COMMERCIAL.

Star (Christchurch), Issue 16417, 4 May 1921, Page 8

COMMERCIAL.

MR HUGHES’S WOOL SCHEMES. YORKSHIRE CRITICISMS. B; Telegraph—Press Association—Copyright. Australis?) and N.Z. Cable lation (Received May 4, 9.20 a.m.) LOxnoON, May 3. The “Yorkshire Observer sa\s:—m tlio contest between Liiose vvno are satisfied v\itn former have won tiie first round. Mr Hughes s more weight m Australia man in brauiurd. where they are inclined to he regarded with amusement. He appears to consider the disappearance oi 14s tops disastrous. A hough unsaleable high priced tops are one of the I causes of the situation which Mr Hughes deplores. When 2s 6d was considered a good price in pre-war days, no one informed the world that Australia was on the verge of coiiapse, as Mr Hughes and bir John Higgins (Chairman of the Australian section ot tlio 8.A.W.K.A.) are persistently suggesting, therebv doing Australia’s credit incalculable harm. B.A.W.R.A. wool, though nominally belonging half to the British Government and half to the growers, properly and legally belongs wholly to the British Government. It was bought with taxpayers’ money, and if Mr Hughes suggests warehousing and forgetting it, it is obvious that the British Government dare not accept such dangerous advice. Eventually fanciful and impracticable schemes lor enforcing values must give place to meeting the market, as manufacturers and merchants have been forced to do by auctioning piecegoods in order to liquidate unwieldy stocks. The “Yorkshire Post" says:—Mr Hughes’s suggestion to hold up B.A.W.R.A. wool means the sacrifice of the users’ interests in £56,000 000 worth of wool solely for the benefit of growers, and forcing the Imperial Exchequer at a time of extreme stringency for its half share. When Mr Hughes arrives he should first be made acquainted with tho financial position of the wool trade, and then informed that numerous creditor meetings are being held with the object of tiding over the difficulties, and then asked whether the growers ought to be further subsidised by postponing the liquidation of 8.A.W.R.A.. to which the Imperial Government ia unlikely to consent. If new. private wool is sold without reserves, then there is no excuse for their imposition of old wool. B.A.W.R.A. ought to regulate its unreserved sales in agreement with tho owners’ new wool, if possible. Without this the necessary music will have to be iaced sooner or later, as the piecogoods trade is doing. The longer the ordeal is delayed the more discordant the j performance will be.

WOOL EXPORT EMBARGO. BUYERS’ OPPOSITION. By Telegraph—Press Association—Copyright. Australian and N.Z. Cable Association. (Received May 4, 2.5 p.m.) LOIN L)\J iN, May' 3. During the wool sales Sir William Raynor, chairman of the Colonial Wool Buyers Association mentioned the report regarUing the ot wool except what wus sold to Australia. He said that the Committee of the Associticn was watcihng developments, and would take all steps to safeguard buyers’ interests: It was hoped that buyers would support them in opposing the proposal. LONDON WOOL SALE. By Telegraph—Press Association—Copyright. Australian and N.Z. Cable Association. (Received May 4. 10 a.m.) " LONDON, May 3. The free wool sale opened with strong competition. An all round advance of 10 per cent is reported. LONDON WOOL SALES. (Received May 4 1.5 p.m.) LONDON, May 3. At the wool sales 9300 bales were catalogued, of which 652 w«?re New Zealand. There was a good average selection, but no super sorts. The attendance was very large, representing strong Home and Continental competition, including Germany, but no Americans. Greasy merinos sold at 10 per cent above April closing rates; scoureds 5 to 10 per cent; medium and fine cross-breds, 74 to 10 per cent. Almost all these sorts were taken by the Continent. Prices for low sorts ■were from par to 5 per cent bettor. Practically all the catalogue was sold. N.S.W. STOCK VALUES FALL. Australian and N.Z. Cable Association. (Received May 4. 10 a.m.) SYDNEY, May 4. As showing the slump in stock values, ewes are being sold in some country districts as low as 3s a head, good bullocks at £4 ss, and fat cows at £5 2s. Feed is abundant. LONDON QUOTATIONS. By Telegraph—Press Association —Copyright. Australian and N.Z. Cabla Association. (Received May 4. 3.25 p.m.) LONDON, May 3. Waihi, buyers 6s 3d, sellers 6s Gd. Banks: Australasia. £77 10s (ex rights); New’ South Wales £26 10s; Union, £ll 12s 6d; National of New Zealand, £lO7 6s; New Zealand, £75 (ex div.), £2 ss; New Zealand Loan and Mercantile, £9O 10s. STOCK EXCHANGES.

Sale* Reported:— Nstiottal*z,i tJr Mioe (cm &iv.), £3 15s 6d; Westport Goal. £i 5, Sales on 'Clie.ngeNew Zealand Covers merit Si per cent Bonds. IMS, fB 9; Ba . Bi : Australasia (Rights), £l3 30s, 1 OTHER EXCHANGES. [Pkr Press Association. 1 AUCKLAND, May 4. Sale on 'Change— War Loon, 1939, £BO 12s 6d. Reported Sales—South British, 30s; Talisman, u£» lid; Grand -Junction, 7« 6d.

CHRISTCHURCH The following are the atest quotation Buye Sellers. £ d. d DEBENTURES— N.Z. Government 4^ per cent Inscribed, 1933 N.Z. Government 4£ 80 10 0 per cent Bonds, 1338-9 . . 80 10 0 N.Z. Government 5 is per cent Inscribed, 1933 S9 10 O N.Z. Government 5J per cent Bonds, 1933 89 10 0 BANKS — Australasia (cum Rights) 75 0 0 Australasia (Rights) . Aus»trula.sia (Fractions] National of New Zea1 15 0 13 10 0 , land New South Wales 29 17 6 5 7 0 New Zealand INSURANCE — 2 6 0 7 0 New Zealand 1 9 Standard DOAN AND AGENCY— 2 3 0 4, o Dalgety and Co. (cum div.) Goldsbrough Mort 10 0 0 10 14 0 (Melbourne) National Mortgage 3 0 0 1 9 0 SHIPPING— Union (oh per cent cum pref.) 0 0 FROZEN MEAT— N.Z. Refrigerating (£1 paid) . . N.Z. Refrigerating (10s * 4 o 1 G 0 pa-id) 0 14 3 0 14 9 COAL— Westport WOOLLENS— ! 6 0 Kaiapoi (£1 paid) 1 0 0 Kaiapoi (10s paid) GAS— 0 10 0 Christchurch BREWERIES— 5 5 o Manning (ex dir.) 3 8 6 Ward . 1 0 MISCELLANEOUS— British Tobacco (Australasia) Burns, Philp 1 12 14 0 Cant. Publishing Co. 1 Henry Jones Co-op. (Melbourne) Mason, Struthers (£1 ~ Papuan Products • 1 o 5 0 Whit combe and Tombs 2 12. 0