LONDON WOOL SALES.

Otago Witness, Issue 3566, 18 July 1922, Page 14

LONDON WOOL SALES.

EXCELLENT PROGRESS IX SELLING RAW MATERIAL. From Otjii Special Correspondent. „ , LONDON, May 18. The London sales are carrying on under the best of conditions, and the finish is going to be. an excellent one. The last week is proving to be quite as keen as any of its predecessors, and there is everywhere the game eagerness to obtain wool as at any time. The attendance is very well maintained—-in fact home trade buyers who were absent last week, waiting for things to cool off a bit, have returned, and their presence is indicative of a good deal. It is true that Bradford t.opmakers, who thought if. policy to lie low during the heat of the first seven or eight days of the series, have been compelled to enter the fray, and are now keen to cover what they have sold in the top. Some extraordinary prices are being given, particularly for West Australian wools, c-onimonly called Swan Rivers. There must be some strange revelations when the wools reach the scouring bowl; the yield will be 5 to 4 per cent, less than some are giving them. Ex peri enee has proved over a.nd over again that it is more difficult to handle red. earthy grown wools than those grown upon black

soil, and some of the north-western wools of West Australia are very deceptive, the same as northern youth Australian wools. One of the most competent buyers said this w-eek that he was certain many 64’s tops made from Swan River wools purchased this series must cost over 5s in the top ; in fact, 5s 3d w-as actually mentioned. That is not the writer’s view, unless some buyers are going to be seriously out in their calculations. At the same time thousands of bales have been sold, which, unless there is something cheaper to blend with the wools, are going to cost in the neighbourhood of 5s a price that cannot be made to-day. However, everybody is as keen as mustard to acquire wool, and there is nothing sticks from 40s to 70's quality. Of course, anything above that can to-day be called a specialty, and the wonder is that the demand is net keener for superior merinos. It seems to the writer just a mere passing phase. but all the same some very good wools have been picked up around 30d to 32d, which, we think, will just have brought up wools 2d to 3d more in view of what good medium combing wools are fetching readily. However, there is the fact that these wools are wanted, they are in great demand, and undoubtedly are being picked up by those who must have them to cover (heir sales. SOME BIG CLIBS SOLD. Nive Downs, which was sold a few days ago. and which was represented in the catalogues by 1200 bales, may be taken as an example of the large lines of wool put upon the market. We think that a bale would average 3421 b, and the sheep would shear on average about 61b of wool per head. That means it took 57 fleece? to a bale, and the 1200 bales represented the produce of something like 63,000 sheep. As a matter of fact this station tallies all round 91,500 sheep; while there are big Queensland properties like Wellshot that are carrying anywhere up to 150,000 sheep. As a rule, selling brokers split a clip like this, and offer it on at two or three times. But on this occasion there was no need to do so. The clip showed very good, sound characteristics, but was touched with a little see 1. Its quality was 64’s to 70’s, the staple being of real good, sliafty topmaking style. The grease combing sold up to 27d„ many lots making to 24£d; clothing realised to Djil; fleece sold at 24d, 232., 22£d; broken, 23id, 23d, 22jd. 22d; the pieces, which were shaft y and sound, fold at from to 19d; bellies, and 16d; w hile the lambs, the top lines of which were really good, made 21jd, 20id, i7id. and 13id. Noondoo was represented by 629 bales. This clip was a little red in appearance, and real Continental style wool, though not so fine as it used to be. For all that the greasy merino combing sold from 25d to 19id. broken 21d to 19d. bellies 15d, larr.bs 20d to 18d -wools that showed undoubted sound manufacturing properties. Queensland furnished, as usual, the best scoured merinos, and 49d was paid for Dunluce. a wool that was as near perfection as it is possible to grow. Another excellent line was Eulclo, which was sold at 45d; w-hile a new brand to the writer, H. A. Welherby, sold at up to 46|d. All these were exceedingly good wools. They drew forth general competition, with the result that they sold at magnificent prices. WONDERFUL CHANGE IN CROSSBREDS. A very important change has come over the market for crossbreds, and all descriptions have advanced ljd compared with last series. Of course, the advance is the most startling in coarse qualities, and whereas in March anyone could have his fill of good 40’s fleece combing, to-day’s price is 7d to Sd. This has made a big dfference both to seller? and buyers, arid although good 40’s fleece at 8d is only half what the wools have cost 8.A.W.R.A., still it shows clearly that the movement is in the right direction America has been by no means silent in medium and coarse crossbreds, particularly the latter; in fact America has bought steadily throughout the series without forcing the pace, 'lbe figures are not known as to what America has really purchased. but many estimate that she has bought far more ‘than at any time during the past, 12 months, and the wool purchased has certainly been of the best. Then slipes., too, are mostly 10 per cent, dearer; in other words, there are .now no more fine crossbred sliped lambs at around lOd to lid—to-day they are worth anywhere up to 12d to 13d. while even good halfbred lambs are worth around 19d. New Zealand scoured crossbreds have also done welk These wools and slipes have continued to be catalogued largely, and have sold more readily than for a long time back. One line of New Zealand scoured merinos touched 41d. which shows clearly enough the state of the market. Ohoko scoured crossbreds sold up to 332(1, and though the wools showed no quality at all, they have done exceedingly well. We should say, in passing, that the scoured merino fleece of Surprise Downs (New Zealand) touched 45d. and the scoured crossbred 31d. This wool was exceedingly good m colour and condition, and had been well classed. The standing of crossbreds to-day is really good. CLEAN SCOURED COSTS. We give below some most interesting particulars illustrating the course of the market. The second clip mentioned » one of the best grown in the world. EG Irdng grown upon M corwyrite in W est Victoria, while Saltern Creek is a big Central Queensland property, the B.adensburo- clip is also a Queensland mark of good characteristics. The marks and price* are as follow : SALTERN CREEK (Qu. W ool).

CANTERBURY CRAIN AND PRODUCE MARKET.

(Lyttelton Times, July 14.) So far a= the grain and produce market is concerned, the most activity just now is being shown in potatoes, which remain ■very film at late rates. Indications are not wanting that there will shortly be a demand from Auckland for prompt shipment. This week there have been more inquiries from the northern city for potatoes that can be delivered at once, and the fact that within a week the ex store price in Auckland has risen from 7s 6d to Bs 3d pet cwt shows that the market there is not heavily supplied. It is stated from Auckland that if the price of potatoes hardens much more, merchants there will look to Melbourne for supplies. However, the price which Melbourne is prepared to quote is far and away above the New Zealand price The s.s. Wanaka is due to sail on Monday for Auckland, but it is not expected that she will take a large cargo of potatoes, for the offerings from the country have been light. If this boat doe 3 not take a large quantity of potatoes there is a possibility of a shortage occurring in Auckland, for recent shipments have been on the small side. Merchants, therefore, are generally of the opinion that the prospects for potato-growers are good this season. That the yield is smaller this year seems to be shown by the fact that the interim returns just published estimate a Dominion yield of 111.599 tons, compared with an estimate of 126,648 tons at this time last year. This is a decrease of 15,049 tons. There is a fair amount of business being done in seeds just now in anticipation of the spring sowing. Referring to red clover, a local merchant said that some time ago there was a ‘ flutter’’ in the line and prices advanced. However, the market would not stand this advance, and so business was checked until prices came back again to the old level of 9d to lOd per lb. This, said the merchant, had happened in several lines this year. As soon as a demand :et in producers held out for higher prices; but in view of the present financial position merchants were not inclined to speculate, and so business was checked until prices came back again. Linseed remains firm at late rates, but, as very little is coming forward from the country, merchants are not able to satisfy all inquiries from Australia. There is no change to report with regard to fowl wheat, oats, chaff, or barley, all of which remain very dull. The limited demand for oats is being satisfied with supplies from the south, and as far as chaff is concerned there is hardly any demand at all for Canterbury-grown. The following are quotations for produce to be paid to farmers at country stations, free of commission, sacks extra except where otherwise stated : Milling Wheat —According to Government prices: Tuscan 5s B|d f.0.b., Hunter’s 5s llid, Pearl 6s s*d. Fowl Wheat —3s 9<l to 4s 3d, f.o.b. Oats—Gartons 2s 2d to 2s sd, Algerians Is 8d to Is lid for feed; 2s to 2s 3d for seed. Duns (dark coloured), 2s 8d to ts lOd, light coloured 2s 2d to 2s 4d. Chaff £2 15a to £3.

Potatoes —£4 10b to £4 15s (prompt delivery. White clover. —lid to Is 3d. Red Clover —9d to lOd. Perennial Ryegrass -3s 4d to 3s 9d. Italian ryegrass —3s 5d to 3s Bd. Cocksfoot—si-d to sfcL Barley—2s 6d to 3s. Cape Barley—2s to 2s 4d. Linseed—£l4 to £l4 10s. Flour.—According to Government price-.. 2001 b sacks, £18; 1001 b bags, £l9; 501 b i-bags, £l9 10s; 251 b bags, £2O; all per ton, i f.0.b., Lyttelton, Timaru, and Oamaru. ! Bran.—According to Government prices, | £5 to £5 10s, according to packing, f.o.b. i southern ports. Pollard. According- to Governmem ? rices, £8 to £8 10s, according to packing. 0.b., southern ports. THE BREABSTUFFS AND PRODUCE MARKETS. Friday- evening. The demand for flour in the United Kingdom appeai'3 to lie almost at a standstill, and in other direction a nothing beyond regular trade is reported. It is reported in Victoria that some of the large mills will shortly entirely cease operations. Mid-May advices from Liverpool state that the imports of flour i*to Great Britain since the beginning of the month had been small, ; but were increasing, and a quantity -of flour afloat was destined for England. Shipments by exporters during tlie season were about I 2,000,000 sacks in excess of those for the ! preceding year, but much of the trade had i been done with countries outside of Europe. I A minor feature of the market was the reappearance of Argentine as a shipper of flour to Europe on a larger scale. The Argentine usually ships its flour to Brazil, hut during the war its brand became known ill Europe and Egypt, and some fair quantities were shipped to those parts. “BvcoinhalF’ says that the trade was continued i after the war. and in 1919 exports amounted | to 2,509,000 sacks. There are many difficui- [ ties to overcome in establishing a flour busij ness with far distant countries, but when a country is in need of flour, these difficulties disappear. That is where the United States scored during the war in regard to the Eastern trade, and where it is still gaining ground. LOCAL MARKETS. The position of wheatgrowers ia gradually becoming worse. Unless some relief is afforded by the Government in the direction of finding an outside market growers from now onwards will find it difficult to place even the best lines. Millers bare been buying heavily, and two or three of them at least have fully satisfied their requirements till the next season’s wheat is avail able. Other millers, again, have fair-sized stocks in hand, and are satisfied, in view of the plentiful supplies, to keep off the market in the meantime. It is now quite apparent that there will be sufficient wheat of good quality in New Zealand to last till the new season’s wheat comes forward. Any linos that are showing signs of weather will have to be sold as fowl wheat, and the demand for this class of wheat is very quiet. To-day's value is about 3s 8d per bushel, sacks extra, on trucks. The few odd lines that have been sold are mostly for the local market, with small lines only for the North Island. Merchants in the North Island want to buy on a basis of Is 3d,

f.0.b., sacks extra, at which price they state they can buy from other ports. Milling Wheat (new season’s). —According to Go'iernment prices: Tuscan, 5s 7£d f.0.b.; Hunters, 53 lOki; Pearl, 63 4£d. Dunedin millers’ prices are as follow: Flour. 2001 b, £lB per ton; 100's, £l9; 50’s, £l9 10s; 25’s, £2O. Bran, £5 per ton. Pollard, £9. Oatmeal: 200’s, £18; other quantities, £l9. There is very little doing in the oat market. Merchants state that they have seldom experienced such a long period of dullness in the local market. Here, again, very little improvement can toe brought about unless an overseas market can be found! fcff a considerable quantity. Small lots continue to go to Australia, but the quantity in the aggregate does not amount to much. About 2s 3d ;>er bushel, on trucks, is the price being paid to-day for A grade Gartons and 2s for B’s, but little business is passing at these figures. Shipping quotations range from 3s to 3s Id, f.0.b., s.i., for A grade, and 2s 9d to 2s lOd for B's. PRODUCE REPORT. The chaff market continues firm. Only small consignments of good quality are coming to hand. Sales have been effected at £4 15s x> ei ' ton, sacks extra, ex truck, for the best quality, but poor and medium are still slow of sale at £2 10s to £3 per ton. sacks extra, ex store. Very little good chaff is held in store but there are heavy accumulations of inferior quality. The potato market remains firm at late rates. There is not a great quantity of potatoes reaching the market. Merchants are working on lines that have been picked over in the stores. The best quality is selling at £5 pier ton, sacks included, ex truck. Other sorts are selling at' from £2 10a to £4, sacks included, ex store. The onion market has firmed. Canterburys are off the market. Dairy butter is easier in price. Eggs have further eased in price. Current wholesale prices are as follow: Chaff; Good quality, to £4 15s; medium and light, slow of sale. Potatoes, £5 per ton. Eggs: Stamped, Is 6cl; plain, Is sd. Dairy butter: Bulk, Is 6Jd; pat 3, Is 6d; milled. Is 7d. Onions: Meibournes, 19s. Bacon: Rolls, llid per lb; sides, IOAd Hams, Is OJd. FRUIT REPORT. _ The Paloona, which arrived at Dunedin on Thursday, brought some nice lines of South Australian and Victorian-grown navels. Ovvjng, however, to the high freight and the duty, a difficulty is experienced in disposing off this fruit in competition with Tahiti fruit, which is fairly plentiful on the local market. Dessert apples meet a sound inquiry. Jonathans, from Otago Central, are selling up to 12s 6d per case. Cooking apples are more plentiful, and prices have eased. The demand is only for the best lines of cookers, A few cases of mandarins and pines, transhipped at Wellington from the Moeraki to the Paloona, came to a bare market, anu realised high prices. Passions and mandarins, ex Whangape, at Lyttelton, should reach tho local market by rail on Monday. American-grown lemons are »csq:<s« in the local market. The prices in. America are ruling very high at present. Vegetables meet a fair inquiry. Cauliflowers bring high prices.

Current wholesale prices are as follow: Apples: Jonathans, best, 11s to 12s 6d; others, 9s to 10s; Scarlet Permains, 7s to 8s; choice, 9s to 10s; Delicious, 12s to 15s; extra choice, to 18s; cookers, best, 2-pi to 2pi; others, 4s to 63. Tomatoes: Local, Is to Is 7d per lb. Passions: Australian, 203 to 22s G J per box. Pines, to 24s per case . American lemons. 50s to 60s; Adelaide, 22s to 245; Auckland cured, 18s to 20s. Pears: Canterbury halves, 4s Cd to Gs 6d; ohoioe Winter Nelis, to 5d per lb. Oranges: Seville, up to 17s 6d per case; Island, 15s 6d to 18s; repacked American, 20s to 255; Adelaide navels, 21s to 235; Poorma-n, 12s to 14s per case; mandarins, extra choice, 283 to 30s; others, 24s to 26s per case. Table carrots, 5s to 6s per cwt; Is per dozen bunches. Leeks, 3dl to 4d per bundle of six. Beetroot, Is per dozen bunches Parsnips, 7s per cwt; Is per dpzen bunches. Cabbages, &s to 6s per sack for best, medium, 2s to 3s per sack. Cauliflowers, to 16s per sack for best; good, 9s to 10s; choioe, to 14s per dozen; prime, 8s to 9s- small, 2s to 3s per dozen. Swedes, 3s 6d per cwt. Celery, 9d to Is per bundle of six heads for best. Pie melons, 28s to 30s per cwt. MERCHANDISE" MARKET. Full stocks of last season's Sicily almonds are still available. Quotations vary considerably. A parcel of Turban packet dates has just been landed. These are quoted at 9s 6d per dozen. Bulk dates are short in the wholesale market. Colman’s starch, lib bags, is now on the market at 12s per dozen. A line of Egyptian lentils, which has just come to hand, is quoted at 6d per lb. The linseed market is firm. The price for whole is in the vicinity of 223 per cwt, crushed 23a. Some merchants have sold out their stocks of Hudson's extract of soap. The wholesale market, however, is not altogether bare of supplies. Merchants are still awaiting definite information regarding the reciprocal tariff -with Australia before ordering Californian or Mediterranean dried fruits. The quotations for the new season’s Californian fruit are favourable to the local market. There has been a slight reduction during the week in the price of jellies, following on our anticipated drop in the quotations for sugar. Zig-zag cigarette papers are still in very short supply. Further supplies of Australian currants and sultanas were landed ex the Paloona. This vessel also brought fair quantities of bulk lemon and orange peel. Stocks of preserved ginger in whole-sale hands are not too plentiful. A further shipment of Laurel kerosene is due about July 26. Stocks of medium Capstan, yellow Tines Castle, and dark Havelock tobaccos are now fairly well bold by local merchants. Cadbury-Fry, Pascall (Ltd.) lias been registered in Victoria. The company is incorporated in Tasmania. Its authorised capital is £590.000, and it has been started by Cadbury Bros., of Bourneville, Fry and Sons, of Bristol, and James Pascall (Ltd.), of London, the three well-known cocoa, chocolate, and confectionery firms, who -decided to manufacture on a large scale in the commonwealth. For this purpose a factory has been erected at Claremont, in Tasmania, and it is stated that between £300,000 and £4OO, (XX) is being expended on the undertaking. A summary of the accounts of James Pascall (Ltd.) for the 12 months to December 24 last is to hand from London. This discloses a loss of £74.627 for the year, but the company has claims outstanding for refund of duty paid. On the other hand, there is the sum of £74,672 brought forward ; also to credit of reserve £25,215, and overestimated loss on the Canadian business in 1920, £5064. These items form a total of £92,593. From this is eubstracted £10,469 for dividend on preference capital of 7 per cent.' for the 12 months to October 21, 1921, £19.956 for dividend on preferred ordinary capital of 8 per cent, for tlie 12 months to June 30, 1921, and a further one-fifth of new issue expenses £2028. leaving to debit of profit and loss £14,32. This is subject to claims against the Government for repayment of a proportion of excess profits dutv by reason of the depreciation in value of stocks, etc., after tlie end of the final accounting period. Tlie directors state that, ’taking all circumstances into consideration. they have felt it prudent to withhold payment of the half-year’s dividend on the preferred ordinary shares, which fall due on January 1 this year.

1 Description. O 10 PQ Sale Price Clean Scout Cost. d. cL Grease 1st combing .. .. 14 25 47 Glease 1st combing \Y11 45 23* 45 Grease ‘2nd combing .. .. n 24 47 Grease 2nd combing \\ H .. 34 22* 45 Glease A fleece 5 OOJ. 45 G reaso 1st fleece .. 12 201 41 Grease 1st necks .. 10 23* 47 Grease broken WH .. .. 37 21 44 Grease broken WII .. 37 20* 43 EO (W. VICTORIA). Grease super combing 8 36 68 Grease superior A A . . .. 30 36* 59 Grease superior AA .. .. 20 34 57 Grease superior A .. 22 37* 62 Grease superior B .. 36 33 55 Glease superior C.C .. .. 20 31 54 Grease fleece .. 23 34* 59 Grease pieces 22 45 A Co A ! BLA D EX SB U R t (Qu. W ool) Grensy A1 combing W .. 4 25 50J AA combing W .. ... 7 241 6oj Greasy A combing \V .. ii 2* 60 Greasy O combing VV .. 7 221 48 Greasy fleece 4 22 47* Greasy broken 23 49