LONDON WOOL SALES

New Zealand Herald, Volume LXXII, Issue 22167, 22 July 1935, Page 5

LONDON WOOL SALES

FINER GRADES IN DEMAND

MERINOS SHOW DECLINE NUMEROUS WITHDRAWALS LONDON, July in At the London wool sales to-day 10,528 bales were offered, including 4297 New Zealand. About 6372 bales of Australian and New Zealand were sold. There was good demand for all finer grades at steady rates, but Merinos were 5 per cent below the highest rate of the series. Inferior and faulty sorts were irregular and withdrawals were numerous. New Zealand sales included: Scoured Merinos, " Glen Lyon," top price, 24d; greasy 22|d; greasy halfbred, "Takitu," 14d and 13jjd. The Bank of New Zealand lias received the following advice from its London office, under date July 19: — Compared with opening rates, greasy Merinos are fully firm. The market is strong for greasy crossbreds, which are id dearer. There is a limited demand for scoured wools, which are Id cheaper than opening rates. NEW WOOL PACK NEW ZEALAND FLAX FEDERATION'S ACCEPTANCE (Received July 21, 5.5 p.m.) LONDON, July 20 As a more satisfactory native-grown flax wool pack has been produced, with an undertaking to improve it further, the British Wool Federation has agreed to withdraw its objection to the use of the new material made in New Zealand for packing wool. A condition is that the minimum standard is equal to that recently demonstrated at Bradford. i The British Wool Federation complained in February that the new type of pack flew badly when cut and shed fibres into the wool. However, the makers replied that vast improvements had been made in the pack for the 1935-36 season and contended that when cut the fibre would not fly any more than jute fibre.

CUSTOMS EXCHANGE RATES Rates of exchange ruling at 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*: Benholm. America, dollars . . . . 4.93' V,,, Canadian Highlander, Canada, dol. 4.94 3 i Hauraki, America, dollars . . .. ■i.tW"',, Brisbane Maru, Japan, yen .. 14% d City of Glasgow, America, dollars i.Oo'As GOLD AND SILVER QUOTATIONS IN LONDON (Received July 21, 5.5 p.m.) LONDON, July 20 Fine gold was quoted to-day and yesterday at £7 Is (Hd an oz., compared with £7 0s Hid on Thursday. The quotation for silver at per fine oz. yesterday was 3*2 9-16 d, same as on Thursday. BRITISH TREASURY BILLS (Received July 21, 5.5 p.rri.) British Wireless RITOBY, July 20 The total amount applied for this week in tenders for £40,000,000 worth of Treasury bills was £67,685,000. The average rate per cent for bills at three months was 12s 2.84 d, compared with 12s 1.60 d a week ago,

FOREIGN EXCHANGES FLUCTUATIONS IN LONDON (Received July 21, 5.5 p.m.) British Wireless RUGBY, July 20 The folio wine rates on foreign exchanges were current Yesterdav , compared with the cabled quotations on July 18 and par — July 19 July 13 Par Montreal, dol. .. 4.96 4.95% 4.866 New York, dol. . 4.95'/,„ 4.96 4.866 Paris, fr. 74% 74"/ 1# 124.21 Brussels, belga . 29.32 29.32 35.00 Geneva, fr. 15.11 15.11 25.22 Amsterdam, fl. . 7.26% 7.26% 12.10 Milan, lire 59 a %, 59'% g 92.46 Berlin, r.m. 12.26% 12.26 20.43 Stockholm, kr. . 19.39% 19.39% 18.159 Copenhagen, kr. . 23.39% 23.39% 18.159 Oslo, kr. 19.90% 19.90% 18.159 Vienna, sch. 26 % 26% 34.585 Prague, kr. 1187a 118% 164.25 Helsingfors, mark 227 226% 129.23 Madrid, pes. 3b 36/3a 25.221 .Lisbon, escu. .. 110% 110% 110 Athens, dr. 516* 516* 375.00 Bucharest, lei. . 485 485 813.6 Rio de Janeiro.mil. 4%d* 4%d* 5.S99d Buenos Aires, dol. 35d* 35d* 47.619d Montevideo, dol. 39/id* 39/id* 51d Bombay, rupee . 18'id lSVid lSd Shanghai, dol. , i8 l Vied is i y l8 d — Hongkong, dol. , 25"/ 1(5 d 25/id — Yokohama, yen . 14%d 14%d Q4.58d Batavia. fl. 7.23% 7.23% 12.10 Belgrade, din. .. 215 215 276.31 Warsaw, zloty .. — 26.18 43.38 •Sellers. (Received July 21, 5.5 p.m.) LONDON, J uly 20 On the foreign exchange market today the following quotations ruled: — New York, 4.96£ dollars; Paris, 74-£ francs; Batavia, 7.25J florins. NEW ZEALAND QUOTATIONS The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates on Saturday, on a New Zealand currency basis, subject to alteration without notice: — Selling: United States Canada T.T. .. 3.97% 3.97% On demand .. 3.97% 3.9S% Buying: On demajid .. 4.02% 4.03 Following are 1 the latest rates for purchases and sales of foreign exchange quoted by the Bank of New South Wales, Auckland. They are subject to alteration without notice: — T.T. On Demand To £ 1 N.Z. Currency Selling Buying Selling U R A dol. 3.97% 4.03% 3.97% Canada, dol. . 3.97% 4.02% 3.98% Fiance, fr. 59.34 60.94 59.39 Noumea, fr. . 5S.59 61.99 58.64 Papeete, fr. 58.59 61.93 58.64 Belgium, belga . 23.247 — 23.262 Germany, r.m. . 9.(346 — 9.651 Italy, lire . . 47.43 — 47.47 Switzerland, fr. . 11.958 12.433 11.908 Holland,- fl. 5.722 6.022 5.726 Java, fi. . 5.690 5.965 5.691 Sweden, kr. • 15.461 15.831 15.471 Norway, kr. . 15.S71 16.241 15.881 Denmark, kr. 17.878 IS. 248 17.888 Austria, sch. 20.52 — 20.54 Czecho-Slovakia, cr . 94.93 — 91.93 X.Z. pence to Japan, yen • 17'/18 — — Shanghai, dol. 24%, 22"/3 3 24% India, rupee 22% 22%, 22 a %, Ceylon, rupee 22 2 %, 22%, 22*%, Hongkong, dol. . 32%, 31% 32% Singapore, dol. . 35%, 34 Vis 35%, The cost in New Zealand currency of the pound sterling, and of the principal oversea units, on the latest quotations, is as follows: — ' Present Prico s <1 Par a rl Australia, pound . . 19 10.81 20 0.00 London, pound . . 24 10.65 20 o.on Fiji, pound .. 22 5.66 20 0.00 New York, dollar .. 5 0.17 4 1.31 Montreal, dollar .. 5 0.18 4 1.31 Pnris, franc .. 0 3.99 0 1.98 Berlin. r«'ichmark .. 2 0.34 0 11.74 Copenhagen, krone 1 1.33 1 1.22 Yokohama, yen . . 1 5.57 2 0.53