The Hides Market

Dominion, Volume 28, Issue 102, 24 January 1935, Page 12

The Hides Market

Writing under date December 13, W. Weddel and Co., Ltd., London, state that a good deal of progress has been made in the past week. Frigorifico Establishment's are all well sold and prices are. (steadily advancing. The latest figure paid for Argentine frigorificoa (ox) is tiOle., say 4|d, and 55e. has been paid for def. ox hided (4 3-Sd), although yesterday we made a direct sale to this .country at 4LI. This represents a net gam of about's per cent. Since stocks arc negligible and the demand is sustained it is possible that further, busiiiefiw will be done at an advance this week. Europe and North America continue to take all the frigorifico hides sold. In the United States the packer position is equally satisfactory and heavy native steers gained ground by lc. bringing the price of steers to 101c.' while native cows have realised Sc. The “futures” market has also established a rise on the week. March and June closing at 8.92 e. and 9.25 c. respectively as against 5.75 e. and 9.11 c. a week ago. The future, of course, is bound to be somewhat obscure owing to the uncertainty of financial and political conditions in most countries, but it is reasonably safe to say that there does appear to be very iittle chance of falling back in values so long as the demand continues on the same scale as at present, and even this can only be termed modest business. It has been ascertained that in most countries tanners are only putting into work something like 50 per cent, of their full capacity so there is a very big margin for improvement. English hides were again higher at this week’s auctions and only very small quantities are being put up for sale. The rest of Europe is not entirely in sympathy with this firmer trend for domestics although there is a steadying influence at work at some centres where weakness was in evidence up to a shorttime ago. At Copenhagen for example the market was steady whereas a 5 to 10 per cent drop was predicted. Colonial and miscellaneous descriptions are moving a little better. Australian hides of the non-tieky variety are well enquired for and shippers are asking 1-Bd/Jd more Cape descriptions are about steady with small quantities offering. Leather business is reported to be only moderate but values are firm and the prospects certainly a little brighter. Some tanners do not think that there will be much progress made this side of the New Year. It is quite true to say that higher prices are expected in 1935. Colombo Tea Auction By Telegraph.—Press Association. Dunedin, January 23. Mr. L. M. IVright has received the following cabled report on the Colombo tea auction of January 22: —The market for common teas was irregular, with medium and fine kinds dearer generally. The quality of the offerings again showed an improvement, and 2,810,0001 b. were auctioned. At ijext week's sale 1,490,0001 b. arc catalogued for sale.