WOOL.

Timaru Herald, Volume XCVIII, Issue 18063, 9 March 1923, Page 5

WOOL.

LONDON WOOL SALES. '/’lip. Bank of New Zealand had* received the following advice from its London office under date March G:-~ .1 he sales have, opened with moderate competition and largo attendance of

! buyers. Compared with- the close or lost ’ w»lo, prices for hatthrods, yd to oS's, and nne crossbreds, oil s, snow no quotable ciiiinge. Aluuium crossbreds, 44 to Jets, aiKt coarse crossbreds, b(3 to -Id's, are Ki _to ltd lower. , The lollowing is a copy of a cable i message received l>,v Daigety and Co. from their London office, elated .Unroll d : —Wool sales opened; attendance of buyers large and eompottion animated; | lair selection. Continental buyers are; Hie principal operators; .Home trade; competing, tint with more reserve. As ! compared wit 111 last sale’s closing rates:’ tve quote—Mo merino wools offered. ! Ha If bred wools Id to l.Jd lower. Crossbred wools, tine .quality, id to id lower; do medium quality, id to Id lower; do coarse quality, -id lower; do slip© and scoured, Id to 2d tower. 48 to 50’s good super, 17d to 19|-d, lo.w medium iod to 16.W1. Hall'bred, yO to 56, good 1.8-id, super 22d, low lOJcl, medium lßd. b’ine crossbred, 46 to 48, good led, super J6fd, low 12d, medium 14d. Crossbred, 44 to 46, good 12d, super I3d, low 9fd, medium llid. do 40 to 44, good lOd, sniper 10Jd, low Sjd, medium 9Jd. Course crossbred, 36 to 40, good 9sd, super 10id, low Bd, medium Dd. Tli© N.Z. Loan Co. has received the following advico from its London house, under date March 6: —Wool Sales. — There was a good attendance at the opening of the sales to-day, competition being irregular, and prices, as compared with the close o-f preceding series, ruled par to O per cent, lower for merino and 5 per cent, to 10 per cent, lower for crossbred. The opening catalogues were fairly representative. The demand on American account is restricted. i

LOCAL BODIES AND BANK I OVERDRAFTS. j For some time past municipal and local bodies have been drawing the attention of the Minister of Finance to an apparent anomaly in their financial arrangements iwit-li tlic banking institutions (saysi tho Auckland “Star”). Practically all these bodies have moneys to the credit of their loan account with the bank, but they aro compelled to obtain an overdraft from tho banks to balance their general account, and there -are no facilities to balance ono account with tho other. Tho matter was brought under tho notice of tho Prime Minister, and ho remarked that it had previously been before _ him. There was provision for tlfc placing of the credits on deposit with interest, lie explained, but this was not satisfactory, as tho deposits could only he of short duration, the depositors not knowing when the sum might he required. The interest paid on these deposits was 3)per cent., while on overdrafts un to 7 ■,er cent. ,was charged. Mr Massey; promised to look into the matter again.