WANGANUI WOOL SALE.

Press, Volume LX, Issue 18239, 25 November 1924, Page 10

WANGANUI WOOL SALE.

VALUES MAINTAINED. (PEEBS ASSOCIATION TELEGRAM.) WANGANUI, November 24. The W'anganui wool sales opened tonight. There was a large attendance of buyers representative of all parts of the world. Most of the wool was crossbred, and the bulk "of the buying was done by Bradford. There was a firm tone throughout the sale. On the prices realised at the last sale in March, crossbred appreciated approximately 2d to 4d per lb; fine crossbred, 46-48, 4d to s}d; medium, 44-46, Sd to t>d; coarse, 40-44,'5d to 6d; low, 36-40, od to 6id: bellies and pieces, 4d to 6d. The range of prices,' compared with the prices at the March sale, is as follows: —

EXCHANGE AND TRADE BRITISH SUMMARY. (BY CABLE—PBESS ASSOCIATION —COPYRIGHT) (AUSTBALIAN AND N.Z. CABLE ASSOCIATION.) LONDON, .November 22. A speli of followed the little boom on the Stock Exchange which marked the return of the Conservatives to power, and consequently there has been a slight relapse from the' highest prices touched by many speculative shares. But the general tone remains good, though the volume of business is somewhat small, and giltedges generally . show firmness, a marked feature being the keen demand for scrip in recent issues. A notable instance is the last Queensland loan, which is now quoted at 90s premium. Several new issues of corporation and good industrial concerns have been readily subscribed^ In an article entitled "Empire Exchange Problems," the "Statist," after describing exhaustively exchange conditions in Australia, South Africa, and : New Zealand, says: "It can now be appreciated that the real root of tho exchange. trouble is the absence in Australia and South Africa of that ' degree of freedom of expansion of currency which exists in this country and New Zealand. The old Notes Board of Australia was carrying out what was essentially the policy of the new Board of the Commonwealth Bank, which has initiated a more liberal policy. Yet it has not completely abandoned the old policy. For instance, it does not appear to offer unrestricted rediscounting facilities to joint stock banks. Also the r additions to currency which were recently sanctioned are treated as advances upon which interest is charged and are not subjected to,.the vicissitudes of trade demands, .but are required to be repaid within a limited period. The real .remedy, for exchange dislocation lies in the • adoption of a more liberal currency Australia is averse to this, owing to fear of inflation which must be considered groundless. in view of her sound Budget and heavy export balance. Australia ought to allow the joint stock banks to obtain Commonwealth, notes freely by discounting trade bills, and if the're-discounting of British Treasury bills were also permitted, readier means would be offered for converting London balances into local currency."

Dairy Produce. The butter market remains quiet, but the recent decline- in values has enabled retailers to lower prices, and the result has been a satisfactory increase in the consumptive demand. As the quantities .due to arrive in/ the near future are not excessive, importers are hoping to maintain present values for the next week or two. "Kangaroo" brand has. now. been .on . the market a fortnight, but has .not aroused much enthusiasm, and Tooley street does not report any considerable enquiry for. it. Incidentally, it may be mentioned that the brand on the boxes is. -very incon-spicuous-in some cases. . The branding is so badly done that the "Kangaroo" sign is invisible. All that can be seen is a portion of the surrounding circle.

Metals." The spelter market has been most active lately, -and stocks here have been reduced very low. This is largely due to the Germans buying both here and hi-Belgium and United States.- The total world's stocks are estimated at a little over 40,000 tons, mostlv in the hands of American producers."

November. March. d. d. d. d. Fine CrossbredSuper 27 to 2Si — Average .. 244 to 27 21 to 24 Inferior 22j to 23* —' Medium crossbred — Super 25* to 26-J to 18$ Average .. 23~i to 25*' IS % Inferior 21 to 23 14 to 1GJ Coarse crossbred — Super 24 to 25* — Average .. C to CO 1^141 to 16i Inferior 19 to 21 12* to 15 Low erossbredSuper 21J to 22J — Average .. 20 to 21 14 to 16* Inferior .. 15 to. 10. 11 to 14" Hoggets— Super 2(3 to 2!) — Pine 25 to 28} 2.L to 23 Medium 23* to 2(3* 17 to 19* Coarse 22* to 24* 14 to 16} Low 20* to 23J13 to 15 Bellies and piecesCrossbred— Good to super 1!) to 22 13 to 15+ Low to medium . . 15 to 18* 10 to 13 Locks 11 to 13} 8 to 9* Crutchings— Medium to good 13i to 15 12 to 14} Inferior to seedy 10 to 13* 7 to 111