VERY SLIGHT FALL

New Zealand Times, Volume LIII, Issue 12605, 16 November 1926, Page 8

VERY SLIGHT FALL

FAIR PRICES AT OPENING WOOL SALE OF SEASON BRADFORD BUYS FREELY CONTINENT AND AMERICA NOT OPERATING LARGELY ~ More than usual keenness was manifested in the first wool ,Ie of the New Zealand wool season, which was held at Wellington yesterday, and which was watched closely by all sections of the community, and from all parts of the country. The unusual interest was caused on the one hand by the hopeful anticipation by the farmers of a good season, and on the other hand by the unpleasant realisation that trade throughout the British Empire had been affected by the reflection of the British coal strike and the general industrial depression. None hoped for the figure attained at the opening sale of last year, for this was a temporary mistake, and the slight fall from the March rates wa - * considered satisfactory. Ninety per cent, of the catalogues offered was cleared.

The total of 11,179 bales offered bom-' pared favourably with the offerings of the past two years, the total put forward at the first sale in 1925 being 9795, and in 1924 7011 bales. The following brokers offered: — New. Zealand Farmers’ Distributing Company, 687 bales. Wairarapaf Farmers’, 600 bales. Abraham and Williams and Wright, Stephenson and Co., 1795 bales. Dalgety and Co,, Ltd., 1850 bales. Murray, Roberts and Co., and Johnston and Co., 1783 bales. Levin and Co., 3437 bales. New Zealand Loan and Mercantile Agency Co.. Ltd., 1027 bales. The quality of the wool offered was better than that offered last year, which. was rather an unfavourable season. Jt was light in condition and well grown,' particularly so far as hogget wool was concerned, and altogether the catalogues were above the 'average in quality. Buying power was well represented, the benches being full to their utmost capacity, • and representatives from the various consuming centres of the world were present. Growers and brokers had approached the sale with a good deal of uncertainty, as there had been a fall in the Sydney and Melbourne markets, and Bradford top market had shown weakness during the past month. They were therefore prepared for a fall from the rates ruling from-December to March last. The fall yesterday was not so great as had been anticipated, however, and buying began with a fair amount of spirit and was fairly well distributed. It was evident from the outset that the Continental buying power was not going to be felt during the day, and America, was not operating at all freely. The result was that Bradford operators were the mainstay of the sale, and were kept up to the mark by various individual purchasers from Sootland, within the Dominion, and one front Australia. ' This enabled a satisfactory sale to be recorded, in the end showing that crossbreds generally from 44’s upwards were' only a halfpenny to one penny lower. Tho Dominion mills were wanting finer wools- and made the pace for merinos and half-breds, which can now be quoted firm at last season’s rates. There was a good clearance of catalogues, 90 per cent, of the offerings being sold. Comparison has not been drawn with November sales of last year, as the prices were above the usual, and are looked upon by buyers as somewhat of a mistake. Preparations for this sale were, made under the depressing news of a likely continuanoe of the British coal strike, and although better news has since been received, it was realised that normality of conditions cannot be expected for many months. One broker cheerily put the position thus: “Oh, well; while the trade of the world is uncertain, we cannot expect the wool trade to be booming along.” Brokers’ reports are given below:— DALGETY AND CO., LTD. Dalgety and Co., Ltd., report:— Great Britain still ranks as the greatest wool textile producing centre and is by far the most important exporting country. It is said the textile industry gives work to about 260,000 operatives and the importance of the Bradford centre is illustrated by the fact that 213,000 of these operatives are concentrated in the Vest Riding of Yorkshire and within 20 miles of Bradfo, d. At the first sale of the season held yesterday, when 11,000 bales were offered the English trade rather unex"pectedly came on the market strongly and operated freely right throughout the sale. It was generally thought that we would have to look to the Continent to hold the early sales together and fully expected strong buying orders to come from Germany and Italy. Such was not the case, and at tile close of the sale, quantities secured by Continental buyers were of small dimensions. However, after inspecting the quality and condition of the wools catalogued, it was at once apparent that the class and style of the offering 56’s, 56/58’b, 00/64’s, id to Id dearer; majority of the parcels being too near super. The English buying was well spread and competition was often animated, especially when good style crossbreds of tine quality came under the hammer. Although the quantity ■>f hogget wool submitted wasvsmall, thp quality, style and growth ' was excellent, and turther, the wools were very - sound.' Some good orders were held for this class' of textile with America and Bradford competing freely. For a line of 20 bales SK/Branscombe from the Akitio district; we made 15id. The demand for medium style crossbreds was erratic especially 44/46’s, and on the day such wools appeared to be the cheapest selling. Coarse wools of medium style were relatively dearer. A small quantify of merino and halfbreds were offered principally on behalf of Marlborough growers and some nice lots were catalogued. Dominion mills bought the greater quantity, but Bradford were also in the market. Although competition for such wools couldnardly be termed animated, still fair prices were obtained. For a line of super halfbred from Marlborough branded Fyvie we made 20d. . France was as' usual in the market for fine quality bellies and pieces, also lambs’ wool, but practically no stocks of the latter were available at this sale. Only small parcels of good bellies and pieces were catalogued, but those brought forward sold well. An 8 bale lot SK/Branscombe first hogget pieces was sold by us for 131 d, the line going to France. Everything considered the sale must be reported as fairly satisfactory, although the good and some classes of medium crossbreds cannot he termed dear. We see no reason why present

prices should not hold, especially as there is every prospect of the long-drawn-out coal strike soon "Being settled, and with this an accumulated fact, a sounder and more confident tone would immediately rule in* the textile trade. Even now, a large section of the trade has confidence in the soundness of values and the outlook from the topmakers’ point of view is demonstrated by a general refusal to do forward business at less than current quotations. Persistent bearing movements have not beeu unknown at this period of the year, but such tactics 'now are ' of rare occurrence. With a restoration of confidence a stabilisation of wool values would soon be achieved, and if reasonable rates were established both buyers and sellers would be pleased. Our catalogue of 1870 bales comprised wools from Marlborough, Manawatu, Wairarapa and Nelson, and some excellent lines were offered. We sold 1550 bales under good competition, our binned and re-classed parcels being especially well competed for. When compared with our last March sale rates, prices at to-day’s sale can be quoted as under:—Fine wools, 50/s’s, 56/58’s, 60/64’s, lei to Id dearer; hoggets, 48/50’s, par to id dearer; medium crossbred, 46/48’s, 44/46’s, coarse crossbreds, 40/44’s, 36/40’e, id to Id lower. Some of our principal sales were as under:— Merino.—7 bales C W/ L 21d, and 3 at 19d; 9 Hillersden, 20d, and 3 at 18d; 8 Benopai, 19|d; Übique, 20id; Awapiri, 194 d. Halfbred.—6 bales Fyvie, 20d; 8 Übique, 19jd;’3 JG/Parkvale, 17d, 5 J S I4d; 4 Runnymede 13jd; 4 Awapiri, 13Jd; 6 E W R, 10|d; 6 JA/W, 12d; 4 Hillersden, 12jd; 13 Lakeview, 16-ld, and 7 at 15Jd; 6 J C B, laid; 3 Clifton Downs, Ilid, H, 16d. Hoggets.—2o bales SK/Branscombe, 15Jd, and 12 at 13id; 4 Gleniffer, 13Jd; 7 WP/H, 14; Hiroa, 133 d; 6 FW/W, 15d; 6 GP/Maungawai, 13Jd; 4 DMM/P, 12d; 8 JW/Rakanui, 103 d; 6 HLM, 10Jd; 6 MCC„ 10id; 61 Flatpoint, 12jd; 4 EWC, 13Jd; 10 MXV in square, 13id; 6 Thorplands, 13id; 3 T/Ngaina, 133 d; 5 RH/W, 12d; 5 P/Ngama, lid; 4 ARH, 123 d; 7 Fernlea, 133 d; 9. Blairathol, 13d; 6 Tablelands, 12*d; 6 JG/Parkvale, 13d; 4 Glenside, 12id; 4 JWP, 10Jd; 30 Tutu/Totara, 13id; 11 FG/Fairburn, 13d; 4 CD/Ratanui, 13d; 15 Ngatitoa Hid; 4 KMK/M, 133 d, and 6 at 13£d; 6 DB/M, lljd; 4 Waitoru, 12d; 7 HED / Glen warlock, 13d; 11 Opau 13d; 7 WBX, J33d; 4 RB/K, llid; 9 WTT, llid; 31 S, lid; 3 DM/MT Adams, 9|d; 4 AG/Grove, 12d. Crossbred.—6‘ Hinewaka, 14id, and 9 at 13id; 11 T/Ngaiana, 13 and 15 at llid; 10 G in diamond, 13Jd; 4 GP/Maungawai, 13d; 19 D —O, lid; 7 • WID, 10id; 5 B C, 10id; 5 RA/M, llid; 4 RT/M, 12d; 7 JB/T, 12d: 22 Blairathol, 12d; 6 fliroa, 13d, and 19 12jd; 4 H, 12d; 19 CPK/Branscombe, 13id, and 11 at lljd; 8 AMK, 13id, 13 for llid; 5 Korirata, 12d; 6 Ngatitoa, lid; 6 Maunga/Raki, 123 d, and 8 itt 113 d; 6 JHD at lid; 8 Onauku, lid; 5 DGC, 103 d; 5 JPJ, 10id; 6 HED/Glenwarlock, 12d; 6 Opau, Hid; and 123 d; 3 P/Ngama, llid; 5 S 3/ Cryon, 9Jd; 5 CS/M, lOd; 4 WBX, 13d; 21 WTT, llid; 3 CJ/R, Hid. Bellies and pieces.—8 bales S K/Branscombe, 13id, and 7 at lid; 5 Übique, 123 d; 11 T/Ngaiana, lOd, and 5 at 9d; 4 JG/Parkvale, 8d; 6 Hiroa, 93d, and 7 at BJd; 4 Tutu/Totara, 83d; 4 KMK/M, 8d; 3 MXV in square, 7|d; 3, Opau, 7id; 2 Tablelands, Sid. Crutchings.—2 bales FW/W, 10id; 13 Flatpoint, 9id, and 15 at 83d; 7 Hjroa, 83d, and 4, at old; 4 MK M, sid; 16 Kantara, sjd; 8 Happyvalley, oid; 7 Milnes, 6Jd; 6 bales Maringi, B|d; 4 Eha, Bid; 3 Tablelands, 8d; 3 Huiarau, Bid; 3 GP/Maungawai, sid ; 3 Ngaputahi, sd; 3 FG/Fairburn, 6|3; 3 GD/Matuku, 73d; 3 Makokomiko, 6Jd; 2 JW/Rakanui, 63d. LEVIN AND CO. The first sale of the 1926-27 season was held to-day. There was a large attendance of buyers. The United Kingdom, ' United ’ States, Canada, France, Italy;, Germany, Belgium, apan, Dominion and Australian mills and local scourers all liad their representatives on the benches. The offering was 11,179 bales, or 1384 bales more than the corresponding sale last year. Our catalogue represented 3437 bales, and consisted of crossbreds, the bulk of which were of good quality, and a fair supply of halfbreds and some good merino. The new clip,, as may be expected with early shorn wools, is light in grease. The staple is well nourished and grown, and hogget wool is particularly sound. There is an all round improvement in groyvth on last year’s clip which will give an improved weight yield. The corresponding sale in November last year was out 011 its own. The subsequent sales showed a drop of 2d to 3d on 46’s upwards and Id to 2d on 44’s and under. The lower range was 1 then maintained throughout the New Zealand season, which ended in March. London then took up the running, but the coal strike has overclouded everything, and prices have been maintained with difficulty. Foreign operators who are not seriously affected by the strike position have; however, kept the market from sagging seriously. During the past month there have been some ominous movements in the markets in Australia and Bradford; and it was evident as the sale day approached that the sale would be an anxious one. The buyers arriving stressed tho severe losses of the past two seasons, and the bad state of the woollen trade in the Old World and America. The opportune news of the prospect of a termination of tho strike, however, improved the tone to-day, and cleared the air somewhat, 100 much can easily be made, how-

ever, of the calling olt of the strike. The cost has to be paid, and improved trade has to be seen and felt before wool gets into a good position once more. The coal miners at work is one important step in the right direction. Bidding to-day was good, without actual briskness. We sold 93 per cent, of our catalogue. It was thought that be Continent would be the mainstay of the sale, but this was not so. This may be due to the fact that the bulk of the wool was above the standard of Continental requirements. America also did not show a strong hand ; probably she was not buying at all. At any rate, prices from American operators were -no better than from the Bradford section. This quarter was fully active, and had as their strongest competitors operators for Scottish mills and Australian factories. Bradford showed a strong hand for the hogget wool offering, and there was much of this of good quality in the sale, and this wool made comparativly the best prices of the sale. French buyers did eagerly for lambs wool, and good pieces, some extraordinarily good figures being paid for the latter. The Dominion mills were wanting merino and halfbred, and high prices were paid for good quality. 22Jd being paid for some “CW/LANSDOWNE” merino in our catalogue. Compared with the sale on March 27th the following are the movements : Merinos and halfbreds: Firm. No quotable change. Fine crossbreds, 46/48’s, and medium crossbreds. 44/46’s: Halfpenny down. Coarse crossßreds. 40/44’s, and low crossbreds, 36/40’s: Halfpenny to penny down. Bellies, pieces and locks: Par to 3d down. Lambs wool: Firm. No change. „ Growers are notified that under agreement with the buyers, three bale lots of wool (except super lots) are now “stars,” and will have to he either interlotted or sold later in the season in a “star” sale catalogue. The following are some of the results : Merino.—AH conjoined 7 bales, 20d; CW/Lansdowne, 12 bales, 221 d, 15 bales, 21d, 7 bales, 203 d; Kaiwarra, 3 bales, 21d. Down.—Lowlands, 4 bales, 20d; various, 17 bales, 17id; Kaiwarra, 7 bales, if 3d. Three-quarter-bred.—G W. under half-circle, 5 bales, 13; d; Kaiwarra, 4 bales H, 133 d; Te Towaka, 4 bales H, 123 d; Kaiwarra, 4 bales H, 133 d. Half-bred.—Delta, 11 bales, 19Jd; Delta, 12 bales, 183 d; Delta, 6 bales, 183 d; Delta, 17 bales, 17Jd; Maeburn, 6 bales, 163 d; Y Spur conjoined, 21 hales, 163 d, 7 bales, 143 d, 8 bales, 163 d; Te Kamru, 9 bales, 16d, 4 bales H, 14Jd; IVaiua, 5 bales, 143 d; The Throne, 6 bales, 153 d; Leefield/Triangle, 3 bales, 16)d, 7 bales,' "14d, 6 bales H, 13Jd ; Kaiwarra, 6 bales, 17d, a bales, 163 d. Crossbred.—JK under rafter, 6 bales, 12d; B in circle, 7 bales, 123 d; Ongaha, 15 hales, 13d, 10 bales. 131 d, 9 bales H, 12Jd; Broadlands/tV, 127 bales, 143 d, 8 bales H, 14d; R A R, 11 bales H, 13d; H-D B/G in .square, 11 bales, lid; Te Ora, 5 bales’, 10)d; O B. 9 bales, ll|d; Burnfield, 5 bales I2d; Kiri Kiri, 7 bales 133 d, 83 bales, 113 d, 5 bales, lOJd, 39 bales, lid, 5 bales, 103 d: Te Maire, 8 bales H, 13d 5 bales H, 12d; S H/ P, 7 bales H, 12}d; B/Fernglen, 8 bales, 133 d, 8 bales, 12d, 5 bales H, 143 d, 6 bales, 133 d; 0 M, 9 bales, 13d, 6 bales, 12id, 16 bales, 12d, 31 bales H, 12)d; reversed E D/Bowood, 13 bales H, lljd; A W A, 5 bales H, 133 d, ,5 bales H, 123 d; JHT/Homewood, 4 bales, 123 d, 4 bales, 123 d, 5 bales, 113 d; pitchfork/Awatoitoi, 10 bales, 143 d, 4 bales 123 d; Stanehurst/DS, 8 bales, 13|d; L turned L/Clivedale, 5 bales 123 d; B 0, 5 bales, 123 d; R K/ K, 8 bales, 113 d; L C in oblong, 5 bales, llid; Mill Hill, 20 bales, 12jd, 8 bales H, 133 d; EM, 5 bales, 113 d; Rawahi, 4 bales H, 143 d, 8 bales H, 14d: NK/ Waikanapa, 5 bales, 123 d, 4 bales H, llid; W E K A, 4 bales H, 143 d, 16 bales H, 123 d, 7 bales H, lid; Wharepapa/CM, 32 bales, 13d, 4 bales, 113 d, 8 bales H, 13d, 15 bales H, 13d; Bankview, 15 bales, 13d, 14 bales, 12d, 10 bales H, 14|d; EC/Monavale, 5 .bales, 12(1, 4 bales H, 133 d; WTP/A, 6 bales, 10id, 4 bales H, 123 d, 7 bales H, llid; TM/H, 7 bales, lOd; MH/W, 6 bales, 12d; DV/M, 8 bales H, llid; JMK, 5 bales H, 133 d; T T 2, 5 bales H, 113 d; Willows/X, 18 bales, lid, 8 bales H, 12id; WJN, 6 bales, 12d; 7 bales H, lljd; Tuscan Hill, 4 bales,-133d, 9 bales H, 123 d; OCC/Papawai, 5 bales H, 12jd; BL/Makaraka, 27 bales, 12id; Five, 9 bales, llid; Horo-rnta, 6 bales H, 123 d; THR/Pukera, 5 bales, 12d; T U 1, 5 bales, llid; T/TCwhanga, 14 bales,. 13id, 8 bales, 123 d, 11 bales, llfd, 12 bales H, 13d, 7 bales H, 12id, 5 .bales H, 113 d; 8 E/ T, 6 bales, 103 d; LH-R, 4 bales, llid; G. W circle over, 5 bales, 113 d, 4 bales, 103 d; D R L, 4 bales H, 133 d; J C M, 18 bales H, 12d; M O A, 15 bales, 13d, 4 bales, 13}d, 6 bale's, 123 d, 5 bales, llid, 6 bales, llid, 8 bales H, 143 d, 13 bales H, 133 d, 6 bales H, 13d, R bales H, 13Jd, 6 bales H, 12Jd; J Reversed E D-F, 8 bales, lljd; two keys H circle over/Hudson, 8 bales, 15id, 4 bales, 113 d; 7 bales, lid, 14 bales H, 15id, 9 tales H, 133 d, 5 bales H,. 12d; T S circle under, 4 bales, lljd; Patuna, 7 bales, 123 d, 11 bales, 113 d, 4 bales, llid; Whare, 20 bales, llid, 13 bales H, 12)d; Te Kopura, 5 bales H, 123 d; Turanganui, 11 bales H, 133(1; Spur/Spur, 51 bales, 123 d, 30 bales, 113 d, 17 bales, 113 d, 13 bales, lid, 19 bales H, 123 d, 9 bales H, 113 d, 8 bales H, llid; Westella, 4 bales H, 133 d; E B Y, 20 bales,. 13d, 0 bales H, 13id; Rewanui, 14 bales, 123 d, 12 bales, 11-Jd; reversed B LH, 119 bales, 12d, 7 bales, 103 d, 5 bales tv, 113 d, 6 bales H, lid, 4 bales H, 10ld, 7 bales H, 93d; Te Kamru, 19 bales, 13id, 23 bales, 123 d, 16 bales, 113 d, 5 bales H, 12d, 6 bales H, 113 d, 6 bales H, 103 d; Hum, 12 bales, 113 d, 20 bales H, 113 d; SW/W, 10 bales H, 121(1; AMK/OE, 13 bales, 113 d; W L, 7 bales H, 12id; Waiua, 4 bales, 113 d; W H D, 12 bales H, 12Jd, 5 bales H, 113 d; Mataliiwi/JH conjoined, 6 bales H, 123 d; Kaiwarra, 12 bales, 12Jd, 19 bales, 12.}d, 4' bales, 123 d, 8 bales, 113 d, 12 bales, 113 d, 15 bales, 113 d, 9 bales, 121 d, 16 bales, 12id, 11 bales, 123(1, 8 bales, lljd; Stratheden, 14 bales H, 13d, 7 bales H, 12Jd; N U I, 15 bales, 121 d, 7 bales, 103 d; H F/ P B. 6 bales, 12id, 6 bales, 133 d, 6 bales, 123 d. Lambs. —Kiri Kiri, 11 bales, 143 d, 9 bales, 12id; A IV A, 3 bales, llid; Weka, 12 bales, l3ld, 15 bales, 14id. MURRAY, ROBERTS AND CQ. There was an exceptionally heavy attendance of buyers, all sections of the trade being well represented. At the corresponding- sale of last vear the season opened with a strong Continental demand and the Home section practically looking on ; to-day the position was rather the reverse, as the bulk of the purchases went to the Home operators, and the Continent bought sparingly in fleece wools, although fairly active ou pieces and skirtings; France taking the top-grade pieces at relatively good figures, and local mills were occasionallv operating sparingly" in good pieces. Taken ns n whole, the prices realised to-day are round about pnritv with the dose of our season last March. We sold about 75 per cent, of our catalogue at auc-

tion. some of the wools carrying reserves slightly above the market. Some ot the sales made by us to-day are quoted hereunder: C E C over C, Romney hoggets. A., 13id; F H V, Romney E.A., 13d; Richmond, finished H.A., 133 d; E (reversed) S. H.A.A. and A, 133 d; Paeorangi, W.A.A., 14id, W.A., 133 d, W. 8., 12d, pieces 103 d; T K (in diamond), A.H.E., 123 d, A.H.W., 123 d; EES, hoggets, 13id; Mahua, H.A., 13id, W„ 12id; A M K. hoggets A., 133 d; Mellington. A.A.H., 143 d, A.H., 12id. A.W., 12)d; Gore, hoggets, llid, crossbred E., lOJd ; R R B, W.A., 13ld; Woodlands. E.A., 13d, H.A., 13d, 8.W., 123 d. 8.E.H., 12d, crossbred E.H.. 121 d. E.E.. 12d, first pieces, lid’; H. Bros., W.A.AI, 133 d; P, W.A., 12(1; W I B, H.A., 123 d; J T over Springgrove, H.A., 133<1; S and Sons, Hoggets A., 13id; Parorangi, E and W, 13d; Kaikuri, crossbred W. 8., 123 d; TAH to SI over The Const, H.A.. lid; Rewa Rewa, H.A.A., 133 d, H.A. 133(1; Rewa Rewa, E.A.A., 13|d, E.A.. 13d. E. 8., 12#d, necks, 123 d, first pieces 9Jd; Ruawaka over M R, R. hoggets 133(1, Temahora, H.A., 133 d; H P C. H.A., !&ld, AV.A.. 123 d, first pieces 9Jd. necks, 12Jd; A G M. Romnev H.A.. 143 d: Woodlands over D M K. lambs. 13id. WRIGHT, STEPHENSON AND CO. At the first sale of the season Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd., report having offered a catalogue of 1795 bales to a very full bench. The wool was very much better grown than last year, there being little sign of tenderness which was so much in evidence last season. On the cabled advice of our London house (the report states) we made our valuations on the basis of the closing rates of last year’s series, and wo had no difficulty in making sales at these reserves. The great majority of growers were prepared to accept our values, and as a result wo clcored just over 90 |>er . cent, of our catalogue. Tlu* .Wairarapa, ATanawatu, lfcangitikei, and

Horowhenua districts supplied tlie bulk of our wool, there being very few South Island clips to hand. America bid up well for suitable wools, the Continent competed keenly, and Bradford bid steadily up to their limits. Following are some of the sales:— Southdown.—Challenge, 3 bales, 13d; Nerang 2 bales, QD/F 2 bales, D-O 1 bale, MJ 1 bale, AVGS 1 bale, Ngakoulia 1 bale, at 18d. Halfbred—Challenge, 4 bales, 16Jd; Bouldenbank, 4 bales, IGJd : Panatahi 3 bales, 14}d ; WR./Tirotiro, 3 bales, lod; SNM, 2 bales, Nuiwai 2 bales, Waimapu 1 bale.

FN 2 bales, Waihau 1 bale, at 16d. Romney hoggets—WG/K 4 bales. AAH. 14d; Lindale, 5 bales, 14jd; half diamond side S/K, 4 bales, 123 d; MXV in square, 4 bales, 12id, 9 bales 12^d; Westmere/K, 5 bales, 12£d; WCS/ Warehoine, G bales, 13d; QD/F, 9 bales, 13Id, 6 bales I2jd; K. Bros., 5 bales, 12$d; Snowdon, 3 bales, I3jd; WTU Tirotiro, 4 hales, 13$d; AJW/Mnhie, 7 bales, 12ld; Nerang, 11 bales, 12:}d ; I.BS, 6 bales. 12Jd; l.andseml, 7 bales, 14d, 4 bales 12d; IUS # 17 bales, 12ld; f

TL/B, 4 bales, 13d; RGD, 8 bales, 12d; Tynenall, 6 bales, 14d, 4 bales 12}d; WM/Kaituna, 15 bales, 13fd, 7 bales 13id; W in circle, 6 Dales, 13d; Ngakouka, 7 bales, 13|d; AVB/ two halfcircles backed, 16 bales, 12td; Challenge, 3 bales, 13}d. Medium Crq<ssbi;ed. —Kingsland, 4 bales A.W. 13jd, 10 bales B.W. 12Jd; Ngakonui/H, 4 bales A. 13d; Wharepaku, 13 bales, 13Jd; M. J., 5 bales crossbred K., 12R1; CO, 6 bales, 12d; Nuiwai 4 bales E, 13d; Lindale, 3 bales 13Jd, 17 bales 12|d, 16 bales 12d; Nerang, 5 bales, 12Jd : JM/ Otaraia, 21 bales, 123 d; JG/I, 5 bales, 12d; Wharepaku, 13 bales AXB. 13Jd; Landsend, 0 bales B.E. 13d, 7 bales B. 12jd; GMD, 5 bales, 12id; Tynehall, 4 bales, 12)cf; WM/Kaituna, 9 bales, 12jd; Waimapu/BV, 5 bales 13d, 20 bales 12d; Challenge, 4 bales, 12jd. Coarse Crossbred—Wharepaku, 13 bales E, 12Jd; Snowdon, 10 bales bales lid; Challenge, 7 bales llid, 9 bales 12d. Lincoln—Challenge, 3 bales, lid; Korari, 7 bales, lOd. Necks Landsend, 3 bales, 12d; EJG/Pohui, 1 bale; Tynehall, 2 bales; Challenge,' 1 bale at 12d. N. LOAN AND MERCANTILE AGENCY At tlie opening of the season a total of some 11.000 bales was offered by the various growers. There was a large attendance of buyers, representing practically all manufacturing countries. Bidding was fairly well spread, and at times keen for particular lots. The condition of tbe clip was on the whole lighter and brighter than last season’s. This was more noticeable in the hogget fleeces, which last year were more or less tender and discoloured. The prices realised at the sale were above Bradford limits, the bulk of tbe wool being bought by Continental and American buyers. For the finer grades, New Zealand mills operated treely at prices in excess of both Bradford and the Continent. For bellies and pieces, French buyers were to the fore, and secured most of the good lines, while local fellmongers took the heavier lots for scouring. There was an excellent demand for wools classed by us in our stores, and our bin wools sold at very good rates. The following are a few of. our principal sales.—Port Hardy, 4-bred l6d, J-bred 13Jd; WRH, Rom., llid; Percy Bros., Rom., llid, Lincoln lOd; Omaha, Rom., 12d; JWH, Rom. crossbred, IOJd to 12id; JS/Tenapo, crossbred hoggets, 12id; TW, Rom. hoggets, 13jd; JM, Rom. hoggets, 12|d: IK, Rom. crossbred, 10Jd to 12d; W(D)P, crossbred, lljd; Tukipo, Rom., lOjd to 12jd; Glendryneocb, crossbred w., 13id; FK, Rom. crossbred, 10Jd to lljd; V/Pokorua, llid to lljd; PME, Rom. crossbred, lOjd to 12jd; JOJ, halfbred, 14d to 14id; RW/Iraia, Jbred 12jd, i-bred lid; Kakapo, Rom. crossbred, llid to l2d; CJW, Rom., 13itl; HHT/K, Rom. crossbred, lid; FFF, fine crossbred, lljd to lljd; Mata i/NM.JL/Huka. Rom.. lljd to 12Jd; P/Tividale, hoggets, crossbred, llid to 13d. ABRAHAM ANDWILLIAMS, LTD. TWENTY-FIFTH ANNUAL MEETING. Tho twenty-fifth annual meeting of the members* of Abraham and Williams, Ltd., was held at the head office of the company. 34. Customhouse quay. Web liuglon, on Monday, NovemlnM* 15th. The profit and less account, including £14,207 Ufi lid brought forward from last year, showed n credit balance of '£29,556 3s Bd, from which has to be de-

ducted the interim dividend paid in April last, amounting* to £7757 18s, leaw* ing a balance available for distribution, .£21,798 5s Bd. A dividend of 2\ per cent, for the half-year was declared (A the ordinary shares, which, together with the 2\ per cent, paid in April last, makes 5 per cent, for the year, leaving a balance of ,£14,092 3s 8d to be carried forward. Messrs R. E. Beckett, E. H. Binney, P. S. Larcomb, and A. K. Simpson, the retiring directors, were re-elected. Messrs Rutherfurd and Connell and Mr P. L. Sim were reappointed auditors for the ensuing year, BUTTER AND CHEESE QUIET 1 N.Z. DAIRY PRODUCE BOARD'S CABLE. The N.Z.>'Dairy Produce Board has re. ceived the following cablegram from Hie London office of the board, dated November 13th. 1926: "Butter.—New Zealand, first grade 1486, finest 150 s; cold stored 138 s, 1445. Considerable quantity cold stored butter sold, but market quiet on control and other butters. Australian, 140* to 1465; Canadian, 138 sto 1425; Argentine 142 sto 146 s (unsalted); Irish, 144 s to 148 s; Dutch 168 s to 170 s; Siberian I3os to 1325; Danish 172 s Danish imports into England last week, 1490 tons. Retail prices ■unchanged. "Cheese.—New Zealand, white 86s to 87s, coloured 85s to 86s; Canadian, white and coloured 86s to 88s spot, 80s 6d to 82s c.i f. Market remains very quiet. Retail prices unchanged. "America.—Butter 48J cents, equal to 169 s 3d landed, ex duty. Market upward tendency. "Montreal.—Butter 341 cents, equal to 155 s c.i.f. Montreal; market firm. "No Continental demand colonial butter meantime/' , DAIRY PRODUCE PRICES \ CONTROL BOARD’S CABLE The New Zealand Dairy Produce Boarß has received the following cable from the London office of the board, dated November 13th : Butter.—New Zealand first-grade 148*, finest 150 s, cold stored 198 sto 1445. Considerable quantity cold-stored butter sold, but market quiet on control and other butters. Australian. 140 sto 1465; Canadian, I3Bs to 1425; Argentine, 142 s to 1465. unsalted: Irish. 144 s to 14Ss; Dutch, 168 s to 170 s: Siberian, 130 s to 132s* Danish, 1723. Danish imports into England last week, 1490 tons, Retail prices unchanged. Cheese. —New Zealand white, 86s, 87s; coloured, 85s, 86s; Canadian, white and coloured, 86g, 88s spot; 80s 6d, S2s, c.i.f. Market remains very quiet. Retail prices unchanged. American butter* 483 cents, equal to 169 s 3d landed ex duty. Market upward tendency. Montreal butter. 34V cents, equal to 1558 c.i.f. Montreal. Market firm. No Continental demand colonial butter meantime. The Bank of New Zealand produce department has received the following advice from its London- office, under data 12th inst. Butter: Quiet. Stored, 136 s to 142 s per ewt. Control prices unaltered, but i>rneticflHy no business. Cheese: Slow: white. 84s to 87s per cwt; coloured. 83s to 86s per cwt. The New Zealand Producers* Co-opora-tiv© Marketing Association, Ltd., has received the following cable from London, dated November I:2th : Butter: Market very slow. Stored New Zealand, 336 sto 1425; selling slowly in preference to controlled butter, which is still quoted at 148 s to 15.0 s with no business doing Stored butter will rule lOs or moro Iwdow controlled prices until cleared. Market may f.ilj to lflfls at any moment. <'ln*eso: Slow: very little business doing. Stnrrd New Zealand, 7fis to S6s. according to Canadian# 06% to SSo.