CURRENT WOOL VALUES.

Star (Christchurch), Volume LXVI, Issue 20454, 6 November 1934, Page 9

CURRENT WOOL VALUES.

World Finance and the Future. Winchcombe, Carson. Ltd., report:— On present levels wool values are about 10 per cent higher thaq at the end of October. 1932. The lowest point of the depression was in June, 1932. and prices are 30 per cent to 35 per cent higher than at that period and approximately 20 per cent above the figures ruling from March to April. 193*2. Values been fairly stable since the season opened and indications do not pent to prices receding to the very depressed basis quoted, but no "reat degree of satisfaction can be expressed regarding the figures now ruling witn Sydney .catalogues averaging slightly over 91d, and the better class wools from the plains and adjacent slopes of New South Wales making averages ranging from lOd to 12d. Unfortunately there aie no signs of the disappearance of the causes of curtailed trade in Europe. Rates of cxchange and tariff barriers have converted the European countries into more or less self-contained areas supply* their own textile needs, but experiencing a very meagre volume of export orders. From the wool selling standpoint the quickest change which could occur would be for Continental countries “ on gold” to suspend the gold standard. When that step was taken in England in September, 1931, prices rose rapidly. The United States suspended the gold standard in May, 1933, and that action was a partial influence in the rising values experienced from that time to January. 1934. Welcome, however, though those rises were, they were not of long duration. The experience with them encourages the belief that stability in prices on a satisfactory level cannot occur until the currencies of the various countries approach a general basis which results in rates of exchange being less hindrance to the interchange of trade.

EXCHANGE RATES

Local Dollar Values.

Current dollar exchanges as quoted by the New Zealand banks are as under; Buying Selling. United States 5.07 4.87 Canada 4.97 4.77 Dollar and Franc. United Press Assn. — By Electric Telegraph—Copyright. (Received November 6, noon.) LONDON. November 5. Thte American dollar is quoted at 4.98* to £1 sterling, and the franc at 75 J. £1 (New Zealand) is Worth:

SYDNEY WOOL SALES. SYDNEY, November 5. At the wool sales, 10,451 bales were offered and 9638 sold, including 1351 privately. There was strong competition from all sections, with a particularly keen demand from Yorkshire. All the best features of last week were reproduced, values being fully maintained. Greasy merino made for seven bales from Barraba. The average price of wool at the Sydney auctions last week was £l3 4s 10d per bale, or 10.2 d per lb. WHEAT QUOTATIONS. (Received November fi. 2 p.vn.) LONDON. November 5. Wheat Cargoes—Quieter. Parcels—Easier. Futures are quoted:- — London, December. 20s 2d a quarter; February, 21a 6d: cental; ~M are h" ss' 3ld :' AI ay, 5 s 3 id.

London Quotations. British Official Wireless London on the cities mentioned: — To the £ ■Nj .. New York (do!) 4.86 2-3 4.973 4.981 4.S7 75 21-32 21.37 15.31 7.36 * Montreal (dol.) 4.86 2-3 Paris (fr.) 124 '11 Brussels (belsa) Geneva <fr.) Amsterdam (n.) l-- 1^' 75 17-32 21.31 15.29 7.353 58 3-16 12.38 19.39* Milan (lire) 92.46 Berlin (marks) 20.4o Stockholm (kr.) IS.159 12.39 19.394 22.40 Copenhagen (kr) lS.loJ 19*90^ 19.90J Oslo (kr.) Vienna (sch.) Prague (krone) lbti ‘263 119 3-16 263 1191 Helsingfors ._ (f. marks) 1 93.2o 226* 226* Madrid (pes.) 25.22* Lisbon (esc.) 116 Athens (drach.) 8*® Bucharest (lei.) ®lo.6 Belgrade (din’s) 2«b.336 7-16 110* 520t 49S 110* 520t 500 219 Rio de Janiero ■ • o (d. to mils) 0.899 4 it ♦ it Buenos Aires (d. to peso.) 47.62 — 36*t Monte Video (d. to peso.) ot — 39*t 7,-u Batavia (florin) 12.11 Par. d. d. Bombay (rupee) lSd Shanghai (dol.) ifong Kong (dol.) IS 1-16 16 18 1-16 196 194 Yokohama (yen) 24.580 * Pence per local unit t Sellers. N.Z. Currency Basis. Buying. Selling. France (franc T.T. to £ N.Z.) 0.13, 61.54 61.84 60.24 60.29 > Noumea (francs T.T. to £ N.Z.) O.D. Papeete (francs T.T. to £ N.Z.) O.D. 62.49 59.54 62.49 62.89 59.49 59.54 Belgium (belgas T.T. to £ N.Z.) O.D. Germany (R'ch- T.T. 17.533 17.633 1 6.848 9.763 9.768 Italy T-T. — 46.20 46.24 Switzerland (fr. T.T. 12.542 12.142 1 2.152 Holland (florins T.T. 6^069 5.819 5.823 Java (florins to T.T. 6.024 6.074 5.799 5.803 Japan T.T. 17 21-32 Shanghai (N.Z. 19* 20 7-16 India/ & Cevlon T.t'. 22 5-16 "22 21-32 Hong K 0 n T.T. 23 * 233 34 15-32 24 15-16 Singapore (N.Z. T.T. 3 3-32 d. to Idol.) O.D. 34 11-32 35 11-32

£ s. d. In Yokohama (13.71 yen) 1 7 7 In Sydney 1 0 0 In New York (3.97 dollars) .. 0 16 3 In Montreal (2.89 dollars) .. 0 16 0 In London 9 16 0 In Berlin (3.72 marks) 0 3 6 In Paris (60.22 francs) 0 9 7 In Brussels (17 belga) 0 9 7