COMMERCIAL.

Otago Daily Times, Issue 18545, 4 May 1922, Page 6

COMMERCIAL.

LONDON SHARE MARKET. LONDON, May 2. Waihi Junction shares, 6s 3d. Banks: Australasia, £l3 10s; New South Wales, £36 ss; Union, £l3 10s; New Zealand, £BS (ex div,) and 49s 6d; New Zealand Loan and Mercantile, buy. £74, sel. £7B 10s.— A. and N.Z. Cable. THE WHEAT MARKET. LONDON, May 2. Wheat cargoes are steady, with fair inquiry ot full rates. —A. and N.Z. Cable. THE TALLOW MARKET. Press Association—By Telegraph—Copyright LONDON, May 2. Tallow: Stocks, 6068 casks; imports, 1921; deliveries, 1617.—A. and N.Z. Cable. WELLINGTON CITY FINANCES, (Pm Umitxd Punas A««mriATion.i WELLINGTON, May 3. Wellington cite finances are £350,000 in arrears. The Mayor considers it impossible ! to .pay off such a sum in seven yearly instalments, and holds that a loan will have to be raised for the purpose. Most of this floating debt was incurred on capital account, and it is regarded as legitimate to liquidate it by way of loan, LONDON WOOL SALES. Press Association —By Telegraph—Copyright ’ LONDON, May 2. The wool sales opened strongly at from 7J to 15 per cent, advance. At the mixed wool sale 10,666 bales were offered. Of this number 3729. were New Zealand. There was a crowded attendance from all quarters, including Americana, who occasionally made bids. The Continental and home sections operated very freely. The most remarkable feature was the keen bidding for lower grades of crossbreds and! the commoner merino combings. An _ excellent selection of merino included choice parcels of Victorian, Queensland, and West Australian, which was keenly competed for. All combings realised 10 per cent.' above thoee offered in March. Scoureds advanced 15 per cent. Fine crossbreds, which were in small supply, were in strong demand. There was a 7J per cent, advance for medium and lower, 10 per cent, for seconds, and 10 per cent for slipes, which were mostly inferior. Wasty advanced from Jd to Id. Lambs were on a parity with the March rates. —A. and N.Z. Cable, Messrs Murray, Roberts, and Co. (Ltd.) have received the following wool market cablegram from their London agents, dated the 2nd inst.: —The sales have opened firm; large attendance of buyers, brisk competition ; home and foreign buyers operating - freely; best descriptions of merino advanced 1 5 per cent., all other descriptions of wool advanced 10 per cent. The New Zealand Loan and Mercantile Agency Company (Ltd.) has received the following cablegram from' its London house, under date 2nd inst.:—There was a full attendance at the opening of the sales to-day, competition by home and Continental - buy era being active. The catalogues were representative. Good greasy merino, -10 percent. higher; other merino, 5 per cent.; all crossbred, -10 per cent. The National Mortgage and Agency Com Pany of New Zealand, Ltd., is in receipt of a cable from London, under yesterday’s date, as follows: —“The auctions opined here today wtih a large attendance of buyers and keen competition. Compared with closing rates of last sale, we quote: Best merinos,Id dearer; average merinos, 2d dearer; halfbreds, IJd dearer; medium crossbred, Id dearer; coarse crossbred, Jd.” Messrs Dalgety and Co. (Ltd.) report having received the following cablegram from London, dated May 2: “Wool sales opened; number of buyers is large; competition animated; average selection. As compared with last sales’ closing rates merino wools, super, greasy, par to 5 per cent, higher; merino wools of other descriptions, 6 per cent, to 10 per cent, higher. The advance in prices is chiefly on top-making sorts. Crossbred wools, fine quality, super greasy, 10 per cent, higher; average crossbred wools, medium quality, greasy 10 per cent, to 15 per cent, higher; crossbred wools, coarse greasy, 7J, per cent, higher; slipe wools, crossbred scoured, 5 .per cent, higher.”) THE SCHOONER PROGRESS. The schooner Progress, having had steam auxiliary engines installed by M’Gregor and Co. at the Victoria wharf, went down to Port Chalmers yesterday for cleaning and painting prior to taking up her new running in the West Coast trade. The steam power is expected to propel her at a speed of about 71 knots, and she will carry about 450 tons of coal. The Progress, after serving for some years as a dredge at Oamaru, was converted into a schooner at Port Chalmers, the work of converting her occupying about three years. As a sailer she d;d not quite come up to expectations, and consequently was on the lay up berth for a time, before being purchased by her present owners, who are sanguine that with steam power she will do useful eexvice as a coastal carrier. ' Users of “NAZOL” keep free from colds 1 and influenza. “NAZOL” nips a cold in the bud, soothes, relieves, and heals. 60 ’ doses Is 6d. —Advt. Mr Borre; “I think this weather is awful.’ Miss Olive: “You shouldn't grumble at t u a ’ weather. If it wasn’t for that you would have nothing to talk about.” “Marshall's” Pure Malt Vinegar is the best. All Grocers.—Advt. Customer: “Are vour eggs fresh?” Grocer; “Why, ma’am, if they were any fresher they . would be impertinent.” WOLFE’S CCHNAPPS pose eases tonio ’ properties. that render it bpaltbful and ini rigorating. '