THE WOOL MARKET

Evening Star, Issue 21582, 30 November 1933, Page 7

THE WOOL MARKET

LONDON SALES Pres) Association— B 3 Telegraph-Cepyrigbt. LONDON, November 20. (Received November .’SO, at 11 a.in.) At the wool sales 10.459 bales were offered, including 4,861 from Now Zealand. About 8,716 hales were sold. There was good Homo and Continental competition for finer sorts, lor which full rates were maintained. Inferior and faulty were irregular. The withdrawals were fairly numerous. New Zealand greasy cross-bred, " Waipaoa,” top, 14$d; average, Hid. N.Z. SHEEP FL&GKS STATISTICS MISLEADING [Per United Press Association.] MAST LUTON, November 29. Interesting reference to the official statistics of sheep flocks in the dominion was made at the annual meeting of the New Zealand Farmers’ Co-opera-tive Distributing Company Ltd. to-day by Mr Duncan M‘Gregor, According to the official statistics of sheep flocks there was a large decline last year, particularly in Canterbury and Southland. Personally, .Mr M'Gregor said, he very much doubted whether there had been any decline or, at all events, a large decline. The stock statistics were collected on April 40, and this at times was apt to give a misleading result. In a dry season fat stock was all got away early in the year. He had visited Southland in May, and had found that a very large part of the fat sheep and iambs had already been got way. The present plan did not give an accurate indication of the position, and ho would be prepared to move in the right place that stock statistics should he collected on June 40 instead of April 40.

METAL MARKET Press Association —By Telegraph— Copyright LONDON'. November 28. The following are the official metal quotations:— Copper: Spot, £3O 3s lid per ton; forward, £3O 6s 10id. Electrolytic: Spot, £33 10s; forward, £34. Wire bars, £34. Lead: Spot, £ll 11s 3d; forward, £ll 16s 3d. Spelter: Spot, £l4 17s 6d: forward, £ls 2s 6d, Tin; Spot, £225 13s 9(1; forward, £225 13s 9d. Dig iron: Home trade, £3 2s Gd ; export, £2 15s, Antimony: British, £39 10s; foreign, £22 17s (id. Molybdenite, £2 Is Od per unit. Wolfram. £1 6s Bd. Silver: Standard, 18 5-16 d per oz; fine, 19Jd. WAIROA MEAT WORKS RE-ESTABLISHMENT PLANS fP»R UxrnsD Press Association.} WAIROA. November 25). The Wairoa Meat Works were badly shattered by earthquake in 1931 and then subjected to fire two days later, which destroyed the freezing chambers and damaged the other departments. Efforts to raise finance to re-establish the works have been made since then, but without success. An attcinpt to sell the works to an outside organisation was defeated on being put to the shareholders. Now it appears that there is every likelihood of another effort being made to re-establish the works. The chairman of the board of directors (Mr -Jessup), in the nineteenth annual report, states that the sheep farmer shareholders in the Wairoa district are suffering heavy loss on their fat stock through the cost of transpo.. from Gisborne to Napier and the depreciation whilst in transit. The directors, therefore, have concentrated on restoring the works on sound working lines, and hope that this object will be achieved in the coming year on a basis which will protect the capital and interests of the shareholders. The property includes fifty-five acres of valuable land, twelve residences, the company’s offices, and the factory buildings. The plant, which was not damaged, is entirely free and unencumbered. In addition the company has a cash credit balance of £3,368 and trading stocks valued at £1,796. All the buildings, machinery, etc., have been we'l maintained. The machinery and plant were revalued in 1932 at £34,509.

THE BUILDING TRADE SOME RECOVERY REPORTED [Special to the ‘Star.’] AUCKLAND, November 29. Is' the timber trade on the fringe of a long-awaited recovery? In the opinion of several of Auckland’s largest timber merchants, the prospects to-day are at least brighter than they have been for some time. There are definite signs of improvement,” said one merchant this morning. •' It is, of course, impossible to say definitely that the improvement "'ill continue, but the signs are certainly most promising.” To support, his optimism, lie produced a number of reports received from travellers. One report from Invercargill stated that business was good, and that the joinery factories were working overtime. Another from Oamaru stated that business was much better, and still improving : and a third, from Timaru. was worded in the same terms. “ Merchants report that business, particularly in joinery, is ever so much bettor, ’’ read another report relating to Blenheim and Nelson. ‘Reports show that practically right through the South Island things are much improved, Christchurch being about the only exception. I have not read reports like that for three years.” He added that orders were coming in well for all New Zealand woods, and collections also showed a wonderful improvement. “ The position to-day is brighter than it has been for three years,” he reiterated. In the King Country some 400 men were getting one and a-half days’ more work a week, working four and a-half days instead of three. A good deal of house building was in progress. The improvement, he said, dated bark over several months. Another merchant, although he admitted that the outlook was better, was not inclined to bn as optimistic ns the merchant who quoted encouraging reports from the South Island. “ I have been in the timber business for fifty years, and I have never known anything as had as business in the last

three years.’’ ho said. “ Country business is good, but town business is rotten." A third merchant said that, although timber prices showed a tendency to harden, he did not think that any timber concern would show a profit in its trading account for the year. " The prices of timber produced in the King Country will have to rise considerably before there is any profit for the sawmiller. Certainly business has improved during the last few months, but, truthfully speaking, we cannot see any daylight for continued activity." said another merchant. Eighteen months ago Tie had been told by one builder that he would have received five contracts in one district if wool had advanced a penny a pound. The substantial increases recorded in the price of wool on Monday should help things a lot in the country. The decline in the price of butter, however, was likely to tell against improvement in the building trade in some quarters. E.S. AND A. BANK PROFITS The English, Scottish, and Australian Bank Ltd., from its bead office in London, discloses an increase of £71,608 in net profit for the year ended June 30. compared with that of the previous year. Gross profit is down by £18,514, but expenses and taxation are £120,121 less than in 1931-32. Net income is £219,327, compared with £147,719. Dividend for the year is 5 per cent, five of British income lax, the same rate as in the previous year. The amounts allotted to the reserve and staff provident funds are the same as in 1931-32, but in addition £50,000 is placed to contingencies reserve. The reserve fund now stands at £3,220,000. A comparison of profits and allocations with those of the previous year is as follows; 1931-32. 1932-33. £ £ Gross profits ... 1,055,987 1,007,474 Expenses 008,268 788,147 Net profit 147,719 219,327 Forward 297.135 274,854 Available 444,854 494,181 Dividend 150,000 150,000 To reserves ... 15,000 15,000 Provident fund 5,000 5,000 Contingency account 50,000 Carry forward ... 271,851 274,181 THE DOLLAR Press Association—By Telegraph—Copyright LONDON, November 29. (Received November 30, at 11 a.in.) The dollar is quoted at 5.20 j.

ADDINGTON MARKETS

[Per United Press Association.] CHRISTCHURCH, November 29. Store sheen of all descriptions were wanted at . tne Addington market today. The entry was limited, the hulk of the offering being dry sheep. All were sold at late rates, except hoggets, which were dearer. Ewes in wool, with lambs, made 18s 4d, all counted, the highest price for three years. Values: Ordinary shorn ewe hoggets, to los 8cl; good-woqlled, to 23s 2d; half-bred wethers, 14s 4d to 14s 4d : good crossbred wethers, TGs'Sd to 17s; medium half-bred, 14s 8d to los Id; medium ewes (wooiled) and lambs, to 18s 4d (all counted); ordinary, to 14s 6d. Fat Lambs.—A yarding of 1,150 was forward, the quality being good. Extra

heavy made up to Is 6d per head cheaper,'but others sold firmly. Two I exporters operated, and values averI aged between 7fd and 7|d. Values: Ex Ira prime heavy lambs made to 265; prime heavy, 20s to 235; medium, 17s to 19s; light, 14s to 16s 6d. Fat Sheep.—An entry of 4,300 was forward, compared with 3,800 last week. The quality was good, the offering including some very good North Island lines, and the sale was steady. Wethers were Is dearer and ewes were Is cheaper. Values were: Plxtra prime heavy wethers, to 295; prime heavy, 245. to 275; prune medium-weight, 21s 6d to 23s 6d; ordinary, 18s to 21s; light. 15s Cd to 17s 6d; extra prime ; heavy ewes, to 29s 10d; prime heavy, 22s to 245; prime medium-weight, 18s 6d to 21s Gd: ordinary, 15s to 18s; light. Pis to 14s Gd. Fat Cattle.—'l’he yarding of 41(1 forward was too heavy for requirements. Steers were back from 10s to £T per head, and cows and heifers £l. Best beet made from 22s to 25s per 1001 b; good, 18s to 21s; heavy-wcigiit, 15s 6d to 19s; medium-weight, 11s to 13s; and rough down to 10s. Values; Extra prime heavy steers, to £ll 17s 6d; prime heavy, £8 Ifls to £lO 10s; prime medium-weight, £7 10s to £9 10s; ordinary, £5 5s to £7 ; light, to £5. Extra prime heifers, to £9 7s 6d; prime, £5 5s to £7: medium, £3 to £5; light, to £2 15s. Extra prime cows, to £9 2s 6d; prime, £4 10s to £5 15s; medium, £3 to £4; light, to £2 15s. Fat Pigs.—There was a heavy entry, including ' a well-finished consignment from tlye West Coast. The market was steady, with a keen demand, 140 pigs being bought for export. • Values: Choppers, 30s lo £2 11s; baconers, 40s to 47s 6d ; heavy baconers. 50s to 57s 6d : extra heavy, £3 to £3 (5s 6d (average price 4d to 4;{d) ; porkers, 26s 6d to 29s 6d; heavy, 32s 6d to 36s 6d (average price 4id to old). NEW GUINEA GOLD SHARES {’res?. Association—By Telegraph—Copy, iglit. LONDON, November 29. (Received November 30, at 11 a.m.) New Guinea Gold shares are quoted at ss.