SYDNEY WOOL SALES

New Zealand Herald, Volume LXXII, Issue 22056, 12 March 1935, Page 5

SYDNEY WOOL SALES

ALL GOOD SORTS FIRM STRONG COMPETITION (Received March 11, 10.45 p.m.) SYDNEY, March 11 At the Sydney wool sales to-day 11,236 bales were offered, and 9726 were sold. Also 190.'} bales were sold privately. Prices were firm at the closing rates of tho last Sydney series for all good wools, but Avere 5 per cent lower and irregular for inferior sorts. Competition was strong and general. Yorkshire and Japan predominated. Greasy Merino sold to 15Jd. RUBBER OUTLOOKAN ENCOURAGING VIEW Speaking at the annual meeting iii London of the Sendayan (F.M.S.) ltubber Company, Limited, Mr. J. G. Hay, chairman, said the rubber position was better than the figures indicated. There had been an increase of 103,000 tons in available supplies of rubber during 1934, but no less than 79,000 tons were attributable to tho first five months of tho year. Since the first day of June, when regulation began to operate, only 24,000 tons had been added to world stocks. Of this, at least 10,000 tons were still inside the area subject to regulation, where they wero required as working stock by local dealers. Thus the world stocks readily available to consumers had been increased by only 14,000 tons since June 1, 1934. Advices as to the consumption in the first half of 1935 were most encouraging, Mr. Hay said. If these proved correct, then at the current rate of exports permitted—7s per cent of the quota—evidence should soon be forthcoming that at long last heavy world stocks were being diminished. GOLD MOVEMENTS BRITISH HOLDING HIGHER International gold movements during 1934 again reflected the tendency for Britain to absorb gold on account of other countries. Total British imports of tho metal were £2.51.880,000, while exports were £123,464,000. Gold in England was increased by £128,416,000, of which 1,600,000 sovereigns were added to the holding of the Bank of England. Arrivals from India and South Africa were on a scale comparable with those for 1933, while outstanding import movemonts were £23,000,000 from Germany, £83,000,000 from France, and smaller amounts from other European countries. Among the exports, more than £15,000,000 was sent back to France, while the United States of America absorbed the huge amount of £92,400,000 of gold on balance during the year. This large movement reflected American purchases of gold in the London market, which had been continuous since President Roosevelt instituted his gold-buying policy. It is also largely accounted for by the general efflux of gold from Europo to the United States. IRON AND STEEL EXPANSION IN BRITAIN For the British iron and steel trade 1934 was a period of continued expansion, states an English trade review. During the past two years the manufacture of steel ingots has increased tons to nearly 9,000,000 tons, which is probably about 75 per cent of Britain's productive capacity. Tim view is expressed that not oven the most rabid protectionist would maintain that such a substantial increase was duo entirely to the tariff, for while last year the production of steel increased by nearly 2,000,000 tons and iron and steel exports increased by 15 per cent, the importations of foreign iron and steel increased by over 35 per cent. It is explained that a large proportion of the imported steel is basic Bessemer steel required by an important section of the trade in Britain as the raw material for goods for reexport, and that the British works which are being developed to produce this quality of steel have not yet demonstrated their ability to supply the rcqu'Tements of rerollers on competitive terms.

Most of the important steel combines have embarked upon large projects of rapital expenditure for the modernise ing of plants, and when these mature there will be little fault to find with equipment. "Muoh has already been done in the way of reorganisation," the review adds, "but there aro those who wish to force upon an unwilling industry artificial marketing schemes which bear no relation to the real needs of the greater number of manufacturers." STOCK SALES t WAIMANA CLEARANCE SALE [by telegraph OWN correspondent] WHAKATANE, Monday ' Dnlgety and Company, Limited, report having held ft successful clearing sale on account of Frnser Brothers, of Waimann, on Friday. Thero was a large attendance of buyers from surrounding districts. Bidding was brisk and the prices realised were satisfactory. Following is the range of prices:—Good two-tooth ewes, '2os 5d to 22s 7d; four, six-tooth ewes, to 20s 3d; four and five-year ewes, 15s Id to 17s; wellgrown lambs, 13s 3d to 15s (id; medium lambs, lis Gd to 12s; small. 8s 2d to 10s 7d; four and five-year store bullocks, to £5 Is; 2} to three-year steers, to £3 10b; rim cows and calves, to £2 10s; Shorthorn dairy cows, in milk, 258 to £3 10s; farm horses, all harness, £26 5s to £34. PRICES AT OHAUPO Dalgety and Company, Limited, held a stock sale at Ohimpo on Friday. There was a large yarding of cattle find a smaller entry of sheep and pigs. Medium fat Jer-sey-cross heifers. £2 17s Gd to £3; fat Jersey cows, £2 15s to £3; others, £1 16s to £2 Is; good store cows, 30s to £2; lighter sorts, 26s to 295; honer cows, 14s to £1 2s; potter bulls. £1 Is to £1 Gs; mixed sex btore lambs, 10s 3d to 13s Gd; cull ewes, 8s 3d; medium BtOro pigs, 14s to 14s 6d. SHEEP AT TE KUITI [by telegraph—own correspondent] TE KUITI, Monday Dalgcty and Company, Limited, reports that at the firm's usual fortnightly sale at fe Kuiti on Friday over the advertised number of sheep were yarded. Competition for all clasae* of sheep was keen and practically the entire yarding was sold under tiie hammer. Southdown rams again met with a ready sale. Heavy fat wethers made 23s fid; heavy fat lambß, 21s 9d to 22a; medium. 18s 4d to 19s 9d; forward lambs. 14s 4d to 15s fid; ewe lambs, 17s Gd; good mixed sex lambs, 14s 2d; smaller. 9s 3d to lis; small blackface lambs, lis 7d; fourtooth to four-year ewes, 255; medium, fouryear ewes, 20s Id; good full-mouthed ewes, 15s to 16s Gd; good Southdown rams. Signs, to sgns.; good i.ged rams, to 3Jgns.; one shear ltomney rams, 2gns. to 31gns. KAMO SHEEP FAIR [from our own correspondent] WHANGAREI, Monday Dalgety and Company, Limited, reports holding its last Kamo sheep fair of the senson on Friday, when the yarding was very heavy, more than the advertised number coming forward. Prices for all classes were slightly above late rates. Fat wethers mado 21s Gd to 235; two-tooth ewes, 20s to 255; two-tooth wethers, 18s Id to 10s Gd; four aud five-year-old ewes, 19s to 225; old ewes, 10s to 15b 2d; inferior eorts, Gs to 8s Gd: fat lambs, 18s to 22s Od, forward store lambs, 10s to 13s 9d; Southdown rams, to 3Jgns; Ronuiey rame, to 2gna.