WOOL SALES COMMENT

Timaru Herald, Volume CXLV, Issue 21216, 10 December 1938, Page 21

WOOL SALES COMMENT

MARKETS SEVERELY TESTED United Press Association —By Electric Telegraph —Copyright (Received December 9, 6.30 p.m.) LONDON, December 8. Messrs Dawsons, commenting on the wool sales, says that the large proportion of merinos somewhat severelytested the market’s absorbing power, at a rather critical time. Happily there was no serious decline in values, although there was some irregularity. Manufacturers covered the urgent requirements, but doubtless will want, further stocks in the new year. Government orders assisted the demand for crossbreds. RABBITSKIN SALE Small quantities were catalogued at this week’s rabbitskin sale at Dunedin, most of the offerings being Hatters’ grades, for which there was little or no demand. A few parcels of winter skins came forward, but these sold at prices considerably below late quotations. The following is the official range of prices:—Small 23d to 33d per lb, outgoing winter does 16d to 181 d, runners 7d to Bd, spring bucks 13d to 143 d, racks lOd to 123 d, spring does lid to 133 d, summers IOJd to 103 d, summer blacks 4d to 9d, winter bucks, 20Jd to 24d, summer fawns 6d to 12d, winter does 17Jd to 24d, Ist hareskins 9d to 16d, outgoing winter bucks 15d to 173 d, Ist milky lid to 13Jd. LONDON WOOL SALES REVIEW OF PRICES Dalgety and Company, Limited, have received the following advice from their London office, dated December 7: Wool sales closed with fairly animated competition. Home trade principal operators with good support from the Continent, especially France. As compared with closing rates of last series: Greasy Merino, good, par to Id lower, average and inferior 5d to 3d lower, scoured Merino super at par, average to good Jd to Id lower, inferior Id to lid lower, greasy halfbreds, good to super at par, scoured halfbreds, average and inferior Jd to Id lower, greasy crossbred, fine, medium to coarse at par, scoured medium to coarse par to Id lower, slipes fine Id lower, other descriptions at par, greasy crossbred lambs Jd to Id higher. Following is a range of prices realised at our last wool sale: —Merino, good to super l/o.ld, low to medium BJd to 1/-, halfbred 56/58 good to super 113 d to 1/lSd, low to medium 9Jd to 113 d, 50/56 good to super Hid to l/01d, low to medium 9id to lid, fine crossbred 48/50 good to super lid to 113 d, low to medium 91d to 103 d, 46-48 good to super lid to Hid, low to medium 94d to 103 d, crossbred 44-46 good to super 103 d to 11 Jd, low to medium 9jd to IOJd, 40-44 good to super IOJd to Hid, low to medium Old to 10.’,d, coarse crossbred 36-40 good to super IOJd to Hid, medium to good 91d to IDld. NATIONAL ELECTRICAL COY. The annual report of the directors of the National Electrical and Engineering Company, Ltd., states that the year’s operations resulted in a net profit of £21,526/5/5. A dividend of 5 per cent Is recommended after providing for income and social security tax estimated at £lO,BOO and writing down shares held in New Zealand Insulators by £1250, there would be a credit balance of £3562/15/5. This amount added to the credit balance at the end of last year, £3194/11/2 increases the amount to be carried forward to £6757/6/7. The 5 per cent, dividend absorbs £5913/10/-. No credit is taken for orders in hand. Business has been good and turnover has increased.

WORLD GOLD RESERVES According to the monthly statistics compiled by the League of Nations the total visible gold reserves of the world’s central banks amounted to 14,301,000,000 gold dollars at the end of September, 1938. Tills was 518,000,000 gold dollars more than at the end of July anu 410,000,000 gold dollars more than at the end of August. The largest increase was recorded by the United States whose reserves increased by 368,000,000 gold dollars during September and increases of 11,000,000 to 18,000,000 gold dollars were recorded by South Africa, Belgium and Sweden. No corresponding decline was registered by any other country the Increases being due to exchange equalisation funds and dishoarding. The figures also show a marked increase in the note circulation of all European countries.