WOOL IN LONDON

New Zealand Herald, Volume LXXV, Issue 23002, 1 April 1938, Page 5

WOOL IN LONDON

CLOSE OF SALES .-. \ . KEEN GENERAL DEMAND MARKET STEADY AT DECLINE LONDON, March 30 The second series of wool sales closed with an offering of 6740 bales, including 1568 bales of New Zealand wool. A total of 5357 was sold. A good selection was offered and sold well at steady rates. Throughout the series 93,600 bales were offered and 80,500 bales sold. The Home trado bought 42,500 bales and the Continent 38,000. The tendency throughout was steady at a decline, but competition was keen. Compared with the closing of last scries prices were generally 5 per cent lower. New Zealand greasy Merino "Benopai" made up to 12$ d per lb. at the closing auction.

A total of 29,5()0 bales of Australian and 39,000 New Zealand were sold, and 32,500 Australian and 16,500 bales New Zealand were held over.

Quotations for good average condi- £ tion New Zealand greasy wool at the * Closo of the January series were: — f Merinos, super, 60-64's, 14d to 15d per j, lb.; ordinary, 12(1 to 13d; inferior, 9£d to lOd; halfbreds, 56-58's, 12jd to i' 3 3Jd; 56's, 12d to 12} d; 50-56's, 11 Jd \ to ] 2idcrossbreds, 50's, 10;[d to t 48-50's, 10Jd to Hid; 46-48's, 10id to c lid; 44-46's IOJd to lid; 40-44's, 10id f to lid; 36-40's, IOJd to lid. * The range of . prices per 'lb. at the T close of the London March sales in the past three years compare as follows: — 1036 1937 1038 d d d d d d Merino .. 12'/, 18'/, 17 22 10 Kf>/ t Halfbred .. 10% 1"> 1 21. 9% 14 Fino xbred 8% 8% 14% 17 9% 32 Med. xbred 8% 8 1 /, 13% 17% 9 11% x Coarse xbred 8% 8% 13% IU% 9 11% The third series in London will open s on May 10. - a ADDITIONAL REPORTS i c HOME AND FOREIGN SUPPORT * The following cablegrams dated ] March 30 have been received from { London, through trade channels: — j Bank of New Zealand. —The sales j have closed firm for all wools, with . an active demand from home and ] foreign buyers. Current quotations for good average : greasy wools are: —Merinos, super, 60- i 64's, 13Jd to 14£ d pep lb.; ordinary, < llid to 12Jd; inferior, 9&d to lOd. ' Halfbreds, 56-58's, 12d to 12Jd; 56's, ' llid to 12d; 50-56's, 10j[d to Hid. j Crossbreds, 50's, 10£ d to lid; 48-50's, 10} d to 10Jd; 46-48's, lOd to 101 d; - 44-46'5., lOd to lOJdj 40-44's, lOd to 10£ d; 36-40's, lOd to 10£ d. New Zealand Loan and Mercantile Agency Company, Limited. —The second series of wool sales closed All sections were operating freely, and there was keen general competition. As compared with last sale's closing rates, prices are: —Lower par to id per lb. for crossbred slipe, coarse greasy crossbred, fine greasy crossbred, medium scoured crossbred and coarse scoured crossbred; lower id per lb._ for lambs Merino and crossbred, medium greasy crossbred, greasy Merino medium and greasy Merino inferior; lower id to Id per lb. for scoured Merino inferior; lower Id per lb. for greasy Merino super; lower Id to lid per lb. for scoured Merino medium; lower lid to 2d per lb. scoured Merino super. Dalgety and Company, Limited. —As compared with closing rates of last series Greasy Merino was unchanged, scoured Merino, Jd to Id per lb. lower; greasy halfbreds, id to 3d lower; sco'jred halfbred, super, unchanged; scoured halfbred aver- ; age and inferior irregular, id to Id lower; greasy crossbred, fine, id lower; greasy crossbred medium, ; id to id lower; greasy crossbred coarse, par to id lower; scoured crossbred, id \ to Id lower; slipes lialfbrcd, id to Id lower; slipes crossbred fine, id to Id ' lower; slipes crossbred medium and 3 coarse, par k to id lower; greasy crossbred lambs, Id lower. Following is a range of prices:—Merino, good to ' super, 13id to 163 d; low to medium, I lOd. to 12Jd. Halfbred, 56-58's, good . to super, 12id to 14d; low to medium, i lOd to 12d; halfbred, 50-56's, good to r super, 11 I'd to 12} d; low to medium, i to 102(1. Fine crossbred, 48-50's, good to super, lid to 12d; low to medium, 9id to 10id; fine crossbred, 46-48's, good to super, to lljd; • low to medium, 9id to 10id. Cross- * bred, 44-46's, good to super, 10id to n llid; low to medium, 9d to lOd; crossr bred, 40-44's, good to super, 10id to ? Hid: low to medium, 9d to lOd. Coarse - crossbred, 36-40's, good to '• super, 10Jd to llid; medium to good, 9d to lOd.

FIRM SYDNEY MA'SKET SPIRITED COMPETITION (Received March 31, 8.35 p.m.) SYDNEY, March 31 At the Sydney wool sales to-day, the market was very firm for all descriptions, Spirited competition was displayed for super sorts,. the demand being well sustained by Yorkshire, the Continent and Japan. Greasy Merino made up to 25Jd. A total of 5636 bales was offered and 7580 were sold. In addition, 306 bales were disposed of privately.

PRICES OF METALS

STEEP DECLINE THIS YEAR Since the boom in commodities about a year ago, the prices of copper, zinc, lead and tin have declined 'by from 40 to 60 per cent. The publicity given recently to armament programmes strengthened the base metal markets and caused several sharp rises, but the movement upward has not gained momentum as it did a year ago. Evidently, something more than armament is needed to-day to cause any sustained appreciation. The attitude of metal consumers and speculators is in strong contrast to their haste to buy early last year, and suggests that the markets have discovered that the boom which developed then was not justified. 4 This view is supported by Brnndeis, Goldischmidt and Company, Limited, of London, in a review of last year's metal markets. The review states that th'e consequences of the steep rise and subsequent fall were serious, and that it will take somo time to repair the damage.