BRITISH WOOL FEDERATION.

Press, Volume LVIII, Issue 17419, 1 April 1922, Page 8

BRITISH WOOL FEDERATION.

ME MASSEY'S CONTCDENCE IN BRADFORD. (keoji oub own correspondent.) LONDON, February 14. At the annual meeting of the British Wool Federation, held at Bradfoid, Mr Harry Dawson, who presided, congratulated the Federation upon the conferences with 'Mr Massey and Mr Hughes. A very frank discussion with Mr Hughes, ho said, had borfle remarkable fiUit since his return to ai> the Premier • had secured the cancellation of the system of control under which all sorts of difficulties wcro placed in the way of exporters. Mr Hughes had realised that control nacl oniy resulted in expense, inefficiency, and the useless employment oi omeials. As a result of conversations, Mr Massey had since shown his continence .m Bradford and in the Wool His work had resulted in Ike settlement of difficulties in connexion with the sales out there. The chairman sa.id he had attended a large number oi meetings of tho conference held with regard to bills of lading, and ho Ix-lieved that the reduction in freights whicli wae nowtaking place was largely due to the efforts of that conference. woo. freights had been far too high, and he was glad to know that from New Zealand they had been brought down to Id per pound, whilst the Cap** freights had been reduced to .Id. He hoped scon to hear of a reduction in l.oth combing and carbonising charges. Ho felt very strongly that the trade unions ovgh; to help the trade in thp rombing department bv working lorger hours, in order to relieve the bottleneck in combing, and he hoped that th« negotiations now taking place would prove successful. Mr Walter Andrews, who was elected the new pi-esident, reviewed tho trade situation. Unfortunately, _.he said, at one end there weio distributors who had lost large sums of money and to a large extent incapacitated from doing business, whilst at the. other extreme they found the woolcomhcTS exceedingly busy and doing profitable business. In between tho two there were the manufacturers, who could be divided into three groups—hosiery, woollen, and worsted! The hosiery trade was doing very well, the woollen trade was improving a little, but worsted trade was still very bad, especi&llv ih 1 the dress goods section. He believed, however, that at present more cloth was being so,ld than was coming from the looms, so that in time this would adjust .itself, and the worsted trade should find itself in a better position. There was no justification," in his opinion, having- regard to the general state'of the trade; for any advance in wool beyond -November prices, except for the bottle-neck in combing. They were endeavouring to solve that problem. They had thus ;far: been unsuccessful, owing to the impossible conditions put forward on behalf of the operatives. . Unless they could get the bottle-neck removed, they were going to be iti a serious position. Tops should come down when wool came down, nnd there ought to'be a proper relationship between ■ the two. At present there was not, and it was all due to the inadequate - output from tha combs. With regard to wool supplies, Mr Androws thought that Sir A. Goldfinch had misunderstood the position when ho stated thkt last year 400,000 more bales of merino' wool were ■ used ; than were grown. Six months ago the railway stations in Bradford' were'bare of wool, and the users in various branches of the trade held very small supplies. In* thC meantime : there had Been a displacement, ■ and there was a. great deal wool -in the ; hands, of ■ wool merchants,' topmakcrs, spinner's, and- manufacturers. Already at the railway stations they wore reaehipg something in the n&turai of 'a block, and they had received noiice that. they must make arrangements to 'store ' at 1 'Liverpool. The capacity for storing wool at the stations. was 'somewhere bales, and .the warehouses Were nearly full, and the combers were'full. To the wool ■ beine" consumed, therefore, -was slightly. misleading. In border to.get at'the' true positidn they j must I draw a mean line Between the I mtrease in stocks hero and th« decrease in' stodce held by the 'B.A.W.H..A. and others: * "

•Touching upon finance, the president expressed the strong opinion that rates and taxes would hqve to,come;down in order to lielp in the reduction- of costs of production. Freights were cheaper, but in view'of the ra|»3 from. Buenos Aires, New Zealand, dnd the Cape, l*d per pound from Australia was too high, and something ought to be; done to bring Australia into line.

BEATH, SCKEESS, AND FELSTBAD, - L%D. ■; - lie -, tenth annual. general meeting of Be&tli, bchiess, and i'ekteitii, Ltd.,-was iielu in, iloibomco yesterday, when .the report aiid balmioeisireet' lor 'the ihe. Dlat Oiuiiary,' 1&22, wore presented» to snaxohoiueis. i'ne report statea' that tha oc«iipaoy has, like other- 'soitgbdda interests, euhfcred.-itt/m' V 0» unprecedented fall in' ptioes- The year's operations' resulted in- a. lass of ..£88,789 23 J«;*''reduced" by. tho' credit balahco carriedi forward from, laat y«ar!of £Q3o'.3s, to-£87,908 li» 7d. Transfers havo .been mad©'to, profit ,aud loss account s of £IOO,OOO from general. reserve and £2iß9 ids 'ld from capital thus creating a balapco' ol £14,2?0 i.l«-for 'appropriation. Of ihwamountyfoOOO-wis absorbed by interest oa' debentures" and j£6apo by ' the dividend of 6J per 'oent.' ion 'the preference shares, leaving a credit balanoe! of £2730 11a to be carried forward to -rieixt. year..

BAKAIA STOCK SALE.

At. the Rakais, stock, sale on Thursday there was one. of the biggeetyardinga for a very long iin»e, «W prices, as; compared with the AAhburton Fair on Addington on Wednesday, were decidedly, in ; favour of buyers. The fat-sheep marlwt opened easy, but improved .«* the sal® . progressed. The store sheep yarded .comprised"'mostly ewes. I'here waV a keen demand for .of good' q-ualitjr. feed tax local ®w«s; - Travelled or' inferior • ewes did' not meet with: eo readv a feale."" For fat lambs ther®; waß.a reudy sale, and keen • competition ensued, one .lina of sp«iaJ .merit,, sent'forward by Mrs Doyidfion, realising 30s. 3d,-and another,, entered by Mr ft: Croy, bringing 28a 6d. .• The following prices, we're' realised':—Fat 'ewes, 13s 4d to 17s; fat lambs', 20s : 7d to 30s 3d; fat wethers, 18s 3d' to 23s ;. sound-mouth ewes, 20s; three-<yuirterbred ifour-tooth • ewes, 180 6d; • two-tooth wethers,. 13<s. 3d; • hajfbred wether lambs; 14a 7d; rape ewes, Bs.

BANK OF ENGLAND RETURNS. (By C*d>—Pr*s» AModition—-Oopjrijrht.} tad Zv'.Z. Gible Association.) LONDON, March 30. The Bank of England returns for the week ended March 30th afford the following comparisons with those of tho previous -week: 3iar. 03. Mar. 30. . £ £ Coin and bullion .. 126,936,000 126,9-12,000 Reserve .. • ■ 25,5-5,000 24,502,000 Proportion of reserve to liabilities, p.c. .. 17.90 16.20 Note ciiculation . - 121,701,000 122,719,000 Government deposits 21560,000 30,037,000 Other deposits ' .. ] 211.320,000 120,501,000 Government securities 43,165,000 46,319,000 Other securities .. 36,397,000 97,031,000 Short loans, 3J per cent.; three months' bills, 3£ per cent.

GOVERNMENT SECUEITIES. LONDON, March 30. The following are the latest quotations i°r Government securities, with a comparison with those ruling last vreolc:

TOBEIGN EXCHANGE BATES.

LONDON, March 30. The foreign exchange rates are as follows:—' -

ENGLISH MARKETS. fB? Cab I«—Pr«e« Asaoelttwn —Oopyrig-ht.) (Australian and N.Z. Cable Association.) (Received > Marci. 31st, 11.10 p.m.) LONDON, March 30. Wheat—Cargoes are nominally unchanged, but have an easier tendency owing to lower American advices. There is no bidding to teßt the market. Parcels are very quiet. The spot trade is active. Australian now due being quoted at 60s per quarter. , Hour—The market is alow. Australian, ex store, 475. Barley—The market is quiet. Australian Chevalier 48a to 53a. .Oats—The market is easier. New Zealand landed 37 s. Beans and Peas—The market is quiet but. firm. , " ■ Sugar—Prices are unchanged. Wool—The Bradford wool market is very firm. Sixty-fours quality 41d, fifty-sisces 28d, fifties 20jjd, forty-sixes 13Jd. Tie New Zealand Loan and Mercantile Agency Co., Ltd., received the following cablegram from their London office, under date 29th. in«t.• "Tallow—We quote present epot values for the., following descriptions:—Fine mutton, 42a 3d-per cwt; good; beef, 40s 9d; mixed, 85s 8d; market inactive. "N.Z. Frozen Meat—Lamb. lljd per lb; market weaker. Mutton—Quotations unchanged. Market steady. (Last quotations 22-3-22). Wether and ewo, light 7|d jper lb, heavy <ssd per lb; ewe, light EJd per lb, heavy sjd per- lb. Beef—Small demand, market weak. Quotations nominal and unchanged. (Last quotations—Ox hinds 4Jd per lb, fores 2|d per lb; cow, hinds 3Jd per lb, foreß 2d per lb.)

DAIBY PKODUOE. (Received March 31st, 11.10 p.m.) ■ LONDON, March 30. Butter—The market is very firm with a strong demand. Colonial salted and unsalted axe fetching practically the same prices, and secondary- -quality is - v.'ithin Is jot ..choicest. Australian 1763 to X7ob, exceptionally good lgOS; New Zealand, 188s to 190s; Danish 205b to 210s. Cheese—The. market is'firm but trade is elow. New Zealand white 94s to 96a, coloured scarcer 98s to. 100s; Australian, white and coloured SSsto 88s, exceptionally good 90a. " METALS. (Received Mirch 31st, 10.55 p.m.) LONDON, March 30. Copper—Spot £57 18s 9d', forward £SB - 13s Bd. • Lead—Spot £2l 17s 6d, forward £2l 7s Gd.Spelter—Spot. £25 12s 6d, forward £25 15s. Tin—Spot £143 la £d, forward £144 12a 6d. ; Silver—33Jd per ounce.

LONDON WOOL SALES. (Received March 31et, 11.10 p.m.) LONDON, March 30. At the wool, sales 216,996 bales were offered and practically all ..were Bold. The most striking feature was the German demand for znerinos, which hardened consistently throughout. Faulty and buiry merinos were somewhat irregular during the closing days of the sale, but prices were pot ■ materially altered. Best combing merinos and allscoureds closed fully on a level with the highest January rates. Medium and lower sorts met with a wider and stronger demand and closed at from 5 to 7J per cent, above January rates. Scoured crossbred sh'pes were keenly competed for, <md showed an advance of fully 10 per cent. Lambs' wool was in strong' demand. Fine merinos advanced 10 per cent, and doesbreds and faulty merinos 5 per cent. The New Zealand Loan and Mercantile Agency Co., Ltd., have received the following cablegram from their London office,' under date 30th instant:—"\Vool sales—As compared with last sales closing rates prices are about par to 5 per cent, higher for greasy merino super and scoured merino super, about 5 per cent, higher for merino lambs, about par to 5 per cent, lower for medium greasy crossbred and coarse greasy crossbred. Others are unchanged. Sales closed firmly to-day. Average current London values of underaoted descriptions of New Zealand greasy wool: —Good merino 20d, medium merino 17Jd, inferior merino 14d, fine crossbred 16d, medium crossbred 82dj coarse crossbred 40's 6Jd, 36's sjd."

SLUMP IN SYDNEY MEAT MARKET. SYDNEY, March 81. Tha meat'market at Honaebuah was tie w.orei ■ for 25 years. Fat cattle, which two years ago brought to £4O, sold &t from £5 t<j £7. The export trado is at a standstill. . . VICTOBIAN MARKETS. MELBOURNE, Maieh SI. Wheafc-rKs 8dBarley—English, 4s 3d to 4s 4d; Cap a, 3s. '■ Potatoes—£3 15a to £4 as.' . Onions—£6 5a to £3 Ita.

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. Sales reportedJJ.Z. Refrigerating Co. (ICs paid) ISs 6d. Sale on 'Change;—Kauri Timber, £1 6s Sd-

AUCKLAND STOCK EXCHANGE. (special to "the press.' AUCKLAND, March 31. Sales—Soldiers' Bonds, £94 17s 6d; New Zealand Inscribed, 1939, £3O ]2s 6d; Bank_of New Zealand, 495; Union Bank, £l2 63, Wilson's Cement, 35a 3d.

DUNE DIN STOCK EXCHANGE. ' (special to "the press.") DUNEDIN, March 31.

LEESTON STOCK. SALE, - Yesterday's stock salo drew a larger attendance , t li.i n usual, and tli ore were entries oi stock. Be3idos the shop theip were 110 fat pigs, 190 store pigs, and 33 head, of cattlo. Fat lamb prices showed an improvement as compared with those ruling the previous sals day. Fat ewes and wethers, were practically ui.changed, and there was a fairly good l demand for storo sheep. Fat and store pig vaJ-ues improved, and ©ome exceptionally good dairy cattlo sold at very satisfactory prices. Other cattle were difficult fo, quit. The rango of values was 03 follows: Fat lambs 20s 3d to 25s Id, unfinished lamba 16s 10d, fat wethers 19s to 255, forward store wethers 12s 4d to 12s lod, 6i:: and eight-tooth ewes 18s 7d to 19s 3d, fat ewes 83 Id to 133 6d, aged twes 4s 7d> to 6s Id, bacon pigs 703 ts 935, .porkers 37s to 4Ss 6d large stores 42a to 60s, medium 23» to 355, weaners from 7s, sow p.nd litter £5 sb, superior springers £9 10s to £l4, heifer and calf £3 2a 6d, fat cow £i, aged cows £1 to £2 5».

Tsar / j Dividends. . ; :• Net ■ ended' profit -ord. : prol.'".anit, : reserves. OTSJS., '£ ••'•'p.c.v* px." £ • ■ £ 1918 26,668 8 6J 12,100 dr. 13,341 1919 48,003 ■ io.-; 6j 18,500 . cr. 18,182 1920 ; CO,073 ' 121 6§ 81,250 cr: 44,481 1831 • 80,860 12J ;6J 43,875 cr 81,963 lo ! » ■ dr.* 18,270 1922 : ■ 88,733 — 6 J 6,500

Last work. This weelc £ a. a. £ B. d. EJ per cent. Imp. Con. 55 o 6 5R 7 6 3.J per cent. Imp. War Loan 22 0 0 33 0 0 E pT cent. Imp. 'War Lean .. .. 97 0 0 93 10 0 il per cent. C'wfc&Hh Loa.i .. .. 100 0 0 100 0 0 5i p?r cent. C'wealtfi Loan .. .. 100 0 0 100 0 0 N.S.Y/., 4'a, 1933, Jan.July .. ..86 5 0 86 17 6 N.S.W., SJ's, 1335-iO, Jsn-Jwlv 75 5 0 75 15 0 N.S.W., 3'a, 1935, April- . October .. .. 73 15 0 75 0 0. N.S.W.. 5?'s .. .. IOT 15 0 101 0 0 N.".W., 6Vs .. .. 105 15 0 105 15 0 Vio. 4's, ' 1921-6, Jan.July .. ..51 Vic. 3§'s, 1929-40, Jan.0 0 04 2 6 Ju'y .. ..74 12 G 74 17 6 Vic. 3's. 1929-49, JaE.July .. .. -68 15 0 G9 0 0 O'land 4's, 192-4, Jan.J uly .. ..9115 0 94 15 0 Q'land 3|'s, 1921-2-1, Jan.-Jnly .. 93 2 6 93 2 S Q'land SJ's, 1921-24, July .. .. 6i N.Z. 4's, 1929, May0 0 64 10 0 Ndvember .. 91 2 6 91 15 0 X.Z. SJ's, 1940, Szn.July .. ..73 7 6 73 0 0 N.Z. 3'«. 1045, AprilOcfober .. ..71 10 0 72 0 0 S.A. 3'e, 1930, Jar..July . • 59 0 0 £9 0 0 S.A. Si's, 1015 or after 77 0 0 77 10 0 Taa. 31's, 1320-40, J«n.July •• " Tas. 3'a, 1500-40, Jan.7 6 78 .0 0 Ju!y .. 70 12 6 . 71 15 0 W.A. 3J's, 1920-35, MayJuly .. ..80 0 0 80 10 0 W.A. 3's, 1915-35, MayNovember .. 74 17 6 74 17 6

London on Par. Mir. IX Mar. 30. Paris, fr. to £1 .. 25.225 48.60 43.55 Chri«tiania, kr. to £1 18.159 25.00 24.63 Copenhagen, kr. to £1 18.159 25.00 24.63 Stockholm, kr. to £1 18.159 17.65 16.83 Berlin, marks to £1 29,43. 1440.00 1450.00 Montreal, dol. to il 4.86)} '! 4.51 4.50 New York, dol. to £1 4.883 4.38J 4.37J Hon? Kong, dol to £1 * ' 2&3 301 Yokohama, at. to yen ' 24.58.' 26d 26id Calcutta, st. torpe. 10 to gld £1 15g ISid •Determined by price of oilver.

LATEST QUOTATIONS. Buyers. Selers. £. s. d. £ s. d. debentures— N.Z. Govt. 4J per Inscribed, 1938 iO 7 6 90 15 0 N.Z. Govt. 4* per cent. Bead.;, 1938 90 10 0 — N.Z. Govt. 5j per cent. Inscribed, 1933 95 0 0 95 5 0 N.Z. Govt. 5J per cent. Bonds, 1933 — 95 5 0 BANKS— Australasia (ex. div.) .. 11 17 6 — National of New Zealand — 3 17 i" New South Wales — 35 10 0 New Zealand .. 2 8 0 2 9 3 Royal Baci (£1 paid) .. 1 9 0 1 10 0 Union of Au-.tralia 12 2 6 12 6 0 loan and agency— Mort J .. 1 15 0 1 15 9 SHIPPING-Hi'ddart-Po.rker 1 •• 2 1 6 Union (5; per cent. 3 cum prof.) 0 17 9 0 18 FROZEN MEAT— 11 15 Canterbury — C Carstei-cury (6 per ceni.' cum pref.) i 15 0 — N.Z. Refrigerating (10s 0 13 rcaidj 0 13 3 0 12 Kaiapoi (IOj paid) — s GAS— 6 10 Cnmtcnurch — 0 BREWERIES— 1 11 Crowr. 1 9 3 0 CEMENTS— 0 15 0 Wilson's N.Z. Portland 0 14 9 TIMBER— !» Kauri 1 6 0 ' 1 6 MISCELLANEOUS— _ 1 i Boa til and Co. (ex div.) 0 — £ Plii'.n — 1 11 jlason, Strnthcrs (£1 pd. 1 } — 1 2 0 }.Ia?on. Struthera (14s pd.) — 0 14 5 N.Z. Drug, (cum div.) 2 12 0 2 13 N.Z. Farmers' Co*op. 1926 ("J p.c. Bonds) 94 10 0 — Wliiteonibe arid Tombs 2 17 6 S 0 0 MINING— 0 14 0 lit. Lyell ~

CLOSING QUOTATIONS. Sellers. Buyern £ a. d. £ c. c. BANK 0 — 11 18 Australasia — 6 Commercial — 1 6 0 National 5 18 6 — New Zealand .. a 9 0 2 ' 8 6 0 Union 12 6 0 12 4 INSURANCES— 0 National — 2 19 New Zealand .. •• 1 8 6 2 7 J U South British .. 1 13 0 1 1!4 to FINANCIAL — 0 39 ft o is 0 N.z. and River Pluto.. Loan and Mercantile .. 79 0 0 74 0 0 COAL— Vv* ec.tport 0 16 1 1 7 9 Taupiri 9 SHIPPING-iluddart-Parker (otd.) .. — 2 1 9 .P. and 0.' (def.) 310 0 0 298 0 0 Union Steam (prof.) .. 0 19 0 WOOLLENS— Kaiapoi (pref.) Jj .. 1 3 0 5 17 .. — 0 Wellington '— 7 16 0 illMNG— 0 19 Waihi 1 0 0 3 Waihi Grand Junction 0 6 4 0 6 2 Mount Lyell —' 0 14 6 DKHK : TliHF.S— 92 IS iN.Z. War Loan, 1930 .. 33 1 6 0 N.Z. War Loan, 1938 .. 91 5 0 90 10 0 N.a. War Loan, 1939 .. - — 90 7 6

CLOSING QUOTATIONS. Buyero. , Selle;:t. £ B. d. £ s. id MINING— Rise and Shine 0 2 6 Rising Sun .. N !• .uai Hydraulic .. 0 2 9 0 4 0 0 10 6 "VVailii - — 1 0 0 Waihi Grand Junction. 0 5 9 0 6 s Mount Lyell 0 14 9 0 14 U — 12 6 Australasia .. 10 National .. »'•. 5 16 3 5 11 $ New Zealand .. . 2 3 9 2 9 3 6 Union 12 0 0. 12 7 INSURANCES— 2 19 National 6 3 1 0 New Zealand .. •• 1 7 8 1 IS South British 1 12 10 3 SHUPING— P. and 0. (dei.) BOO 0 0 304 0 0 Union Steam (pref.) .. 0 18 0 - 1 - 6 Huddart-Parker (ord.).. 2 1 9 3 2 c>" l~ Westport 1 8 0 1 8 6 Wostport-Stockton (ord,) 0 6 0 0 o 6 Taupiri (ord.) — 0 17 6 DRAt-KKi - Brown, Ewing (ord.) .. 1 i 0 — Brown, Ewing (pref.) .. 0 18 3 — D.I.C. (ord.) 0 11 0 — AGENCY— Notional Morten ire — 3 6 0 N.Z. Loan and Mercantile (pref.) £8 0 0 — Wright, . Stephenson . (ord.) 1 6 0 — ME>T— JS.Z. Refrigerating (paid) 1 s 6 — N.Z. Refrigerating (eont.) 0 13 0 0 IS 9 Sout ;i id Frozen Meat (ord.) 1 3 0 — WOOLLENS— B'uce 1 14 0 — Bruce (new issue) 0 10 e — premium Kaiapoi (10s paid) — 0 12 6 Mosael 6 0 0 — MISCKLLANFOUS— Donnghy's Rope and Twine I 10 0 — Empire Buildings — 1 0 0 N.Z. Paoor Mills — 1 2 6 N.Z. Drug Co. (£2 pd.) 2 12 6' 2 13 9 N.Z. Hardware (pref.) 0 14 0 — Milburn Cement 1 9 i 3 Otago Daily Times — 3 7 S National Electric Co. 1 5 0 CM- — \ • N.Z. Govt. War Bonds, . (4J per cent.) i IS 9 N.Z; Govt. War Bonds, 19S8 (4J per cent.) B0 12 6 N.Z. Govt. War Bonds, 1939' (4J per cent.).. 90 12 6 N.Z. Govt. Inscribed Stock- (4§ per cent.) 90 5 0 _ Post Office (5 per cent. 1927 bonds) 93 15 0 Post Office Inscribed .. 94 0 0 Soldiers' Bonds 33 17 6 Soldiers' Inscribed 94 17 6