SYDNEY WOOL SALES.

New Zealand Herald, Volume LXVII, Issue 20480, 4 February 1930, Page 7

SYDNEY WOOL SALES.

CONTINENTAL BUYERS.

EXCELLENT COMPETITION.

(Received February 3, 11.15 p.m.) SYDNEY. Feb. 3. At tho Sydney wool sale to-day the offerings totalled 9607 bales, of which 9594 were sold. There was exceptionally good competition from the Continental section supported by Bradford. The market as compared with the closing rates of last week was from par to 5 per cent.-higher on all spinners' wools. Japanese inquiry was very restricted. Greasy Merino sold to 23jd. PRODUCE IN LONDON. . QUIET TONE OF MARKETS. BETTER DEMAND FOR WOOL. [BIT TEr.EGRAPH. —OWN CORRESPONDENT. ] WELLINGTON, Monday. The Department of Agriculture has received the following cablegram dated February 1 from the High Commissioner for New Zealand, London:— Tallow. —There was no auction this week There is fair spot demand and good demand for gut and low sorts for forward shipment. No change in prices. Eggs.—The market was irregular, with somewhat better tone toward the end of the week, though arrivals are more than sufficient for the demand. Cheaper grades and uncleared arrivals of colonial aro weak. Prices are: —English, 18s to 22s per long 100; Danish, 12s to 18s 6d; Dutch, 12s 9d to 16s; Belgian and French, 12s to 13s 6d; South African and Australian, lis to 12s 6d. Hemp.—The Manila market is irregular. "J" grade January-March shipments sold at £33 5s to £33 10s. The market was easier at the close. February-April shipment valuo is £33. Sisal: The market is easier in the absence of trade demand. Good marks afloat aro offered at £34, and reported sold to America at £33 15s. Value for fair average quality No. 1, £33 5s to £33 10s for early position; No. 2, 20s less. New Zealand: The market is dull with an easier tendency. Nominal comparative closing values, FebruaryMarch shipment, aro: High fair, £32 10s to £33; fair, £2B 10s to £29; common £27 10s; tow, second grade, £2l; third grade, £lB. Wool.—The sales - continue with wellsustained competition and a little better demand. There is a distinctly better tone, and any change in prices is in favour of sellers.

Oats.—English are fairly plentiful, and there is poor consumption demand. Good feeding arc offered at 19s 6d to 20s; choice seed, at 22s 6d. Imported show a declining tendency. Plate for March shipment sold at 15s; Gorman, January shipment, at 17s 3d; Chilian, March April shipment, are offered at 18s. Nominal value of New Zealand "A" grade Cartons, for January-February shipment, is 20s. Peas.—Maple: Holders of.English are more inclined to sell. Good seed is offered at 51s, feed at 47s 6d. No. 1 NewZealand partridge is offered by shippers at 61s, resellers 60s for March shipment. Small business reported at 60s, but trade is slow and stocks of old crops still fairly large. Nominal value for MarchApril shipment is about 565, c.i.f. Blues: The continued heavy arrival of Japanese and Dutch keeps prices low, tho latter varieties being quoted at £l2 per ton. There is no demand for New Zealand or Tasmanian beans. Trade is slow. Danish Cocksfoot.—The market is firm and stocks are small. Small business is reported on the basis of 95s per cwt., c.i.f., New Zealand and Australia, Feb-ruary-March shipment. 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 short of supplies until the next arrivals. The market for ewes is short of supplies and prices are nominal. Smaller supplies of lambs have caused prices to harden. There is a good demand for beef. Wethers, light, 74d to 7§d per lb.; heavy, to 6gd; ewes. 4gd to sjd ; lambs, twos, lid to llJsd; eights, lid to fours, lid to 11 jd; seconds, lOd to 10J>d; ox hinds, 6Jd to 6-Jd; fores, 4j?d to sd; cow hinds, s]d to 6d; fores, 4Jd to 4J.d. ONIONS FOR VANCOUVER. A CANTERBURY SHIPMENT. Two hundred tons of Canterbury onions have been sold by a Christchurch merchant to Vancouver. The sale of a big lot of onions to Montreal is at present being negotiated by tho same merchant. Last season a small shipment of Canterbury onions went to Vancouver and gave satisfaction. In the past tho export business in onions has been dono chiefly from Auckland. INVESTMENT COMPANY'S YEAR. DIVIDEND OF 10 PER CENT. [BY TELEGRAPH. —OWN CORRESPONDENT.] WELLINGTON, Monday. Tho 52nd annual general meeting of the Equitable Building and Investment Company of Wellington, Limited, was held to-day. In moving the adoption of tho annual report and balance-sheet tho chairman, Sir Harold Beauchamp. said: "On tho debit sido of tho balance-sheet the capital remains the same, namely, £60,000. This year £IOOO has again been carried to tho reserve fund, which now stands at £75,300. Deposits and, interest are rather belter, namely, £263,488, compared with £231,638 last year. On the credits side mortgages and interest, less £11,500 held in securities depreciation account, amount to £381,362, against £348,330 at December 31. 1928. The item Government Inscribed Stock, £24,862, is unchanged. "Profit and loss account on tho debit sido shows for this year that the ascertained losses on mortgago securities amounted to £7823. On the . credit side to meet such losses £2500 has been taken Irom securities depreciation account. The rest has been provided out of profits. "Tho gross profit for the year is £14,356, boing nearly £I6OO better than tho provious year, which showed £12.764. After allowing for the interim dividend paid in July, and after making other provisions, there remains (with tho amount brought forward) a balance of £7268, which your board recommends should bo appropriated as follows: To payment of further dividend of 5s a share, making 10s a share for tho year, £3000; to reservo fund, £1000; carryforward, £3268. "Of tho £20,000 we set aside to meet possible losses on mortgago securities it will bo noted that, to provide for actual ascertained losses we have been compelled to trench upon that reservation to tho extent of £BSOO. That leaves £11,500 in tho depreciation account. From present appearances I feel satisfied that we shall not bo called upon to further strengthen this fund." Tho motion for tho adoption of the roport. and balance-sheet, was carried. Messrs. A. D. Crawford and D. McLean were re-olected directors and Messrs. E. Bucholz and W S. Wheeler wero re-appointed auditors. '