50,000. Authorised ' capital is to be increased to £175,000 from £100,000. It is proposed to make an issue, of 60,000 new shares, and shareholders are offered new shares in the proportion of three new shares for every five shares held.