LONDON WOOL SALES.

Press, Volume LXVIII, Issue 20495, 14 March 1932, Page 12

LONDON WOOL SALES.

BRISK HOME TRADE. NEW ZEALAND OFFERINGS. (UNlTfc'U PRESS ASSOCIATION --BY ELECTRIC TELEGRAPH —COPYRIGHT.) ' LONDON, March. 11. At the wool sales 9415 bales were offered, including 3876 from Zealand, and approximately ,3798.were sold." There was brisk home trade and Continental competition, and a firm tone; prevailed. ■ : , : New Zealand greasies, Glenhill, halfbred, top lOd, average 9fd. Tomoana, slipe lOd and B|d. New' Zealand, scoured: Goro. halfbixd pieces, 13 id and 13Jd. COLONIAL SUGAR CO. AUSTRALIAN ACCUSATIONS. CHAIRMAN'S STATEMENT. An attack upon the Colonial Sugar Refining Company, Limited, by the Commonwealth Attorney-General concerning the price at which it buys and sells sugar in Australia and its profits, has been replied to by the chairman of the company, Mr Edward W. Knox. In regard to the charge that the company gives no details of earnings, Mr Knox quotes from his report at the halfyearly meeting of shareholders in May, 1930, in which he said:— "Some people imagine that those concerned in the manufacture and refining of the sugar produced receive undue profits, but we have a smaller return than before the war.. This will bo understood when I say that wo would be satisfied, if, year in and year out, we had a working margin for the mills, after providing working expenses and 4 per cent, for depreciation, of one farthing per pound of sugar produced, while, for refining it, the gain is less than half a farthing, the difference being due to the refinery running throughout' the year, while the mill does not average a six months' season. "Of our, profits, more than a fifth goes in taxes, consequently we work for a margin corresponding with that obtained, in England and the United States. The chairman of the great refining business of Tate and Lyle told {he shareholders the other day that their working margin wa? one-tenth of a penny per pound of refined sugar, and in March the American Sugar Refining Company, that Handled one and a quarter million tons of sugar in the year, stated their profit at tho equivalent of half a farthing per pound of sugar, after providing for taxes and depreciation.' ' Since then the general manager of the company has twice given evidence before the Sugar Enquiry Committee explaining the whole position and showing that the company was not responsible for dear sugar, the greatest factor in which is the Commonwealth boun'.y for.raw sugar of £3O a ton. "It shoul'd bo unnecessary to point but to a trained accountant," says Mr Knox, "that when the shareholders' interest in a company like ours stands at a r much fyetow the copt Of ,'ts investments/ and 'there is rto interest, to.pay on borrowed money, a very moderate return on the whole outlay would give a considerably higher figure for the dividend on the shares. In our case the proportion is about one to three, so a dividend of, 12J per cont. gives a little oyer 4 per cent;, on the original outlay, which has been £18,000,006.'' PRICE OF SILVER. (BRITISH OFJICUL. WIFELESS) s .'' 7 , (Received March 13th, 5.5,p.m;) RUGBY, March 11. Silver (pence per ounce) is quoted as follows: — ; March 11th. March 10th. .1. (I. Spot .. .IS 1-16 17-j Forward .. ' 18J 18 1-16 PRICE OF GOLD. (UKITKD PI.'KSS ASSOCIATION--BY ELECTRIC TFXEGRAPH— COPYRIGHT.) • (Received' March 13th, 5.5 p.m.) LONDON, March 11. Gold' (per fine ounce) is quoted as follows: £ s. d. March 12th .. .. 5 16 8 March 11th .. ... 5 13 8 March 10th .. .. 5 12 3 LEAD RETURNS. IMPORTS AND EXPORTS. (Received March 13th, 5.5 p.m.) LONDON, March 11. Lead returns are as follows: Tons, Import« . .. .. 31.737. Exports .. .. 2,464 OSMIRIDIUM. (Received March 13th, 5.5 p.m) * LONDON, March 12. Osmiridnim is quoted: Taamanian from £l2 to £li an ounce FOREIGN EXCHANGES. (BRITISH OmCIAL WIRELESS.) (Received March 13th, 5.5 p.m.) RUGBY, March 11. The following are the current rates ot exchange, compared with those of March

10th and par:— Par. Mch. 10. Men. 11. Paris,' Jr.' to £1 :. 124.21 922 92 9-16 New York, dol. to £1 4.866 3.66 3.64J Montreal, dol. to £1 4.866 4.08* 4.07 Brussels, belgaa to £1 35 26.25 26.05 Geneva, fr. to £1 .. 25.226 38 7-16 18 25-32 Amsterdam, fi. to £1 12.107 9.06 •J.O-ift Milan, lire to £1 .. 93.43 70J 70i Berlin, reiohmazken to £1 .. 20.48. 15 5-16 , 15.26 Stockholm, kr. to £1 18.159 18J 18.10 Copenhagen, kr. to £1 18.159 18.15 18.13 Oslo, kr. to £1 18.159 18 7-16 It 7-16 Vienna, echgs. to £1 34.585 32 32 (nom.) (nom.) Pi ague, kr. to £1 .. 154.26 123 .1222 Holsingfors, marks to £1 .... 93.25 2171 215 Madrid, pesetas to ~ £1 24.225 48 474 Lisbon, escudos to . £1 4.50 110" 1032 Athens, drach to £1 375 285 287J Bucharest, lei; to £1 816.6 615 G1S Rio de Janeiro, pencn to milreis 4.958 '-'.* 4 1-10 Buenos Aires, pence to 'dol. .. 47.577 w 333 Montevideo, pence to dol 51 30} 30i (nom.) Bombay, pence to rupee . Shanghai, pence to 16 18 9-64 18 5-32 '- tael ... ' 21* ■' 21J 31 11-16 Hong Kong, pence to dol. .. :. 21 16 1-16 16 3-16 Yokohama, pence to Jen ••. .•■ 24.85 31 20J