LONDON WOOL SALES.

New Zealand Herald, Volume LXV, Issue 19896, 15 March 1928, Page 7

LONDON WOOL SALES.

STRONG TONE OF MARKET

PRICES BETTER ALL ROUND.

(Received March 14. 5.5 ij.m.) A. and N.Z. LONDON, March 18. The London wool sales opened to-day. Prices were at par to 7£ per cent, advance. A total of 10,556 bales were sold, of which 2817 were Australian and 2713 New Zealand. There was a fairly representative selection and a large proportion of second-hand lots, of which many were withdrawn, owing to the high limits. There was a very full attendance and in all sections 'there was a strong tone and good general bidding. Merinos were at par to 5 per cent, above the February closing rates. Commoner graded sorts appreciated the most. Crossbreds were fully 5 per cent, dearer all round and slipes from 5 to 10 per cent. New Zealand lots sold included: —"Maka," top price, 24d; average, 23d.; "Saioma," 20jd and 19d; "Burnt Hill," 26gd; "Hokoroa," 21d and 20d; "Pmata," 22£ and 20d.

Dalgety and Company, Ltd., report having received the following cablegram from their London house, dated March 13: — The wool sales opened with a large attendance and fair selection. Competition was keen, especially for crossbreds of all descriptions. As compared with the closing rates of last sales, Merino was par to 5 per cent, higher, and crossbred 5 per cent, to 7-j per cent, higher.

The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cablegram from its London house, dated March 13:—The opening catalogues at the wool sales were fairly representative. There was a full attendance at the opening to-day, competition by Home and Continental buyers being active. Prices, as compared with the close of the preceding series, ruled about par to 5 per cent, higher for Merino wool, 5 per cent, to 10 per cent, higher for crossbred greasy wool, and per cent, to 10 per cent, higher for slipe crossbred wool. America is buying suitable lots of crossbred wool. The Bank of New Zealand has received the following advice from its London office dated March 13:—The sales have opened with strong competition and a large attendance of buyers. There is an active demand by all branches of the trade. Compared with tlie closing rates of last series Merinos are Id higher and crossbreds lid to 2d higher.

J. C. WILLIAMSON, LTD. DIVIDEND OF 10 PER CENT. J. C. Williamson, Limited, theatrical enterpreneur, in its report for the year ended June 30, 1927, shows a profit of £79,684, compared with £62,935 for the previous year. A preference dividend of 8 per cent, accounts for £12,000, and an ordinary dividend of 10 per cent., in? eluding interim distribution, £37,500, and a special bonus of 6d per share (2? per cent.), £9375. The balance, £20,809, is transferred to reserve. The total earnings were £206,195, against £171,799 for the previous year, and expenses £126,510, against £98,864. Shareholders will be asked at an extraordinary meeting, following the annual meeting, to .consider resolutions for increasing the capital of the company from £600.000 to £850,000, by the creation of 250,000 shares of £1 each, for providing that the directors shall :be Sir George Tallis, Messrs. E. J. Tait, F. S. Tait, J. H. Tait, A- Wigram Allen, F. J. Smith, and Theodore Fink, the first four named to be managing directors. A further motion provides for the conversion into capital of the whole or any part of any reserve or other fund by distributing it among the shareholders entitled thereto, by way of dividend or bonus payable by the issue and, allotment of paid-up shares. >

GRAMOPHONE INTERESTS. COMPANY'S AUSTRALIAN RIGHTS. A. and N.Z. LONDON, March 13. The Financial Times reports that the Yocalion Gramophone Company has sold its Australian rights for £BO.OOO and that a separate company is to be formed to exploit them. BUTTER-FAT PAYMENTS. TE AROHA DAIRY COMPANY. [BY TET.EGRAPH. OWN CORRESPONDENT.] TE ABO HA, Wednesday. The advance made by the Te Aroha Dairy Company for February last year was la Id per lb., and for the same month this year the advance was Is 4d per lb. No cartage deduction was made. The total amount paid out to suppliers for the month of February last year was £9225, and this year £10,130 was paid out. The total amount paid out for the season to the end of February was in 1926-27 £74.216; 1927-28, £96,380, an increase of £22,164.

CAMBRIDGE AND TATUANUI. MONEY FOR SUPPLIERS. [BY TELEGRAPH. —OWN CORRESPONDENT.] CAMBRIDGE, Wednesday. The Cambridge Co-operative Dairy Company will pay out Is for butter and Is 4Jd for cheese. The total payout for the month will be £ISOO, the same amount as paid out for the corresponding month of last year. The Tatuanui Company will pay out to its suppliers £4022 10s, representing a payment for cheese of Is 5d per lb. PRICES OF STOCK FOR EXPORT. The New Zealand Meat Producers' Board advises that the following prices were beiri 6 ' offered for fat stock for export at March 10: 'Canterbury (delivery at works). — Prime woolly lambs, 361b. and under, lOd; 371b. to 421b., 9sd; 431b. and over, 9^d; second quality lambs, 9d.

THE PRICE OF GOLD. A. and N.Z.-Sun. LONDON, March 13. Gold is quoted to-day at 84s per oz. CHICAGO WHEAT MARKET. A. and N.Z. CHICAGO, March 13. Wheat.—March, 1 dollar 38 cents per bushel; May, 1 dollar cents; July, 1 dollar 35J> cents, TARANAKI OILFIELDS. [jlY TELEGRAPH. —PRESS s ASSOCIATION. J GISBORNE. "Wednesday. Taranaki Oilfields, Limited, report as follows: Gisborne No. 1 well has been sunk to a depth of 2450 ft. in sticky shale, which has hindered progress. One day was lost in recovering tools. Tho work on Gisborne No. 2 well was delayed by bad weather, the position -now is more favourable.