PROSPECTS FOR WOOL

New Zealand Herald, Volume LXXI, Issue 21875, 10 August 1934, Page 7

PROSPECTS FOR WOOL

"RARELY MORE OBSCURE" COMPLICATING FACTORS SOME CAUSE FOR CONFIDENCE "Rarely has a now wool season opened with prospects more obscure,'' states a survey of the market issued recently by the Australian Mercantile Land and Finance Company. The firm comments: —"It would appear that the fate of the wool markets will depend very largely on international politics. Emergency measures applied to trade have at last affected wool, even the laws of supply and demand having been suspended by some important wool-using centres. The most important factors are the determination of Germany to bar imports and of Italy to regulate them. Policies of self-containment, no doubt, have been forced upon these countries by the exigencies of finance. "It cannot be assumed that Germany and Italy do not need wool. Jt is probable that they will purchase freely as soon as the work ot internal stocktaking is completed, or when finance permits. Curtailed imports to these countries might stimulate the demand of others, and wo might advance the suggestion that wool is not in too great supply even without the customary activity of buyers for Germany and Italy in the Australian market. Tho call for wool is world-wide, and is increasing rather than diminishing. There are some grounds for confidence in the future demand for wool."

RISE IN BUTTER MOVEMENT MAINTAINED NEW ZEALAND NOW 82/The upward movement in the London butter market is being maintained, and latest quotations for New Zealand are Is higher at 82s per cwt. Merchants have received tho following cablegrams, dated August 8, from their London principals:— Tho Now Zealand Loan and Mercantile Agency Company, Limited. —Butter, 82s. The market is firm. Cheese: White, 495" to 49s 6d; coloured, 465. The market is steady. A. H. Turnbull and Company, Limited, from W. Weddol and Company, Limited. —Butter: Danish, 106s; New Zealand salted, 82s; Australian, 775. Cheese: White, 49s Gd; coloured, 46s Cd. FOREIGN EXCHANGES STEADINESS OF FRANC (Received August 9. G.o p.m.) British Wireless RUGBY. August 8 The following rates on foreign exchanges are current, compared with the cabled quotations on August 7 and par:— Aug. 8 Auk. 7 Par. Montreal, dol. . . 4.95% 4.05 New York, dol. . S.OG'/i 6 5.05y la 4.866 Paris, fr. . . 7G/'ia 76'/in 124.'-1 Brussels, belga . 21.44 21.13 35.00 Geneva, fr. . . 15.42 15.41% 25.22 Amsterdam, 11. . 7.44 7.43/4 12.10 Milan, liro . . 58 11 /, n 58 21-32 92.4fi Berlin, r.m. . . 12.89 12.95 20.43 Stockholm, kr. . 19.30Va 19.39% 18.159 Copenhagen, kr. . 22.39% 22.39% 15.159 Oslo. kr. .. 19.90% 19.90% 13.159 Vienna, sch. . . 27 27 34.585 Prague, kr. . . 12l 3 /, n 121%s 1G4.25 Helsingfors, mark 22G- 1/ i 22G' 4 129.23 Madrid, pes. . . 3G"/jo 3(i' 3 /ia 25.221 Lisbon, escu. . . 130% 110% 110 Athens, dr. . . 525* 525* 375.00 Bucharest, lei. . . 503 503 RiodeJaneiro.mil. 4%d* 4%d* 5.899 d Buenoß Aires, dol. 36% d* 3G%d* 47.019 d Montevideo, dol. 38 3 -id* 38 3 ,id* 51 d Bombay, rupee . 18%»d 18M,d 18d Shanghai, dol. . . 16 16% d Hongkong, dol. . 18% d 18Yt«d -- Yokohama, yen . 14'.<d 14VSd 24.5 d Batavia, fl. .. 7.42 7.42 12.10 Belgrade, din. .. 221 221 27G.31 •Sellers. MEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by the New Zealand banks, are as under:— Buying Selling United States .. 5.14 4.94 Canada .. • • 5.05 4.85 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^ Australia, pound .. 19 19-81 20 0.00 London, pound .. .. 24 10.50 20 0.00 New York, dollar •. i> 0.43 4 1.31 Montreal, dollar .. 5 1.55 4 1.31 Paris, franc .. .. <1 3.90 0 1.03 Berlin, mark .. .. 1 11.14 0 11-74 Copenhagen, krono .. 1 1.32 1 1.22 Yokohama, yen . . .. 1 5.72 2 O.ufl

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

J CUSTOMS EXCHANGE RATES ! Rates of exchange ruling at the announced dates of departure of the vessels named are shown in the following table. They 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*: — Canadian Highlander. Canada, dol. 4.99 Brisbane Maru. Japan, yen . - 14} d Brisbane Muru Hongkong, dollars 18d ! Benholm. America, dollars . •• 5.03| j Monterey. America, dollars . . 5.04 Melbourne Maru. Japan, yen .. 14* d Port Hobart, America, dollars . . 5.03 11-10 AUSTRALIAN EXCHANGES YESTERDAY'S BUSINESS (Received August 9, 7.35 p.m.) SYDNEY. August 9 Business on the Sydney Stock Exchange was restricted to-day. Owing to the funeral of the late Mr. L. A. Minnett, the Exchange was closing after the noon call. Sales included: Commonwealth bonds —3$ per cent, 1942, £lO5 10s; 4. per cent, 1950, £ll2. Bank of New South Wales, £.'3o 10s and £3O ,12a 6d; Commercial Bank of Sydney, £lO 14 s: Toohcy's Brewery, 27s 4}d; loOth s Brewery, 44s 9d; Anthony Hordorn, 14s 6d: Associated News, preference, 22s 9d; British Tobacco, 375; Broken Hill Proprietary, 47s 3d and 47s 7jd; Australian Glass, 48s 3d; Henry Jones. 31s 3d; Farmers', 19s 7id; Mount Morgan, 25s Od; Bulolo Gold, £8 10s, Rawang, 9s 6d; Placer Development, £2O 12s. Melbourne sales included: —National Bank (£5 paid), £0; British Tobacco, 375; Herald and Weekly Times, 51s; Tonkah Compound, 255. ' RUBBER STATISTICS LONDON, August 8 Rubber touched 6fd a lb. to-day and closed at 6£d. Stocks, compared with those of recent dates, are: A pi. 30 May 30 June 30 July 31 Tans Tons Tons Tons London . . 42,539 42,503 45,711 50,8(50 Liverpool. . 53,017 54,103 54.1G1 55,41J7 NEW PUBLIC COMPANY Tho following public company has been registered in Auckland: — Fallwell Engine Company, Limited, exploiters of rotary engine. Capital, £ISOO in £lO shares. Subscribers: G. H. Brialey, A. E. Fallwell. H. Morris, H. T. Parry, J. W. Belcher, A. J. Shaekcll and D. W. Vaughan, one share each.