RESERVE PRICES OF WOOLS

Chronicle (Levin), 26 August 1947, Page 8

RESERVE PRICES OF WOOLS

Reeeived Monday, 11.35 p.m. LONDON, August 25. United Kingdom Wool Disposals Limited, in an ofiicial statement, announced tjiat the general Ievel of re serve prices for Dominion wools had been fixed for the 1947-48 season and will be operative from September 1, 1947. The general effeet is that the Australian levcl will be nine per cent. above the 1946-47 reserve. There will be no change in the New Zealand 1946-47 reserve. Overall the New Zealand average is unchanged but there will be adjustments in the relativity of Ihe reserves between different types of wool. The statement added that the changes refleet to some extent the increases in prices for Merino and erossbreds whieli have been established at auetions. The Yorkshire Post's wool corres- ■ pondent says that in fixing the level. for Australian wool at nine per cent.'' above last season 's reserves, , the Joint Organisation is pursuing a policy of eaution not expected of it. It is signiiicant that there is 110 change in the average reserves for New Zealand crossbreds. In the light of the prescnt insistent demand for nne wool and eonsiderable stock of New Zealand medlum crossbreds which. the organisation is known to hold, there might have been a case for some dowiyward adjustment. On the other hand the saies of these c[ualities from the Organisation 's stocks has been substantially in excess of the Organisation 's purehases of similar types and presumably this faetor weigbed with the Organisation in deciding to maintain t'he present general level. There is every indieation that the new season will open strongly but no one can deny the uncertainty of the future positiop,. At least, however, the industry knows where the .Toint Organ isation stands and its support to the market for the duration of He season i-s .an important contribution to stabilitv and confidence.