WELLINGTON NOTES.

Hokitika Guardian, 10 September 1924, Page 1

WELLINGTON NOTES.

WOOL VALUES lAI PROVING. (Special to “Guardian”.) WELLINGTON, Sept. 8. Wellington wonlbrokers express considerable siilislaeliou at the changed tone of The wool market. When the last London sales terminated on July 11, the position was far from proniisilie. Prices had fallen at both the .May and July London sale- and at the hit-

ler sale the withdrawals were exceptionally heavy, in fact oil per cent of the catalogue was withdrawn. There was a financial crisis in Germany, and the purchases made in I’radlord by Germany could not be paid for and the Germans were granted a moratorium hy their I Sri tisi i creditors. The Eremh were forced into quietness hy reason ol the fall in the exchange value of the franc, and the Americans were not in a mood to buy wool. In the interval changes have taken place that promise well for wool. IStisincss has been done in ISradiord at an advance of 10 per lent on the rates current at the July sales, and it is now known that Yorkshire is short of line wools in particular. Krencli stocks of tlu: raw material are very light while in respect to Germany if the Dawes recommendations are carried through Germany will be a keen buyer of wind, and so lar as New /calami is concerned the German trade is of con-

siderable importance, lor Germany does take crossbred wool. Krom-li and Italian buyers have been operating in Australia buying ti]> parcels of wool, mainly scoured, at advanced prices. The demand at present scents to be for line wools, and the recent quotations for tops from llradford show tin advance of Id per cent for merino and line crossbred wool. Ill's tops show no change as compared with July. The position now is that the line wools are worth' about 111 per cent more than they were in July, and woolorowers should bear in mind that this is a recovery from the drop registered in •May and July. The improvement will no doubt be welcomed by the merino men of the Marlboroiieh district, who are certain to experience another sea son of hi;'h wool prices. Of course the question arises, how lone will this improvement last '? Woolbrokers would be plod to know and they are unwilling to ouess. There is the fact that consumers who are the ultimate arbiters of the price of wool have been complhinino at the Inch cost of clothinc, and in the I’nitcd States there has been a strike amonost the con-

MIII'CTS, So lit Ill'll SO tllilt till' textile trade in Iho Slulos is not in n very honlthy ooinlition. Tlio dearness of niorino wool is tlio host oiiarantec that crossbred wool will linin' upwards heciuisc of its I'olativo cheapness. l''ino merino tops Ill's are (piotnil at 77d per Ih, while iTosshivd tops Ill’s lire <|tlnl--01! nt lit!il per Ih, or j it>L nhotit a third <T the cost of merino, and yet n very servieenhle I'ahrie enn lie turned out of the lower count. While there i* not much slope for merino wool to advance, there i' plenty of scope lor erusshred wool to rise. The disparity In values of the tun e.rados is 100 wide to remain as at present, and either merino iiiihl come down or erosshreil must pi, up. and on preient indications 111,, latter appears the more likely movement.

WOOI, ( n.M.MITTKK. It. i iliMi. nit i,. iin.t. i i i.i"l n li,\ (I"' ( ; ( .\ Cl II llll'll t, 111 1" I"' Ill'll'!' pI CCISO , I lII* Minister fur Aj'i'iculltire (Mr 'V. Xnswnrthyi wants to inici'lci'i’ in this' mat Lor. Tlit’ soltinc u|>of it wool < omlnittci’ i> ns in licit ii private mnl tor as selling U|i :i inaiia.Hi’iii'.’iit «-oiiniiittco in imi lied inn with Knohy football. Til,. Win. l Inivers have set a limit id In the iniliiher ni' Inis In he nllereil at aliv line sale ami al-.i the average nnniher n| hull's |n• r lot ami all I lie lepislalinn Would lint illlltleliee tile buyers. In Australia ami in laimlini the <<niimittees Inr roc'.llafino sales are set tip by the selline brokers ami there is nn reason why there shmilil he any different priiceilnre here. The .Minister staled in the House that the proposed committee would consist of two wool nrotters, two wool brokers and a chairman. Why two wool growers What do sneh men know ol tin market reptliieinciils. I.epislal inn will he reiplired to fence the wool brokers into accepting this new fancied nil ni ill ee. It is not stated, hot it may he intended that the members of the committee should ho paid out of a fund raised by a levy per hale, and if this is done there is the probability that some needy Reform Party hack will he civen tile chairmanship. When a Labour Covornment comes into power it "ill he able to add two wool sorters and two wool storemen to the committee ami then it will he Ihoroimhly representative. The Minister of Acriculture has shown a penchant for interleriiic with private business affairs and the precedents he has set up will he very useful to the Labour Covornment when it cels join power.