COMMERCIAL.

New Zealand Herald, Volume LX, Issue 18519, 2 October 1923, Page 5

COMMERCIAL.

LONDON WOOL SALES.

Tho New Zealand Loan and' ! Mercantile Agency Company, Limited, have received tho following cablegram.from their London house under date of September 29:— The sales closed firmly to-day. As compared with last 'sales closing rates, prices are about 5 per cent, higher for medium and inferior Merino, fine scoured crossbred and fine greasy crossbred. -' About par to 5 per cent, higher .for crossbred slip©, medium and coarse greasy crossbred, greasy ana scoured . Merino super, v medium and ! coarse scoured crossbred. About -the same for Merino and crossbred lambs. The prices realised for average to super grades of descriptions: as below were as follows :—Morino, super, 27d to 80d; Merino, overage. 22d to 27d; crossbred, 66'fc to 58 s, 24d to 28d; BO's to 56*8. 18d to 22d; i&'e to 60's, 13d to 17d; 46's to 48' lid to Hid; 44's to 46's, lOd to' 12jd; 40's to 44'fl. aid to lid; 3G's to 40's, 9d to lOd. .;. / TRADE OF CZECHOSLOVAKIA. Czechoslovakia is first arid foremost a manufacturing and exporting country, as it comprises over three-quarters oi tne industries of the former Austro-Hungarian Empire, and the collapse of some at least of its markets ha* had a bbtWus effect on its trade position. Moreover, almost 'alone among Central European countries, it has abstained from a policy of Kite flying," and has even erred, if at _ all, in the opposite direotion. In the first six months of 1922 tho average quotation for tho pound sterling' was 230.5 kr. with •j: a rate that was on the whole . remarkably stable during . the period. Later in the year, however, a considerable appreciation took place in the .exchange value of the national currency, which was partly due to the favourable trade balance and* partly the result of a deliberate policy. During the half-year ended June, the average exchange rate on Prague was 157.5 kr tothe £, and during this period also Punctuations took place only within relatively narrow limits. ■-'-• ■':',',■•'■ ~ . '■■ , The reduction in the favourable trade balance explained ohiefly by the improvement in the value of the crown, which has made business very difficult; and has necessitated a readjustment of prices within the country. This, in turn, caused a considerable amount of unemployment '• and shorttime, though tho crisis has been' overcome -without any serious labour troubles. The principal articles imported are raw cotton and wool; while coal and iron loom largo in the exports of- the Republic The occupation of tho Ruhr has been..lof great immediate advantage to the heavy industries of Bohemia and Moravia. While exports to the Austrian Succession States show, signs of ;■ revival, the phonomcnal increase mi the total exports of iron and steel is accounted for in overwhelming degree by deliveries to Germany. Serious opinion in Czeoho-Slov-akia is, however, well aware that this state of affairs cannot possibly last for. ever, but for the moment increased demand is helping tho industry over a very difficult period. .' ■ ' '--' '