COMMERCIAL

Greymouth Evening Star, 21 November 1928, Page 9

COMMERCIAL

GRAIN AND PRODUCE.

(Per Press Association.)

CHRISTCHURCH, November 20.

Business continues to be on the quiet side, so far as the grain markets are concerned. Very little is doing in respect of wheat for milling purposes, and a similar position obtains in regard to fowl wheat which is quoted at 5/8 to 5/9 f.o.b.s.i. Practically nothing is changing hands in seeds, the quotations being unaltered from those given last weekend.

A few parcels of B grade gartons have been sold on the basis of 3/6 f.o.b.s.i.

Trade in old potatoes, being now finished, the new crop is quoted at £3/10/- to £3/15/- on trucks at country stations, to farmers, main crop, but not a great deal is offering. Onions are quoted at £5 per ton, on trucks for January and February delivery, and £4/10/- for March and April delivery. BUTTER EXPORTS (Special to "Star.") AUCKLAND, Nov. 21. The Aorangi, which sailed last evening for Vancouver, carried 29,305 boxes of Auckland butter for Canada and Honolulu, and the East. Cargoes eastward are growing as the season advances. The Niagara last month took 24,750 boxes. Of the Aorangi’s shipment 2,086 boxes are for Honolulu, 22,019 for Vancouver, 2,500 for Victorian, 2,300 for Calgary and 400 for transhipment to Shanghai. STOCKS AND SHARES. AUCKLAND, November 21. Waihi 14/11, Auckland .Gas 23/4, South British 64/, Mt. Eden Borough 5 3-4 per cents £lO2, Tam&ki West Road Board 5 3-4 per cent £lO2. Reported: Hikurangi Coal (pref.) 11/2. WELLINGTON, Nov. 21. Sales: New Zealand Breweries 53/-, reported 54/3 (three lots). • AUCKLAND WOOL SALES. (Special to "Star.") AUCKLAND, November 21. The offering of wool at the first Auckland sale of the season commencing on Monday evening, will amount to 21,700 brtles, which closely approaches last year’s record figure of 23,200 bales for the opening sale. Th© broken weather for a time steadied the rush to the stores, but within a few days of the closing of the catalogue, wool ca,me to hand in very substantial quantities.

NAPIER WOOL SALES.

NAPIER, November 20.

The opening wool sales of the season, in Napier, was held this afternoon, when, under 12,000 bales were catalogued against 16,000 last November. The interruption of shearing by wet weather is responsible for the smallness of the offering. The condition of the wool is exceptionally good, being equal to 1924-25, Hawke’s Bay’s best season, and this contributed in some measure to satisfactory prices being obtained. Generally prices were an improvement on the opening sale of last season, and showed an all round advance on the Wellington sale last week, the average improvement being at least a penny. Pieces and necks were threepence better than at Wellington, hoggets weer quite a penny, and fleece wool, generally, half a penny to threefarthings. Super-crossbred, suitable for America, and also pieces and necks were keenly sought after. Right through the sale competition was exceptionally spirited, and well distributed among a full bench of buyers representing all sections of trade. The smallness of catalogues for the opening sales in the various centres is considered to be responsible for the keenness of the demand, and men in the trade express the opinion that prices will fall as the season progresses. The top price for hoggets was 22d, while a line of half-breds brought 22Jd. WELLINGTON WOOL SALE. Messrs Dalgety and Company, Limited, report:— Much interest was evinced in the first sale of the season which opened at Wellington on Friday last. Owing to the inclement weather experienced during the past few weeks shearing has been greatly retarded and accordingly the delivery of wools to the brokers’ stores has been much curtailed. At the same sale last year 9,200 bales were catalogued, whereas yesterday, the offering totalled 7,820 bales. When (comparing quality and condition as between the November 1927-28 and 1928-29 offering we make the former generally slightly finer and . the later a shade heavier. The mild winter combined with the abundance of feed must account for the condition of the earliest shorn wools being a little heavier, this applying more to the hogget wools. Wools from dry sheep were in many cases very light in grease and in some instances the yield was phenominal.

The feature of the small catalogues \offered was the excellent display of preparing hogget wools, the quality being exceptionally fine, good growth of staple, without any tendency of unsoundness. Again there were many parcels of super-fine, carding hogget 'wools, the condition of these being well above the average. In our catalogue, we had a few outstanding parcels, our top price for a 50 quality, offered on account of Dr. Knight, Branscombe, 10 bales of A.A. Hoggets making 20|d. Another outstanding line of same quality offered on account of 'iir M. A. Conway, of Feilding, brought 19Jd, hoggets of preparing length 48/50 quality, 11 bales account of Messrs A. and J. Gray, made 19d. Six bales on account of J. E. Hewitt 181 d. The offering of merinos and halfbreds was limited, and feel diffident about quoting any range on account of the small lots catalogued. A few Isuper lines of half-breds, suitable foi Dominion mill requirements commanded keen competition, and we topped the sale with an extra super line of five bales of come-back hoggets, branded f'FYVIE,” offered on account of Mr J. 'Low, of Hillersden, this lot making i'223d, the'line being purchased by iMessrs Ross and Glendinning of Dunie din. A few lots of merinos, which (were submitted did not elicit keen and it appeared as if buyers who required this class of textile were diffident about disclosing •their limits. As the market for merinos in Australia has shown a hardening tendency during the past few weeks, we think tyhat, when a fair offering of this grade wool is submitted in the Dominion knarket, local mills and overseas buy- . fers will be forced to disclose their ■best limits, and we hope that when the

'December round of sales takes place, |a sound basis of prices will be forth'coming for this grade of -wool. Merino bellies and pieces, free from £urr, were well competed for by local .mills, also by Continental buyers, and this class of merino /sold better than the fleeces. We had ■p, few small lots of merino in our catalogue, but with the limited competition, (the prices bid were not sufficiently high to allow of sales. i Considering the present state of trade and overseas consuming centres, the result of the opening sale to-day must be noted as very satisfactory. A feature of the sale was the exceptionally keen demand which was displayed for hogget wools, and prices recorded for the super lots were practically on a par with the rates obtained at the ’(November sale of the preceding year. ' American competition was not very pronounced, but a few small orders were in the market, and probably the [U.S.A, trade took some 400 bales. An outstanding feature of the sale was the keen and insistent demand for super-fine crossbreds, also for crossbreds of strong quality. In comparing November prices at to-day’s Sale with those ruling at November, 1927-2 J, it is very noticeable that crossibreds have more than held their own. As usual, French competition, was noticeable for the best quality bellies and pieces, and this trade was also buyers of a few lots of carding, fine quality cross breds. German competition was not pronounced, except for a few odd lots of medium bellies and pieces. The demand for crutchings was sound, the Japanese trade being the principal operators. There is no doubt that the result of to-day’s sale generally exceeded the expectation of brokers and growers, especially in regard to crossbred wools. It must, however, be remembered that the offering to-day was small ,and comprised mainly super lots of early shorn crossbred wools. The London sales will open on the 22nd. instant, and now that the market has opened for crossbreds in New Zealand, the rates established here to-day must have some influence of the prices which will be paid in the Home centre. The tone of the wool market during the past three weeks has brightened considerably, and it. seems almost certain that when the London November sales commence, a substantial rise can confidently be looked for over the rates which w.ere established at the end of the September series. Dominion wool-growers will no doubt be content for the remainder of the beason to accept the average rates as established at to-day s sale. .It must, however, be recognised that it is dangerous to hope to stabilise the market on such a small offering as was brought forward to-day. It was quite evident that a number of buyers were anxious to secure a small quantity of the super Wools for early shipment, but when a heavy weight of crossbreds comes on the market during December, January and February, it might just happen that the average range of prices might be forced to a slightly lower level. We think that sound rates will be obtained throughout the remainder of the season, and do not anticipate that there will bq any violent fluctuations in the rates at present established. It must, however, be recognised that the early shorn wools are much lighter in condition than those shorn from December onwards, and the extra condition which will bo noticeable in the latter shorn wools must naturally tend to establish a slightly lower range of prices. The limitation of offering for the Wellington December sale is 27,000 bales, and if anything like decent shearing weather is experienced during the next two weeks, brokers catalogues should close quickly. We offered 1,145 bales and sold under the hammer 96 per cent. LONDON WOOL SALES. Dalgety and Co.’s report states: The following vessels in which .we are interested have arrived in time for the sales', commencing on the 20th. instant: —Arawa, Port Bowen, Mahana, Corinthic,' Pakeha, Taranaki. The quantities available are: Australian 37,000 bales, Cape 2,000 bales, New Zealand 17,500 bales, South America 3,500 bales; carry forward 35,000 bales, total quantity 116,000 bales. Expect a further 21,000 bales. LONDON,. November 20. The wool sales opened strongly, five to ten per cent, advance.

SYDNEY SALES.

SYDNEY, November 20.

At the wool sales there was an excited market. Prices were very firm at the highest rates of the season. For wool showing superfine quality competition was well sustained. The top price for greasy merino fleece was 36i pence, constituting a fresh record. The bales sold totalled 12,169. PROPERTY AUCTION Messrs Harley and Co. Ltd. to-day, submitted for sale by public auction the residence of the late Mrs. Holder ■in Tainui Street. The reserve was not reached and the property will be dealt with privately.