LATE COMMERCIAL

Sun (Auckland), Volume 1, Issue 87, 4 July 1927, Page 12

LATE COMMERCIAL

SALES REPOTED Press Association. Wellington: 4jJ Inscribed Stock, 1938, £97; N.Z. Guarantee Corporation (ord.), paid 8s lOd. Christchurch: Union Bank of Australia, £ls 14s; British Tobacco, 52s 9d. Dunedin: Kawarau, Is. STRENGTH OF STOCK EXCHANGE THE SHOCK WITHSTOOD By Cable.—Press Association.—Copyright Reed. 9.5 a.m. LONDON, Sunday. References have frequently been made of late to the inherent strength of the Stock Exchange position. If any proof of that strength were needed, we had it this week, when the markets withstood the shock of the collapse of a gambler on a colossal scale, with no worse result than the failure of one unimportant broker. As a writer in one of the financial newspapers says:—“The Stock Exchange, after the first feverish dealings in British-controlled oilfields, took matters calmly. Buyers came forward for cheap stock, but the excitement subsided as quickly as it arose.”—A. and N.Z. PROSPECTS FOR WOOL BETTER PRICES EXPECTED By Cable.—Press Association.—Copyright Reed. 9.5 a.m. LONDON, Sunday. As the date of opening of the fourth series of wool sales comes nearer, anticipations of harder prices grow more prevalent. The general opinion now seems that on Tuesday we shall see values 5 per cent, above those ruling at the close of the May auctions. One wool expert writes: “There is something approaching a squeeze in fine wool, and only the inadequacy of the Home trade and manufacturing requirements have prevented values from advancing more than they have done since May. The prospects as to any great increase in the consumption of merino wool in the West Riding are none too good, and users are not iikely to compete so readily as to cause an advance of more than 5 per cent. Values of wool have certainly appreciated to that extent during the interval, but the weight of business passing in fine tops and yarns does not justify the payment of much higher prices. A similar advance may be expected in cross-breds. The expanding call for crossbred wool, tops, and yarns on account of Continental buyers lias done a great deal to improve prospects in this quality, but here again topmakers are very much dissatisfied with the prices they are able to command for medium and low qualities. Th° immediate outlook for the sale of practically all classes of wool is good. Germany is expected to be a largo buyer and other Continental buyers to operate freely.—A. and N.Z.