FIRST WOOL SALE

New Zealand Herald, Volume LXXV, Issue 23202, 23 November 1938, Page 9

FIRST WOOL SALE

PREPARATIONS., COMPLETE INSPECTION BY BUYERS MORE CHEERFUL OUTLOOK Preparations for the first of the 1938-09 series of New Zealand wool sales, which will be held in the Auckland Town Hall concert chamber on Saturday, kept brokers and their staffs busily engaged until a late hour last night. Wool classed nt the last minute had to be baled and catalogues prepared. The offering has been limited to 2-1,000 bales. The interruption to shearing caused by showery weather in the past few weeks was reflected in exceptional activity at the Parnell stores, and stafis worked during the week-end and on each night this week. Most of tho buyers have arrived in Auckland, and several made a leisurely inspection of the wool yesterday. Tho more detailed task of appraising tho clip will commence to-day, and buyers will -be given tho usual three da.ysi for the work. Guide from London Auction Some indications of the prospects or the auction should be given when th« results of the sixth series of London sales, which commenced yesterday, are known. A total of 29,200 bales of New Zealand wool will be offered in London, and opinions in the trade are that fine crossbreds will be firm, with medium and coarse grades slightly higher than at the close of the September series. ' • The opinion that while a sharp up- : ward movement in values is not ! anticipated, prospects are unquestiouj ably more promising, is expressed by j Winchcombe, Carson, Limited, the | Sydney woolbroking firm.i With S America now buying limited quantities, and tho demand from other quarters showing improvement, a more cheerful outlook for wool is justified. The tone of tho market has been favourable for some week 3, states the firm. On the Continent, in Yorkshire and tho United States, business has improved. Some Continental authorities wero for a time doubtful regarding tho future of prices, though the raw material has been purchased freely by consumers in that quarter. Those fears have now disappeared. French and German Buying In France production of tops has in- , creased, September seeing the largest output for some time. At tho end of that month stocks held were less than two months previously, particularly in regard to Merinos. Business in tops in October showed a further increase, and a larger demaiyi was being experienced for fabrics. Germany has purchased wool freely. Her imports of the raw material for tho nine months ending September were 265,100,0001b., being 46 per cent greater than a year before. Germany is endeavouring to increase her export trade, and wool is essential for its development. . Yorkshire is more optimistic, and has bought freely. Turnover at the English mills is now showing a recovery. AUCTIONS AT SYDNEY ► OPERATIONS BY JAPANESE (Received November 22, 9.40 p.m.) SYDNEY, Nov. 2'2 At the wool sales to-day 12,056 bales were offered and 11,600 were sold, as well as 362 bales privately. Japanese buyers operated helpfully on comebacks and crossbreds. ' QUOTATIONS FOR WHEAT LONDON AND LIVERPOOL FUTURES IN CHICAGO LONDON, Nov. 21 Wheat. —Cargoes are dull but parcels are easier. Futures:— London: November, 22s 9d a quarter; March, 22s 7d. Liverpool: Old contract, December, 4s 3d a cental; March, 4s sid; May, 4s 6lid; new contract,, March, 4s.*3id: May, 4s 4£d. As a reisult of the removal of the import duty from January 1» Liverpool is quoting new contracts. CHICAGO. Nov. 21 Wheat. December, 62§ cents a bushel; May, 6oi; July, 65J. NEW FLOATING DOCK i e ' I - ' : ,V ' . PROGRESS OF DURBAN PORT . ' ' A huge new floating dock for Durban which has been built in England by the Furness Shipbuilding Company i's now being towed to South Africa, via the' Suez Canal. The dock was completed six months ahead of contract time and left England on September 7. -The voyage was expected to take about two months. The old Durban floating dock, which is now to be scrapped, was one of the biggest in the Southern Hemisphere when it was built- about 30 years ago. This is only one of the extensive new improvements to Durban Harbour which are now being; carried out to give the biggest port in Southern Africa all the facilities that will be neg<-'.od for years to come. Work will soun start on a jutting wharf '2oooft. long, and a large area is now being excavated to provide an alighting area for the Imperial Airways flying-boat service from Southampton, which has its terminus at Durban.