THE WOOL MARKET

Dominion, Volume 28, Issue 101, 23 January 1935, Page 12

THE WOOL MARKET

London Sales Firm BRADFORD QUIETER By Telegraph. —Press Assn. —Copyright. London, January 21. At the wool sales 5723 bales were offered, including 2530 from New Zealand. About 7810 bales of Australian and New Zealand wool were sold. Home and Continental buyers were still operating freely, and the market is firm. The bulk of the offerings sold at full rates. New Zealand greasy crossbred. Waiau. IOJd., 8 5-Sd. Bradford is quiet, and quotations slightly easier. SYDNEY WOOL SALES Partial Recovery in Prices By Telegraph.—Press Assn.—Copyright (Received January 22, 10 p.m.) Sydney, January 22. _ At the Sydney wool eales to-day 11,058 bales were offered, of which 9888 bales were sold nt auction, also 536 disposed of privately. There was good general competition and prices showed a partial recovery compared with the previous day. Faulty thin pieces and shoddy fleece showed irregulartjy. Greasy merino made 15Jd. IMPROVED OUTLOOK Ready Demand For Wool Winehombe Carson, Ltd., reports: Though heavy offerings of wool are available iu Loudon at the series commencing this week, indications point to the continued ready purchase of the staple in Australia ami elsewhere. The trading agreement made between Germany and South Africa has livened turnover on African markets, and consumption in Bradford is feeling the benefit of increased German business. The revival is opportune, in view of the bulky quantities of the raw material available for sale during the current months. Temporarily, millmcu abroad are finding themselves somewhat short of raw material. Three mouths elapsed at mid-year when only a handful of wool was sold, and that period made a gap in arrivals at consuming centres. For some time reduced turnover at the mills offset the effects of those much-diminished receipts, but the recovery in volume of business has emphasised the shortage in mill stocks. That situation, however, should not be interpreted as meaning that supplies of wool in the world are not equal to requirements. It simply means that stocks are in the producing countries compared with their usual location at manufacturing centres. Any person, however, who makes a definite prophecy in respect to the future of wool prices is liable to prove astray, particularly this season. With the quantities on hand for sale and the caution produced among purchasers by the drop in prices from January, 1934, onwards, the evidence kindlgs the idea that a good advance in values is improbable. .But the currency question still . remains. It means are found to stabilise exchange rates, investors in European countries consider it advisable to put money into the purchase of wool or other commodities, and that movement might result in prices for the sheep’s staple rising. Cable reports also state that the French Government is making efforts to control industrial production within the limits of consumption. That action may have effect on commodity prices in France. Other factors, as well as the natural law of supplies and trade, are possible influences on prices, and their presence makes an accurate market forecast impossible. . Prices for average 64 s tops in Bradford have advanced lid per lb., or approximately 10 per cent., since early December. and a steady turnover is reported. Consumption of the raw material in Europe and Great Britain has improved of late months, and is much above the figures ruling earlier in the season. As in the past, cheap raw material and reduced prices for goods have been an influence in stimulating turnover. No reason is in sight likely .to cause any appreciable variation in prices, and the prospects of marketing the supplies of wool on hand within the time limit of the current selling year are brighter than at any previous period of the season.

GOLD MINING Okarito Return By Telegraph.—Press Association. Dunedin, January 22. The Okarito return was 260 z. Giiwt. for 121 hours’ working. Golconda Report Golconda Mines, Ltd., report as follow for the week ended January .19:—The drive on the main reef south-west was advanced 10ft. The reef is oyer sft. wide, and is underlying 1-1. On the haugjng-wall the country is improving, and the reef well mineralised. We have not got the. true footwall, and there are ribs of quartz carrying zinc blende showing in the wall. Golden Gully Report Golden Gully Sluicing and Development. Ltd.: Work was resumed on January 7, and the timber track into McCartney’s Gully was carried forward a distance of 9 chains. This will be completed during the present week. Pipe line from Penstock site to elevator has been cleared of standing bush, and will bo burned and logged during the coming week. Scrub contract part of sluicing area has been successfully burned. Boring has been resumed at the I'nra Para Delta, and the fifth bore hole is now in progress. An oil engine has l>een installed to supply power for the boring equipment. During prospecting operations 9oz. Odwt. of gold was won. Mining Research Co., Ltd. Mining Research Co.._ Ltd.: For the week ending January 15. the company reports as follows on the development work nt the Ballarat Reef, Mneetown :— The road from tho Old Homeward-bound battery to the Sunrise track has now been completed for a distance of over two miles, and arrangements have been made for the transport of the battery and machinery during the coming week A paddock of quartz is being taken out front the outcrop and a small intermediate drive discloses high-grade quartz with gold showing freely over a distance of 12ft. Tho gold is of very coarse nature, colours and dabs being frequently seen in tho stone broken. The rise in the low level is now Un 12ft., turd it is estimated a further 12ft. of rising will cut u reef in tli-- shoot of orc. j Mount Kembla Collieries Mount Kembla Collieries Ltd., an English company, reports a net loss of £3659 for the year ended June 3(1, compared with a net loss of £6558 the previous year. The balance of £31,257, adjustment suspense account, has been transferred to appropriation account, and after deducting the debit forward of £10.272 and a sum of £1745, representing a balance of British income tax payable, the net result is tlie establishment of a credit balance of £15.581. This is carried forward. Coal stiles were £32 651. against £39,514 the previous rear. Wages and calrtries were £29,031. tigaiust £34.416. The_£oiinaue sold was 49,866, against 64,357.