COLLAPSE OF WOOL PRICES

Hawke's Bay Herald-Tribune, Volume 81, Issue 47, 18 November 1937, Page 5

COLLAPSE OF WOOL PRICES

-Praii AmYj.-

Difficult Future Confronts Crossbred Section BROKERS' COMMENT

-'(By TalegraDb-

-Copyright.)

f . . , (Received 18, 11.5q a.m.) »- - LONDON, Nov. 17. Dawso'n and Bons, commenting on tte wool saies, sayt "The Cause of tho eollapie seems to go baek two or three Seasons. Moreover, the Japanese Minister of Commerce is now reported to have teitricted woel imports from all xources. "A most difficult future confronts ,the " crossbred section Of the trade. There is little prospect that a stable *basis will be reached until the New Zealand season is Well on its way. The reasonable figurea to which merinos have fallen suggest that erossbreds eannot maintain anything like theii recent enhanced values. Merino combing fleeces seem to have reached a ^ point at which the trade should move freely. "SSveral months may be.needed to elear the debris caused by the. collapso bf primary commodities, including metals. -Yesterday's opening wool saies were most disappointing. No satisfactory quotable basis for wool was established. Buyers' and sellers' views were totally divergent." At to-day's saies 8271 bales were bffered,. including 3229 New Zealand, and 6884 were sold. There was a fairly gobd selection : id A keen demand for better kinds from fihe Home trade and the Continent.