PRICE OF WOOL

Gisborne Times, Volume XXI, Issue 1714, 3 April 1906, Page 2

PRICE OF WOOL

THE SPECULATOR S PROFIT.

A gentleman prominently interested in wool growing in Canterbury, and a recog' nised authorisy on the wool market, has given a Christchurch Press reporter impressions whioh put a somewhat different aspect on the benefit accruing to New Zealand by reason of the advance in prictsin London. He admits that the rise means a cerla'n profit to New Zealand as a whole, but does not agree with the authority in Dunedin, who estimates f 90,000 as the oolonial producers’ profit He had not made allowance for the fact that a good deal of the wool catalogued in the reemt Home sales was bought in Nsw Zealand by speculators and foreign buyer?, and was re sold in London. There' fore, a good deal of the apparent J 090.000 would not came to New Zsaland producers, but would go into the pockets of the middleman, who had bought the wool at the local sales. Practically the whole of the wool sold ia New Zealand was worth L'3 more per ba'e to day in London than was given for it here; therefore, while we were chuckling over the profit and extra money made on wfo! sold oa the formers’ account in London just now, wo had clearly lost something like £3 per bale on probably 100.000 tales previously sold in the colony, without any rise in the Home marks t. Boyers locaffy for London had Id per lb in band, but the ti-o in price had given them quits 2jd per lb on thtir New Zealand buying p:ice,