WELLINGTON NEWS

Hokitika Guardian, 11 May 1928, Page 3

WELLINGTON NEWS

(Special to “ Guardian.”)

TENDENCY OF WOOL VALUES. WELLINGTON, May 9.

The third of the series of London wool sales, which began on 'I uesday last, shows considerable firmness and it is quite .obvious that users are not likely to come upon any cheap wool during the remainder of the year. The Bradford correspondent of the “ Financial Times ” says it may he taken for, granted that the tendency of prices will continue against buyers right to the end. Recently there has been'a steady adjustment of the prices it has been possible to command for piece goods, yarns and tops, compared with the cost of the raw material. The correspondent says that it is now nearly possible to sell merino tops oil the basis of the cost of wool on the day of sale. Crossbred wool and tops are not quite so near together, hut the relative difference has been reduced. Yarns both botany and crossbred have been more nearly adjusted to the cost o' tops and better prices have been made for piece goods, though tlie relative difference compared with raw matoria‘l is greatest in fully manufactured goods. Importers are not anxious to see anything in the nature of an excited market, and consequent panic prices lor either raw wool, tops or yarns during the next four or five months. The correspondent adds: "So far as can he judged at present wool importers will have no cause for complaint about the policy pursued by spinners and manufacturers between now and September next. More ilian one consideration forces .them to the conclusion that the persistence of carrying light stocks, and making replacements at the day’s price, u hen they make other sales ol llieir own products, as the safest and wisest thing to do.” Canada is anxious to add to the woollen industry ol the country, and as Canada produces very little wool herself, she must look to Australia and New Zealand lor supplies. A new woollen factory is to he established in British Columbia, Mr John Moore, worsted spinner, of Marshall Mills, Bradford, has decided to transfer the whole of his plant to Canada. He has been influenced in this decision by the tempting offer of the municipal authorities of Y ictoria, British Columbia, of free land on which to build, a mile of free water, and exemption from local rates for seven yea l " The new mill, designed by a Bradford architect, will he driven by electricity. The Bradford plant, consisting of 7000 spindles, is quite modern, having been installed within the last lour years. Messrs H. Hoy and Cov., worsted spinners, of Prospect .Mills, Tveigldy, hail a similar offer from Canada to transfer their business, hut declined. BRITISH CURRENCY NOTES.

The currency notes issued by the British Treasury as ail emergency war measure, are shortly to pass under the control of the Bank of England, in accordance with the recommendation of the Cunliffc Commission. and this it is claimed will he of great benefit to the country, a.s it will bring the control of all currency under one head, thus economising in the present excessive issue, and allowing greater elasticity to the Bank of England. The currency notes on issue are .about £285,000,000. and the hank has been making preparation for the transfer. Four hundred million bank notes are. being printed at the rate of one million per day at the printing department of the Rank of England, and these will replace the existing pound and ten shilling Treasury notes. Bank notes arc made of the finest quality rag-paper, very different from tiro easily tearahlc wood-pulp paper used for news print and cheap stationery. The paper comes from mills on the banks of a Hampshire stream, where the water is specially suited to the production of the highest grade paper. Hie average life of a Rank of England note is said to- be remnrhnbU short,, notes being relumed, in sometimes, within a week, utterly useless tor further circulation. This is due not to the paper wearing out, but ill its becoming verv soiled in. its passing from one hand to another. The useful life of a note also varies according to the district of circulation, a curious pai•n.l,>x being that they survive the least tone in mining districts and in the West End of London.