COMMERCIAL.

Timaru Herald, Volume XCVIII, Issue 18084, 21 November 1924, Page 10

COMMERCIAL.

... 'P AUSTRALIAN MARKETS.Cable —Pross Association —Copyright- ► Australian and N/Z. Cable Association November 20, 8.45 p-nj-) X f 6 SYDNEY, Nov. 20. u6ats, Tasmanian, Algerian feeding, 4s‘;2d to 4s 4d; white giants, 4s id to ' yellow 4s, white 3s lOd. 'Potatoes, £5 to £B. / . , Onions, brown Spanish,' nominally £35-per ton; local new £ll. to £l4. 1 x ADELAIDE, Nov. ,20* •Oats, Algerian feeding, 3s.' 8$ DALGETY’S report. &i;U LONDON. Nov. 18. (Tallow* —Offered,; 960 casks; sold. 690 casks -par to 6d higher.

LONDON PRODUCE AIARKETS

The Bank of New Zealand lias deceived the following advice from London, under date 14th November: Butter.—Weak, 200 s to 2025; second grade (almost unsaleable) 180 s to 184 s. Cheese. —Quiet, 92s to 935. Frozen • meat. —-The market for re tiers is dull arid unchanged. Ewes arm, arid moderate business has been lone. Lambs are in short supply and prices are nominal. The beef market is inclined to be firmer. Wethers, light 8(d to 9id, heavy 7Jd to S ; '.d; ewes, 6id vo. 7jd; lambs, new season’s, Australian 12id to 13d: ox hinds s(d to bid, fores 4id to 4jd. lIRS-T WOOL.SALE. Dalgety and Company report on the Wellington Sale, held on the 16tli inst. as follows: — As we wrote in the opening page ot our last season’s Annual Review that “annus mirabilis” was a fitting ap

pellation for the record of the 19231924 Dominion selling season, we can now go further, and say that the opening sale held here yesterday .was still more wonderful. Never iri the history’ of the trade have such wonderful solid average prices been recorded; and although a crowded bench of buyers occupied the benches, bidding was peculiarly enough restricted' to a small section of those present. Certainly the quality and condition of the offering could be termed “par excellence”, and we can never remember ltomney anc Crossbred wools opening up at the first sale in such condition, the majority of the wools being of splendid colour, sound, well grown, and very light in condition, lief ore the auction started it was. runioured that America was likely to be,a strong buyer, and ifrom the opening to the close of the series the U.S.A. competition for the super wools will be. something for growers and brokers to talk and think, about for many years to come. The squatter’s dream of 24d per lb. for crossbred wool has now been realised, .and the hope of all growers is that the realisation may bp of long duration. . Wool, after to-day’s sale, is liigh--dangbr6usly high, and we do uiot wish to appear or write as pessimists, but still a limit of high prices has to be reached, and a breaking point sooner *or later will be recorded. America made the sale to-day. Bradford took very little wool. Germany, who last year at the opening sale, and then right throughout the season .set a merry pace and bought largely, taking throughout the season 106,190 bales, bought to-day practically nothing. Japan was not in the market, but France was keenly interested in super bellies and pieces, also a few odd lots of fine quality fleece, and secured a fair quantity of wool. Italy was buying, and took a few parcels of the small quantity oi the carding wools which were offering. Very few lots suitable for Dominion wool mills were catalogued, but any that were, were snapped up at-''prices above outside buyers. As the majority of the wools offered were stylish, well grown, sound and light in condition, America (as previously stated) was much interested, and- appeared to be buving all suitable lines without limits. Unfortunately, U.S.A. is a spasmodic buyer, in at one sale and out at another: and their support, or lack of it, has created a good many anomalies which are difficult to explain to growers.

TJj rough out .yesterday's sale it iVfis quite evident that many buying on. the' benches were operating* without limits, and some Bradford and Continental buyers who were tied down to limits, left the saleroom without securing a bale. Buying without limits cannot continue for any length of time, and we incline to the “opinion that when a fair quantity of wool has come on .the market, buyers who, at the present, have a free hand, will later be tied down to what is considered a safe and reasonable limit. We see no reason why any serious fall in values should take place, but he would be a brave person who would speculate in wool at to-day's prices. It is surprising how some growers, even with the abnormal prices now'.ruling, will insist on hampering brokers with excessive reserves. As much buying is being done in the benches without limits, such growers must have a super knowledge of future prospects, and should be. buyers instead of sellers. To-day’s sale 'will no doubt make it quite evident to growers generally that present Dominion ruling lates are good enough to seize and acquire as quickly as possible. •