BANK OF NEW ZEALAND.

Taihape Daily Times, 1 August 1919, Page 6

BANK OF NEW ZEALAND.

PRODUCE CIRCULAR.-V _:‘;}}.'-,.» LONDON, May 29, 19:9. ’: Woo].~The 2nd series of public sales of Governnient wOoVl‘s, which open :1 on I:lle»6,th inst, closed on the 23rd idem, the following quantities having been ea’talogued.—- ‘ g‘, ' Bales. T New South Wales .; Queensland f Victorian ; South Australian .. 10,727 i West Australian j Nev.‘ Zealand _‘ Sol;.n African _"- Total There was the usual large attendance of buyers, and competition throughout ;was fully on a, par’ with the previousaeries. The seledtion offered, however’ especiaftly at the Opening, was disappointing, but some improvement was notieeable during the last week of the sales. There was a fair showy of New Zealand greasy crossbreds,‘ and these together with good average condition I

sold remarkably well. A The demand, especially for the finer quality wodls was excellent; and, as compared with the closing rates of the April auctions, prices on average were 10 per cent dearer. On the other hand, faulfty, inferior descriptions were fully 79; per cent below the p‘§r'l'ty of the previous sales. Apparently quantities sold at the previous auctions only whetted the appetite of buyers, and from the .very (:0IIxTI1C11(3cn1\“.-Ill: !there was every indication that the series would prove highly satisfactory. The Home trade is in such ;a strong position, and stocks of Woofl are so low, that it is hardly surprising to see prices continue on the {upward grade. Notwithstanding that ';the Government is still distributing raw materials. at its fixed issue prices, which are sensibly below the open market, tlqe :f;act .re'mains that ithe j flzrade is prepared we operate freely, and pay pri’eeS which certainly arei wonderful. We hear buyers have booked orde.rs right up to the end of the I year, and their margins are so liberal that the question of price causes them little or no concern. ' _

The Wool Council 'r‘eEeYltly made a -very significant statement to the effect that afltready the arrivals of wool in this country are equal to those for fife first four months of 1915, which was a. record. Further, it was expected that some 3,’000,000 bales would probably arrive in ?this "country this year, in which event all previous records will be eclipsed.

It remains to be seen what eifect flzhese huge quantities of wool may have on the present values, and while fluctuations are almost bound to occur when peace is signed, should produce such a, volume «of business as .120 possibgly maintain a very high level of values unitil the en'd of the year. The following are the current prices at the close for wcols of average condition:---

Per lb. d. d. ZN.Z. merinos—6o/648 N.Z. halfbreds-565 N.Z. Xbreds, line—sos N.Z. d-0. nle<lium———44/46s . IN.Z. do. coarse——36/40s Sheepskins '(woo1led).-——There are exactly in the same position as Australian wool, and will continue !to come forward as Government property, to be subsequently s-old in public sale, subject to reserved prices. At the sales held on the 2nd inst. France was the only foreign country which was allowed to buy. The following prices were realised for Australian skins, !there being no New Zealand availa.ble:—— A Per lb. (1. d. M.‘Gl‘illo-1" »;’§,to full woolied 3; to 3}-Woolled short and shorn Crossbrecls--it to full—woolle(l" do., medium and coarse 15 to 241: -3; to 5-woolled, fine .. 12._1. to 24%} Jdo. medium and coarse 13-1: to 2115 Government Australian sheepskin sales have been fixed to «take place on the 28th and 29th August, about 10,000 bales being catalogued on each occasion. Pelts.—There is an active and strong market for all classes of NZ. pickled pelts, and any consignments arriving now will probably realise prices subStantialtb’ higher ‘-than the equivalent of any busineses done in New Zealand this Year, on f.o.b. terms. Not many of the present seasori’s freezing pelts have arrived here yet, and the few which came by the Runhine have found buyers at very full Pl's§9s- Almgether the outlook is very favourable, and those who have ship. pod Home, instead of selling in New Zcaland to American buyers, are like. 1y to be s.atisfie‘d- with the rsults they obtain. _ North Island freezing sheep pelt.s—- . Per I 102.“ Super l:-eavy.‘ -»Flrst heavy a Second 11eavy’»::,A...... 60/0 to 66/0‘ .. Super light

First :l‘ighft. ..... .. . . .66/O to 68/0 Second light .... .. . . 54/0 to 58/0 North Island freezing lambs pelts—— Super First Second . . . . . . . . Tallow.—During the past month the market has been very strong, and witli the remo-val of ‘the contriol‘:iild maximum price, values have increased rapidly, quotations showing an allround advance of about £2O per ton. The demand is ljotli for Home ti‘:-1410 and for export, and edible d::scl'iptions, which are in short supply, ire keenly sought after. The greztt delay in the cables has rendered :f:’orwal‘cl business very difficult, But 3. considerable volume -of transaclficns has taken

place for parcels afloat and for distant shipment ‘at continually advancing prices. The demand continues good, and according to present illd‘iC?.é:ions. values are likely to go still higlzez-. At the first series of public (motions, vxliich were I'esume<l lusl.‘ weeli, ;u‘il3es a<lvzlnccd about 5/ per cwt. on l3u:~:iness pioviously (lone. No finest sorts were oflt'ered, us quotations for t1~.r>.~:.« are more or less in the aif. V CURRENT PRICES (ex store). Per C\\‘t. Mutton, fine, nominal .. 97/0 Mutton, fair to good .. 00/0 to 95/0 Mutton, (lull ‘to (l€l.l‘l{ .. '77/0 to 80/0 Beef, sweet, nominal .. 90/0 to 95/0 Beef, fair to good Beef, dull? to dark .. 77/o‘to 80/0 Mixed, fair to good .. 80/0 to 85/0 Mixed, dull to dark .. 76/9 to 78/0 Gut On c.i.f. ‘terms--Muttion, fine .... .. . . 95/0 Mfiwthon, goo-<1 Beef Mixed Gut