THE WOOL MARKET

Dominion, Volume 20, Issue 60, 4 December 1926, Page 13

THE WOOL MARKET

FAVOURABLE PROSPECTS FOR COMING SEASON

PRESENT PRICES SHOULD CONTINUE FOR SOME TIME

“In view of the fact that there are practically no stocks carried over or held up either in Australia or Nev,' Zealand, there is every reason to believe that, the coal strike having been settled in England, the present prices of all classes of wool should be maintained for some time to come.” This cheering pronouncement was made by Sir George Elliot, chairman of directors of the Bank of New Zealand, at the half-yearly meeting of shareholders in Wellington yesterday. “Since the annual meeting in June, he said, “there has been little change in the prices of the Dominion’s primary products, with the exception of butter and cheese. After a slight lowering of prices earlier in the year, the London September-October wool sales closed very firm with active competition, and values, compared with those of June last, were about ,d. per lb. better all round. At these sales 196,000 bales were offered, 76,093 of which were from New Zealand. Continental buyers, principally German, purchased 93,000 bales, United Kingdom 75,000, and America 1000. Of the 34,000 carried forward, 17,500—probably owned by speculators—had been reserved and were not offered for sale. “The heavy purcj»ses by German operators bear out the cabled reports as to the active state of the woollen industry in Germany, and of the overtime that is being worked in many of the mills there. The first of the New Zealand wool sales were held in Wellington and Napier, on November 15 and 19 respectively. Unlike last season, the wool opened up in splendid condition, being sound and well grown. Competition was good, and considering the adverse circumstances under which the trade has been operating, prices were satisfactory, although in the coarser qualifies they were slightly lower than those of March last. “The coal strike has, naturally, had a depressing effect on the British textile industry, but, notwithstanding this, taking it all round, the tendency has been, during the last six months, for prices for wool to harden slightly. The f.*t that practically the whole of the Australian and New Zealand clips for 1925 has been sold and disposed of, together with the half-million bales carried over from the previous season, accounts, no doubt, for the present steadiness of the wool market, and augurs favourably for the coming season. “Prices for meat, except for slight variations, have remained steady throughout the period under review. The number of sheep in the Dominion in 1925 was 24,547,955, compared with 23,775,776 in 1924, and a further increase is expected this year.”