AUSTRALIAN WOOL

New Zealand Herald, Volume LXXVI, Issue 23489, 28 October 1939, Page 7

AUSTRALIAN WOOL

RELEASE FOR AMERICA K REGULARITY NEC ESSARY MODERATE " PRICE ESSENTIAL =•: (Received October 27, 9.30 p.m.) fj. NEW YORK, Oct. "27 The wool position in America, par- " ticularly the fate of the current Aus- v '~ tralian clip, is not only causing dis- ' cussion in American circles/ but is posed as an extremely difficult problem for Australian producers. " „ Groups interested in Australian wool—-; here are comforted by the thought that Britain- will probably release Australian wool to the American market, but it is conjectured that this wool, being used to create dollar credits, may, be held - r foi* over-high prices, causing a diminution in the demand and encouraging the use of substitute fibres. Wool interests stress that America remains the outstanding customer for Australian wool, particularly fine Merinos, the demand for which is diminishing \ elsewhere owing to the war. • 4 The current Australian clip should be appearing in volume in American" warehouses, but none has been seen. Ifc is asked whether, if line Merinos are not released here at a reasonable price, there will not be so great a post-war accumulation that it will be impossible to dispose of the wool except at a heavy loss. . 'V':-''/"- . Furthermore, it is felt that America. > is a permanent market for Australian Merino, and the prosperity of the Australian wool industry is largely influenced thereby. Wool interests emphasise that everyone in the. wool trade is interested in increasing wool consumption in the United States, which is at present V anxious for supplies. The only hope," , therefore, is that Britain will quickly announce a programme giving American manufacturers something bv which 11 to plan and then make fine Merinos /. •available hero regularly at reasonable prices. •. V SEARCH FOR OIL JOTANGI DEVELOPMENT ■ - . 9ff NEW PLANT FOR TARANAKI

A statement of developments in the search for oil by New ' Zealand •• Petroleum Company, Limited, is contained in a circular by Taranaki ,;7 (N.Z.) Oil Development Company . announcing a second issue of 123,910 • - shares of £1 each." The present-capital of the company is 247,819 shares of , ' £l. . - • ■ '

The circular states that the tertiary rocks overlying the potential oil-bearing beds at the New Zealand Petroleum Company's Totangi bore had proved deeper to penetrate than was • antici- . pated and drilling had proved exceptionally difficult and slow. It was now questionable, therefore, whether . the drill would reach the beds which it . was sought to test for oil. _ _ : Another location : was being-prepared for drilling when the plant was. re? leased from Totangi, where drilling was' decided upon prior to the prosecution of the extensive geological and geophysical investigations which had since been accomplished on the company's licence areas. The new location was at - Morere, only about three miles from Waikokopu harbour, and there was good reason to believe that the difficult drilling conditions met with at Totangi would not be "encountered. J It is also stated that the Govern-"" ment, following the outbreak of war, had given permission free .entry into "New Zealand of a "complete drilling outfit from the United States, except for such material as was procurable in New Zealand. The" plant is for • use in Taranaki and before it arrives the first structure' to. be drilled will have been selected and prepared to, receive it. It is expected that the plant will register high drilling speeds and so make for lower operating costs and . quicker testing of structures. THE CITY MARKETS CHEAPER CAULIFLOWERS ; ; \ \ DEMAND FOR DESSERT APPLES

There was again a keen demand for all coloured dessert app]es at.,the CityMarkets yesterday, with values increasing generally. A few' cases of tree;-* tomatoes realised ..high, <sates. quantities of strawberries came forwaru, prices varving according to quality. There was a better sale for mushrooms this week. Supplies ~of and cauliflowers were heavy, the latter being slightly cheaper. Supplies of new , potatoes were not so heavy, prices-con-seq-uently being a trifle firmer. Fair *- quantities of green peas and beans, came forward, rates being slightly lower Prices were: — , :\r . • > FRUIT. . .. . n Apples. Delicious, lis to 16s a case; Dougherty, 10s to 13s; Sturmer, 10 s to 13s;pears, 3?. Barry, lis to 14s; Wuitsr-.Nehs. ; 14s to :16s Gd; tomatoes, hothouse, choice, -s - to 2s lV x d per lb; small and others, is to■--Is 9d; tree tomatoes. New Black, 16s to ISs a case; grapefruit, New-Zealand; extra choic?, lis to 13s; others, 6s to 9s; lernons.according to grade and count. 5s to 17s 6d; bananas, ;J ripe '2ss to 20s; pineapples. Queensland, los to 19s; crapes. Californianr white, ,30sj black, 25s to 32s Gd; strawberries. Captain Cook. Is 9d to 3s 5d a chip; passion fruit. ISs to . 22s Gd a case. ~ FIELD PRODUCE , " n Asparagus, 5d to 7Vad a y a ib 'bundle. Ud to Is 3d a lib bundle; beet, 2s to 3s a dozen; beans, Broad beans. 6d to S/sa a ID; French. Is to Is Gd: celery, cooking, Gd to 3s a bundle; dessert. Is 9d to 2s 3d; carrots. Ss Gd to 22s Gd a bag. or 2s to. 3s a dozen: cauliflower, 7s ,to 10s a satk; on benches, 3s to Us a dozens cabbage, 2s Gd to ._ Us 6d a sack; on benches. Is Ud to Js a dozen; cucumbers, hothouse. 4s to Ss a dozen; green peas. 5d to lOd pe , r „J~ : kumaras. Island, 35s ° 'l- s oa C Y<J ; M 3d to Gd a bundle; lettuce. 2s to .vsM a case; marrows, now seasons, 0d to each; onions. Japanese. 21s a cental; potatoes, Canadian*. *2ss a crate,; local, new, i 3V4d to 4%d per lb; No. 2. Id. to kins. Choice Triumble. 31s to a ewt v . parsnips, 5s to Os a bag. or is Gd to -s 3d a dozen; radish, Gd to ls, v rhubarb, _s fad to 4s Gd; spinach, is to 2s; *P"ng °"' on £ Is 3d to 2s 3d a bundle; swedes, Is oa to 3s Gd a bag; turnips, fld to Is a dozen. ; v POULTRY Cockerels, heavy. breeds, prime, ss. to 7s each' not prune, 3s to 4s; li:>-ht, prime. _s to os; not prime, 2s to 3s: fat hens. 4s to ss; light, 2s Gd to 3s 6d, ]a„insf,. hens, heavy, <ls to ss;' light, 35..t0 4s; drakes, young, prime, Is to Os; smaller, -s to 35,» old. 2s to 3s; ducks, young, 4s to Os. old, 2s to 3s; geese, 5s to 7s: turkey hj°sto 7s: gobblers, average price, Is per lb. BUTTER AND EGGS . Eggs Hen, first grade, .is GVad a dozen; B Is 4/id; 6, 11/2(1; duck, first grade, 1b GVid; B, Is oVid; C. llVid. , Farmers' butter. Is Id to Is 4/id pef lb> CANTERBURY POTATOES EXHAUSTION OF STOCKS [BY TEIiKGRAPn —PRESS ASSOCIATION] , CHRISTCHURCH, Friday The strong North Island demand for potatoes continues, but. as Canterbury stocks are practically exhausted, merchants are having difficulty in'satisfying it. A good part of the recent dealings has been in undergrade potatoes. The price now quoted to growers is £IS to £l9, but it is more or less nominal.