COMMERCIAL

Poverty Bay Herald, Volume LX, Issue 18068, 20 April 1933, Page 4

COMMERCIAL

STRONG COMPETITION SYDNEY WOOL SALES (Elec. Tel. Copyright—United Pross Assn.) SYDNEY, April 19. At the wool sales 10,082 bales were offered, of which 891? were sold, and 1570 were disposed of privately. The market was fully equal to the previous day’s rates. There was exceptionally strong competition in all section. Greasy merino made 15d. GOLD RETURNS OKARITO DREDGE The Okarito Five Mile Beach Gold Dredging Company, Limited, reports a return for the week ended Saturday, April 15, of llloz. 17dwt. for 122 hours’ dredging. KING SOLOMON MINE The King Solomon return for five days’ work last week was 500/,. 11 hvt. GOLDEN DAWN MINE Golden Dawn Gold Mines, Limited, reports 'that for the 12 working days to April 8, 413 tons of ore was treated for a return of £lOl9 in gold, Valued at £4 per ounce. FAVORABLE WOOL OUTLOOK AMERICA’S LIMITED BUYING SYDNEY, April. 12.

Winch combe, Carson, Limited, report: ■■Prospects are promising for the sale of the balance of the Australian clip. Between 85 per cent, and 90 per cent, of the season’s wool has now been sold. Demand for the catalogues recently submitted has shown strength and wide distribution, which augurs >vell for coming auctions.

“The United States has been the one country from which competition has been disappointing. Production of wool in that quarter has not increased during the past year. The latest estimate shows that the number of sheep in tho States on January 1, 1933, was 51,630,000 head, or 1,691,000 less than a year before. Business in the mills, however, has been quiet, and the domestic clip has been supplying tho great bulk of manufacturers’ requirements. “A limited quantity of super wools has been bought by American millmen in Australia, but tho volume of purchases has been abnormally small. Decidedly decreased weights have also been bought in the Argentine and Uruguay. With a tariff of 34 cents per lb. on a clean scoured basis on wool entering the States, very large operations cannot be expected, but two years ago 71,707 bales were taken from tho Commonwealth, and that demand' was a factor in tho sale of deeply grown medium quality merino fleece line, for which American buyers then forcefully and fairly consistently competed. “Despite the duty on tho staple, prices in America have fallen in sympathy with world values. The experience indicates that no country can turn itself into an absolutely fully protected area in regard to values. With England and Australia off tho gold standard, fleece wool, for which America may pay 14d in Australian currency, only costs about 7d in American money. The duty would be in tho vicinity of 100 per cent., but even that addition does not make the wool dear compared with a few years ago, and to sell his clip tho grower in the States has found it necessary to adjust his prices in order to compete with the foreign-grown raw material. Tariff effectiveness, therefore, has its limitations. “Prices for the finer, well-grown wools have latterly partially recovered the ground they lost in February and early March. Stronger English operations have been one of the chief influences in that improvement. Reports lead to the belief that tho Yorkshire establishments are somewhat understocked with those grades. With the mills now producing women’s fabrics, previously extensively imported from the Continent, fair supplies of the finer types are now required by the United Kingdom. Until duties and exchange rates enabled textile makers to more fully cater for the home trade in Great Britain, Yorkshire’s operations were largely confined to the broader classes of the staple suitable for the production of men’s goods. “Growers whoso wools are due for offering late in tho season this selling year are being partially rewarded for their patience in awaiting marketing. That is a welcome development. For some -years values have weakened towards tho close of selling year. That circumstance has tended to make a good number of growers sell their wool privately in tho country, particularly in New South Wales. The experience of recent buoyant markets may check tho inclination to sell in the country immediately the wool is shorn ”