COMMERCIAL.

Taranaki Daily News, 31 August 1922, Page 2

COMMERCIAL.

CARGOES MARKET. By Telegraph.—Press Assn.—Copyright. Received Aug. 30, 5.5 p.m. London, August 29. Cargoes firmed slightly in sympathy with an American advance, but the demand was quiet in view of the splendid Canadian crop. Parcels showed good opening trade at 3d to 6d advance, which was not maintained at the RECORD WOOL STORAGE. London, August 2.9. There are 20,333 bales of wool, discharged from the Tasunania, stored in a warehouse in Trafford Park a record for the Port of Manchester. AUSTRALIAN DRIED FRUIT. London, August 29. The agents for the Australian Dried Fruit Association have decided to raise the selling price of Lexias 10s and to maintain the prices of currants and sultanas. They ha.ve fixed the price of Elomes 5s below that of Lexias. The present arrangement is working satisfactorily. Currants and sultanas are selling well, and this is likely to continue, provided shippers do not permit sales anywhere in the United Kingdom below the London prices. AUSTRALIAN WOOL. MARKET PROSPECTS BRIGHT. Melbourne. August 30. A conference of woo) interests was opened by Sir John Higgins. In the course of a lengthy statement, reviewing the position, he drew particular attention to the fact that In New Zealand the Wool Brokers’ Association endorses the policy of control of allocations to prevent excessive quantities of wool being offered at individual sales. He declared that the market prospects for the current Australian wool season were particularly encouragRegarding the crossbred position, he said it was fundamentally sound from a statistical standpoint, but a substantial proportion of heavv purchases was made during recent months and remained undigested. This was sufficient reason for not pressing more and more crossbred upon buyers In quantities In excess of their immediate requirements. Improved prices would certainly ‘be obtained if the stabilisation scheme were adopted. B.A.W.R.A. was prepared to do its full share in any equitable’ schemeXby a system of reasonable otferings, in which he believed It would have the whole-hearted support and co-oper-ation of the New Zealand Wool Committee. He believed the position could be greatly improved. B.A.W.R.A. was prepared to discuss any co-operative scheme which will meet the position. If the market was to be protected and crossbred wool-growing retained and developed as a profitable industry, provision must be made to finance the grower needing Immediate assistance. TEXTILE TRADE IMPROVING. Sir John Higgins read a cable from Sir Arthur Goldfinch in reply to his inquiries, which stated that the improveiment in the textile manufacturing trade was becoming very marked, and would assuredly continue, unless the international position became worse to a degree. which was most unlikely. No surplus merino wool now existed, and an acute shortage within the next ten or twelve months was extremely probable. Regarding crossbred, Sir A. Goldfinch stated that production had fallen below the present machinery consumption, and the disproportion was increasing. He anticipated the absorption of B.A.W.R.A.’s crossbred surplus would ■ proceed much unore rapidly in 1923, because of the scarcity of fine wool. He reaffirmed the view that the crossbred, situation would be completely rectified within eighteen to twenty months, irrespective of any action taken by Australia or New Zealand, but the present Australasian clip would derive little or no benefit unless much more tenacity were shown by growers than was displayed last season.

Sir John Higgins submitted a. series of suggestions whereunder B.A.W.R.A. should purchase the whole of the 1922-23 clips of 50 counts and under at the prices secured during the last three months for the 1921-22 season, and hold off the market until the opening of the 192-3-24 selling season, or such time as was considered advisable, the purchasers to be either straight-out or on the basis of 65 per cent, to growers.

Another suggestion is that the sales be continued, B.A.W.R.A. buyers attending all sales, and if the bids exceed their reserves the sales will proceed as usual. The practical effect of the proposals would be to guarantee a minimum price to the grower, free of responsibility, but with participation in profits, if The conference opens the discussion on the proposals to-day. WANGANUI WOOLLEN MILLS. Wanganui, Last Night. The annual meeting of shareholders of the Wanganui Woollen Mills was held to-day, the attendance being large, in view of the recent action by a Wellington director urging liquidation. The meeting re-elected Mr. W. J. Polson and Mr. Marshall, the retiring dircetors, and accorded the directorate a unanimous Vote of confidence.