WOOL PRICES STEADY

New Zealand Herald, Volume LXXV, Issue 23050, 30 May 1938, Page 5

WOOL PRICES STEADY

CONTINENTAL PURCHASERS ITALY AND GERMANY INCREASE IN IMPORTS LONDON. May 27 In spite of a scarcity of new business in tops and yarns, wool keeps remarkably steady. Unsold stocks aro bo light that many firms are buying ahead. Even more important is the fact that there has been heavy purchasing from the Continent. The present comparatively low values of wool have encouraged countries like Italy and Germany to operate more extensively. Germany's import figures are by far the largest of any season since 1933-34. They show an increase of 50 per cent over last season. The fact that both Italy and Germany are coming into the market now that values are easier, confirms Bradford's belief that their reliance on synthetic fibre has been one of necessity rather than choice, and that owing to modest prices wool has nothing to fear from the competition of substitutes.

SETTLEMENTS BANK SHARE DISTRIBUTION GERMANY LARGEST HOLDER The German Reichsbank is now the largest shareholder in the Bank for International Settlements. This was explained by Sir Otto Niemeyer when he opened a recent board meeting of the Bank for International Settlements, reports tho Basle correspondent of the Financial Times. The Austrian National Bank, he said, had been taken over by the Gprman Reichsbank. Hence, the latter was the legal owner of the Austrian National Bank's 4000 Bank for International Settlements shares. The German Reichsbank has thus become tho biggest shareholder of the Bank for International Settlements, with 20,000 shares, against 16,000 shares each owned by England, Belgium, France, Italy, Japan and the United States. It was announced that the net profit of the bank for tho year ended March 31 would bo about tho same as last year—namely, Swiss gold Fr5.9,000,000 (about £600,000). Tho dividend will be repeated at 6 per cont, and will be paid on a gold basis. COTTON, RUBBER, COPRA, ETC. (Received May '2O, 5.5 p.m.) LONDON, May '2B (Quotations on May 21 in parentheses) Cotton. —Spot, 4.46 d (4.68 d) a lb.; June delivery, 4.29 d (4.57 d). Rubber.—Para, s|d (ssd) a lb.; plantation and smoked, 5 7-16 d (sjjd). Jute. —June-July shipments, £l7 8s 9d (£l7 17s 6d, May-June) a ton. Copra.—June-July shipments. South Sea, sun-dried, £lO to London and Rotterdam (£lO 15s) a ton: South Soa, smoked, £lO to Marseilles and Genoa (£lO 12s Gd); plantation, Rabaul hot-air dried, £lO 15a to London and Rotterdam (£ll 12s 6d). Linseed 0i1.—£24 15s (£25 15s) a ton. Turpentine.—3ls (31s 9d) a cwt. WELLINGTON HIDE SALE Competition for skins was animated at tho Wellington sale last week and prices wore generally firm at tho previous salo level. Hides were not so active nrid prices in some classes wore easier. Tho range of prices was as follows: — Dry sheepskins: Halfbrod, BJd; fine crossbred, 7d to 7.Jd; medium crossbred, 6d to 7:] d; coarse crossbred, 6Jd to 7>jd; half wools, 5d to 7Jd; quarter wools, 4d to 6Jd; pelts, 3d to 4Jd. Hides: Ox, 331b. to 441b.. 31d to 4d; 451b. to 521b., 32d to 42d; 531b. to 591b., 3Jd to GJd; 601b. to 691b., 7d to 8d; 701b. and over, 6sd to Bld. Cow, 331b. to 391b., 3gd to 4Sd; 401b. to 481b., 3d to 4ld; 491b. and over, 23d to s }d. Kip, 251b. to 321b., 3}d to sj|d; 171b. to 241b., 3Jd to 6Jd. Yearling, ]llb. to 161b., 4d to 72d. Calf, 91b. to 101b., 4d to 73d; 61b. to 81b., 6}d to Bgd; lib. to 61b., 4d to Bid.