WELLINGTON NEWS

Hokitika Guardian, 23 December 1925, Page 4

WELLINGTON NEWS

LONDON WOOL SALES. (Special to “Guardie.n”.) WELLINGTON, December 21. The London sales which were brought to a close lust week were easily the worst ot the six held in the great metropolis. DC the 10-1,000 bales offered (>2,000 were from. New Zealand and 112.’00 colonial, 2-1.000 bales South American, or a total ol ÜB.OOO sold. Of this quantity the Continent took 73.000 bales, the Home trade of),500 and America .1.000 hides. The noteworthy feature In respect to these statistics is the wonderful support given to the amrket by the Continent. Ever since July last Continental buyers have been active in all markets and they must have lifted a great weight ol wool. At the New Zealand sales too. Continental representatives have been most, conspicuous. They are obviously tiring now, for with iheir competitior slackening prices show a declining tendency. The last series of London sales commenced on Tuesday, November 21. ami ilist prior to the. opening prospects were generallv regarded as favourable. Some Bradford top makers it was stilted, would be compelled to purchase at the London sales to supply urgent needs, and this demand was expected to maintain values. It actually did more, for it forced tip prices. At the opening fine, greasy crossbreds were Id to 1} dearer than the closing rates of the previous series, mediut crossbreds wore Id higher and coarse Id to lid higher. The opening rates wore well maintained for several days, hut on December 2 notwithstanding a good general demand for all descriptions opening prices were barely maintained. Tiy the 9th inst. prices were a shade easier, but on the day following the market was weaker especially for crossbreds which dropped 10 per cent below opening rates. The lower range of values induced keen competition from Bradford buyers. It was not crossbreds alone that suffered a relapse for all oilier descriptions were alfeeted and the sales closed with greasy merinos lid to 2d lower as compared wit' closing rates at the previous sales: Scourer! crossbreds fid to Id lower greasy halfbred Id to lrl lower i greasy line crossbreds Id to lid lower; greasy eoarsebreds par to Id lower; scourer' crossbreds Id to lid lower; slipe wools par to Id lower and lamb.-’ wool Id in Id lower. Thus it will be seen that there was an all-round decline, every class of wool being lower. Fine crossfoods 4fis--l. t »’s, good to super realised lml to 1 Girl as compared with Kid tc: 171 d at the .September sales; and lor to medium DJd to led against UUd to fold : crossbreds -I-Is-Id’s, good t-

super, l id to Kid. against Iml to Wild, and low to medium Lid to 1 lid against Lid to 1-1. Id; crossbreds. -lO’s-M's. geo to super lld to Lid against 1-lld to

LI.UI, and low to medium 12.1 d to 1-Id and coarse crossbreds .'id’s to -Ill’s, good to super. Did to I lid. against 1-Id to Lid and medium to good 12d or Did against I2d. It will be noted that in practically every grade it was the super descriptions that sull'civd most nrv British goods."

At one time this was inst a sentiment voiced on patriotic occasions, hut it has now ceased to he a sentiment and has become a slogan to a good many people. It is interesting to note that business men are now advocating the Inlying of British goods a- a business proposition, which it really is. Britain is the principal market for our primary products such as mutton, hi mb. butter. cheese, honey, eggs, pork. etc., and il stands to reason that the more British goods we buy the greater will he the spending power of the British working classes who will profit by our purchases. The drop in the value of our products in the Home markets is primarily title to lack of purchasing power 011 the part of tl".' ina,Taxation in Britain is very high and there is little hope of there being a release front this burden for nviny years to come. Britain It may be said is the only European country that i- really paying its debts. The amount tine to the United Elates alone imolves a payment of about forty millions annually lor interest and sinking fund. Britain i- ready and willing to respond in this matter, and in any ctt.se it is Britain who admits our primary products free. We cannot get. our products into other countries witli-

out jumping a verv high customs hurdle. It i-> interesting to note that in Wellington the ladies arc becoming keen supporters of “ Buy British Goods” and this is excellent, for in soft goods quite a lot of American. German. French and Belgian products

are to be found. If motorists would develop a preference for British cars il would lie very helpful.