Wool Prices Well Above Expectations

Sun (Auckland), Volume I, Issue 255, 18 January 1928, Page 12

Wool Prices Well Above Expectations

THIRD NAPIER SALE | RISE OF 1?D TO 2D ON DECEMBER Press Association. NAPIER, Tuesday. The third Napier wool sale of the season concluded to-day, before a full bench of buyers. As was anticipated, the market held good right to the end. On the average, values advanced from penny three-farthings to two pence on those ruling in December. Bradford buyers, who earlier in the season were not operating with their usual vigour, recovered form and took by far the greater portion of the quota. Prance and Germany were keen competitors, lifting, for them, very large quantities. America bid high for particular lines. Local ’ mills were willing to buy, but bidding was too keen. On the whole, the result was most satisfactory from the grower;;’ viewpoint, as prices were above those at Wellington, and considerably above expectations. Of 29,290 bales offered, only a very small percentage was passed, which shows that buyers were anxious to secure wool and farmers’ reserves were exceeded. The wool, through being rather late, was somewhat heavy in certain lots, but there were some very clean, bright clips from the south of the province. OFFICIAL RANGE OF PRICES The official range of prices was 1 — d. d. Southdown — Average ISJ to 24J Merino— Average to 23? Fine Halfbred— Average 21? to 22? Medium Halfbred— Average 20 to 22 r * Inferior IS to 19 Coarse Halfbred— Super .. 21 to 221 Average 19 to 20 1 Inferior 14 to 135 Fine Crossbred— Super 20 to 2il Average i 62 to 3 9 Inferior 145 to 16 Medium Crossbred— Super IS to 195 Average .. *l6 to 175 Inferior 13 to 15 Coarse Crossbred— Super 16 to ISS Average .. 14 to 155 Inferior 2 3 to 13? Low Crossbred— Super 15 to 165 Average - .. 13 to 14? Inferior 13 to 12 Hoggets—--50-56 to 20? 48-50 20 to 215 46-49 IS to 205 44-46 1 7 to 20 40-44 , 145 to 16? Lambs— Good to super 19 to 23? Low to medium 15 to IS Seedy and inferior .. .. 10? to 14? Pieces— Neck 16? to 21? Good to super 16? to 19? Low to medium 9? to 15 Seedy and inferior .. .. to 95 Bellies— Good to super 12 to 13? Low to medium 10 to 11? Seedy and inferior .. .. 9 to 10 Cru tellings— Medium to good 10 to 12 Low to medium ........ 75 to 95 Seedy and inferior .... 5 'to 7 Locks 6:] to 9 BANK OF NEW ZEALAND LONG TERM MORTGAGE BUSINESS Operations of tlie long-term mortgage department of the Bank of New Zealand register a gradual expansion, according to the quarterly returns published in the Gazette. Under the authorising legislation, capital not immediately required by the department may be transferred to the ordinary business of the bank, and each of the first three returns showed that the bulk of the paid-up capital had been so employed. The latest shows slightly more than half the average amount to have been advanced in loans. Following are the four returns published since the inception of the scheme, setting forth the average amounts for each quarter of capital and loans, the balance of the former being shown as transfers to bank: Quarter. Capital. Loans. Transfers. First ... 307.354 25,823 281,531 Second . . 379,000 119,077 259,923 Third . . . 494,699 182,174 312,525 Fourth . . 507,951 257,987 249,964 The actual amount of capital paid up at December 31 was £603,858, comprising £175,781 in respect to the C shares issued to the Government, as against £117,187 at September 30, and £428,077 in respect of D shares, as against £386,169 at September 30.