THE WOOL MARKET

Dominion, Volume 28, Issue 106, 29 January 1935, Page 12

THE WOOL MARKET

Half Australian Clip Sold HEALTHY OUTLOOK Winchcombe, Carson Ltd. reports:— Figures covering imports of wool and stocks of tops in all countries, except Italy, in the closing months of 1934 showed reduced totals, that fact being one of the influences which has maintained a steady flow of orders for the staple on the world’s markets. Half the wool which will be available in the Commonwealth during the current selling year has now been sold. It can now, therefore, be safely stated that the market has been thoroughly tested, and the consuming trade, by its investment of capital in bulky quantities of raw material, has displayed its confidence in values. Prices have only varied to a slight degree since the season opened. Turnover in the establishments in Europe am} Great Britain has revived from the much curtailed activity noticeable from mid 1934 until three months ago, and if conditions on the Continent brighten, which they now show signs of doing, a gradual improvement as the year progresses in prices for wool and other commodities looks likely. A general rise in world , prices is necessary. Au appreciable advance in rates for the sheeps staple without the support.of increased purchasing power through higher returns in other industries cannot prove permanent. The experience of December-Janu-ary. 1933-34. when wool prices reached levels out of relation to the values of other materials, supplies evidence of the risk attaching to such an isolated development. It is quite “on tlie cards” that at some future date sales of woollen products will show a spurt. A goods buying movement was evident (luring the final six months of 1933, and it carried wool prices upwards. Since that time wholesalers and retailers, owing to uncertain price levels, have only purchased goods in more or less hand-to-mouth quantities. Traders by this time are therefore not carrying bulky stocks, and sooner or later will consider it advisable to replenish supplies. Goods are not likely to become appreciably cheaper than they are to-day, and there is the possibility that they will become more costly. The rise in prices from April, 1933, to January, 1934, was. however, assisted by the improved turnover experienced in the United’States woollen industry. America is not a great direct factor on world markets, as her own clip supplies a large proportion of her requirements, but indirectly her activity hjs results. During the bulk of 1934 her mills suffered much reduced activity. From January to October the mills in the States only consumed 277.528.0001 b. of wool, or 40 per cent, less than a year before. Of late months, however, business in wool in America has shown a somewhat better tone. A limited volume of orders from that quarter for super merino fleece wools has been experienced in Australia. We hope that purchasing on that account will increase, but the results of the American Government’s efforts to stimulate industry are still uncertain. Yorkshire continues to be the most favourable wool market influence. Her mills have been better employed on internal and export business than those of other countries. The indications are that they will continue to purchase wool with freedom. as they are now experiencing an increased demand for tops and yarns for Germany, and normally German buyers are their largest customers for those semi-manufactures. Sydney Averages

Average prices obtained in the Sydney wool market this reason are as under: —

GOLD MINING Latest Returns Gillespie's Beach have advised the Stock Exchange Association that their wash-up amounted to 420 z. 12dwt. for 131 lion ns. The Okarito wash-up totalled 370 z. 2dwt. for 1221 hours. Talisman Dubbo have advised the Wellington Stock Exchange that 43 tons were treated by the Gohlen-Dawn battery for £291 actual return. By Telegraph Frees Assm-tr.t um Auckland. January 28. The Malaki return for the week ending January 27 was 21 ounces tor 130 hours’ work. Mahakipawa Report Mabakipawa Goldfields. 1.1 d., report for week ended January 23:—TJnwateriug of Golden Gate shaft : This was successfully completed on Saturday, January 19. The quantity of water requiring tobe pumped continuously to keep the shaft and old workings empty is diminishing as the country drains out. and at the moment is only 300 g.p.m. Arch-drive to connect present workings with Golden Gate workings: A start has been made on this, the distance to be driven to connect up with the old drive just south of the shaft is approximately SON. No. 2 shaft: The shear legs for hoisting the main frames of the new head gear nre in position, and we nre now ready to hoist. Leading face: Work has been commenced here again after an interval of lliree months. The face is showing 2t't. Gin. of moderately hard bottom, with good wash cemented in places and carrying fair values. Australian Price of Gold 'l’he price fixed by the Commonwealth Bank for gold, including jewellery, lodges! at tlie Melbourne Mint for the week ended January 18 is at the rate of approximately £B/0/9 per standard ounce (22 carats), equal to a premium of 106.3.8 per cent. Payment is made according to the assay value of the gold. The price is 2d. higher on the week. The price per ounce fine is £B/15/4. a rise of 2d. on the week. London Hides Market Bv Telegraph. — Press Assn.—Copyright London. January 26. Hides: Meatworks, dry-salted. Queensland. 351 b. to 451 b.. 5d.; 301 b. to 401 b., 4 7-Sd.: 251 b. to 351 b.. 4 5-8(1.: 201 b. to 301 b.. 4Jd. New South Wales. 351 b. to 451 b.. 5Jd.; 3OII>. to 4011,., 5Jd.: 251 b Io 351 b.. 51d.; 201 b. to 301 b.. s|d. Wet-salted Queensland. 501 b. to 601 b.. 3 7-Bd.: 401 b to 501 b. 3 5-Bd. New South Wales. 5011). to Gillo.. 4 l-Bd.; 4011). to 501 b., 3 7-Bd. Victorian abattoirs, 501 b. to 601 b.. 4<l. : 401 b. to 501 b.. 3 7-Sd Newcastle & Hunter River Steam The Newcastle and Hunter River Steamship Co., Lid., reports a net profit of £12,034 for the vein- ended December 31, compared with £10.514 the previous year. For the third successive year (lie dividend rate is increased, this time from 7 per cent., the rale paid for .1933. to 8 per cent. The dividend requires £12,000, and £192 is carried forward, against £l5B brought forward.

Week ended 1’er bale. Ter lb. 193d— £ s. <1. <1. September 8 .. 13 4 10 10.0 September 15 .. 12 13 t; 9.4 September 22 . . 12 10 ■ * !).;> September 29 . . .12 2 0 9.1 October 20 .... 12 6 9.3 October 27 .... 12 9 •> 9.4 November 3 .. 13 4 10 10.2 November 10 . . 13 13 4 10.5 November 17 .. 13 •) 4 9.9 December S . . 12 (> 9.4 December 15 .. 12 5 9,(> December- 22 .. 12 11 9.8 1935 — January 12 ... 12 8 9.7 January 19 ... 12 s 8 9.7