WOOL SALES PRICES.

New Zealand Herald, Volume LXVIII, Issue 20985, 23 September 1931, Page 5

WOOL SALES PRICES.

FIRM TONE IN LONDON. OPENING RATES EXCEEDED. , / LONDON, Sept. 21. At tho wool sales 10,219 bales were offered, including 3571 from New Zealand, and about 4800 were sold. There were frequent withdrawals. There was a good representative selection, and a firm tone generally, at 5 per cent, above tho opening rates. The New Zealand greasy crossbred clip JL made top price, 6£d, average siipe, Gear, B£d and 6^cl; scoured combings, Algidus, 18d and 16d. Dalgety and Company, Limited, has received the following cablegram from its London house dated September 21:—The wool sales continue very irregular. For Merino combing good greasy, any change in price is in favour of sellers. Good style greasy crossbreds are slightly dearer; rrossbreds, shabby, unchanged; good scoured, fair demand at opening decline; inferior and faulty scoured neglected. BRADFORD TOPS. LONDON, Sept. 21. Tho market is very quiet, and quotations are nominally unchanged. SERIES IN SYDNEY. IMPROVEMENT IX MARKET. (Received September 22, 11.15 p.m.) SYDNEY, Sept. 22. At the wool sales to-day 10,473 bales were offered and 9650 sold. Also, 703 bales were disposed of privately. HlO market showed an improvement of 5 per cent, for all fleece wools and bulky skirtings, while other descriptions displayed a hardening tendency. Greasy Merino made up to lljjd. THE LONDON MARKETS. SHARP RISE IN METALS. EFFECT OF BANK RATE. (Received September 22, 9.5 p.m.) LONDON. Sept. 21. The riso in the bank rate caused a sharp advance in industrial metals, tin rising sharply by £7 16s 3d a ton. Other metals shared in the general appreciation. The following are to-day's quotations, those of September 17 being in parentheses : Copper. —Spot, £32 16s 10id (£2B 4s 4id); three months, £33 lis 3d (£2B 18s 9d). Electrolytic Copper.—Spot, £36 (£32 10s); three months, £37 (£33 10s). Wire Bars. —£37 (£33 10s). Lead.—Spot, £l2 12s 6d (£lO 8s 9d); three months, £l2 15s (£lO lis 3d). Spelter.—Spot, £ll 15s (£lO 6s 3d); three months, £l2 5s (£lO 16s 10, d). . , Tin. —Spot, £llß 17s 6d (£lll Is 3d); three monthsj £l2l 17s 6d (£ll4 Is 3d). Silver.—Standard, 14 3-8 d (122(1) per oz.; fine, 15jd (13& d). WHEAT. Wheat.—Cargoes are purely, nominal and fully 2s advance is asked. Parcels business is checked by the advance in the bank rate, and also by the closing of the foreign exchanges market. Quotations are 2s higher. Futures: London, September 17s 10d a quarter; December, 18s lid; February, 19s lid. Liverpool, October, 4s a cental; December, 4s 3id; March, 4* May, 4s Bid. READY MARKET TOR PORK. CHANCE FOR NEW ZEALAND. " LEAVE BACON TO DENMARK." That New Zealand should concentrate on despatching all the pork possible to the London market and for the present leave Denmark to supply bacon, is the essence of a strong plea by Mr. Eliot R Davis, in a letter from London,, under date August 21, .1931, to the Waione Model Piggeries, Limited, of which he is chairman of directors. "I paid a visit to Hayes' Wharf, where X was shown thousands of sacks of Danish bacon being cut up," said Mr. Davis. "It reaches here after being three days in pickle in Denmark, and is cured and smoked in England. I was amazed to see the uniformity of the article. It was wonderful, so much so that I could not see the slightest variation either in the length, or in the fat or lean." There would be about 25 men busy opening the -sacks, each of which contained two sides. It was then put on to tables and cut up into various sizes, then sent aw.iv to tho curing. "There is an unlimited demand for porkers," continued Mr. Davis. "Denmark is supplying all the bacon that can be done with here, but there is a seal city of pork, which is prohibited from importation from tho Continent, and has to come from Canada or America. White p:gs, they say, dress cleaner and are, therefore, preferred. "This is the opening which we have to go for and leave Denmark with the bacon. It would at present bo foolish for New Zealand to think of sending pork hero for conversion into bacon. On tho other hand, they enn do with all the pork we can send them, and 1 rnnnot emphasise this too strongly. _ 1 feel sure that tho fanners will be impressed with its importance." The dressed weight of the carcase should not be less than 601b. and should not exceed 1101b.. Mr. Davis continued. It, wns stated that a carcase weighing between 601b. and 701b. was worth Id a lb. more than one weighing 1101b. The consumption of pig products in Great Britain* for the month of June rose from 641.000cwt. in 1929 to 973.000cwt. in June, 1931. Denmark sent two-thirds of this. Assuming that IOO.OOOcwt. was pork it could be seen that there was a splendid field for New Zealand. That amount represented a ship load every month. Tho company states that it is now endeavouring to buy porkers, 60 to /01b. dressed weight at 6d a lb., free on board steamer at Auckland, for shipment to the London market for the Christmas trade. Indications are, the company adds, that nothing I'.ke tho quantity which it is desired to buy will be available. COMMONWEALTH BANK. LARGER PROFITS ANNOUNCED. ♦ (Received September 22. 11.15 p.m.) SYDNEY. Sept. 22. The half-yearly report of tho Commonwealth. Bank disclosed an increase of £81,863 in total profits. This is attributed mainly to the bank's fuller functioning as a central reserve bank. There is large increase in the balancesheet aggregate, as a result of the part taken by the bank in financing tho Australian Governments. The total profits of .£700,788 compare with £618,925 for the previous half-year, j Tho profit of the note issue department shows a decrease of £13,569 to £292,886.