VALUES FOR WOOL

New Zealand Herald, Volume LXXI, Issue 21982, 13 December 1934, Page 9

VALUES FOR WOOL

LONDON SALES END CLOSING RATES COMPARED LONDON, Dec. 11 At the London wool sales. 11,1(32 bales were offered, including 3863 from Now Zealand. A total of 867',) bales of Australian and New Zealand was sold. New Zealand, scoured halfbred, The Wolds, top price, 2'2d per "lb.; average, 20.id. The sales closed at the best level of the series. Merinos and greasy fleece in all classes • hardened toward the finish and now practically equal the October closing rates. Pieces, lambs and locks, are fully equal, and scoureds were in strong demand throughout. Fleece and bulky pieces are equal and short pieces and locks occasionally slightly dearer. Crossbreds, fine and medium, arc about 7.} per cent below October rates and coarse crossbieds are about 5 per cent below. Slips and scoureds are unchanged. The total amount catalogued was 132,430 bales. The sales were:—To Home buyers, 63.500; Continent, 55,000; America, 1000. The amount held over is 105,500 bales. The total of Australian wool sold was 67,000 bales, and of New Zealand. 42,000. Prices per lb. at the close-of the London November series in the past three years compare as follows: 1932 1933 1931 dd d d d d Merino .. 7 —l2 12M,—18V 2 7%-IOV, Halfbred . . 7 , /r-IP/i 13 -10% 8%-l(>;/ 2 Fine xbrecl 5% — 7 8V2 —11.-4 6,4 — 8 Crossbred . . -Hi — 5'A 7'/ 2 — 8/, 5,i — U/, Coarse xbred The following private cablegrams, dated December 11, have been received: Bank of New Zealand. —The sales have closed firm for all wools, with an active demand by all branches of the trade. Current quotations for good average condition: Greasy Merinos, 60-64's, 10d to. IOJd per lb.; ordinary, 60-61's, B'd to 9id; inferior, GO-64's, 7jd to 8(1; greasy lialfbreds, 56's, to lOJd; 50-56*s, BJd to 9d; greasy crossbreds, 50's, 7£d to 8(1; 48-50's, 7d to 7 \<l; 46-48's, o\d to 6id; 44-46's, Gd to 6Jd; 40-44's, 5 2cl to 6d; 36-40's, s}d to s:{d. New Zealand Loan and Mercantile Agencv Company, Limited. —The sales closed' firmly, and an excellent clearance was effected. Yorkshire was the chief buyer. Compared with the closing rates at* the last sales prices were par to id per lb. lower for greasy crossbred; par to id per lb. higher for lambs, Merino and crossbred. Values otherwise were unchanged in sellers' favour. 0"°tations for good average New Zealand fleece wool, greasy: 64's, 9Jd to lid per lb. ; 60-64's, 9d to 10d; 56-58's, 10d to ]ld; 56's. 9d to 10Jd; 50's, 7Jd to BJd; 48-50's, 6?d to 7,Jd; 48's, 6id to 7d ; 46-48's, 6d to 63d; 46's, 6d to 6k ; 44-46's, 5Jd to 6}d; 40-44's, 5-Jd to 6d; ■lo's, old 'to 5Jd. BUOYANT SYDNEY TONE SEASON'S MERINO RECORD (Received December 12. 8.55 p.m.) SYDNEY. Dec. 12 x\t the Sydney wool sales, 10,693 bales were offered and 9737 were sold, also 587 bales privately. The market reflected all the best features of the previous day with prices for Merinos and fine crossbreds continuing very firm. The demand for medium to coarse crossbreds was somewhat irregular. The record price of the season at Sydney for Merino fleece, namely, 20d, was realised for two lots from Barraba. AUCTIONS AT MELBOURNE MARKET FULLY FIRM MELBOURNE, Dec. 11 At the wool sales to-day, the market was fully firm on yesterday's- rates. Merino sold to 17d per lb. PRICES OF METALS STEADY LONDON RATES (Received December 12, 7.15 p.m.) LONDON, Dec. 11 Following are to-day's quotations on the London metal market compared with those of December 10: Dec. 11 Dec. 10 Per ton Per ton £sd £ s d Copper, slan., spot , . 27 1(> 3 27 10 3 Copper, slan., 3 :nos. 28 3 1J 28 3 li Copper, electrolytic. . . 31 0 0 31 0 0 to to 31 10 0 31 10 0 Copper, elee., wire bars 31 10 0 31 10 0 Lead. soft, spot . . 10 2 6 10 6 3 Lend, soft, forward . . 10 8 9 10 11 3 Spelter, spot . . 11 13 9 11 15 0 Spelter, forward .. II 17 fi 12 0 0 Tin, slan., Spot . . 22S 6 3 228 11 3 Tin, stan., 3 mos. . . 223 11 3 228 13 9 TRUST DEBENTURES CHAIRMAN'S ADVICE Mr. W. A. Pilkington, chairman of directors of the Investment Executive Trust of New Zealand, Limited, writes: It is recognised that, on behalf of debenture-holders. Mr. Swan was in duty bound to take a conservative view of the value of Investment Executive Trust debentures. As, however, there may still be a danger of debentureholders selling at under par, it is desirable to make public the facts that the investments are taken in at cost and have appreciated in value; and that although Stanton and Sons, Limited, place a "market value" on the Trust Building of £350,000, they consider that the building should not be sold for £415,000, because it will show better interest at, that figure than could be obtained elsewhere. It is, therefore difficult to see how debentureholders, selling at par, could reinvest elsewhere with greater safety and better interest. BUTTER MARKET QUIET The London market for butter is quiet, with New Zealand quoted at from 70s to 71s. Merchants have received the following cablegrams, dated December 11, from their London principals:— Now Zealand Producers' Co-opera-tive Marketing Association, Limited.— Butter: New Zealand, 70s to 71s; Danish, 120s. Cheese: White, 445; coloured, 43s to 43s 6d. Both markets are quiet. A. H. Turnbull and Company, Limited, from W. Weddel and Company, Limited: —Butter: Danish, 1265; New Zealand, salted, 71s; Australian, 70s. Cheese: New Zealand white, 445; coloured, 43s 6d. There is very little inquiry. PREMIUM FOR DANISH "AN ABNORMAL POSITION" "New. Zealand and Australian butter producers must regard Avit.li mixed feelings the prices being paid for their goods compared with Danish," states a recent report from R. and W. Davidson, Limited, Glasgow. "The present state of affairs can only be described as abnormal. However, the wide difference in the retail tickets is being increasingly noticed by the mass of British consumers, and the consequent fillip to consumption of the Australian and New Zealand products will, in the long run, be of immense and lasting benefit to the overseas dairying industry,"