DOMINION’S WOOL CHEQUE

Southland Times, Issue 23502, 7 May 1938, Page 4

DOMINION’S WOOL CHEQUE

Proceeds Lower By £6,109,384 SMALLER AMOUNT SOLD AT AUCTION The value of wool in New Zealand this season was £8,793,873 against £l4 903,257 last season, according to figures issued by the New Zealand Woolbrokers’ Association, after a meeting in Christchurch. The difference m total realization is thus £6,109,384, but as the woolbrokers’ figures contain particulars of wool sold at auction only, the actual deficit will be larger, almost certainly more than £7,000,000. ■Details of this season’s sales and those of last season are: —

The most surprising item in the figures is the larger total offering, an unexpected development in a year generally considered to be one of light clips. There was practically no carryover from the 1936-37 season into this season, so the larger offering is probably a reflection’ of the larger flocks of the Dominion. NORMAL PASSINGS Passings were considerably heavier than was the case in the 1936-37 season, but were probably little above normal. Passings were very heavy in the earlier sales and at qn occasional later sale, but in general growers met the market exceptionally well. Last season when prices were consistently rising, passings were exceptionally low, and the figure is apt to exaggerate by contrast the passings of this season. The total return amounts to a fall of 41 per cent, which was about what had been expected in the trade. The season’s carry-over should not be more than about 73,000 bales. The value a bale, is a little better than the average of the 10 years before the war, but it is not a good return in comparison with those since the wartime control ceased. In the 18 seasons since 1920-21, the average a bale of £l4 6/2 has been exceeded nine times, and has exceeded the average of eight other seasons. The best bale average was obtained in 1924-25, when the figure rose to £29 5/- a bale. WOOL SOLD PRIVATELY The Woolbrokers’ Association figures cover only wool sold at auction, and do not take into account the wool shipped on owners’ account for sale overseas, nor wool bought privately in New Zealand. Exact figures are difficult to obtain, as the trade works on a wool year from June to June, and the Government Statistician on the . calendar year but for the two seasons before this, the total number of bales sold at auction here was about four-fifths of the total shipped, and the value of wool sold at auction was about three-quarters of the total value received. Applying these figures, it would appear that the total sale of New Zealand wool this season will be about 768,000 bales, and the total value £11,725,000. This would give a decreased total return from wool for this season of £7,048,000. GOVERNMENT SECURITIES (Received May 6. 5.5 p.m.) LONDON, May 5. Following are the latest quotations for Government securities compared with the

FOREIGN EXCHANGES (British Official Wireless) (Received May 6, 6.3(1 p.m.) RUGBY, May 5. The tollowing mean closing rates of foreign exchanges were quoted today compared with par:—’

BRADFORD TOPS MARKET (Received May 6. 5.5 p.m.) LONDON, May 5. The tone of the Bradford tops market is quietly firm, pending the opening of the London wool sales. Quotations: —

THE WHEAT MARKET (Received May 6, 5.5 p.m.) LONDON, May 5, Wheat cargoes are dull and parcels are quiet. Futures:— London: May, 38/1; November, 32/-. Liverpool: May, 7/7J; July, 6/6 October, 6/SJ. The spot trade is quiet. Australian, .ex ship, 35/3 to 36/3. Flour is quiet. Australian, ex store, 25/6 to 26/6. I Chicago futures are quoted:—May, 80 cents; July, 78J; September. 79|.

1936-37 1937-38 Bales offered 668,397 687,718 Bales sold 663,798 614,609 Total weight ( 226,089,994 210,151,212 Total value £14,903,257 £8,793,873 Average price— per lb.' 15,82d 10,043d a bale £22 9/£14 6/2

prices ruling recently:— May 5 April 28 £ s d £ s d British— Consols 74 10 0 75 0 0 Funding Loan, 4 per cent. 112 15 0 113 0 0 War Loans, 3 p.c. 101 5 0 101 15 0 Con. Loan, 3’/a p.c. 102 0 0 102 10 0 Victory Bonds, 4 per cent. 111 0 0 111 5 0 Commonwealth— 3 p.c., 1945-75 107 5 0 107 15 0 3 p.c., 1955-58 102 0 0 102 0 0 4 p.c., 1943-48 100 17 6 100 7 6 3% p.c., 1945-53 93 10 0 91 16 3 3>,4p.c.. 1958-60 88 15 0 88 11 3 New South Wales— 4i/ 2 p.c„ 1935-45 97 12 6 98 0 0 Victoria— » 3 p.c., 1929-40 94 17 6 95 3 9 4% p.c., 1940-60 103 10 0 103 15 0 4 p.c., 1945-75 106 15 0 107 10 0 Queensland— 3 p.c., 1932-47 97 2 6 97 2 6 5 p.c., 1940-60 103 7 6 103 12 6 South Australia— 4 p.c., 1942-62 107 2 6 107 10 0 3 p.c., 1945-75 76 0 0 76 0 0 Western Australia— 4 p.c., 1942-64 100 17 6 100 10 0 Tasmania— 3*,ip.c., 1929-40 101 15 0 101 17 6 4 p.c., 1940-50 101 10 0 101 5 0 New Zealand— 4*,2 p.c., 1948-50 100 10 0 100 5 0 31/2 p.c., 1940 100 7 6 100 8 9 4 p.c., 1945 93 5 0 97 13 9

Par Today Paris, fr. to £ 124.21 178 29-32 New York, dol. to £ 4.886 4.99 Montreal, dol. to £ 4.886 5.01% Milan, lira to £ 20.43 94 13-16 Copenhagen, kr. to £ 18.159 22.40 Oslo, fr. to £ 19.159 19.90 Berlin, rmk. to £ 20.42 12.40% Prague, kr. to £ 34.585 143% Helsingfors, m. to £ 103.23 226% Madrid, pesetas to £ 25.15 Lisbon, escudos to £ 110 110 3-16 Athens, dr. to 875 547% Bucharest, lei to £ 318.6 677% Belgrade, dinars 275.3 217 Rio de Janeiro, p. to milreis 8.895 2 13-16 Buenos Aires, p. to dol. 45.577 18.97 Montevideo, p. to dol. 57. 20 Bombay, p. to rupee 10 18%

JO’S April 7 April 21 April 28 May 5 27>/a 27 27 27Va 64’s 26 26 26 26 6O's 25 25 25 25 58’s 22 22 22 22 56’s 19 >/ a 19'/a 20 20 50’S 17>,'a 17>,i 17>/a 17>,i