RECORD WOOL PRICES

Dominion, Volume 9, Issue 2622, 18 November 1915, Page 4

RECORD WOOL PRICES

Wool to-day is New Zealand's greatest asset, and tho fleecc is really golden, as the prices realised at -yesterday's sale clearly indicate. The demand was particularly strong for fine wools of the Southdown class, and for this wool the American representatives bid freely. As high as 24id. was obtained for some bales of Southdown wool offered by Levin and Co., while for the same class of wool Dalgety and Co. obtained 24jd-, and there were several lots, sold at 24d. These-priccs represent about £45 per bale, which is remarkable. Except for superior ■wools there was really no advance in prices. The sale held in November last year 'was not the best of the past season, the March sales this year bringing the highest prices of the season. The prices realised in March were about 4d. better than in the previous November. 'Yesterday's sale, compared with the March values, shows that superior wools are about 2d. higher, but for other classes,, though the price is highly satisfactory, there is practically no change. The Americans were the* most eager buyers, 'for the superior wools suited to the requirements of the United States, and they arc responsible for the top prices obtained yesterday. Some time' ago the Imperial Government announced that permits for the export of crossbred wool would be considered and granted in approved cases, and this intimation was repeated by the Chairman of the Woolbrokers' Association at the sale yesterday, and no doubt stimulated the bidding. It may be mentioned that there is no danger of any of our wool exported to the United States being re-export-ed cither in tho manufactured or in the raw state to enemy countries, because the wool is consigned to the President of the American Textile Association, who on behalf of the American manufacturers guarantees that the wool will not go to Britain's enemies.

The reason for the energetic buying of the American representatives is not,a subject for speculation. Tho wool bought yesterday cannot be intended for use during the current European and North American winter, as it will be many weeks before it can be lodged in the lofts of the manufacturers, nor yet can the wool bD wanted for.khaki uniforms or for underwear for tho soldiers. The British manufacturers have been working at high pressure for months past, and have supplied the Allies with all the woollen material required- It was recently stated that Bradford wool men did not expect to see any Army oontracts placed fqr six months, and yesterday Bradford buyers were not paying big prices for the wools they required. Tho American demand is probably due to tho desire of the Americans to capture the [trade hitherto done by Germany with neutral countries. There is practically no competition to be faced in this, as neither Bradford nor the Franch manufacturers can moot the situation. ''It is also probable that the American demand is ito cover domestic requirements. There is extreme _ prosperity in tho United States_ owing to the huge orders for munitions placed there by the Allies; money is plentiful and cheap, and there is a plethora of gold, so much so that the United States Mint has been closed down on gold coinage. The wool bought at 24d. when turned into cloth will cost tho ultimate purchasers heavy prices, but tho country can stand it. The question now is as to the quantity of wool the Americans take. So long as they are in the market prices will remain high, but just how long they will be competing it is difficult to say. There are about thirty representatives from America operating throughout Australasia, and their purchases will aggregate many thousands of bales. It is more convenient for thein just now to make their purchases in Australia and New Zealand rather than In London. If the Americans lift a hundred thousand bales, it will be a splendid thing for the wool men, and incidentally will assist the London banks which have to worry with tho exoharuro uroblera.