COMMERCIAL

Hokitika Guardian, 11 September 1931, Page 6

COMMERCIAL

WOOL CRISIS. IN AUSTRALIA. (Australian Press Association.) SYDNEY, September 10. The Chairman oi the Australian Woolgrowers’ council, Sir Graham Waddell, stated that ruling prices for wool sales should open the eyes of everyone to Australia s critical position.' Every State an the Commonwealth is fast drifting to catastrophe, and only immediate courageous united action can prevent it. The average price of wool at Sydney for the first week of the sales was only 6.]rd per pound. This was approximately twopence a pound below last season’s average price, which was disastrously unprofitable to the producers. It was absolutely certain that the -industry could not carry on at present prices, if the present costs remained. The industry could not^ carry on now, but for the assistance of the banks. Io avert a catastrophe, the Governments must act at once. Direct taxation on the primary -producers should be lessened, the tariff should be reformed downwards, and railway freights veil need

GOOD VALUE

LONDON, September 9The price of gold -is 81s 9:jd an ounce

N.Z. SHARE MARKET.

AUCKLAND, September'4o

Sale: Auckland Gas 23s 3d,. .Commercial ’ Bank 13s ltl, Bank of New Zealand 41s Bd. Reported: 5! . per cent, loan 1933 £97 ss, ,4J per , cent. (1938) £95; Bank of New Zealand 41s 7 id.

PUKEMIRO COLLIER’. ES

AUCKLAND, September 10

The annual report of the Pukemiro Collieries, Ltd., to be presented on September 30, states that the gioss profit, including rents aiid interest, was £35,622. The directors recommend a final dividend, making 15 per cent, for the year, compared with 25 per cent, last year. The company has repaid its capital lin dividends during the last four years. SYDNEY WOOL SALES. SYDNEY, September 10. At to-day’s wool sales, 11,997 bales were offered, and 10,316 were • sold, while 753 were also disposed of privately. There was good competition, especially from'" Japan and \oikshhoGreasy merino made 12| pence.