DEMAND FOR WOOL

New Zealand Herald, Volume LXXI, Issue 21717, 5 February 1934, Page 5

DEMAND FOR WOOL

LONDON SALES CLOSE HIGHER RATES REALISED TRADE OUTLOOK REVIEWED (Received February 4, 5.5 p.m.) LONDON, Feb. 3 At the closing London wool sales yesterday 5305 hales were offered, including 2593 from New Zealand, and 4052 were sold. There was fairly good home and Continental competition, with a steady tone. New Zealand clips sold as follows: Greasy crossbred. "Paroa," top price. 18Jd, average, halfbred lamb, slipe, "Eclipse," 19d and 18Id. The total catalogue during the series was 123,842 bales. Sold, homo 53.200. Continent 55,800, held 15,000. Total Australian sold 61,000, New Zealand 42,000. The sales closed steady at recent levels. Quotations were dearer, compared with December, closing as follows:—Merinos, greasy, super, 10 per cent; other fleece wools, 7id; pieces, 15d; scoureds, lOd to 15d; crossbreds. fine, lod; medium, 7}d; coarse. sd; slipes, 15d to 20d. Describing the outlook, Messrs. H. Dawson and Sons write:—Tho slight reaction at the Loudon sales from tho peak values was healthy and should not cause any disturbance. Confidence in the consumption of wool continues apace without any material alteration in machinery activity in tho consuming centres. Wool had been at an extraordinarily low figure for practically three years and definitely stimulated the demand for itself.

The major proportion of tho advance has been in a measure corrective, but it must bo digested throughout all sections of the industry. The competitive power of other textile commodities, including silk, which has dropped four shillings a lb. in the last six months, will be felt more keenly now that wool has reached a higher level. Botany tops aro selling at eight times the value of , American cotton, which, together with rayon (produced on highly scientific lines at a steadily increasing pace) > places tho manufacturer in a difficult and complex situation. The world's stocks of cotton total 41,000,000 bales and the carry-over of American cotton was almost equal to tho full crop. MERCHANT'S REPORT Dalgety and Company, Limited, has received the following cablegram from its London house, dated February 2:— The wool sales closed active. Competition was fairly general, but France was rather quiet. As compared with closing rates of last series, prices were higher as follows:—Greasy Mermor, lid to 2d; scoured, 3d to sd; greasy halfbred, 2d to 3d; scoured, 4d to sd; greasy crossbred, fine, Id to 2d; medium, id to Id; coarse, |d to Id; scoured crossbred, l§d to 2Jd; fino slipe, 2d to 2£d; medium and coarse slipe, lid to 2d; lambs, greasy, Id to 2d. Prices were:—Halfbred, 56-58, good to super, 19d to 23d; low to medium, 16d to 18* d; 50-56, good to super, 17$ d to 21d; low to medium, 14d to 17d; fine crossbred, 48-50, good to super, 12d to lod; low to medium, to llid; 46-48, good to super, IOJd to 12id; low to medium, Sd to 10d; crossbred, 44-46, good to super, 9*d to lid; low to medium, 7Jd to 9d; 40-44, good to super, 9d to lOd; low to medium, 7id to Bid; coarso crossbred, 36-40, good to super, B|d to 9d; low to medium, 7id to Bd.

OTAGO SALE TO-DAY

CLIP OF GOOD STANDARD

The second Otago wool sale of the current selling season will bo held today. The limit originally fixed by the New Zealand Wool Committee was 30,000 bales. At the corresponding sale a year ago 30,340 bales were offered. The first sale was held on December 20. when 29,294 bales an offering of 29,407 were sold for £561,734, an average of £l9 13s 6d a bale. The general standard of quality over all grades is good this year and, although tho wool is perhaps lighter in condition than was tho case last year, production in most districts has been satisfactory.

After to-day's salo just over 60 per cent of the Otago clip will have been disposed of. Tho gross proceeds of the first sale of just over 29,000 bales was reported to be £561,000. Tho third Dunedin sale will be held in March and will be limited to 25,000 bales. It is now certain that an April salo will have to bo held. DAIRY MARKETING DEPUTATION TO MINISTER OTHER DISTRICT SUBJECTS Representatives of a number of local exporting firms waited on the Minister of Agriculture, the Hon. C. E. Maemillan, on Saturday morning, and placed before him their views in connection with the marketing proposals of the Dairy Control Board. In his capacity as Minister of Mines Mr. Macmillan met representatives of Renown Collieries Limited regarding tho proposed resumption by the Crown of certain areas of land required by tho company foi 1 the working of tho mine. During the morning the Minister also received a number of other deputations dealing with matters of a private nature.

CHILLED BEEF EXPORT SECOND AUCKLAND SHIPMENT MORE VESSELS TO LOAD The second shipment of chilled beef from Auckland for England was despatched by the Blue Star Lino steamer Avelona Star, which sailed for London on Saturday afternoon. The vessel has on board over 2000 carcases of chilled beef, about 700 more carcases than were despatched by the Sultan Star, which left Auckland for London on January 12.

In addition to chilled beef, the Avelona Star had a very large quantity of other New Zealand produce, including refrigerated meat, butter, cheese, wool and other general items. The cargo was loaded at Gisbon'c, Napier, Wellington and, Auckland, and when she sailed on Saturday her holds were full. She is scheduled to reach London about March 10.

Further shipments of chilled beef will be despatched from Auckland by the Tuscan Star and tho Doric Star, which are en route from London to Now Zealand in ballast. The Tuscan Star is due at Napier on February 19 and tho Doric Star at Gisborno on February 28.