KEEN DEMAND

Dominion, Volume 32, Issue 146, 16 March 1939, Page 12

KEEN DEMAND

London Wool Sales Open

CROSSBREDS FULLY FIRM By Telegraph.—Press Assn.—Copyright. LONDON, March 14. The second series of Loudon wool sales commenced today, the offering being i-o 7 bales, of which 4937 bales were New Zea land wool. , , ... u . . , The quantity o'old was GoSi bales. The selection was a good one, clneily of crossbreds, and it met with a keen ,lel A l good Clearance was effected, mainly to the home trade As compared with rates at the close of the last series, merinos were sold at par and crossbreds were generally in sellers’ favour. . . . Slipcs sold at par t 0,5 per cent, higher New Zealand greasy eiossbietls “Ruru,” made an average ol 9< ~ highest, lOd.; •‘CEB” Sid.: highest 9 4 d. Slipe, halfbred lambs. Gear, brought 13 d.

The following cabled reports were received yesterday by Wellington houses: Bank of New Zealand, Produce Department: The sales opened with strong competition and a large attendance of buyers. There is an active demand by all branches of the trade. Compared with the close of last series, prices for merino ar e unchanged, while greasy crossbred is fully firm with tendency in sellers favour. Bank of New South M ales. London wool -sales good competition. Compared with last sales elose prices for all descriptions firmly maintained. Average or estimated prices for New Zealand greasy fleece ordinary topmaking wools:

Dalgety and Co., Ltd.: Wool sales opened, large attendance, brisk and general competition, poor selection meiino. Fair offering crossbred. As compareci with closing rates of last series, change, it any, is in favour of seller. Murray, Roberts and Co., Ltd.Sales have opened with a good tone. Good attendance of buyers and competition keen. ~ , Bradford principal buyers; Continent operating moderately. , , , Compared with last London sales closing rates: — . Greasy merino, best descriptions, pat to 5 per cent, advance. Greasy merino, other descriptions, market. firm. , „ , "Scoured merino, market shows no change. • Crossbred, greasy, market firm and shows a hardening tendency. Crossbred scoured and slipe, market shows no change. New Zealand Loan and Mercantile Agency Co., Ltd.:—The second series opened' today with keen general competition. Yorkshire were the chief buyers. Prices for greasy crossbred are in sellers favour. Slipe crossbred lambs are about par to id. a lb. higher than the preceding series. For merino wool the market is very firm. , Wright, Stephenson and* Co., Ltd., and Abraham and Williams, Ltd.: —The sales opened" before an average attendance or buyers, among whom competition was good. Continental and Bradford buyers were the chief operators. An averagel selection of wools was offered. We quote, the following average realizations: — , d. Greasy merino, 60/64, yielding 48 pa; _. ...... • 10 Grease fine halfbred, 56/58, yielding 52 101 Greasy halfbred, 50/56, yielding 68 p.c; • • Greasy threequarter-bred, 48/50, yielding 74 p.c. 9t Greasy fine crossbred, 46/48, yielding 75 p.c• Greasy medium crossbred, 44/46, yielding 75 p.c Grensv crossbred, 40/44, yielding 16 p.e. : Greasy coarse crossbred, 36/40, yielding 76 p.c ■ ■ ■ Greasy crossbred lambs, • 46/50, yielding 74 p.c Average types of crossbred, halfbred and merino wools were on a par with closing rates in the January series, while good top-making wools were at a premium. Scoured and slipe wools were very firm on January rates and, if anything, in favour of sellers. Levin and Co., Ltd.: —The auctions opened here today with a large attendance of Home and Continental, buyers. There was good general competition, with all sections of the trade buying, particularly "Bradford. As compared with the closing rates of last sales, the market generally is par to 5 per cent, higher, slipe wools generally show a good demand, and prices, where changed, are in sellers’ favour. As at present arranged, the sales will close on March 30, 1939.

Antwerp Wool Futures By Telegraph.—Press Assn. —Copyright. ANTWERP. March 14. The Antwerp wool futures market is quiet. Today's quotations compare with those previously cabled as follows: —

/ Australian Meat Exports Possible reductions'of 267,<JOOewt. in beef imports from all foreign suppliers into the United Kingdom for the first quarter of this year as a result of the formation of the Empire Meat Council is not likely to affect Australia, according to the view of Mr. W. C. Angliss, M.L.G., chairman of directors of IV. Angliss and Co. (Australia), Pty., Ltd. Mr. Angliss said that, while he assumed the Australian quotas would not be restricted, there was not likely to be any increase on account of the reduced foreign supplies. Shipments of mutton, lamb and beef would be less than last, year owing to tiie prolonged drought. New South Wales and Victoria would make big demands upon the Queensland market for their own supplies, with a consequent reduction of export supplies. A reduction of 267,000 cwt. in beef imports Iritin »11 foreign suppliers to the United 'Kingdom was only a small percentage of the imports, South America alone last year shipping 5.255,131 quarters of chilled beef and 78.170 quarters of frozen beef. Restrictions would probably seriously affect the South American frozen beef trade. Conserving Oil Supplies America is taking another noteworthy forward step to conserve the use of her petroleum supplies, stales the ''Manchester Guardian” Commercial. 'Pen plants are under construction for the production of petrol by the Houdry synthetic process. They will have a total capacity for treating -100,000 barrels of crude oil a day. The process enables direct production of high-grade 80-octane petrol from any type or quality of crude oil. Eighty per cent, of lite crude oil is converted into petrol by litis method, as compared with an average return of about 44 per cent, with the methods in current use. The process permits a ready adjustment between the output of petrol and of domestic fuel oil; the ratio between these two main products can be so varied as to furnish more motor fuel in the summer and more fuel oil in the winter.

I.C.L Report lit July last Imperial Chemical Industries of Australia and New Zealand, Ltd., issued 1,000,000 5 per cent, cumulative preference shares which were offered to the public at par. The issue was fully subscribed, and most of the shareholders exercised the right to pay instalments in advance. The company has substantial interests in subsidiaries, the net profits of which, after providing for taxation, were £274,664, of which £255,709 was paid as dividends. The directors report that the amount provided for depreciation by the company and_ its wholly-owned subsidiaries was £47,991. In their report tbe directors state that all factories were maintained in good order and material extensions were made. The directors, in paying a dividend of 8 per cent, on tbe issued ordinary shares, capitalised the - necessary amount, £298.606, in the form of new ordinary shares. Since the preference shares have been listed they have sold as high as 23/-. Last sale, however, took place at 22/44, nt which price I lie yield was 44 percent. Directors: Sir L. Raws (chairman and manttgiilg), M. M. Brodie, 11. G. Darling, Sir J. Grose (New Zealtuid), Sir G. Julius, Lord McGowan, J. G. Nicholson. J. Rogers, Sir A. Stewart, N. Taylor, 13. E, Todhunter.

00/64's 10 Half bred Fine crossbred .. • • 56/58’s 50/56’s 10i 10 Medium crossbred 4S/50's ol Medium crossbred 4G/48's Coarse crossbred . 44/46’s t Coarse crossbred . 40/44’s 9‘1

\.pril Mar. 7. Mur. 14. .... 21? 21J July .... 221 22} September ....' 22’} 22J