BRIGHT WOOL OUTLOOK

New Zealand Herald, Volume LXX, Issue 21540, 11 July 1933, Page 5

BRIGHT WOOL OUTLOOK

HARDENING OF PRICES EXCELLENT COMPETITION LONDON, July 8 The London representative of the Australian \\ oolgrowors' Council, Mr. W. I\ Dovcrcux, reports as follows: The postponement of the stabilisation of currencies and the fear of inflation by European countries appears to have stimulated competition for wool. Sincd the opening of tho London sales the prices of Merinos have further hardened. Fine crossbreds also have benefited, but medium and low sorts are slightly irregular. Competition is very keen, witli British buyers predominating, closely followed by Germany. There are very few withdrawals. Quotations at industrial centres have all risen in sympathy with London. The demand for crossbred tops is increasing, especially for medium qualities, and prices are hardening. Yarn prices have moved against buyers, but spinners cannot obtain tho full advance. Maehinory -ichivity is well maintained. Gradual improvement in tho French industry continues and there is loss unemployment. Prices have moved up in sympathy with the raw material. Sales of tops in Germany are well maintained, especially for Merinos, at improved prices. A substantial decrease in stocks of tops is anticipated. The Continental futures markets are active and quotations have advanced.

lIIKURANGI COAL CO. LIQUIDATION PROPOSED TOTAL LOSSES OF £32.295 A proposal to go into voluntary liquidation will be considered at an extraordinary general meeting of shareholders in tho Hikurangi Coal Company, Limited, 011 July 20. It is proposed that the secretary, Mr. H. GilfilJan, be appointed liquidator. The company has been in operation for 40 years. At the date of the last annual balance, December 31, 1932, accumulated losses stood at £32,295. Tho company has a capital of £70,000 in 140,000 shares of 10s- each consisting of 45,000 ordinary shares, 45,000 preference shares and 50,000 A preference shares, all fully pjud. No' dividends have been paid for some years. In addition the company lias issued £30,000 of 10 per cent debentures. Debenture interest- fell in arrears in 1931, but tho half-yearly payments for that year wore made in February and March of 1932. Debts duo by tho company stood at £25,808 as at December 31. Total assets were shown afc £93,513, including mainly plant and buildings. £55,257; shafts, £19,514; works, £11,614 .10s; and mine property ancl land, £2764. Sundry debtors were £2980.

It is understood tho debentureholders of tho company propose taking over the mine and that a new company will be formed. The liquidation of the company does not mean dislocation of work, which will coptinue as at present. The mino is being worked by tho Hikurangi Miners' Co-operative Party, tho company drawing a royalty on tho conl produced.

N.Z. PERPETUAL FORESTS FINANCE AND OPERATIONS The report of New Zealand Perpetual Forests, Limited, oil finance and operations as at March 31, compared with the same date last year, shows nominal and subscribed capital unchanged at £250,000 and £241,341 respectively, and paid capital at £197,536. also unchanged. The amount subscribed for forestry investments is £1.42,276 higher at £3,802,443. The total trustee funds at £566,194 aro £23,280 lower. The forestry administrator certifies to the planting since 1923 of 146,285 acres, including 14,124 acres in the 1932 season. The solicitors report that tho freehold lands held by tho company as at March 31 amounted to 186,834 acres, Comprising, land secured to subscribers' trustees, 157,700 acres, and land held under agreement for sale and purchaso or under lnortgogo. 29,131 acres.

TIMARU WOOLLEN MILLS RESUMPTION OF ACTIVITY Manufacturing operations are to be recommenced this week by the Tinlaru Woollen Mills. The machinery has been overhauled after its period of about twoy years' rest and a suction gas plant which provided the power for the shafting of the weaving room has been replaced by a 40 • h.p. electric motor. Heads of departments have been appointed as far as possible and where it could bo clone old employees have been given their positions again. It is interesting to know that when the mills were previously running at full capacity they put through on an average about 1000 bales of wool a year. QUOTATIONS FOR SILVER British Wireless RUGBY. July 8 Silver is quoted to-day at ]8 l-16d an ounco spot and 18 3-16 d forward, compared with 18 5-16 d and 1$ 7-16 a yesterday. PRODUCE AT PUKEKOHE [rßoxr orn own correspondent] / rUKEKOHE, Monday No alteration is shown in to-doy's quotiv (ion for locally-grown onions, tlio rat# being Ts per cwt., f.0.r.," Pukekolie. Cauliflowers aro selling at 9s 3d a large sack; cabbages, (is Gd n large sack; carrots and parsnips, 3s a sugar bag; pumpkins, 4s per cwt; Jerusalem eeed artichoke*. Gs Gd per cwt.