WOOL IN LONDON

New Zealand Herald, Volume LXXV, Issue 22941, 20 January 1938, Page 7

WOOL IN LONDON

NEW IYEAR'S SALE BEST SORTS SELL DEARER STRONG COMPETITION Steady values ruled at the opening of the January series of London wool sales on Tuesday. The market was firm with little change from November closing rates, although best sorta were from par to 5 per cent above the last figures. Competition was strong and the tone of the market generally was healthy. It is stated in a Press Association cablegram sent from London on Tuesday that 7792 bales were offered, including 1479 New Zealand. The clearance was 6565 bales.

Canterbury slipo halfbred combine lambs sold at ]OJd to 14£ d per lb., and slipe crossbred combing lambs from 92d to 13d.

There was a large attendance of Home and Continental buyers and the Home trade actively sought all New Zealand greasy crossbreds available. Prices for best scoured and greasy Merinos and crossbreds were 5 per cent dearer. Medium scoured and greasy merinos and crossbreds were unchanged, and coarse scoured and greasy merino and crossbreds 5 per cent lower than cloßinc prices of last series. • Quotations for good average condition at the close of the last series were:— Merinos, super, 60 to 64's, 14d to 15d per lb.; ordinary, 60 to 64's, 12id to 13Jd; inferior, 60 to 64's, 10id to lid: halfbreds, 56 to 58'b, 13d to 13Jd: 56's, 12id to 12jd; 50 to 56's, Hid to 12d; crossbreds 50's, ll£d to Hid; 48 to 50's, IOJd to lid; 46 to 48's. 10id to 10Jd; 44 to 46's, lOd to lOjd: 40 to 44's, lOd to 10Jd; 36 to 40s. lOd to lOid. k Prices per lb. at the opening of the January sales in tho last three years have been:—

1036 1937 1938 d d d d d d Morino 11% 17 13 21 30 l&A Fine xbred BV a 10 l / A lt'A 16% 10J4 12% Med. xbrcd 8 8% 14% 15 0% V2% Coarso xbred 7% 8 14'/ a 15 8% 11% PRIVATE CABLEGRAMS RANGE OF QUOTATIONS Tho following private cablegrams, dated January 18, have been received: Bank o'f New Zealand. —The sales have opened with strong competition and a largo attendance of buyers. Prices are somewhat irregular. Compared with tho close of last series, superior crossbreds are Id higher, and average sorts par to id dearer. New Zealand merinos are not represented. Bank of New South Wales. —There was good and general competition from tho Continent, Home trade %nd Russia. Compared with the last sale greasy wooi and merino were unchanged. Greasy wool, crossbred and slipe were from par to 5 per cent dearer. The average or estimated prices of New Zealand greasy fleece, ordinary and top making wools were:—Merino, 60 to 64's, Is Old per lb.; fine halfbred, 56 to 58's. Is lid; halfbred, 50 to 56's, Is Id; threequnrtcr-bred, 48 to 50's, lljd; fine crossbred, 46 to 48's, 114 d; medium crossbred, 44 to 46's, 103 d; crossbred, 40 to 44's, 102 d. Dalgety and Company, Limited. —The sales opened with a largo attendance, strong competition and good selection. Franco was the principal operator with good support from other Continental sections and the Home trade. As compared with closing rates of last series, prices were:—Greasy merino super, par to id higher; greasy morino averago and inferior, par to Id lower; scoured merino, unchanged; greasy half-bred, id to Id higher; scoured half-bred, unchanged rather lower; greasy crossbred, par to id higher; scoured crossbred; par to Id higher; slipes half-breds, Id to lid higher; slipes medium. and coarso, id to 3d higher; slipes oijher description, id to Id higher, ltussia was operating. Tho New Zealand Loan and Mercantile Agency Company, Limited. —The first series opened to-day with keen general competition and all sections operating. An excellent clearance was effected and there was an average to good selection. Superior greasy merino, crossbred greasy and crossbred slipe were in sellers' favour. Top makers' sorts morino were fully firm. Merino (Shabby, wasty and pieces and bellies were in buyers' favour. Russia was operating.

WELLINGTON TRUST COMPANY AN UNCHANGED DIVIDEND [BY TELEGRAPH-: —-PRESS ASSOCIATION] WELLINGTON, Wednesday, The Wellington Trust, Loan and Investment Company, Limited, earned a profit of £7414 for the year ended December 31, against £8499 in 1936 and £9519 in 1935. With £5206 brought forward from the previous year there is £12,680 availablo, from which £3125 lias been paid as an interim dividend at the rate of 2£ per cent for the half-year ended June 30, 1937. A special reserve account of £7500 was drawn on for £1554 8s Id to cover adjustments and losses for which this account was created, and £554 8s Id has been transferred tc tho account, leaving it at £6500, which tho lioard of directors considers should more than meet any allowances likely to be made on the few remaining mortgages to be dealt with by commissions or by voluntary Adjustments. The sum.of £lls 12s 9d has been written off the cost of the business premises for depreciation. The directors recommend that a further dividend be declared on paid-up capital at tho rate of 3 per cent for the half-year ended December 31, 1937, amounting to £3750, making 5£ per cent for tho year (unchanged), and that the balanco of £5251 4s 5d bo carried forward to next year's accounts.

N.Z. REFRIGERATING CO. DECREASE IN NET PROFIT [by telf.gkaph—OWN ooimbspondknt] CHRISTCHURCH. Wednesday A decrease in the net profit of the New Zen land Refrigerating Company, Limited, is shown in the accounts for the year ended October 31, 1937, although the trading profit expanded. The net profit was £67,928, against £68,055 in the previous year. Trading profits wore £112,413 in 1937 and £108,964 in the previous term. » The dividend on the paid-up capital of £636,310 is unchanged at 5J per cent. GOLD AND SILVER QUOTATIONS IN LONDON. (Received January 10, 6.5 p.m.) LONDON. Jan. 18 Fine gold is quoted to-day at £6 19s 7id an ounce, compared with £6 19s BJd yosterday. The quotation for silver' at per fine ounce is 21$ d, compared wjth 21Jd yosterday.