THE WOOL MARKET.

New Zealand Herald, Volume LXIX, Issue 21144, 30 March 1932, Page 5

THE WOOL MARKET.

SYDNEY SALES RESUMED. FINE SORTS DECLINE. OTHERS REMAIN FIRM. (Received March 29. 10.15 p.m.) SYDNEY, March 29. The Sydney wool sales were resumed to-diiy when 10.588 bales were offered and 9410 were sold. Also 835 bales were disposed of privately. The average price realised at the last series of sales was 8.71(1 a 11). To-day prices ruled about equal to the closing rates before Easier, but (ine wools were in limited demand, prices showing a decline of 5 per cent. All skirtings, comebacks and crossbrods ruled firm. Greasy Merino sold to 17jd. CONDITIONS OVERSEAS. OUTLOOK NOT UNFAVOURABLE. The market for wool is reviewed in the following letter received by the Graziers' Assocation of Victoria from (he, representative of the Australian Wool Growers' Council in Europe, dated February 18: "In spito of the slightly easier tendency at present prevailing in both the home and overseas markets, the outlook can by no means be termed unfavourable. In Great BriU'n the home trade is absorbing the output of fine tops, and there are no signs of any accumulation in the hands of cither top makers or spinners. While spinners are adopting a cautious attitude in regard to the future by reason of tariff uncertainties and are only buying tops to cover present contracts, the top makers are not inclined to give any concessions, although a few sales of average 64 s are reported as having been made at or a, lower than a fortnight ago. The firm attitude of top makers is partly due to the relative dearnoss of raw wool with respect to tops, and partly owing to the fact that some considerable weights of tops have been exported to the Continent. The yarn market has shown a somewhat more active tone, with also an increased inquiry from the Continent. Considerable quantities of tops continue to go into consumption in Germany, and the wool market there is fairly active; although some mills are reducing output, others are fairlv well employed. "the position in France is still governed by political and economic uncertainty. Top makers remain reasonably active, but spinners are not able to secure sufficient orders to keep their machinery active throughout the week, and arc only working about half-time. There has been some increased demand for noils, but this demand has been mainly restricted to crossbreds." INDUSTRY IN AUSTRALIA. FEARS OF ADDED TAXATION. Fears that additional taxation would have a disastrous effect upon the Australian wool industry were expressed by Mr. J. H. Patterson, president of the Graziers' Association of Southern Riverina, at the annual meeting of the association in Melbourne. Mr. Patterson said it was estimated there were more than 107,000,000 sheep and lambs in the Commonwealth, the largest total in the history of the wool industry, vet the producers of Australia s most valuable primary product were faced with disaster. Until such time as the primary industries were on the road to prosperity it would be impossible for the secondary industries to improve. There was a diversity of opinion on the subject of exchange. Personally be upheld the view of the association's vigilance committee that there should be no artificial interference. "I have endeavoured to place before you facts which possibly are well known to you, but apparently they aro not yet realised by our politicians," said Mr. Patterson. "If they were, surely before this some attempt would have been made to reduce the burdens which are slowly but surely crushing our industry. Although no indications at present give hope of any appreciable advance in wool prices in die immediate future, we have the satisfaction of knowing that there is practically no accumulated stock of wool to retard increased values when commodity prices improve. In this respect we are the most favoured primary industry, mainly because, learning from the experience of other industries, we have firmly opposed plans for the fixing of wool values. Not only producers, but Governments, must face facts, use the strictest economy, and give up dwelling on the hope of something turning up to bring us back to prosperity. In New South Wales the State Government is piling more taxation on the already struggling industry, in the hope of obtaining some revenue, though at present no money is available even to maintain improvements. This has the effect not only of increasing unemployment, but of depreciating the national'asset. It will have, disastrous effects on tho quality of our wool in the near future." END OF HOLIDAY. BUSINESS RESUMED. The Easter vacation ended on Monday and city business houses reopened yesterday. trade was quiet, although merchants were kept busy in filling orders made necessary by the depletion of retailers' stocks. Importers were not active and few overseas prices came to hand. The banks will reopen to day. IMPERIAL CHEMICALS. FINAL DIVIDEND. Advice has been received by the Melbourne office of Imperial Chemical Industries of Australia and New Zealand, Ltd., that the London board of directors has recommended the payment of a final dividend, for 1931 on ordinary shares, at the rate, of 3 per cent., making per cent, for the year. AUSTRALIAN SECURITIES. QUOTATIONS IN NEW YORK. (Received March 29. 5.5 p.m.) NK\V YOKK, March OS. Sales of Australian Government bonds on Wall Street to-day compare with those of March 21 as follows: •pollina. Dollars. Commonwealth-- Mar. 2S. Mar. 21. 5 p.c„ Jn 11.-7 lily, 1955 5*5 5 [i.e., Mar.-Sept.. ID.)? 59 > 4i p.c.. May-Nov., 195U 54 ' New South Wales—--5 p.c., t'cb.-Ausr.. 1957 a.U ?<} 5 p.c.. April-Ocl.. 1958 >"'« Queensland — _ . cn , 7 p.c-.. April-Oct., 1912 * 6 p.c.. Feb.-Auk., 1047 * ♦Not quoted. PUKEKOHE PRODUCE. [FROM OUR OWN ('(inIIKSI'ONDENT.] PUKKKOIIK, Tuesday. Locally-grown potatoes have hardened in pi'ice during tho past week, business opening to-day at 5s 9d ))er ,ut., f.o.r. Pukekohe, against. r, s 3d on Monday of last week. A slight rise is also shown in the. price for new season's onions, which are quoted nt 10s 6d per cwt. to-day, as against 10s last neck.