FALL IN WOOL PRICES.

New Zealand Herald, Volume LXVII, Issue 20474, 28 January 1930, Page 7

FALL IN WOOL PRICES.

PROPOSAL AT BRADFORD.

REDUCTION OF OFFERINGS. LONDON, Jan. 26. ' Owing to the slump at cho wool sales there is a growing minority opinion in Bradford that overseas growers and selling brokers should withdraw a large portion of the offerings. One Bradford firm, whoso head is an Australian familiar with the situation at both ends, asserts that a large section of the traders approves the proposal. It points out that when the Australian woolgrowers and selling brokers decided in October to reduce the offerings by one-third, prices improved, although there was a modification of the reduction to one-fifth. Tho feeling that the withdrawn wools might bo thrown on the market has renewed the uncertainty, and caused prices to slip again. A large volume of business would result if the dcclino stopped. Tho firm quoted thinks the lead should come from the sellers by reducing their offerings by one-third, ancl holding off such- one-third indefinitely from the market until a demand was manifested. FROZEN MEAT MARKET. QUOTATIONS FROM LONDON. The Bank of .New Zealand has received the following advice from its London office as at the close of business last week:— Frozen meat: The market for wether mutton is steady. The market for ewes is firm, but there is little business doing. The lamb market is short of supplies owing to delay in arrivals. The present demand for beef is good, and is likely to continue. Wethers, light, 7d to 7£d per lb.; heavy, 6d to 6jjd; ewes, 4|d to s£d; lambs, twos, 10jd to Hid; eights, to fours, 10gd to seconds, 9-jd to 10J,d; oxhinds, 6£d to 6gd; fores, 4|d to sd; cow hinds, sjjd to 6d; fores, 4|d to 4^d. FOREIGN IMPORTATIONS. CUSTOMS EXCHANGE RATES. Notification has been given in the Gazette that from March 1 the rates of exchange for assessing the value of imports will be taken by the Customs Department to be as follows: —Belgium, 35 belgas to the pound, Denmark 18.15 kroner, Franco 124.21 francs, Germany 20.43 reichsmarks, Holland 12.10 florins, India 18d per rupeo, Italy 92.46 lire, Japan 24".58 yen, Norway 18.15 kroner, Sweden 18.15 kroner and Switzerland 25.23 francs.

These are all virtually the par rates, from which current cabled quotations show only slight variations. The only exceptions are tho three Scandinavian countries, for which the par rates are all 18.159 kroner to the pound and Switzerland, for which par is 25.2215 francs. PRODUCE IN LONDON. HIGH COMMISSIONER'S REPORT. [BY TELEGRAPH. —OWN CORRESPONDENT.] WELLINGTON, Monday. The Department of Agriculture has received tho following cablegram, dated January 27, from tho High Commissioner : Tallow.—The market is steady at slightly better prices. No auction was held this week. Present quotations aro; Mutton: Fine, 38s 6d to 40s per cwt.; fair to good, 36s to 38s; dark to dull, 33s to 35s 6d. Beef: Sweet or mixed, 39s to 41s; fair to good, 35s 6d to 37s 6d; dark to dull, 33s to 355; mixed fair to good, 35s 6d to 37s 6d; dark to dull, 34s to 355; gut, etc., 32s 6d to 34s 3d. The wool sales continue and competition is fair, but reflects the lack of confidence. Prices were maintained at about opening rates. Hemp.—Manila: The market is dull and easier, with a little better tone at the close for spot and near. The value of J grade, February-April shipment is £34. Sisal : The market is dull and buyers are holding back. Fair average quality No. 1 sold'down to £33 10s; closing, sellers, afloat, £33 15s; No. 2, £32 10s; good marks, 20s more. The New Zealand market continues idle, without pressure from buyers or sellers. Nominal comparative closing values for January-March shipments are: High points, £33 to £33 10s; fair, £29 10s; common, £27 10s. Tow: Second grade, £2l; third, £lB ss.

PHOTOMATON, LTD. VOLUNTARY WINDING-UP. Upwards of 25 shareholders attended the adjourned meeting of Photomaton, Limited, in Sydney, on January 10. The atmosphere' at times threatened to become electrical, says thq Sydney Morning Herald, for shareholders kept up a running fire of questions after a motion for voluntary liquidation had been submitted. It was about an hour before _ a seconder was found. Meanwhile, thq chairman, Mr. A. Vickcry, had dispassionately met the fusillade of questioning, and eventually his liquidation suggestion was adopted with only three dissentients. Air. Vickery explained that the meeting had been adjourned from December 24 "in deference to tho wishes of shareholders then present" to afford other shareholders an opportunity _ of considering the position. For a time, ho said, tho figures had considerably exceeded those at first submitted by tho parent company. He was forced to the conclusion ' that the business, which had shown such alluring prospects at tho outset, did not appeal to the public, or that the demand for the novelty became exhausted. There was no alternative to putting the machines into store. He added that he recommended that the company should go into voluntary liquidation, and not waste any more of the shareholders' capital than could bo helped. He accordingly moved tliut the company be wound up voluntarily. Replying to shareholders, Mr. Vickery said the vendors' consideration amounted to 60,000 £1 shares, and £IO,OOO in cash out of a capital of £IOO,OOO. He saw no reason to change his view, expressed at the previous meeting, that the company had been over-capitalised. Tho 60,000 shares of £1 each were subsequently converted in 5s shares, i.e., 240,000 shares. Tho Victorian rights wero sold for £20,000, half being in cash and" half in shares. The Queensland rights wero sold for £IO,OOO cash. If the company went into voluntary liquidation all shares would rank alike in any distribution, said Mr. Vickery. Brokerage paid by the company amounted to £1877. Tho company obtained £40,000 cash out of a capital of £IOO,OOO. Tho return in tho ovent of voluntary liquidation should bo about Is 9d a share. A distribution of Is or Is 3d per share should bo practicable within two months. Tho machines cost the con>panv £I4OO each. Of this, the fluty wis about £7OO, and tho assessed duty A.yUU. The duty on the machines was just about twice the value of the machines in Lng land. . , ... The motion was carried, and it ivas stated that at tho confirmatory meeting a liquidator would be appointed. PUKEKOHE HORSE SALE. [Bl- TELEGRAPH.—OWN CORRESPONDENT. ] PUKEKOHE, Monday. About, 90 horses were offered at the horse sale conducted at Pukekohe to-day bv Alfred Buekland and Sons. There was a demand for animals showing quality, which sold as follows:—Young, active, heavy draughts, £3l (o £35; medium draughts, £23 to £2B 10s; good farm sorts. £lO to £23; light harness horses, £ll to £IG 10s; hacka, £5 lo £l4.