FULL CATALOGUE ALREADY

Southland Times, Issue 23380, 11 December 1937, Page 4

FULL CATALOGUE ALREADY

Second Wool Sale At

Auckland

RISE IN PRICES NOT EXPECTED (Special to The Times)' AUCKLAND, December 8. Although the second Auckland wool sale will not be held until January 24 a catalogue of 30,000 bales has already been filled. One broker said that this was the earliest closing date in his memory. Brokers and their staffs have been fully occupied ever since the first sale in an effort to keep abreast of supplies and the congestion caused by the waterfront strike has made the position worse.

Auckland brokers do not intend to apply for an extension of the limit of 30,000 bales, which is 3000 bales more than the offering at the corresponding auction last year. Consequently, all wool which is now coming into store will be held over until the third sale in Auckland on March 26. There is no possibility of the wool being offered at southern auctions, as all centres are having the same difficulty. There is no limit for the March sale and it is expected that it will be the heaviest for many years. Brokers do not want an extension of the limit for the coming sale, as they will be satisfied if they can clear the big amount to be offered.

The unusually early closing date of the January sale is due to the fact that about 10,000 bales were held out of the first auction, the catalogue for which also closed early. In addition to this, the accumulation of wool passings at the first sale have been estimated at about 50 per cent., including private sales negotiated after the auction. This means that about 12,000 bales out of a catalogue of 25,000 bales were held in store for the January fixture, leaving only about 8000 bales to complete the catalogue. STIMULUS TO SHEARING The recent fine weather has greatly stimulated shearing and this additional quantity did not take long to reach the stores. It is now feared that unless growers are more prepared to meet the market than they were at the November sale the March fixture will become unwieldy. The wool already in store for the next auction shows little alteration in quantity from that offered last month, although some of the clips which have come in since then are slightly heavier. “It appears that the growers will have to reconcile themselves to the lower prices ruling,” said Mr B. J. Marquet, chairman of the Auckland Woolbrokers Association. “In my opinion the main obstacle is the ever-increasing competition which is coming from artificial fibres. When wool prices soar, as they did last season, there is a na | ural tendency to use more of these fibres. It is a significant fact that the equivalent of 6,000,000 bales of wool is produced in artificial fibres annually. Germany, for instance, insists upon a 50 per cent; mixture.”

THE WOOL MARKET

BRADFORD MARKET MORE BUOYANT

The Bradford wool market is more buoyant and Merinos are a penny dearer. The keener competition in New Zealand has stimulated crossbreds. Quotations:

SYDNEY STOCK EXCHANGE ■ MARKETS CONTINUE FIRM (Received December 10. 8.45 p.m.) SYDNEY, December 10. Most of the leading industrial counters were firm on the Stock Exchange today. Colonial Sugars rose sharply. There was little interest in gold shares, but tin stocks were in demand.

MELBOURNE SALES Trading on exchange continues quiet, with no particular significance in fluctuations. Sales were:

DAIRY PRODUCE MARKETS BUTTER AND CHEESE QUIET IN LONDON LONDON, December 9. The butter and cheese markets are quiet. Quotations:

STEADY RISE IN BANK FINANCES (British Official Wireless) (Received December 10, 6.30 p.m.) RUGBY, December 9. A healthy feature of the country’s finances is the steady rise over the past year in the total of bank advances —an improvement which the last monthly statement of the London clearing banks shows is continuing. At £986,210,000 'the November average of advances through 11 London clearing banks compares with £890,224,000 a year ago. In 1929 the £1,000,000,000 mark was passed but in the final quarter of 1933 advances had dropped well below £750,000,000. MINING RETURNS 1 MOUNT MORGAN (United Press Associatiof., WELLINGTON, December 10. The Stock Exchange has received the following cablegram from the Mount Morgan Company: “The production report for the four weeks ended on December 8 is:—Ore mined, 56,164 tons; ore treated, sulphide, 29,150 tons; oxidized, 25,767 tons; estimated production, gold, 5100 oz; copper, 238 tons.” MAORI GULLY GREYMOUTH, December 10. The Maori Gully return was 250 z for 117 hours’ work. METAL MARKET (Received December 10, 6.30 p.m.) LONDON, December 9. Metals are quoted as follows:—

70’s Nov. 18 Nov. 25 Dec. 2 Dec. 9 31 30 — 30 64’s 28 — 28 30 60’s 27 — 27 30 58’s — 2414 56’s 23 — 23 23 50’s 20 — 20 18’/z

Sales were: £ s d Bank of New South Wales 34 2 6 Commercial Bank of Australia 17 3 E.S. and A. Bank 5 10 0 Bank of Adelaide 8 5 0 Colonial Sugar 47 17 6 United Insurance 10 5 Associated Newspapers 1 3 6 do. (pref.) 1 4 6 Australian Gas (old) 7 11 6 British Tobacco 2 10 3 Tooth’s Brewery 2 13 6 do. (N.Z. delivery) 2 3 6 Australian Glass 4 13 0 G. J. Coles 4 6 3 Cash Orders Amalgamated 17 0 do. (pref.) 1 3 0 ‘ Felt and Textiles (new paid) 1 15 6 do. (old) 1 16 101/2 Malleys 1 2 0 Meggitts 1 13 6 Australasian Paper 1 10 l’/2 Woolworths 1 7 0 Wright Heaton 7 10 0 W. H. Soul 4 3 0 Wilcox Mofflin 11 0 Fairymead Sugar 1 10 0 Sulphide Corporation 13 6 Electrolytic Zinc 2 7 9 do. (pref.) 2 10 0 Mount Lyell 1 12 9 Broken Hill Propty. 3 4 6 South Broken Hill 1 17 6 Zinc Corporation 5 3 6

£ s d Commercial Bank of Australia 17 3 National Bank (£5 paid) 7 4 0 E.S. and A. Bank 5 9 6 British Tobacco 2 10 3 Carlton Brewery 3 4 0 G. J. Coles 4 5 9 Australian Iron and Steel (pref.) 1 8 0 Drug Houses 1 6 6 Dunlop Perdriau Rubber 1 2 10 Goldsbrough Mort 1 12 9 Felt and Textiles 1 16 3 Australian Paper (pref.) 1 5 3 Electrolytic Zinc (pref.) 2 7 6 do. 2 10 0 Mount Morgan 11 5 Mount Lyell 1 12 7>/2 Broken Hill Propty. ,1 4 3 North Broken Hill 2 12 0 South Broken Hill 1 17 0 Emperor 12 0 Loloma 16 3 Broken Hill Propty. (new, 5/- paid) 1 16 3 Taranaki Oil 7 8

BUTTER New Zealand— Dec. 2 Dec. 9. Danish 152/- to 149/Choicest salted 110/Unsalted 119/- to 120/- ■ Australian— Choicest salted 111/Unsalted 116/CHEESE New Zealand— White 66/Coloured 76/65/6 Australian— White 66/- to 67/64/- to 65/Coloured 65/6 to 66/63/6 to 64/6

Dec. 8 Dec. 9. £ s d £ s d Copper— Standard, Spot 40 5 714 39 18 114 Forward 40 9 414 40 2 6 Electrolytic 44 10 0 43 10 0 to 46 10 0 45 10 0 Wire bars 46 10 0 45 10 0 Lead— Spot 16 3 114 '15 15 714 Forward 16 4 414 15 16 1014 Spelter— Spot 15 11 3 14 18 114 Forward 15 15 714 15 1 1014 TinSpot 195 0 0 193 2 6 Forward 193 17 6 192 7 6 SilverFine, . per oz 18%d 18 15-16d Standard, per oz 20‘/ad 20 7-16d