WOOL SALE

Dominion, Volume 14, Issue 206, 26 May 1921, Page 6

WOOL SALE

TO-DAY’S AUCTION IN WELLINGTON A TEST OF THE MARKET The first'Now Zealand wool sale under the new conditions will be held in tho Town Hall to-day. Some 19,000 bales, representing most of the grades of wool, are to be offered in the various catalogues, and the reserves adopted by the British-Australian Wool Realisation Association are to be enforced. The brokets have agreed that. no. wool shall be sold under these minimum reserves, which are based, as already stated, on sd. per pound for greasy crossbred, and 9d. per ptound for greasy merino. The improvement in the prices of crossbred wool at the Sydney sate on Tuesday is a good augury for the New Zealand sales. The situation will have elements of uncertainty until bidding begins to-dny. but well informed men stated yesterday that they expected to find the buyers ready te do business. The Americans have not been operating te any extent in Australia and it is considered unlikely that they will buy New Zealand wool on a largo scale. A large part of last year's home clip is still unsold in the United States, and Congress has yielded to the demand of the producers for increased protection through the tariff. The duty on wool imported into tho United States is high enough now to be a serious barrier to business. Japanese buyers have been busy in Aus. fralia, but they have been, taking chiefly the fine wools.