APPRAISAL OF WOOD

New Zealand Herald, Volume LXXVII, Issue 23591, 27 February 1940, Page 3

APPRAISAL OF WOOD

'AUCKLAND FIXTURE GOOD PROGRESS MADECOMPLETION THIS MORNING The fourth appraisal of wool in Auckland for sale to Britain under the 'wartime purchase plan, which was commenced yesterday morning, was not quite finished at tho end of the day, and only a comparatively small quantity remains to be dealt with this "morning. The offering totals between 14,000 and 15,000 bales. A> , Prompt date has been- fixed at' the . usual 14 days after the completion of the appraisal. Working on the assumption of slightly over £l7 a bale, which has been received for the previous three fixtures, the cheque for this appraisal should total about £238,000. With £1 ; 078,000 already received by growers this season, this will bring the total realisation so far to £1.316,000, compared with £1,061,743 for the whole of last season. The last appraisal of the season has been arranged for April 1, and, with a fairly large number of bales still to be dealt with, it is possible that the record realisation in recent seasons, which was £1,528,545 in 1936-37, may be exceeded. The Parnell stores presented a scene of businesslike activity- yesterday. Everything as readygs'i'or the appraisers, who moved from bale to bale in workmanlike fashion. Considering that three days were taken at both the December and January fixtures, when 19,294 bales and 21,847 bales respectively were dealt with, present appraisal is being completed in rapid time. BRITISH INDUSTRY'S NEEDS INCREASE IN EXPORTS VITAL LONDON, Feb. 25 Mr. R. S. Hudson, Secretary for Overseas Trade, said he had asked the woollen industry to draw up a programme of exports fend to estimate the industry's requirements of raw wool. A substantial increase in woollen exports above the peak achieved in 1929 was vital if the country, were to pay for imports during the war. British exports of woollen and worsted yarns and manufactures in 1929 totalled £52,883.047, against £26,815,755 in and £35,502,846 in 1937. . - SWEDISH CURRENCY EXCHANGE CONTROL MOBILISING FOREIGN ASSETS' SHOCKHOLM, Feb. 25 Sweden is going off the gold standard. Parliament is meeting to-day to pass the measure before the Stock Exchange opens to-morrow. _ ■ The Cabinet has decided to establish exchange control vested in the national bank. A special commission is being appointed to mobilise the nation's -vrealth in investments abroad, so as to provide credits necessary for the present situation.

The reference in the cabled message to the departure from the gold standard is difficult to understand, and it possibly relates to proposals to revalue the gold reserve. Sweden actually left the gold standard on September 28, 1931, and subsequently became a niembef of the sterling bloc, from, which she withdrew early in the present war. Early last month the Economist, London, stated that pressure on Swedish currency had been steadily gaining in severity since the outbreak of war." and a point had been reached at-which the application of exchange control was being considered. A reduction of 3G4,000.000kr., in. Sweden's total gold and foreign exchange assets to 967,000,000kr. since ■war began has been due partly to the deterioration in the visible trade balance and partly to the cancellation of short-term credit facilities enjoyed by Sweden, especially in the London market. The Swedish Government recently ordered the compulsory declaration _of all private holdings of gold and foreign currencies, and acquired special powers until March 31 to vary the statutes of the central bank, known as the Riksbank, relating to the proportionate gold reserve requirements, the price of gold and also giving authority to the bank to deal in foreign exchange and to buy foreign securities having more than a year to run. Other special features included powers to transfer the head office of the bank to a town other than Stockholm and to waive the bank's obligations to publish periodical bal-ance-sheets. Apparently it has now been deemed necessary to put some, at least, of these measures into operation. GRAIN AND PRODUCE SHORTAGE OF MAIZE STEADY BARLEY DEMAND Following is the official market report issued by the Auckland Grain, Seed and Produce' Merchants' Association. Prices named are f.o.r. or f.0.b., Auckland. WHEAT The shipment, frdm Australia has arrived, but tho quantity was not as large as originally anticipated. As yet there is no ndvico as to when the next shipment will be arriving. Through store prices remain unaltered at 7s 3d to 7s 4d a bushel. MAIZE - Merchants' stocks are now in short supply. A small shipment of Java maize is expected to arrive in a few weeks' lime, but fuller particulars will be announced later. Meantime, through store values remain unaltered at Ss 6d to 8s 7d a bushel. BARLEY - . A steady demand for Australian feed barley still continues, there being no alteration in prices. Ten-sack "Jots, cash with order, are 3s (id a bushel, less 2d a bushel if picked up ex wharf. Ex store prices are 4s Id to •Is 2d, clipped being 6d a bushel higher in each case. BARLEYMEAL The improved demand is being well maintained at unaltered values of £9 10s to £lO 5s a ton, according to quantity. BRAN AND POLLARD A rather better demand is being experienced. The recent shipment which arrived has all been distributed, but there is no advico as to the next arrival. However, ample supplies are held in store at £7 15s to £S a ton. CHAFF AND OATS:.' - • Thcro has been no change in the market, which is still firm, with local values at £ll 2s (id to £ll 15s a ton. Oat values are also very firm at -Is 9d to 5s Id a bushel, according to quantity.

CHRISTCIIURCH EXCHANGE

INCREASE IN TURNOVER

There was increased activity on the Christclmrch Stock Exchange last week, when the aggregate turnover was £11,455. against £7756 in the previous week. The distribution, of the business was 'as follows: —Government loans, £1212; banks, £1726; Joan and agency, £439; frozen meat, £410; woollens, £95; gas, £9-1; breweries, £6B; miscellaneous, £4471; mining, £2940. •

MINING YIELDS Gillespie's Beach (South WestlandV.—3Boz. from 16,703 yards in 132 hours. Clutha Dredging (Otago).—49oz. for 128 hours. " Mataki Dredging (Murchison)i 20oz. from 10,000 yards in 134 hours..