DEMAND FOR WOOL

New Zealand Herald, Volume LXXII, Issue 22141, 21 June 1935, Page 7

DEMAND FOR WOOL

PRIVATE INQUIRIES OFFERS FOR BETTER TYPES LARGE CARRY-OVER STOCKS A'certain amount of private inquiry for wool is reported in the Auckland province. Prices being oflered are on the basis of the closing rates of the last selling season lor ordinary wools, hut for better styles there is a slight improvement. However, the diiierenco is hardly sufficient to give an indication of any anticipated movement in the market. Little, if any, business lias passed, as holders are unwilling to sell. A considerable quantity of wool was held on the farm last season owing to the low prices ruling. This wool is now reaching the city stores. Figures are not available, but it is expected that the carry-over of wool will bo considerably higher than last year, when the total for New Zealand was about 50,000 bales. Accommodation in brokers' stores may be heavily taxed when the next selling • season opens about November.

A few clips are still being shipped to London. On the results last season, those growers who sold locally had an advantage over those who consigned, especially for the better classes of wool, owing to the demand from Japan and local mills. >

The length of the coming New Zealand selling season will depend on quantities carried forward, and the estimate of next season's clip. There will be a longer selling period in Australia, but the brokers' association there has already estimated the quantities available. The Australian wool season is some months earlier than that in New Zealand.

FOREIGN EXCHANGES STERLING FLUCTUATIONS (Received June 20, 6.5 p.in.) British Wireless RUGBY, June 19 The following rates on foreign exchanges are current, compared with the cabled quotations on June 18 and par:— June 19 June 18 Par Montreal, dol. . . 4.93'b 4.03% 4.8G6 New York, dol. . 4.93%„ 4.92% 4.BGG Paris, fr. . . 74 , Vi„ 74'/,, 124.21 Brussels, belga . 29.16 2D.IG 35.00 Geneva, fr. . . 15.10 15.08% 25.22 Amsterdam, fl. . 7.20% 7.26'/i 12.10 Milan, lire . . 59 13 /, 8 59% 92.4G Berlin, r.m. . . 12.25% 12.21 20.4,1 Stockholm, kr. . 19.39'/ a 19.39Va 18.159 Copenhagen, kr. . 22.39% 22.39'/, 18.159 Oslo. kr. .. 19.90'/a 19.90'/, 18.159 Vienna, sch. . . 211/4 2GV 4 34.585 Prague, kr. . 117% 118 1G4.25 Helsingfors, mark 226% 226% 129.23 Madrid, pes, . 36%# 36 25.221 Lisbon, eecu. .. 110y o 110% 110 Athens, dr. . . 515* 516* 375.00 Bucharest, lei. . 482% 482% 813.G KiodeJaneiro.mil. 4%d* 4',-^d * 5.89 M Buenos Aires, dol. 35d* 35d* 47.619 d Montevideo, dol. 39% d* 39% d" 51d Bombay, rupee . 18% d 18% d 18d Shanghai, dol. . . 19% d 19% d Hongkong, dol. . 28% d 2S%d Yokohama, yen . 14% d 14% d 24.58 d Batavia, fl. . . 7.i53% 7.23% 12.10 Belgrade, din. .. 216 216 276.31 •Sellers. NEW ZEALAND QUOTATIONS The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday, on a New Zealand currency j basis,* subject to alteration without notice: — Selling: United States Canada T.T 3.95% 3.96 On demand .. 3.95% 3.96% : Buying: ~ On demand . . 4.00% 4.01 Following are the latest rates for pur-! chases and sales of foreign exchange quofod by the Bank of New South Wales, Auckland. They are subject to alteration without notice: T.T. On Demand Tn £1 N.Z. Currency Selling Buying Sellina U.S.A.. dol. .. 3.95% 4.00% 3.95% Canada, dol. .. 3.95% 4.00% 3.96% | France, fr. . . 59.38 G0.98 59.43 Noumea, fr. . . 58.63 62.03 58.63 Papeete, fr. . • 58.63 62.03 58.G8 Belgium, helga .. 23.119 Germany, r.m . . 9.034 Italy, lire .. .. 47.38 Switzerland, fr. .. 11.949 12.424 11.9,i9 Holland, fl. .. 5.722 6.022 6.726 Java, fl 6.706 5.981 6.710 Sweden, kr. . . 15.459 15.829 15.469 Norway, kr. . . 15.870 16.240 15.880 Denmark, kr. . . 17.878 18.248 II Austria, sch. _ .. 20.57 Czecho-Slovakia, cr. 94.04 N.Z. pence to Japan, yen ~ I? 1 /n ~ . Shanghai, dol. . . 25*%, 23/« 2s/?? India, ru.eo fa/? 0 mix/* Ceylon, rupee 22 a /* a 22'-,, Hongkong, dol, . . 3j5 2 %3 31 / 33 Singapore, dol. . 85%, 34% 35A, The cost in New Zealand currency of the pound sterling, and of the principal overseas units, on the latest quotations, is as follows: — Present Price Pur d b d Australia, pound •• 15) 10.81 20 0.00 London. r°nnd • • 24 10.65 20 0.00 Fiji, pound .. .. 22 5.66 20 0.00 New York, dollar .. 5 0.48 4 1.31 Montreal, dollar .. 5 0.46 4 1.31 Paris, franc . . 0 3.99 0 1.98 Berlin, reichmark .. 2 O.Sj 0 11.74 SBb. c .V" n ' i S iS CUSTOMS EXCHANGE RATES Ratos of exchange ruling nt the announced dates of departure of 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 are marked*: — City of Salisbury, America, dollars 4.95% Wniruna. America, dollars . . .. 4.95 Golden Bear, Amnricn, dollars .. 4.92% Sydney Main. Japan, yen • • jWI Canadian Victor, Canada, dollars 4.9 a% TARIFFS AND CAPITAL OPENING FACTORIES ABROAD The important development resulting from the world-wide tendency toward higher tariffs is the readjustment of capital necessary in establishing factories abroad. Speaking at the annual meeting of Imperial Chemical Industries, Limited, the chairman, Sir Harry McGowan, said the company was being compelled to investigate more closely and over a wider field the desirability of manufacturing a number of products in overseas markets. Such new ventures had serious financial repercussions. Firstly, they involved additional capital expenditure overseas, both in respect of fixed assets and working capital. Secondly, thev necessitated a readjustment of capital values at home so far as new capacity abroad put out of action existing capital assets in Britain. Decisions to establish or acquire factories abroad were, therefore, only taken with some reluctance, and after careful investigations. CALL AND DIVIDEND LIST ()indenii« ■ "'»* Gear M-nt—int., 3d a share .. To-dny •V uet ralinri Glass—final. ord. p.u. pref., 41 p.o lime /6 farmers' Trading—ord , 6 p.o June 2fi Talisman Duhbo—int. fld a share Tune 27 North Rroken Hill—int.. Is 6d s share nnd bonus. 1b >i share .Inn® >8 Goldsbrnuch Mnrt-final, 4 p,o June 28 Wnihi Junction -4d a share ' June 28 Rritish Tobacco -quarterly, H p.C Jun* '29 Mcrris Hedslrom- finnl, 3 p.o. Tune 30 Zinc Corporation—final, partici pnting ord and pref. Is a share and int pref., 2b i shnr" ■ Jolj I Queensland Insurance—int.. « d.o. pa ... inly Bulolo- int-. 1 dollar 20 cents (about fis lOdl a share lolv < Placer—int. ? dollars 40 cent# (about lie 8d) a share . . Jul* J N7. Breweries—final. 8j p.o. . July Nat. Bank N.Z.—final, 4 p.o. p.a. Julj Dominion Rubber—int., 8 p.o. ..