NEW WOOL CUP.

Hokitika Guardian, 31 October 1923, Page 4

NEW WOOL CUP.

PROSPECTS AND PRICES. AUCKLAND, October 28. The prospects and prices for wool during the forthcoming series of sales in New Zealand were discussed by .several buyers and brokers from England and America who were through passengers in the Niagara to Fvdr.ey. The consensus of opinion was tnnt the dullness of trade in Bradford and Boston would restrict competition very severely from these centres in the respective countries, hut the Continental demand, especially of Franc-', was likely to prove a strong factor .n the market, the exten’t of which it- was hard to estimate. The conservative opinion given by the buyers must, as 'one of their number said, le read as the opinion of the ptircli i-er with its inevitable "bearish” tendency. A general review of the trade was made by Afr Henry Austin, a Sydney broker, who is returning from an extensive tour in Europe and America. AVhen he left England, he said, trade in Bradford was very dull. The state of the exchanges was enabling France to undersell Btitain in the export markets. America was under a similar handicap. Meanwhile Frame was a keen bidder lor raw materials, flermany was still talcing her share, and Italy wanted a certain amount of wool. If the- Continental demand wa~ sustained. New Ze.thmd and Australian growers should secure good prices. .Merinos would again be keenly sought after, and It prices went too high, atieiition wo'dd be turned to crossbreds. Ilradlord, ot course, might “get its second wind.’ but when lie left Britain the mills we: ■ not prepared to pay the prices. The American view point was put ’y Mr IE Ah 1 .can. a Boston iniver, " ,l ' stated that the United Stales n.d over imported Argentine crossbred ni-t season and had to re-export In Ho* Continent, where- the wool could be profitably used. Ho hardly exp. ted Americans to he strong operators u t! in the next few months. Tl good prices weft' paid the Continent would he the ruling factor. The strongest feature of the market for crossbreds was their relative cheapness compared with prewar values ami the present h’gh pr-ecs fur merinos. The trade and nshion were still, however, in favour of the liner wools. ‘Tf ! were the owner of wool tu-day I would sell it." was the advice id Mr F. 11. Baron, of Boston. Ihe ( >ntineid might be able to bold up the market, but Bradlord and Boston eoubl give little stipport. Still they had to have the raw material. America. for iiistanee, 'produced LFIbOOIUIOOIb. of wool annually and consumed about 700.000.0001 h. bast year the figure war 800.000 .(tool l>. Kashirins still set the demand in fa-vnur i I merinos and line crossbreds, fitit low crossbreds were becoming «etircer as post-war slocks (-1 the latter were now reduced to small compass.