WELLINGTON NEWS

Hokitika Guardian, 21 November 1925, Page 1

WELLINGTON NEWS

the wooij season. (Special to “Guardiwt”.) WELLINGTON, November IS. The opening sale ot the New Zealand wool selling season was befit in Wellington on .Monday and an excellent opening it proved. Xotwithnstnding that the past, season was a disastrous one to the buyers, there was on Monday a larger number of buyers than ever before : as a matter of tact thcie were six additional representatives front overseas mostly Continental. There were two Japanese on the benches. The bidding was brisk trout tlie outset and at times was keen and animated, but it must be stilted that 11 io principal support came Iroiu the Continent and the United States. One would have thought that finance would have hindered the operations of Continental buyers, but ever since July last they have been the main support id the London market, as they were of the Wellington market.. It was very encouraging to see the Americans again in the market and they were careful not to repeat the mistakes ol November last year, when they were not handicapped by limits and just bought wool at any price. On Monday they paid top prices lor the clips that suited them hut there was nothing sensational. The Continental buyers hroused through the whole range of crossbreds ttittl even gave attention to bellies, locks and pieces. Bradford represent ai i ves bong! it com pa ra ti vely little wool, and the silence ol the “big btivers " was very disconcert!ug. Ihe Bradford big men have got the brokers guessing and it is the disturbing faclor in an otherwise excellent sale. Wiiat is the meaning ol the silence •* is the question that is being asked and no one seems able to supply the answer. It may he that prices are above Bradford's idea ol values, it so the market, will sag later on; it may be i hat Bradford is letting the Continent buy freely believing that the Continental demand is limited by finance and Bradford will get the chance later when the hulk of the clip comes on the market and will lie able to buy at a shade under current prices. The prices realised at Wellington were above expectations. Most brokers valued on the basis of the last London sale, and the prices realised were tally 10 per cent above parity. 'Phis means that London sales which begin on Tuesday next will register an advance of 10 per cent. One very pleasing feature of the sale was the fact that, growers exhibited a commendable disposition to meet tile market, with the result that the reserves were reasonable ; eonseuqently well over !K) per cent of the wool offered was sold under the hammer. In the 10,000 bales that were submitted there were over 4.000 bales that were withdrawn from the March sale. For some of this hold over wool 23d was refused and the owners were glad to get Hid on Monday. The general tone of the sale was excellent, the buyers seemed to lie confident and the bids came freely. There will be fluctuations, there always are in the wool market, but the fluctuations this season are not likely to he very wide. Growers will find that they will get full prices at the Now Zealand sales, and it is to he hoped that they will he reasonable in fixing reserves.