COMMERCIAL

Greymouth Evening Star, 11 April 1932, Page 9

COMMERCIAL

WELLINGTON WOOL SALE [PEB PBESS ASSOCIATION.] WELLINGTON,. April 11. ' Wellington’s final wool sale of the season began at the Town Hall this morning, under disappointing conditions. A total catalogue of 13,800 bales was submitted, the first catalogue being 2,649 bales and the second of 2644. continental competition was practically absent, and Bradford was almost the sole buyer, but that under restricted limits. Passings were exceedingly frequent. The quality of the wool offered, however, was not generally so satisfactory as usual at this time of the year. Average and low style crossbreds were fully a halfpenny cheaper than in March, especially rough lots which in some instances, failed to elicit a bid. Offerings of halfb,red were small, but these were a farthing to halfpenny lower than at the last sale.

The low prices realised so far evidently foreshadow the state of the crossbred market at London sales, opening to-morrow. Topical prices, hot average, were three-quarter bred, 3d to 31d, ’ halfbred 4Jd to sid, medium crossbred 3d to 4£d, Romney 3d to 4d, pieces Id to 2d, locks id to Id. The average price of the wool, so far would be in the vicinity of 3?d to 4d per pound. Super Romney wools, showing style, were up to last sale rates.

STOCKS AND SHARES.

AUCKLAND, April 11

Sales: Commercial Bank 13/10, Bank of New Zealand 43/3, Colonial Sugar £36, Auckland Gas Con. 14/9, inscribed 51 per cent (1927-41) £9l 10/-.

OKARITO DREDGING CO.

DUNEDIN, April 11.

The Okarito Dredging Coy’s return for the week ended Saturday, was 49ozs 15dwts. • -

BUTTER AND CHEESE.

Messrs A. H. Turnbull and Co., Ltd-, Christchurch, report on the London market for March, as follows:— Butter. —The most noticeable feature during the month has been the continued decline in Danish butter from 128/- to 117/-. Since February 19, Danish butter has declined from 155/to the present level, showing a drop of 38/-. During the same period New Zealand has remained steady between 107/- and 112/-, showing comparatively small fluctuations- This, we think, goes to show that the margin of difference in the price of New Zealand and Danish butters on the British market is governed very largely by the question of Continental demandIn the middle of February, there was a definite Continental shortage and, consequently, the Danes were able to force their price in the United Kingdom to a very high level, as compared with New Zealand and Australian butter, but as soon as that Continental demand increased and the Danes were compelled to ship their ordinary quantities to the United Kingdom, the big difference in price rapidly disappeared, until at the present time, there is only a margin of 7/- to 8/-. With the 10 per cent, duty on Danish butter, it is doubtful if the Danish farmer is receiving as much for his butter-fat sold to the United Kingdom, as the New Zealand producer. The market for New Zealand butter has remained-fairly steady throughout the month. With the slackening of the Continental demand, the market was quiet and slow towards the end of March, but with the beginning of April, a firmer tone became manifest. .Messrs W. Weddell and Co. Ltd.’s latest advices to us stat& that the butter market is improving on account of the continued decline of gradings in Australia, due to droughty conditions. Messrs W. Weddel and Co. tell us that they expect a firm market, with possibly higher prices. Another interesting feature has been the sharp advance in Canadian values, from 22 cents at the beginning of March, to as high as 27 cents at the end of the month. This rise in the price of Canadian butters is very welcome. We have been anticipating that possibly Canada and the United States would be compelled to come on to the world’s markets for butter, but up to the present there has been practically no enquiry from these countries, although Australia is now shipping to Canada small parcels on consignment, to test the market. The stock position in the United Kingdom is satisfactory, and as will be seen from the figures which we give above, the arrivals during the next few months are only on a par with last season, whilst stocks in New Zealand, although slightly heavier than last year, are not a cause for any alarm. There has been some activity amongst forward buyers of butter during the month, and mpre particularly during the past week. Considerable quantities of butter, April-May-June shipment and make, have changed hands on the basis of Hid f-o-b-Cheese. —The cheese market has been quiet and steady throughout the month, with a distinct improvement in tone, and a slight rise in prices early in April- The stock position of cheese in London is very sound indeed, as at the present time the stocks of New Zealand cheese are only about half what they were at this time last year. This feature is somewhat counterbalanced by the fact that there are 6,000 tons more awaiting shipment in New Zealand than at the end of March last year, but with the falling-off in production in Taranaki and the Waikato and parts of the Wellington Province, it is more than likely that by the end of the month the stocks in New Zealand will not be any heavier than they were at the same time last year. There has not been very much forward activity in cheese, although spasmodic inquiries have been made at round about 6Jd, and some sales have taken place at this figure.

NGAHERE PROSPECTING CO. Originally formed to develop a dredging area near Greymouth, a company known as the Ngahere Gold Prospecting Company, Ltd., has evidently decided to prospect elsewhere. A report received from the company states as follows:—An option to purchase the Bonanza and Cadman special quartz claims, situate at Waiorongomai, Te Aroha, together with a ten stamper mill and accessories, has been granted to the Ngahere Gold Prospecting Company, Limited.