LONDON WOOL SALES

New Zealand Herald, Volume LXXIV, Issue 22775, 8 July 1937, Page 7

LONDON WOOL SALES

JULY SERIES OPENS MODERATE PRICE DECLINE CROSSBREDS STEADY The fourth series of London wool sales opened on Tuesday with active competition. Although the market was firm, prices were slightly lower than those ruling at the close of the May series. Merinos suffered the principal setback, while crossbreds were scarcely affected. A Press Association message from London states that offerings totalled 7300 bales, including 4259 New Zealand. and 4821 were sold. There was a fairly good selection and active competition. mainly from the Home trade, but bidding was mostly below sellers' ideas, Compared with the closing prices of the last series prices generally were from par to 7J per cent lower. New Zealand sales included slipe crossbred lambs' "Belfast," top price 21d, average, 20jd. Advances on Past Year Prices per lb. Nt the opening of the July series of sales in the past three years compare as follows: 1035 1 03f> 1037 dd d d d d Merino' .. II 1 /, lii 11 17 15 Fine xbred 8 OV, SV* 01/,O 1 /, H 3/, !(»'/, Med. xbred 7 1 /, 7% BVS BV, 1« 17 C'rse xbred &/ 3 7 8 8% 16 17 Quotations for good average condition at the close of last series were: — Greasy Merinos, super. 60-64's, 20d to 21 Jd per lb.; ordinary, 60-64's, 17d to 18d; inferior, 60-64's, 14id to lojd. Halfbreds, 56-58's. 18Jd to ]9Jd; n6's, 18d to 18icl; 50-56's, 17Jd to 18d. Crossbreds, 50's. 17d to 17Jd; 48-50's, 16Jd to 17d; 46-48's, 16d to 17d; 44-46's, 1 Gel to 17d; 40-44's, 16d to 17d; 3640's, 16d to 17d. Merchants' Reports The following private cablegrams have been received: — Bank of New Zealand. —The sales have opened with strong competition and a large attendance of buyers. Compared with the close of the last series, fine crossbreds are id to 1(1 lower, while medium and coarse crossbreds are unchanged. New Zealand Loan and Mercantile Agency Company, Limited. —There was a good attendance at the opening of the sales, competition by Home buyers being active. ' The opening catalogues were fairly representative. As compared wtih the closing rates at the last sales prices are lower id to Id per lb. for Merino inferior; lower Id to l.Jd per lb. for short fine crossbred lambs' slipe; and lower IJd to 2d per lb. for coarse crossbred lambs' slipe. Other prices are unchanged. Dalgetv and Company. Limited. — The sales opened with a large attendance and good competition. There was a small selection of Merino, but large offerings of slipes. As compared with the closing rates of the last series Greasy Merino, good, were unchanged; greasy Merino, other descriptions, scoured Merino, average to good, par to Id lower; scoured Merino, short and faulty, 2d to 2|d lower; greasy halfbreds. id to Id lower; fine medium and coarse crossbred, unchanged; scoured crossbred, slipes, l{d to 2<l lower.

CHANGE-OVER TO SHEEP TENDENCY IN MARLBOROUGH SMALLER AREA SOWN IN CROPS [by telegraph—OWN correspondent] BLENHEIM. Wednesday Although last year the crop yields in Marlborough showed a decided increase on the previous season's, the outlook for the comiiiK harvest appears to be far from bright, for it is apparent that returns will ho considerably lower than they have been for a number of years. It has been stated that the higher prices being offered for wool and mutton have influenced farmers into taking, up pastoral lines and avoiding to some extent the problem of high wages for farm labour. According to reports there are large areas of oats being sown down in manv parts of the district, hut whether these will reach the grain stage is doubtful, as in most instances, it Ts stated, they have been put in to provide green feed later on. If, however, the season is favourable and a plentiful supply of other pasture is available, it is expected that a number of the crops will be kept for threshing.

MINING NEWS YIELDS OF COMPANIES Blnckwater (West Coast).—Return for June: Crushed, 3532 tons, yielding 1301 fine ounces of gold; value, £9104; working expenses, £7134; working profit of £1970; capital expenditure, £611; development, £653. Moonlight Goldfields (West Coast). —SIJoz. for 260 hours. Alexander (West Coast). —Return for June: 410 Tons were sent to the battery and 400 tons crushed for 211oz. lldwt* of melted gold. During the same period the cyanide department treated 287 tons of sand for (360z. lldwt. bullion, plus 110/.. obtained from slags, etc., making total bullion 770z. lldwt. Total estimated value, £1984. In addition, 8.8 tons of concentrates were saved valued at £3OB. In estimating values, gold has been taken at 1-1 os a fine ounce. PROSPECTING LICENCES [by telegraph—own correspondent] WAIHI, Wednesday Prospecting licences in respect of 86 acres in Waihi North and 90 acres in Waihi West were granted the Waihi Grand Junction Gold Company, by Mr. F. H. Levien, S.M., in the Warden's Court to-dav. Mr. J. 13. Beeche, instructed by' Mr. F. C. V. Clark, appeared for the company. REPORTS OF MANAGERS Rexman Mines (Coromnndel). —For the week ended July 2 the staff was encased in dismantling power plant and repairing roadway to enable quick transport to the new site where it will be re-ererted. The company's prospector is reported as getting Rood prospects at the head of Lnnigan's Gull.v. A survey Rhows the locations to he 13 chains north-west of where Carvel reef whs located on the hangingwall of the main intrusive. Ther<j is an extensive holt of auriferous country at the head of Lanigan's Gully, and it extends south for one mile. Alexander (West Coast).—Xo. 0 citisscut has been extended 125 ft. making tho face 4.70 ft from the surface. The country is good driving and carries very little water. Sloping is being carried on as usual above Xo. ."> and the intermediate backs. The lode above Xo. 5 in the norlli end shortens as each stope is beaten out, but the south end of the block is lengthening fast. Above the intermediate (he lode has improved in width, one face showing reef Oft wide. WHOLESALE EGG PRICES The Auckland Egg Marketing Committee announces that wholesale egg prices are unchanged, as follows: —Hen: First grade, 2s 4sd a dozen; B grade, 2s 34 d: C grade, Is IOJd. Duck: First grade, 2s 3Jd; B grade, 2s 2{d; C grade, Is 9Jd. Country storekeepers' minimum buying prices for first grade eggs are: —Hen, 1b lOd a dozen; duck, Is 9}d.