Drastic Adjusting of Wool Values

Hawke's Bay Herald-Tribune, Volume 81, Issue 56, 29 November 1937, Page 5

Drastic Adjusting of Wool Values

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N.Z. SALE PROSPECTS Brokers' Review of Market Conditions BUTTER MARKET STEADY

(By TelesraDh-

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(Eeceived 29, 12.30 p.m.) LONDON, Nov. 28. The London wool saies have not brouglit ahy increase in confidence. Dawson and Sons, in commenting on the outlook, declare that it ir: overshadowed by the depressing general couditions. Fortunately, stoeks of fine wool in Britain are light, and the trad j should be in a good position to support values when the wheels in industry begin to aecelerate. The immediate difficulty is that orders are not cqming at the same rate as production. Everything points to an increase in business in the spring for fine wools, bui, the outlook for crossbreds, especially lower grades, is obscure; consequently the readjustment qf values in the coming New Zealand season may be drastic. The butter market is steadier, with lower prices, but iu view of the increased production in Australia and New Zealand the steadiness may only be temporary, especially as the consumption lost when prices were higlier has not yet been regained. Trade is mainly of the hand-to-mouth variety. Confidence has not. yet been fully restored, but there is nothing to warrant' speculation. Cheese liavs sliov/n further weakness, with a definite absence of inquiry and poor o emand.