COMMERCIAL

Poverty Bay Herald, Volume LXI, Issue 18579, 13 December 1934, Page 10

COMMERCIAL

SYDNEY WOOL SALES SEASON’S RECORD PRICE (Elec. Tel. Copyright—United Press Assn.) J SYDNEY, Doe. 12. At the wool sales, 10,693 hales were /offered, of which 9737 were sold; 687 bales were disposed of privately. 'The market refloated all the best .features of the previous day, with prices for merinos and tine crossbreds continuing very .firm. The demand for medium to coarse crossbreds was somewhat irregular. The record price of the season in 'Sydney for merino fleece, namely 20d, was realised for two lots from Barraba. PRICES IRREGULAR SYDNEY SHARE MARKET 'SYDNEY, Doc. 11. 'Business was quieter on the Sydney Stock Exchange to-day, with a tendency to weakness. Trice movements were irregular. 'Sales: Colonial ‘Sugar, £43; Burns Philp, 01. h 3d; Australian Gas, A, £8 Is; British Tobacco, 41s fid; Tooths, 61s 3d; Australian 'Glass, 635; Dalgetys, £8 las; Wilcox Mpfflin, 9s lOd; Morris Hcdstrom, 10s Henry .Tones, 35s 4Jpl; 'Millaquin 'Sugar, 37s 6d; (David Jones, 425; Anthony Hordern, 19s 7ld; 'Lustre Hosiery, 275; Standard Cement, 19s; W. R. Carpenter, 41s; General Industries, 13s 9d; Broken Hill Proprietary, 53s 3d; South Broken 'Hill, 80s 6d; . Ravang Tin, Bs. ■ ; 'Commonwealth Bonds, 4 per cent; 1938, £lO6 las; 1941, £100;..1944, £lO7 7s (id; 1947, £lO9 7s Od; 1960, £111; 1963, £lll ss; 1965, £lll ss; 1957, £llO 3s 9d. MELBOURNE, Dec. 11. Sales on the Melbourne Stock Exchange to-day included:—Melbourne Herald and Times, 59s 6d; Electrolytic Zinc, 23s 9d; Australian Iron and .Steel, prof., 235; E.S. ‘arid A. Rank, £5 3s; Dunlop Pordriau, 20s; North Broken 'Hill £5 35.; Mount Lyell, 17s 9d; Zinc Corporation, 31s Od. BRITISH TOBACCO NET PROFIT MAINTAINED 'British Tobacco (Australia), Limited, shows a profit of £585,849 for the year ended October 31, as against profits of £585,610 the previous year. Preference dividend of 6J per cent has .absorbed £96,507, ordinary dividend of 6 per cent required £488,067, and the balance, £1275, added to the amount brought in, £32,121, gives £33,390 to be carried forward. • I ONAKAKA IRON CD. PROBABLE SALE The Onakaka Iron and Steel Company’s accounts for the half-yearly periods ended April 14 and October 14, 1934, show a loss of £437 and £457 respectively. “In tho early part of 1933,’’ states a report, “the blast furnace was put into commission and 3286 tons of pigiron were manufactured. It will be readily- undertsood that it is not pos : sible to make iron at an economic price when operating in a spasmodic manner, but -whilst negotiations are in progress for the sale of the undertaking with a view' to a complete reorganisation of the industry, it is necessary to replenish our stocks of iron. In this connection we have to report that a new campaign has .just been entered upon, and with the assistance of a subsidy from the Unemployment Board it is hoped to keep the furnace (going until the end of March, 1935.” Negotiations are in progress for the sale of the property, ,and during the year a visit of inspection was made by two highly qualified engineers sent ovft by Messrs. Brassert and Company. |A very searching investigation was imade of the potentialities of the pro'pertics. “We are pleased to state,” the report adds, “that the field teats of the basic .slag made by Mr Hewkett at Inakaka have proved most satisfactory.” HASTINGS STOCK SALE GISBORNE STORE CATTLE Last week's values were maintained in the offering of 190 fat cattle at the Hastings stock sale yosterday. Wcli ! finished! ox was in short supply, and the main offering was of lightly finished cows, which showed a tenidency to ease. Bullocks sold up to £7 .17s, heifers to £6 9s, and cows to £3 18s (id. Rfore cattle values wore firm. The 1 entry of 000 included a number which had travelled by road fr.om Gisborne. One draft of 1.12 2-year P.A. heifers, of good breeding, in fair store order, a Gisborne line, brought |£3 14s, being lifted 1 by a Wanganui buyer. Another Gisborne draft, 64 medium-framed P.A. -Hereford-cross 5-year bullocks, was passed in at £5 7s.

LONDON WOOL SALES

Tho New Zealand Loan and Mex'cantile Agency Company have received the following cablegram from London dated December 12:—"The sales closed firmly to-day in sellers’ favor. As compared with last sales’ closing rates, prices are lower by par to id per lb. lor greasy crossbred, higher by par to id per lb. for lariibs; merino and crossbred ; Otherwise unchanged. Yorkshire was the chief buyer arid an excellent dearaiice was effected. The following is the range of prices for good average greasy fleece wool; —64’s, 9jjd to lid ; 60/64 s, fid to lOd; 56’s, 9d to i<Mj 60’S, ?J,d to 84d; 48/60',s, 6/jd to 7|d; 48’s, 6£d to 7d; 46/48’s, 6d to 6Jd; 46's, 6d to 6i<l ; 44/46’s, 5Ad to (Ad j 40/44’s, s]d to 6d; 40’s, 6|cl to sfd,”

' Butter prices at Dunedin have boon reduced to l()Jd per lb. The cause of the reduction on this occasion has boon general price-cutting competition, which has not been absent from the Dominion market for some time, together with the enshig market,. Otago factories have yet another factor with which to contend in price fixation. 'That is the attempt, to keep Canterbury factories off the market with their surplus butter after serving thoir own demands.' The position is made moro difficult on .acfioUUt of the northern factories offering their stock to Dunedin merchants on a slightly lower basis than that of Otago manufacturers,