WOOL PRICES

Dominion, Volume 14, Issue 60, 4 December 1920, Page 10

WOOL PRICES

REASONS FOR REDUCING RESERVES

SLOWLY

INTERESTS OP THE DOMINIONS

(By Telegraph-Press Association-Copyright

(liec. December 3. 9.-15 p.m.)

London, December 2. Mr. J, F. Hope, in Hie House of Commons, replying to a question regarding wool salo reserves, said it was probablo that a certain quantity might be held. If the prices offering wore accepted more freely the highest estimate of sales was 100,000 bales. The quantity for which bills were actually refused was 25,000 bales. The Department had two objects in reducing the reserve, prices slowly, instead of sharply. The first was to prevent a sudden fall, which might havo had disastrous results. The second was to prevent the market being forced down by the of this country, which might be regarded by the Dominions as precipitate and inimical to their interests, as wool-growing is vital to Australia and New Zealand. Prices had been artificially kept low in 191(5-19. Woo! prices were now 10 per cent, below pre-war prices, estimated in cold currency. On the contrary almost all other agricultural produce was 50 to 100 per cent, above pre-war prices. Thus tho course of wool prices has been bitterly disappointing to the Australian and NewZealand growers. Tho Depnrtment feels fully justified in avoiding suspicion that it "was aggravating their difficulties. — AU6.-N.sj. Cable Assn.

SOUTH AFRICAN WOOL SCHEMES FOR DISPOSAL TO CENTRAL POWERS. Cape Town, December 1. Speaking at a conference of wool and mohair farmers in Bloemfontein to consider the position of the markets with tiie object of relieving the present stringency, Mr. Malan said that as far as the Government wns concerned the only possible remedy wa? to send tho wool to the Central Powers. The Government had two schemes, firstly to advance wool to Germany on the security of ten millions' worth of ex-enemy property in South Africa; second, to exchange wool for German manufacturers. _ A special commissioner and a commission of three were at present In Europe in with these schemes.—Reuter.

BRADFORD MARKET QUIET (Rec. December 3. 9.45 p.m.l . London, December 2. Tlie Bradford wool market is very quiot, tho only business doing being in small lots for keeping the machinery running. Quotations are irregular. Sixty-fours are nominally quoted at 43d. to 51d. per lb—Aus.-N.Z. Cable Assn. Antwerp" sale 'Rec. December 3. 9.45 p.m.) Antwerp, December 2. At tho sale of Australian wool 11,500 baloA were offered and 2550 sold. Combing merhios were rather firoi, but prleu? weru unchanged. Other sorts were neglected—Aus.-N.Z. Cable Assn.