FIRM WOOL MARKET

New Zealand Herald, Volume LXXI, Issue 21708, 25 January 1934, Page 7

FIRM WOOL MARKET

COMPETITION IN SYDNEY AN EXCELLENT CLEARANCE (Received January 24, 9.55 p.m.) SYDNEY, Jan. 21 At the Sydney wool sales to-day 12,505 bales were offered and 11,495 wore sold. Also 518 bales were disposed of privately. There was good general competition and the market was very firm. Greasy Merino made to 33Jd for five bales from Yass. AUCTIONS IN LONDON ALL-ROUND ADVANCES LONDON, Jan. 23 At tho London wool sales to-day 10,197 bales were offered, including 3483 from New Zealand, and about 9200 were sold. Competition was wolj sustained and all better grades maintained full rates. Others were fairly steady. Compared with tho closing rates of tho last series Merinos were J5 per cent up, fine crossbreds 15 to 20 por cent, medium and coarse 10 to 15 per cent, and slipes 10 to 15 per cent. A New Zealand scoured Merino clip, "Omarama," sold at 31d, and a greasy crossbred clip, "Bloomfield," at • 16d (top price) and 13|d (average). DANGER OF EXCESSES

AN AUSTRALIAN VIEWPOINT

"A dangerously excessive scale of values appears to be the only contingency which might eventually disturb the wool situation," states the latest wool summary of Wincheombo, Carson, Limited, Australia. "Wool has been consumed in increased quantities during the'past six months. Tho stocks of Merinos and the finer crossbreds in in illmen's hands and carry-over quantities in tho various selling centres wero smaller when thife season opened than for a number of years. With that position, the reduced c-lip available, and the good volume of trade in goods recorded, the sale of the remainder of the clip looks assured at higjily satisfactory prices.

"From time to time the statement has been made that business in woollen goods is suffering owing to lack of export sales. England has shown some expansion in foreign business, but most other countries havo not done so. Similar conditions havo existed for some years, but, in spite of the circumstances, the great bulk of the record clips the world grew passed into consumption. The various countries have been manufacturing the major portion of their own requirements. Tariffs, import restrictions and rates of exchange have protected their mills from the competition of imports. The continued presenco of those restrictions is not more likely to prevent the free use of wool this year than in previous periods. On that account, therefore, no menace to the wool market exists." . PRICES' OF METALS SLIGHTLY EASIER TENDENCY (Received January 24, 8.45 p.m.) LONDON, Jan. 23 Following are to-day's quotations on the London metal market compared with those of January 22: — Jan. 23 Jan. 22 Per ton Per ton £sd £ s d Copper, stafi., spot, . . 32 18 9 33 6 3 Copper, stan.. 3 mos. . 33 3 1} 33 9 4} "Copper, electrolytic , 36 0 0 36 0 0 'to to 37 0 0 37 0 0 Copper, elec. wire bars 37 0 0 37 0 0 Lead, soft, spot .. 1112 6 1113 9 Lead, soft, forward .. 11 15 0 11 17 6 Spelter, spot . . . . 14 17 6 15 0 0 Spelter, forward ..1513 15 3 9 Tin, stan., spot . . 227 15 J) 227 17 G Tin, stan., 3 mos. .. 227 7 G 227 11 3 * American 8.37 cents a lb, same as on January 22. ADVANCE IN BUTTER HIGHER LEVEL MAINTAINED The market in London for New Zealand butter remains at the higher levels reported yesterday. Merchants' latest messages advise a quiet market at 67s to 69s per cwt. Stocks of coloured cheese are reported to be cleared. Merchants havo received the following cablegrams from their London houses, dated January 23: — Joseph Nathan and Company, Limited, from Trengrouse and Nathan, Limited. —Butter: 695. The market in quiet. Cheese: White, 42s to 42s 6d; coloured, nominally, 43s to 445, stocks cleared. New Zealand Producers' Co-opera-tive Marketing Association, Limited. — Butter: New "Zealand, 67s to 695; Danish, 86s. Cheese: White, 42s to 42s 6d; coloured, 435. Both markets are quiet.

TALLOW MARKET QUIET

GOOD DEMAND FOR FRUIT The Department of Agriculture lias received the following cablegram, dated January 20, from the High Commissioner for New Zealand, Londpn:— Tallow. —The market is quiet but steady at about last quotations. Hemp. —Manila: The market is quiet but steady. Sellers' quote for "K" grade for February-April shipment, £ls 10s. Sisal: The market is steady. No. 1 grade for January-Mareli shipment sold at £l6 lO.s. New Zealand: There is a little better spot demand. No firsthand sales are reported. Shippers oiler rejected at .£l2 os for Fcbruar.v-April sliijDinent. Fruit.—-Supplies are running heavier and the demand is good. Prices aro slightly higher. Oregon Newtown apples, Us to 15s; British Columbia, 8s to 13s; British Columbia Jonathan apples, 7s to 12s; Washington Jonathan apples, 8s 9d to lis; Oregon Delicious apples, 10s 6d to lis Od; Winter Nelis pears, 9s to lis 6d; Anjou pears, 10s to 13s Dd.

SAVINGS DECLINE

UNITED STATES' FIGURES

Savings deposits in savings accounts and certificates of deposit in banks and trust companies of the United States decreased by 11.8 per cent in tho year which ended 011 June 30, 19.33, to a total of 21,424,226,000 dollars. According to the annual report of the American Bankers' Association savings on June 30 were held by 39,207,000 depositors—a decrease of 5,084,373, or 11.5 per cent, in tho year, notwithstanding that the population of tho country increased by 671,000 in that time. Total savings deposits decreased by 2,857,120,000 dollars, brings ing the decrease for tho three years sinco June, 1930, to dollars (£1,410,881,000 at par). The report attributes the decrease partly to hoarding, partly to the freezing of deposits in closed or restricted banks, and to the transfer of funds into postal savings, but largely to withdrawals for living expenses and burdensome tax levies. In three years the por capita savings have been reduced from 232 dollars to 62 dollars, the reduction in the last year alone amounting to 24 dollars. Since 1928 the number of savings depositors in the country has decreased from 53,188,348 to 39,267,733, or from 44.3 per cent of the population to 31.1 por cent.