FARMING AND COMMERCIAL

Manawatu Standard, Volume L, Issue 119, 16 April 1930, Page 5

FARMING AND COMMERCIAL

NEW ZEALAND’S WOOL. THE OVERSEAS DEMAND." QUALITY OF THE CLIPS. ' Tho first bulletin to be issued by the Massey Agricultural Collego dealt with factors affedfing the various markets for New Zealand wool. It comes at an appropriate moment, for tho public mind' has seldom been more exercised _ over proproblems of ' the wool-producing industry than it is at tho present time. Mr D. O. Williams is the author of the pamphlet. He indicates broad changes whioh havo occurred in regard to tho demand for Now Zealand wool since tho war, stressing the decreasing importance of theBritish demand and the increasing importance of tho British demand and tho increasing importance of the European. One section is de.votcd to a staistical presentation of tho changing, outlook; another deals with the course of industrial activity in tho wool textile industries of Great Britain, tho Continncnt, America and Japan; and a final one discusses developments in the production of artificial wool and artificial silk. A point deplored by tho author is the obvious lack of preciso information concerning tho demand for our wool. At present, no says, wo are awaro in a vaguo way of tho broad fields of utilisation of our wool, but wo do not know the precise commercial use to which it is put. We do not clearly understand what effect, on manufacturing requirements changes in fashion havo had. Only approximately do wo know how far post-war events have altered national demands for our wool. SURVEY OF INDUSTRY NEEDED. Tho need for a survey, in as -great detail as possible, of tho requirements of each branch of tho wool toxtile industry i 3 emphasised. “Wo aro often told,” says Mr Williams, “that wo must improve tho quality of our wool, but as yet we have not been told. for what specific purposes our wool is required or in what general proportions different classes of wool are normally demanded. We need to know thi3, not only for the United Kingdom but also Europe and othor countries. In certain branches of industry there are technical differences between. English and Continental manufacturing processes whioh suggest that wool declared unsuitable by some countries is acceptable by others. Whatever the reason, Continnental criticism of our wool has not yot been as vocal as that from Bradford. In tho absence of other explanations we are entitled tentatively to assume that it is greater satisfaction rather than greater . reticence • that accounts for the difference in attitude.’’ " Tho writer contends that we require much more detailed information concerning the consumption of our wool by various countries, and in this connection urges the value of an analysis of tho re-exports of New Zealand -wool from the United Kingdom. Finally, ho says; 1 it would bo of no little value if some medium could be devised for collecting and circulating data of general interest to wool growers and users. . In seeking to assess the importance of tho foreign market, it is stated that the £5,000,000 worth of New Zealand wool that has been re-exported from the United Kingdom during tho period 1923-27, cannot be traced to its destinations. It appeared unlikely, however, for various reasons, that less than £4,000,000 worth had gone to Europe. It was unfortunate that a more precise statement could not beimadc, but existing statistics were indacquatc.

INCOMPLETE STATISTICS. The British Board of Trade gave the ■volume and value of the United Kingdom re-exports and showed what proportiori went to each destination, but they did not show how much of. that flow of wool was of New Zealand origin. The statistics of the countries which imported this wool gave no additional information, for, except, in the case of the United States, they failed to specify countries of origin of specific products imported through intermediary countries. Thus to take two important customers, neither Franco nor Germany revealed in their statistics how much New Zealand wool they imported through the United Kingdom. • .. “Wo are sellers who do not know, except roughly, who our ultimate buyers are, or rather, what tho strength and trends of their demands are,” says Mr Williams. “It is clearly of the first importance to New Zealand, which depends to such an extent on her external trade for prosperity, to have the fullest possible information on these matters.” . Becauso he attributes changes m the trend of the wool trade to changijs in the economic conditions of the major wool textile industries of the world, Mr Williams proceeds to deal with the course of industrial activity in tho trado in England, Europe, the United States and Japan, his report as a whole being one of great interest and valuo to all New Zealanders concerned with the wool-growing industry. A valuable addition is the discussion on the manufacture of artificial, textiles and its general effect on production. STOCK MARKET. At the Johnsonvillo sa!o yesterday Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd., offered an average yarding of good quality cattle and a small yarding of sheep. Prices for all classes of stock were on a par with last week’s rates, sales being made as follow:—Extra' heavy bullocks, £l6 17s 6d, £ls 10s; heavy bullocks, £l4 ss, £l4; light bullocks, £l3 ss; cows, plain, £B, £7, £6 10s, £6 7s 6d, £5; heavy wethers, 26s 6d, 265, 25s 6d; medium wethers, 22s to 20s ; heavy ewes, 19s to TBs- 9d; medium ewes 16s, 3d, 15s; light ewes, 14s 6d; extra prime lambs, 25s 6d; prime lambs, 24s 6d; medium lambs,’ 23s 6d; light and inferior lambs, 16s 6d to 14s.

Levin and Coy., Ltd., report on their Bulls sa)o .held on Monday, 14th April:— We had a fair, entry and most lines changed hands. The following are the prices:—B.f. lambs, fair condition, 14s, 14s 3d; forward owes, 12s; fat cows, £6 10s; springing cows, £9; weancr Jersey and dersey cross heifers, 253; bulls, £5; weancr pigs. 7s 6d, 9s 6d, 10s; geese, 5s each; hens, Is 9d to 2s; Black Sussex hens, ss. EMPIRE WOOL POOL. ADELAIDE, April T 5. Mr W. J. Young, managing director of ’Messrs' Elder, Smith, and' Company, ■ fore.sce's possibilities of harm in ' an Empire wool pool. He. fears that the suggestion may create hostility among other nations at present using Australian wool. BRADFORD INTERESTED. LONDON, April 15. Bradford business nlen are keenly following the central wool marketing proposal, put forward by tho Federal Council of the Australian Graziers’ Association. They would in nowise support a control scheme suggestivo of the B.A.W.R.A. days, but are more- ready to work along, the lines suggested by Mr W. J. Young, of Adelaide, for the devolpment of friendly relations, with buyers throughout tho world by .the,formation of an international committee of growers and buyers for tho stabilisation of the market on lines acceptable to hoth sides.

/• v . METALS MARKET. LONDON, April 14. Metal exchange quotations are as follows, : those previously cabled being given for purposes of ’comparison :—

WELLINGTON STOCK EXCHANGE. YESTERDAY’S BUSINESS AND PRICES. Twelve sales were recorded on the Wellington Stock Exchange yosterday; seven of these were of banks, fours of British Tobacco, and one transaction in Kawarau Mining. There was a slackening in tho demand which is usual prior to a spell of holidays. Government securities were steady and in. fair demand. The 44 per cent, stocks and bonds (1939, 1938 and 1941) were firm at £97 10s; the 44 per cents. (1930) wero wanted at £99 ss, and the 54 per cents. (1933) at £99 7s 6d and (1936) at £99 ss. There was not much business offering in bank shares. National Bank of Australasia, £5 paid, wero wanted at £7 Is 6d against sales at £7 2s and £7 2s 6d. There was a bid of £3B 15s for Bank of New South Wales or 5s below a sale reported. Bank of New Zealand long term were wanted at 26s 6d. There were several sellers of bank shares. For the rest there was little demand. New Zealand Guarantee Corporation were in demand at 7s lldj Auckland Gas at 23s 4d; National Insurance at 14s sd, a rise of Id; New Zealand Insurance 445, Gear Meat at, 37s 9d; Huddart, Parker at 37s 9d ; a rise of 3d; Kauri Timber at 12s 6d; New Zealand Breweries at 52s 3d; British Tobacco at- 40s; New Zealand Drug at 64s and Donaghy’s Rope at 33s 6d. YESTERDAY’S QUOTATIONS. Buying and selling quotations at the final call yesterday on the Wellington Stock Exchange were as, follow: Buyers. Sellers.

YESTERDAY’S SALES. The following sales were recorded on the Stock Exchange of the Dominion yesterday:— Wellington.—Commercial Bank of Australia (3) £1 2s, National Bank of Australasia, £5 (2) £7 2s, £7 2s 6d, Bank of New South Wales £39, British Tobacco (4) £2, Hawarau Mining ssd. Auckland.—Commercial Bank of Australia, £1 Is lOd, National Bank of Australasia, £lO paid £l4 12s 6d, Bank of New Zealand •£2 19s, N.Z. Insurance (3) £2 4s 6d, Ptokemiro Collieries £3 Bs, Auckland Gas £1 3s Bd, Kauri Timber 14s, Staples Brewery £2 8e 6d, British Tobacco £2 Os 3d, Milne and Choyce, debentures £1 6s 9d, Union Soap and Oil £1 15s. Christchurch. —Commercial Bank of Australia (2) JBI Is lOd, National Bank Australasia (£lO paid) £l4 15s, (£5 paid) £7, Union Bank of Australia £ll 15s, N»Z. Insurance £2 ss, Dalgety a,nd Co., £ll 2s 6d, N.Z. Breweries £2l3s, (3) £2l3s 3d, £2 13s 5d,-Staples Brewery (2) £2 8s 6d, Colonial Sugar £4O, Mount Lyell (2) £1 13s 9d, Kakarau, Ltd. sd, Stoney Creek (6d paid) 7|d. Sales reported ; Bank of N.Z., cum div. £2 19s; N.Z. Breweries £2 13s 3d, Staples Brewery (2) £2 8s 6d, Quill Norris 13s 3d. Union Bank of Australia £ll 15s. FACING THE FACTS. PREMIER’S STRAIGHT- TALK. The Premier of New South Wales has lately been stressing some hard and unpalatable facts:— “In plain language,” he said, “wo have been ‘doing’ ourselves too well. We have been restricting our hours of work, taking plenty of holidays, maintaining the highest possible standard of living, buying foreign luxuries of all kinds, and we have not been actually earning enough to pay for all these things by producing wealth from the soil. “We have been frankly told by our creditors,” proceeded the Premier, “that they cannot and will not lend us any more money for the present. The general result is that the amount of money we havo this year in Australia for paying wages, nrid for dividing up amongst the whole community is from £50,000,000 to £60,000,000 less than the average amount that has been available in recent years.” ' ... *

April 10. April 14. V 7 , .. ; \ - • ' ; Per ton. Per ton. Copper—. > Standard, spot ... £ 9. d. 6ft . 7 .6 £ s. d. 67 7 6 Standard forward 67 7 6 66 5 0 Electrolytic* •*•••• 83 5 0 82 10 0 to 83 15 0 83 10 0 Wire bars 83 15 0 83 10 0 18 11 3 18U3 9 Forward •» • ’18 12, 6 18 15 0 Spelter— . Forward 18- 0 0 18 2 6 18 12 6 18.13 9 Tin — 165 12 6 166 5 0 Forward ’...'.‘.V. 163 2 6. 167 15 0 Silver— Fine, per oz. ...... 19 ll-16d 19 9-16d Standard, per oz. . 21i 21*d

N.Z. GOVT LOANS— 4J p.c Ins. Stk., 1939, £ s. d. £ s. d. 1938 97 10 0 — 44 p.c. Bonds, 1941, 1939 and 1938 97 10 0 — 44 p.c. ditto, 1930 99 .5 0 — 54 p.c. ditto, 1933 99 7 6 — 54 p.c. ditto, 1956 BANKS— • 99 5 0 — Adelaide — 7 5 0 Austraakia — 12 12 6 Australian Bank of Commerce — 1 4 3 Commercial of Aust. lord.) • — 1 2 1 English, Scottish and Australian — 6 15 0 National of N.Z — 6 7 6 National of Australasia (£5) 7 16 7 4 0 New South Wales ... 38 15 0 39 5 0 New Zealand — 2 19 3 Ditto (long term) 16 6 ’ Union of Australia ... Ditto (Melbourne re- . 12 0 0 gister) ——' 12 1 0 FINANCIAL — Goldsbrough Mort .... N.Z. Guarantee Corp. . 1 11 3 (ord.) 0 7 11 0 8 0 Well. Invest., T. & A. GAS — 0 11 3 Auckland (paid) . INSURANCE1 ,3 4 National 0 14 5 0 14 10 New Zealand 2 4 0 — South British 1 — 3 2 3 MEAT PRESERVING— Gear 1 17 9 1 19 0 N.Z. Refrigerat. (£1) — 0 10 9 Ditto (10s) — 0 5 3 TRANSPORT— Huddart-Parkcr (ord.) 1 17 9 2 0 0 Ditto (pref.) — 0 19 9 P. and 0. def. stock .. — 2 15 6 WOOLLEN— Wellington (ord.) —• 6 0 0 Ditto (pref.) . 6 3 0 TIMBER Kauri 0 12 6 — Leyland-O’Brien — .1 10 0 National — 0 9 0 BREWERIES— \ New Zealand 2 12 3 2 14 0 MISCELLANEOUS— Burns, Philp and Co. Aust. Iron and Steel — 1 16 9 (prof.) *1 0 0 British Tobaoco (Aust.) (ord.) 2 0 0 .2 0 3 Colonial Sugar ■ 41- 0 0 Dental and Medical . 0 13 6 Electro. Zinc (pref.) . — 1 7 9 Holden’s Motor Bldrs. — 0 14 3 Howard Smith (ord.) — 0 17 3 N.Z. Drug 3 4 0 ,3 8 -0 N.Z. Farmers Fertiliscr Sharland and Co. 0 19 9 (ord.) — 1 0 0 Ditto- (pref.) Wilson’s Cement — 1 1 0 — 2 0 6 Donaghy’s Hope Co. . MINING — 1 13 6 Waihi 0 13 8 — Mount Lyell — 1 14 4 Kawarau 0 0 4 *Cum dividend. ~