WELLINGTON NEWS

Hokitika Guardian, 20 September 1927, Page 4

WELLINGTON NEWS

THE WOOL OUTLOOK

(Special to “ Guardian

WELLINGTON, Sept. 17. The opening of tbe London sales lias seen expectations realised, for the market has hardened and shows a decided

firmness. There was no sensation and the bidding showed confidence without any excitement. Both merinos and crossbreds were from par to 5 per cent above the .TuiV rates. The advance in crossbreds was mostly on slips for which there appears to be an extraordinarily good demand. . Slips ajul scoured crossbreds sold particularly well at the July sides also. The wool position is at the moment very satisfactory, and it is to be hoped that growers will not bv adopting foolish tactics mar the local sales. While woof is promising well it- would not- take very much tc

upset the market. The trouble lies not with the raw material, but with tlio finished products, and unless these pass into consumption at prices to leave tho manufacturers a reasonable profit tlicio may lie a reaction which would he felt by the raw material. Ho lar the Continent lias been the main support of the market, wliifc .Bradford and the United States have traded on a hand-to-mouth basis. Both Bradford and the United States were heavy losers during the past two years, and while there has been some slight recovery in Bradford it is not so in tne United States, as

matter of fact tho woollen situation continues the dark spot of the textile industry there, and unfortunately little light can be seen ahead. It appears that owing to sweeping changes in both men’s and women’s styles of appaiet, consumption ol wool has been steadily declining since 1922. The consumption in America in that year was over

800,000,0001 b, while in 1926 it had

dropped to (526,210,000111. Meanwhile mil? capacity up to 1925 at least continued to expand so that notwithstanding an improvement in consumption

this year the industry still is operating below capacity. Reflecting the unsatis-

factory condition and the uncertain outloou. the American Woollen Company, which is the largest single organisation in the textile industry in America, at the June meeting decided not to pay out the regufar quarterly dividend on tho preference shares. This dividend has been paid continuously since 1899, hut since 1923 payments have been made almost wholly out of accumulated surplus funds, as earnings have not been sufficient to cover dividend requirements. Excess machinei*y also is one of the outstanding troubles of Bradford. STATISTICS'FOR. JUL>'.

During July 186 vessels with a tonnage of 6(51.959 tons arrived in New Zealand fropi overseas, and 181 vessels ot' 650,331 tons departed. The cargo tonnage from overseas totalled 1 1 5,417 tons against 176.051 tons in July ol last year, and the cargo sent overseas was 52,040 tons against 53,746 tons. The dairy produce exported in July totalled 145,750 boxes of butter and 56,680 crates of cheese. Of tho butter shipments 111,643 boxes wore produced in tho Auckland district. The dairy produce received for grading comprised 12,5S4ewt of butter and 3.995 cwt. of cheese. There was in cold store at the end of July 39,692ewt of butter and 10,033 ewt of cheese, wliii'o for the corresponding month of last Jho quantities were 49,7SScwt and 37,760cwt respectively. The hemp gradecj in July amounted to 3.72;i hales against 5,078 bales in July 1926. Of the total in July last 138 hales were rejected! and 30 bales condemned. The tow graded totalled 1194 bales, against 1516 bales. The transfers registered under tint Land Transfer Act- in July comprised 2137 transfers of town and suburban properties, the consideration being £1,727,535, and 691 country properties, with consideration of £1.448,899. The total being 2828 transfers and £3,176,634. in consideration. The mortgages registered in July nunibeied 3515 for £3.151.609, against 4509 registrations for £3,925,224. and the_ discharges numbered 2569 for £2,045,184, against 3473 for £3,180,499. The revenue collected by the Stamp Duties Hcpnrtmont in Jin'y totalled £400,181. of which £163.215 was obtained from Estate Duty.