WOOL SALES ENDING

New Zealand Herald, Volume LXXI, Issue 21782, 23 April 1934, Page 5

WOOL SALES ENDING

FINAL AUCTION TO-DAY

FIFTH WELLINGTON OFFERING

The final wool sale of the season will be held in We!\ : ngton to-day. The total catalogue to be submitted is 16,151 bales, compared with 11,481 bales at last year's corresponding sale. .The following are the individual catalogues in order of sale:—New Zealand Loan and Mercantile Company, 2214 bales; Farmers' Distributing Company, 1572; Wairarapa Farmers, 452; Abraham and Williams and Wright, Stephenson, 2143; Dalgety and Company, 4101; Murray, Roberts, and Johnston and Company, 2746; Levin and Company, 2893; total, 16,151 bales. Four previous sales have been held in Wellington this season.

LONDON WOOL SALES

POSITION OF GERMANY

DOUBT AS TO PURCHASES

LONDON. April '2O

The Yorkshire Observer says private advices from Germany state that the embargo on wool purchases will be continued until May 15 to allow of the completion of arrangements for State control.

This naturally is raising the conjecture whether Germany will be represented at the London sales. However, a letter from a big top-making firm in Germany says there is a lively demand by German spinners for stocks of wool tops. The reduction of stocks will force Germany to buy in the world markets as soon as she has assembled enough foreign currency, but control will check speculation and spread the imports evenly over different months. Another reliable source says Germany's wool imports will be subjected to a 2 per cant duty. The German position makes the London outlook puzzling, but brokers are well prepared for all eventualities. The quantity catalogued will not be large. The sales have been arranged to cover two weeks, and provision has been made to accommodate offerings to the demand in order to prevent a seriously detrimental effect on values or injury to wool owners' interests.

There is a possibility of a demand from Holland on German accounts.

EXTENSION OF USES

SIR JAMES PARR'S SUGGESTION

Speaking as the chief guest of the Wool Industries Reserch Association at Broadford last month, Sir James Parr, High Commissioner in London for NewZealand, urged that there should be greater co-operation between producers and users of wool regarding the many problems that faced them in common. He referred in this connection to questions of research publicity and the extension of the use of wool, and suggested that a round-table conference should be held to see what could be done. Wool was enjoying; wide use at present, but it was questionable how long that would continue to be so. Competition from artificial silk was by no means dead, and wool had yet to fight for its life.

Sir James Parr, referring to Imperial trade matters, said he did not like the term "Empire Trade Cabinet," but he felt there should be a full-time council of broad-visioned men able to take stock of the Empire situation from time to time and make practical suggestions. Lord Barnby. who presided, said the increasing tendency in world affairs toward collectivism in one form or another had its lesson for the wool textile trade in view of the work there was to be done on research and in extending the uses of wool. In that matter work that was being done by the association was in the joint interests of producers and manufacturers.

FOREIGN EXCHANGES

DOLLAR SLIGHTLY WEAKER (Received April 22, 5.5 p.m.) British Wireless RUGBY, April 21 The following rates on foreign exchanges were current yesterday, compared with the cabled quotations on April 19 and par:— Apl. 20 Apl. 19 Par. Montreal, dol". .. 5.13',i 5.13 Vi 4.666 New York, dol. . 5.15 V* 5.14 V* 4.866 Faris.fr. .. 77V. 77*4 124.21 Brussels, belsra .. 21.96 21.96 35.00 Geneva, fr. .. 15.84 15.85 25.22 Amsterdam, fl. .. 7.58 7.58 12.10 Milan, lire .. 60V,„ 60%, 92.46 Berlin, r.ru. .. 13.06 13.05 20.43 Stockholm, kr. .. 19.40 19.40% 18.159 Copenhagen, kr. . 22.39% 22.39% 38.159 Oslo. kr. .. 19.00% 19.90% 18.159 Vienna, sch. ..28 28 34.585 Prague, kr. .. 123% 123% 164.25 Helsingfors. mark 226% 226% 129.23 Madrid, pea. .. 37 7-32 37% 25.221 Lisbon, escu. .. 110 110 110 Athens, dr. .. 535* 535* 375.00 Bucharest, lei. .. 510 510 813.6 RiodeJpneiro.mil. 4%d* 4 l id* 5.899 d Buenos Aires, dol. 36V,d* 47.619 d Montevideo, dol. 3?d" old Bombay, runee .. 18%.d 18 3-32 d 18d Shanghai, dol. .. 16' l Ad Honckonsr, dol. . 17T'd 17% d Yokohama, yen . 14%, d 14%, d 24.58 d Batavin. fl. .. Belgrade, din. .. 225 225 270.31 Warsaw, 7.10ty .. 'Sellers. (Received April 22. 5.5 p.m.) LONDON, April 21 On the foreign exchange ifiarkefr today the following quotations ruled: New York, 5.173 dollars; Paris, 771 francs; Bataria, 7.51 florins.

CUSTOMS EXCHANGE RATES Rates of exchange. ruling at the announced dates of departure of the vessels named are shown in the following table. Tliev are subject to confirmation by the Customs Department when the exact time of departure is learned on arrival of the vessels in New Zealand, finally declared rates being marked*:

Golden Cross, America, dollars . . 5.121 Brisbane Maru, Japan, yen . . . 14 3-16 d Canadian Britisher. Canada, dollars 5.155 Winton, America, dollars . . . . 5.17{ Wiiiknwa, America, dollars .. .. 5.164

NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by the New Zealand banks, are as under:? — United States Canada Buying . . . . 5.25 5.24 Collins . . • • 5.05 5.04 The cost in New Zealand currency of the pound sterling and of the principal foreign units, on the latest quotations, is as follows: Present Price Par s d fl d Australia, pound . . . 20 0.00 20 0.00 i'ondon. pound , . . . 24 11.53 20 0.00 New York, dollar .. 4 11.85 4 1.31 Montreal, dollar . 4 11.56 4 1.31 I'uiis. franc . . . . 0 3.85 0 1.38 Berlin, mark .. .. 1 10.95 0 11.74 Copenhagen, krone . . 1 1.38 1 1.23 Yokohama, yen . 1 6.58 2 0.58

These valuations represent the current rates at which the banks sell drafts payable on demand.

LONDON HIDES SALES (Received April 22. 5.5 p.m.) LONDON, April 21 At the London hide sales to-day quotations were:—Meatworks. drv salted: Queensland —25-351b., 6id; 30-401b., 6d; 25-301b., s|d; 20-301b., s*d. New South Wales. 6jd, 6Jd. 6d and 6d. Wet salted: Queensland. 50-£301b., -ijcl; 40-501b., 4<,d. New South Wales, 4Jd and 4|d; Victorian abattoirs, 4|d and 4Jd.