LONDON WOOL SALES.

New Zealand Herald, Volume LXVIII, Issue 20875, 18 May 1931, Page 5

LONDON WOOL SALES.

MARKET CLOSES FIRM.

REVIEW OF THE SERIES. LONDON, May 15. At tlie wool sales to-day 10,105 bales were offered, including 2498 from New Zealand, and about 5310 sold. The New Zealand greasy crossbred clip Avoca made top price, average 6^l; Admiral, B|d and 7d; Taoroa, Bjd and 7Jd. The total number of bales catalogued was 137,520. There were sold for the home trade 53.000, to the Continent 61.500, the United §latcs 1000, and 72,000 were held over, of which 58,000 were not offered. The total of Australian bales sold was 48,000, of New Zealand 41,000. The market closed firm. Hiere was a large attendance throughout, and competition was keener in the last few days than at any time in the series. Merinos were practically unchanged from March closing prices. Bradford topmaking sorts were fully 5 per cent, below March. Crossbrcds sold irregularly throughout and closed at the best price of the series, but were from 5 to 7g per cent, below March. Medium was 15 per cent, and all slipes 5 to 10 per cent, below March rates. Lambs and clothing wools were cheap, and flocks still at the March low level. MERCHANTS* REPORTS. RANGE OF PRICES. Dalgety and Company, Limited, has received the following cablegram from its London house, dated May 15:—Ihe London wool sales closed strong. Competition was animated and general. There was a full attendance, Continent and hoino trade competing freely, except France. Prices as compared with closing rates of last seiies were:—Greasy Merino, Id to l£d lower; greasy halfbred, Id to l£d lower; greasy crossbred, fine, Id to lower; greasy crossbred, medium and coarse, Id to lower; scoured Merino super, par to Id lower; average to good scoured Merinos, ljd to 2d lower; inferior and faulty scoured Merinos, 2d to 2jd lower; scoured crossbreds, lid' to 2d lower; average to good slipe, l£d to 2£d lower; slipc, inferior, |d to Id lower; lambs, crossbred, Id to 1 ijid lower. There was ail offering of 137,221 bales. The home trade has bought 53,000 bales; Continent, 61,500 bales; America, 1000 bales; carried forward, 72,000 bales, of which 58,000 bales were not offered. The total number sold was 115,500 bales. Merino, good to super, 10|d to 12jd; low to medium, to 9^d; halfbred, 56's to 58's, good to super, -93 dto 12d; low to medium, 7£d to 9^(1; halfbred, 50's to 56's, good to super, B|d to 9|d; low to medium, 7d to S^d; fine crossbred, 48's to 50's, good to super, b£d to low to medium, to 8d; fine ci/Ossbred, 46's to 48's, good to super, 8d to 9d; low to medium, to 7|d; crossbred, 44's to 46's, good to super, 7d to 8d; low to medium, 6d to 6|d; crossbred, 40's to 44's, good to super, to 7£d; low to medium, sjjd to coarse crossbred, 36's to 40's, good to super, 6£d to 6|d; low to medium, to Gd. The Bank of New Zealand has received the following cablegram from its London office, dated May 15.—The sales have closed film for all kinds of wool. Current quotations for good average condition wool: Greasy Merinos, 60's to 64's, ll£d to 12£ d a lb.; ordinary, 60's to 64's, 9d to lOd; inferior, 60's to 64's, to B|d; to 56's, B|d to B|d; crossbreds, 50's, to 8d; 48's to 50's, to 7jd; 46's to 48's, 6Jd to 7-^d; 44's to 46's, 6£d to 6J,d; 40's to 44's, 6d to 6|d; 36's to 40's, 53d to 6d. The New Zealand Loan and Mercantile Agency Co., Ltd., has received the following cablegram from its London office, dated May 15:—As compared with closing rates of last sales, prices were Id to ljd per lb. lower for crossbred scoured, coarse crossbred slipe; l|d per lb. lower for greasy Merino super, coarse greasy crossbred, fino greasy crossbred, medium crossbred slipe; ljd to 2d per lb. lower for scoured Merino medium, scoured Merino inferior, medium greasy crossbred ; Id per lb. lower for greasy Merino medium; 2d to 2J,d per lb. lower for scoured Merino super; J*d to Id per lb. lower for lambs, Merino crossbred greasy, Merino inferior; 2d per lb. lower for fine crossbred slipe. Sales closed firmly today. Prices realised for average to super grades were as follows: —Merino super, 10J,d to Is; Merino average, B£d to 9gd; crossbred, 561b. to 581b., 9d to 104 d; 501b. to 561b., B£d to 9jd; 481b. to 501b., 7£d to 85d; 46ib. to 481b., 7d to 8d; 441b. to 461b., 65d to 7Ad ; 401b. to 441b., to 7£d; 361b. to 401b., to 7d.

rOSITION OF TRADE. DEMAND FOR FINE WOOLS. BETTER PROSPECT REPORTED. (Received May 17, 5.5 p.m.) LONDON, May 16. Discussing the wool position, Messrs. 11. Dawson and Sons write as follows: " The period until the July sales will be awaited with intense anxiety, and also with strong hopes for better support from the piece goods end of the trade. The past half-year has shown a poor return for worsteds, although the dress goods trade, particularly the woollen section, has not done so badly. " The woollen trade generally has given good support during the past series of sales, especially for Merino lambs and short wools, also clothing slipes. The latest figures indicate that machinery activity continues good and employment is improving. " The wool offerings will be largely focussed on London in the next four or five months. We are well ahead of absorption of Merino wools. Compared with recent years, the consumption of the finer grades does not show a sign of diminution. The thicker counts and worsted yarns are partially responsible for this. Values are still reasonable, being about 12j per cent, below the average values in 1913-14. " It is difficult to estimate the prospects for the coming cloth season, owing to the uncertain, if not parlous, position •of the export trade, but all reports agree that stocks of cloth are abnormally low, and the shelves emptier than for years past. The main cause for anxiety seems to centre in the unsatisfactory credit position in many of the buying markets, the varying exchanges and the difficulties of the export trade, while the home unemployment. has seriously reduced the spending power. " The hank rate of 2£ per cent, will slowly arid surely have a beneficial influence. Consumers generally are lightly stocked, and consequently, in the finer grades, the position i.s healthy. We are steadily emerging from the morass." P. AND O. DIVIDEND REDUCED. The Peninsular and Oriental Steam Navigation Company has declared an interim dividend of 2j per cent, free of British income tax. Last year's dividend was 10 per cent., and the rate is halved for the present distribution. CHICAGO WHEAT MARKET. CHICAGO, May 16. Wheat. —May, cents a bushel; July, 60 3-8 cents; September, 60£ cents; December, 64 18 cents. THE PRICE OF GOLD. (Received Mr, 17, 5.5 p.m.) LONDON, May 16. Gold is quoted at 84s ll£d per oz.