LONDON WOOL SALES

Sun (Auckland), Volume I, Issue 301, 12 March 1928, Page 12

LONDON WOOL SALES

BIG PRICES EXPECTED COMMERCIAL SUMMARY By Cable . — Press Association. — Copyright. Reed. 9.5 a.m. LONDON, Saturdai^. Business on the Stock Exchange continues to be satisfactory. There is much speculative activity in industrials, and some comparatively lowpriced shares fluctuated as much as 10s and 15s in a day. It is satisfactory to know that dealings in some leading industrials were not confined merely to gambling, and that large investors are buying them steadily, having apparently full confidence in the future of these concerns. The gilt-edged group has shown remarkable strength. Prices have been firmer than for some weeks past. Even the surprise issue of Australia’s £ 8,000,000 loan had no effect, and values of colonials were generally well maintained. It might have been expected that the poor public response to the issue would have caused a weakness in the colonial group, but there was no sign of it. Financial writers seem at last. to be recognising that the success of an issue does not depend on a heavy public subscription, largely by stags. On© usually sever© critic of Australian loans confines his remarks about the present Issue to the following: “The market is now quite accustomed to Australian offers being left with the underwriters. The new scrip will be absorbed in due course, although the market has not been given as much breathing space between the issue of Australian loans as would appear desirable under the circumstances.” The opening of the second series of wool sales in London on Tuesday is awaited with the keenest interest. There is a consensus of opinion among experts that the prices will advance. This is evidently the view of the London brokers, for several of them visited Bradford this week, seeking secondhand parcels to re-offer at auctions. The quantity available, therefore, is likely to exceed 125,000 bales. At the corresponding sale in 1927 the offerings were 164 832 bales, and about 145,000 were sold. The only element of doubt is the extent of the rise, regarding which various views are expressed. One of the best informed wool correspondents writes: “Even a fortnight ago a general advance of five per cent, was forecast for both Merinos and crossbreds. The position then was very strong, and I cannot see that anything has happened since to suggest any change of views, though some are talking about a par to five per cent, advance for Merinos. These contend that it has never been possible to sell Merino tops at prices corresponding with what wool has cost in London, and that a definite advance of five per cent, will put another full 2d a lb. on to the tops. Whatever the actual movement of values turns out to be, a good general competition for all wool catalogued is well assured. “Trade generally is distinctly better, consumption being on a larger scale than for th© past three years and the vital thing is that this should continue.”—A. and .N.Z. LONDON MARKETS FROZEN MEAT PRICES By Cable. — Press Association. — Copyright. LONDON, Saturday. Sheep.—North Island: Light, 7 3-8 d; medium, 63d; heavy, 5 5-Bd. Lambs.—Canterbury: Light, 9 id: other medium, 9Jd; heavy, 9 3-8 d; seconds, 9d; other selecteds, 9id; North Island firsts, 9Jd; second, 83d; Argentine firsts, light, BJd; seconds, 7Jd. Chilled Beef.—Argentine: Fores, 4|d; hinds, 6d; others unchanged. COTTON, RUBBER, HEMP, ETC. Cotton.—April delivery, 9.91 d (9.95 d per lb.). Rubber.—Para, 12d (12£d) per lb; plantation and smoked, 12|d (133 d). Jute.—March-April shipments, £3O (£29 ss) per ton. Hemp.—February-April shipments, £33 (£33) per ton. Copra.—February-March shipments, £26 15s (£2<S 15s) per ton. Linseed Oil.— £2B 10s (£2B) per ton. Turpentine.—4os 3d (40s 9d) per cwt —A. and N.Z. AUCKLAND WOOL SALE SMALL OFFERING FOR THIS WEEK Only a small offering is expected to be placed before buyers at the third Auckland wool sale of the 1927-28 season, which opens cn Thursday evening next. Though a full bench of buyers is expected, present indications are that the catalogue will include less than 1,500 bales. The offering- will comprise mostly odd lots which were not in in time for the February fixture. The catalogue closes to-morrow evening, but no doubt lastminute offerings will not be turned down. Every indication points to values holding firm to slightly firmer in advance of the rates obtained at the last Auckland fixture. BUTTER AND CHEESE Under date March 10, the London manager of the Amalgamated Dairies, Ltd., cabled as follows: “Butter: Unchanged (Anchor 1765): market firm. Danish, 198 s on spot; 186 s f.o.b. Argentine shipments to England, 195 tons. Deliveries of New Zealand, 2,000 tons. Stock, 4,057. Retails unchanged. Cheese: White and coloured, 995; firm; retail unchanged.”