COMMERCIAL

Poverty Bay Herald, Volume LX, Issue 18253, 23 November 1933, Page 9

COMMERCIAL

WOOL INDUSTRY PROSPECTS OF BETTER TIMES WISDOM OF MODERATION LONDON, Oct. 13. In his presidential address to the International Wool Conference at Budapest, M. Maurice Dubrullc said that in common with all forms of raw material, wool, in the economic crisis, had suffered hard times, but never to the point of distraction. The uso of wool had been encouraged by its relative cheapness, and there had been no need to resort to any form of tampering with normal market values, or attempts at rogul«tti° n . as in the case of some other forms of raw material.

If, alongside the reduced carry-.over in Australia and New Zealand, was considered the decline of the prospective clips in Australia, New Zealand and the Cape—together estimated to represent a falling-off of 700,000 bales—the reduced! quantities reaching lire, market , must, inevitably keep wool prices up to a reasonable level, which should enable wool-growers to earn a better livelihood, after three distressing 'years." It was a I matter 'for/rejoicing! that wool-growers in all countries might now look forward to a legitimate reward for their labors. It had never been to the interests of users that the value of their raw material should fall to vanishing point, to the starvation of tho producer. Nevertheless, it was undesirable that values ‘should rise exorbitantly, or we should fall'back 1 into tho extravagances of' tho past, and enforced' substitution would mean again the pre-eminence of rags and wastes. Only if vendors and buyers of wool knew hoW to exemplify | moderation, wisdom and prudence, would‘wool values be maintained at n< reasonable and stable level which was the foundation of general prosperity. Tfe would like the minds of those who thought that values wore pointing to new high records, to bo tempered acruinst the folly of unduly high prices. We Were still in a period of economic convalescence and. while some buyers—in faco of the wild daneo of the exchanges—preferred to hold goods rather than depreciatory tokens, it. might oc'iir, through an accumulation of unsold stocks of finished goods, that the situation might be altered and conseciuentlv react up'on the wool-growing, countries. Such a calamity must be avoided. SYDNEY STOCK EXCHANGE MARKET REMAINS STRONG SYDNEY, Nov. 31. On the Sydney Stock Exchange to-day slight, concessions on late rates were granted- by sellers in some instances, but the market maintained ' its strength. Commonwealth loans underwent mmol’ adjustments. 1

Sales: Bank of New South Wales, £32 ss: Commercial Bank of Sydney, £l7 9s; National Bank of Australasia, £5 paid, £6 9s; Bank of Adelaide, £6 5s 6d.

Australian General Insurance, lls 9d; United Insurance, £9 7s 1 6d; Adelaide Steam, 25s 6d ; Tooth and Company, 435; Toohry, 21s 3d; Australian Glass, 48s 6d. Dunlop Rerdriau, 19s 4jd; Goldsbrougli Moit, 30s 3d; Burns, I’liilp, South Seas, 31s; Electrolytic Zinc, 25s 9d: Anthony Hordern, 13s sd: L’itt, Son and Badgery, 41s; Millaqtiin Sugar, 30s 4jd ; David Jones, 365. Broken Hill Proprietary. 39s 9d; South. Broken Hill, 62,s 9d; Mount- Morgan, 58s 3d ; Kuala Kainpar, 12s 6d.

Commonwealth Bonds, 4 per 'coni., 1938, £lO4 7s 6d; 1941, £lO3 Ms 3d; 1914. £lO5 7s 6d; 1947. £lO5 12s 6<l; 1950, £lO5 7s 6d; 1953, £106; 1955, £lO5 17s 6d; 1257/ £lO4 7s 6d; 1959. £lO5. MELBOURNE, Nov. 21. Sales on the Melbourne Stock Exchange tp-dav included : National Bank of Australasia, £lO paid, £l3 12s; (Hieensland National Bank, £5 13s 6d; Commercial Bank of Australia, 17s 3d: Gordon and GOteli. 38sHerald and ■Times, 47s -3d ; -Mt. Lvell, 22s 6d: Broken Hill South. 63s 9d.

A new dredging area of 240 acres at Mossv. Creek, near Hukarere. lias been acquired by a syndicate, with a capital of £15,000, ball being raised in Greymouth and half in Christchurch. A new dredge is to be obtained and will be worked by electricity. Mr. F. G. Dunn, Christchurch, and Mr. S. A. Sullivan. Greymolith, head the syndicate.

Au uudorwriting surplus of £3910, compared with £9521 for the previous year, is shown in the accounts of tho Colouiul Mutual Fire Insurance Company, Limited, Melbourne, for the year ended September 30. The revenue from interest and routs was £20,327, and net profit for the year

£24,237, against £28,273 for 1931-32. Tho dividend is increased frpm.3s Mjr cent, to 5 per cent., absorbing £15,000, and £42,227 is carried forward, against £32,990 brought into the accounts.