COMMERCIAL

Grey River Argus, 30 November 1938, Page 12

COMMERCIAL

STOCK EXCHANGES. [Per Press Association.] WELLINGTON, November 29. Sales, morning call; . Electrolytic Zinc pref. £2 Bs. Sales reported: New Zealand Breweries £1 19s, Mac Duff’s (ord.) ss. ■- ■ , „ Sales, nodn call: Bank of New Zealand 40s 9d (2), Coles 79s (2), Woolworth’s Limited (ord.) 20s lOd; Colonial Sugar £47 15s. v • CHRISTCHURCH, November 29. Sales, New Zealand Breweries 38s 10d Australian Glass 1635,' Taranaki Oil 70s 9d, Mt. Lyell 28s 3d;. 28s Id (2). Reported: Colonial Sugar (late yesterday) £47 15s. DUNEDIN, November 29.

- Sales: Bank of New Zealand £2 0s 9d, New Zealand Refrig. cont. Bs, Crystal Ice £1 18s. , AUCKLAND, November 29. Sales io'o’clock call: Bank Australasia £9’l7s 6d, Bank of New Zealand 40s lOd, Dominion Breweries 32s 7id, Consolidated Brick 7s 9d. ; ■ ... Sales, 12.15 o’clock call: Bank of New Zealand 40s 10d, New , Zealand Breweries 395, Broken Hill Pty. ,55s 9d, Taranaki Oil 10s .(2), Wilsons Cement 16s, Woolworth’s (Syd.) 20s 10d SYDNEY, November 29. Sales: Bank of New' South Wales £29 15s, Tooths 54s 9d, Australian Glass B. £7 7s, Associated News pref. 22s Australian Glass 103 s, British Tobacco 48s, Broken Hill Pty. 565, Dunlop Perdriau 20s 6d. ,

Rayon Manufacturer

PRAISES WOOL!

“KIDNEY PIE” FOR SHEEP FARMERS?

[Per Press Association.] WELLINGTON, November 28. “New Zealand woolgrowers need not fear competition from syntheticstaple fibre,” said Mr • S. Castle-Smith, of London, a director of Samuel Courtauld and Company, the world’s biggest manufacturers of rayon; ... The real use of rayon staple fibre, manufactured from wood-pulp, was, he said, more likely to increase the demand for wool than to prejudice its market. Its consumption would be augmented by combining it with, the artificial fibre for the manufacture of entirely new fabrics. That was what had happened where cotton was concerned. When artificial fibre was introduced Lancashire cotton manufacturers raised an outcry on the grounds that it would put them out ot business, but the cotton trade , was still thriving, and, indeed, had been stimulated by the many ways in which it had been found possible to combine it with the new fibre. The same thing was shown in the silk trade, although rayon came more directly into competition with silk and Silk was not so essential to mankind as wool or cotton. Rayon yarn was made in tne form of a continuous filament, and was then cut into shdrt staples or lengths to suit the staple length of cotton or woollen fibre with which it was to be blended. It Was, therefore, ideal for this purpose, but as a suostitute for wool it was- unsuitable, being inelastic and requiring to be blended with a tremendously heavy percentage of wool before it began to gain any of the qualities of woollen C 1 He said that although the people of the totalitarian States .that were trying to limit manufactures to their own natural resources might be forced to go clad in cloth made from woodpulp or extract of milk, wool would always be necessary to the remainder of mankind. Mr Castle-Smith arrived at Wellington to-day from Sydney, where he has been engaged in establishing a subsidiary company to handle his firm’s products in the Commonwealth. He said that there was no likelihood of rayon being made at this side of the world in the immediate future. ■ . “The manufacture of artificial fibre only interferes with the woollen trade in those countries where the use of wool is restricted, as in Germany, Italy and Japan,’’ he said. “Nobody in their senses would ever want to wear a suit made from fabric woven from staple fibre. It would lack the durability and elasticity of natural wool, and would bag at, the elbows and the knees, and stretch out of shape. For underwear and suitings it cannot possibly rival wool.” In Germany artificial fibre cloth callted zollwoolle was being widely thrust upon the people as a substitute for woollen cloth. Similarly synthetic .rubber was being used for tyres but it was noticeable that such notabilities as Herr Hitler, Marshal Goefing and Dr. Goebbels did not make use. of them. They paid heavily for reql rubber and real woollen garments:, In Italy artificial fibre was made from casein, the basic matter of cheese, extracted from drdinary milk, in those countries, also, various substitutes were used for steel, with disastrous results to machinery constructed Of them.

LONDON WOOL SALES.

N.Z. OFFERING WITHDRAWN.

LONDON, November 28.

At the wool sales 9306 bales were offered, including 2702 New Zealand; 7766 being sold. There was a good selection, mainly of ffierinos, with active competition and firm rates. New Zealand slipes weie largely withdrawn owing to firm limits not coming up to vendors’ limits. ,

LOW BUTTER PRICE AT LONDON.

LONDON, November 27.

Butter is slightly more active, but buyers are resisting efforts to lift prices. Cold store stocks are 858,000 bofces, which is 71,000 lower than last week, but still doubt that of last year. Some holders are willing to take lower prices, tending to keep the market easy. New Zealand is’selling at from 103 s to 104 s, and Australian at 100 s Cheese is very quiet. ?