THE WOOL SALES

Dominion, Volume 9, Issue 2695, 15 February 1916, Page 4

THE WOOL SALES

Wool continues in keen demand notwithstanding the fact that the market is without the support at the moment of America and Germany. Bradford buyers are the main support of the market to-day, and Bradford is busy supplying the requirements of practically the whole of the Allies. France, Russia, and Italy can do a little for themselves, but their greatly exceed the capacity of their mills. The French woollen mills /ire situated mainly at Turcoing and Roubaix, and these two places arc in the occupation of the enemy. Russia has been buying wool in London, and has been drawing to a large extent on the United States for manufactured goods. One single order placed by KuEfiia in fchti UnfMy States was .for ana million greßJ«ra»*B. T tol«

giuru and Serbia arc almost entirely dependent upon Great Britain for supplies us v.uoli'ju clothing, and chove arc the Derby recruits to be clothed. Wool is a dominant factor in tho war, for the soldiers in the trenches in Europe need fresh woollen clothing and'uniforms fairly frequently. it is difficult to know how Germany and Austria aye managing. No doubt sonic wool has reached them through neutral;;, and probably Germany had a fairly large reserve stock at the commencement of the war, but the commandeering of all textiles indicates that tho limit has been more than reached. Woollen goods and rags can be teased up and again made up. This is a regular business' even in peace times, and the fabrics so made are known as "shoddy." Shoddy uniforms will not last the German 'soldier# any length of time, and if the Huns have to face another winter in the trenches it will go hard with them. Yesterday's wool sale held in Wellington was a record in point of quantity offered, and the prices were for most classes of wool a shade better than the December parity. The ,39,000 bales comprised in the catalogues represent the wool received for sale up' to January 13, and the big offering is some_ testimony that growers are beginning to appreciate the importance of tho local market. The outstanding feature of tho conditions of sale was tho "indefinite prompt." Usually "prompt' 1 or settlement day is fourteen days after tho- close of the sale. Ordinarily that time is sufficient to enable buyers to get their lots shipped, Hut with the present scarcity of tonnage it is impossible to observe this rule, so # the settlement date is left indefinite. Shipping spare is said to be available for about 20,000 bales, and the balance will 1m cleared in the course of a few weeks. Growers, instead of being, able to state exactly when they will receive payment as they could under the old rule, must now await events.