THE WOOL MARKET

Dominion, Volume 28, Issue 100, 22 January 1935, Page 12

THE WOOL MARKET

London Sales Firm MORE CONFIDENT OUTLOOK By Telegraph.— Press Assn. —Copyright. London, January 20. 'The ‘'Sun-Herald” representative says that, although French buying at the London wool sales is disappointing, German activity, also Russia’s re-entry into the Bradford merino market, is causing a more confident outlook. The “Yorkshire Post” points out. that the heavy woollen industry has not yet completed its requirements for the spring trade, which is expected to be substantial. Murray, Roberts and Co.. Ltd., are in receipt of the following wool maiket cablegram from their London agents. Sales continue with a good tone, competition keen. Compared with present London sale's opening rates,.greasy merino, best descriptions, market shows a hardening tendency; scoured merino, opening rates are barely maintained, crossbred greasy, medium to fine, best descriptions. par to 5 per cent, advance. Australian Turnover During the six months ended December 31 sales of wool in the principal selling centres of the Commonwealth totalled V 235.582 bales, which realised £15.795 332 Compared with the similar period ot 1933 the quantity .sold shows a decrease of •144 513 bales, and the amount realised a decrease of £12,779,360. The wool sold averaged £l2/11/7 a -bale, or 9.75 d. a lb.: greasy and scoured the average to the correspondin'’ date a year before being £W/1/- a bate, or 15.02 d. a lb. During December the greasy wool sold averaged 9.4 d. a lb. compared with 16.47d..f0r December, 1933, and 8 43d in December, 1032. Die following figures show the sales made during the six months during seven seasons, the amount realised, and the average per lb. obtained in Australian currency:— Price

On December 31. 1,288.101 bales of the season's clip were in store unsold. Receipts of wool from January 1 to June 30. IMt, were 408,404 bales. Taking those figures as a guide, approximately 1,700.000 bales are likely to be available for marketing during the current six months. GOLD MINING Latest Returns By Telegraph.—Press Association. Auckland, January 21. The Mataki return for the week ending January 20, was 19 ounces for 133 bom's’ work Dunedin, January 21. The Gillespie's Beach dredge for the week ended Saturday yielded 270 z. 10dwt. for 150 hours; 13oz. 13-llwt. also was obtained from a -broken period prior to the holidays. Maori Gully Listed Advice has been received from Christchurch that the Maori Gully Gold Dredging Company was officially listed on January 16. Subscribed capital is £22.500 in 1/- shares. Claims are situated in Stillwater and Waimea creeks. Grey County, between Maori Gully and borough of Brunner. Operations at Reefton Gold mining operations in and around Reefton have been a little slack for the last few hveeks. The IVaitahu Sluicing Company’s claim has been practically at a standstill for some five or six weeks on account of the shortage of water. From the Murray Creek mine the men have been transferred to Hie Big River, and it is confidently expected that an English company will take over the mine. It is understood that at the Murray Creek mine the English company has renewed its option for a further period, probably with the intention of further testing the mine. At the Big River two shifts a day are being worked hr the battery, lhe Worksop Extended dredge is undergoing repairs and alterations, but it is expected that the dredge will resume operations in about a week. Mahakipawa Report The report for week ended January 16, 1935, on the Mahakipawa Goldfields. Ltd., is as follows: — Unwatering of Golden Gate shaft: This has proceeded very satisfactorily, the water being now down 80ft. The shaft was divided into four compartments, the centres running in alternate directions. These have all to be removed before the pump can be lowered, so most of this work has to be done below the water, and consequently cannot be rushed. The small electric hoist used for enlarging the No. 2 shaft has now been installed to haul all the old timber to the surface, and is of great assistance. At 80ft. from the surface we encountered a substantial platform which has evidently supported the old Cornish pumps when the shaft was last pumped out This is now being removed, and it is anticipated that the remaining forty odd feet should be comparatively free of obstructions. The fluming continues to prevent almost all seepage from the creek, and has completely justified its installation. The compressor is now installed at No. 2 shaft.~and a 3in. air-main has been taken down the shaft. This should be connected up to the face by the week-end. and readv for the resumption of mining operations. Also a new water service for the rock-drills is being installed at No. 2 shaft, and will be completed in a day or so. Skippers Ltd. The mine manager Skippers. Ltd., reports on work at Maori Point Beach during past fortnight: Although men were kept in camp to allow work to proceed through the holidays, river conditions were «neh that very little work could be done. Endeavours were made to clean enough of the rock bottom to allow a wash-up to be made on January S. and with tlie Diesel working efficiently three shifts were worked when possible. The river commenced to rise on the morning of January 7. and all paddock work had to be stopped P.v the evening the river was running through the centre of the paddock. 'Phis flood completely filled the paddock excavation with silt and disorganised all work. As the gold boxes had been sot in very low. they were swept out by tlie flood and landed lower down bench They obtained no gold, as flic elevator sump had not been touched since the previous wash-up. and all concent rated wash wns at the bottom of the paddock. Since this flood have concentrated on cleaning out paddock and making fresh start. Within n few days paddock work will lie in full swing. Floor of the paddock continues 10 dip toward the cliffs on western side of river and lower sft. of wash shows gold very freely Crevices are numerous and are getting deeper, and it will lie necessary to again lower the elevator, to allow these to be dewatered. Sluicing work during the twelve hours previous to flood disclosed first old workings vet seen. They were in south-west: corner of paddock, but balance of paddock Hoor was distinctly virgin ground and gave every appearance of carrying heavy go'n Race water supply is still very low Dependent on water punwed by electric current generated by the Diesel plant. Owing to delay caused by this flood it is thought flint there can be no wash-up until almut the end of the month.

Bales. Value. .£ per lb. <1. IJkJS .... 1,925,027 •27,742,899 17.1 1921) .... 1,009,750 14.540,313 11.1 1930 .... 1,2-25,017 13,041,040 8.2 1931 .... 1,307,205 15,039.299 8.9 1932 .... 1,434.738 16,380,085 8.7 1933 .... 1,500,005 28,574,092 15.02 1934 .... 1,255,582 15.795,332 9. i a