WELLINGTON NEWS

Hokitika Guardian, 16 February 1926, Page 4

WELLINGTON NEWS

THE LONDON WOOL SALES

(Special to “ Guardian.”)

WELLINGTON, February 12

The first of the series of six wool sales to he held in London terminated on Tuesday last, and taken all through the sale was disappointing. At the opening values showed a decline on the rates ruling at the previous sale and as the sale progressed there was a further decline. The sales, however, closed linn with a hardening tendency, Continental buyers operating more freely towards the close. In all 100,500 bales were offered of which 50,000 bales were from New Zealand. Of the total quantity 138,500 hales were sold of which the* Home trade took 70.000 bales, the Continent 02,500 hales and America 0,000 hales. There were 41,000 hales carried forward of which 22,500 hales were not offered. The success of the London sales depends entirely upon Bradford and the Continent. The Americans apparently prefer to buy in the countries of production, and their operations in Australia and New Zealand are always helpful in maintaining values. Wool, that is crossbred wool at the January-February sale, just concluded was lower in value than at the corresponding sales of 1025 and 1021. Fine crossbred wool 46-48’s, good to super quality, made llfjd. while at the first sale last year 2l:'d was realised, there lias thus been a decline of 81,(1, or about 33 per cent; low to medium qnuiity ma.de lf]d against 22nd a year ago, a drop of 7?d ; medium crossbred., 14-40’s, good to super quality, made .Tojd against 23. hi a year ago, a drop of 81d; two years ago this same grade of wool made 19;|-d ; low fo medium made 13jd against 21 <1 twelve months ago, and l“d two years ago; coarse crossbred, 40-4 f’s good to super quality, sold at It id, as compared with 22] if a year ago and 17]d two years ago; low to medium made 123 d against 20d in 1925 and ]s]il in 1921. Low crossbreds, 38-40’s, good to super, made 14d against 22]d last year and low to mod-” <it in sold at 12]d against 20d a year ago. And there is no stability about the market and there is no one who is willing to forecast the future of tlu* market. The buying appears to be largely from band to mouth. The Continent would operate more freely if finance could lie arranged, but with depreciated currencies this is not quite a simple matter. In addition to the sharp drop in values the output of wool in New Zealand this season is variously estimated at 50.000 to 100,000 hales, but it is likely the smaller number is the more correct figure, even, so the loss in respect to shrinkage in output will aproximate to £750,000 if it is not a little more. The value of the wool exported from New Zealand in 1925 was £17,738,738, the quantity being 590.895 bales, while in 1924 the value was .£15.257,384, for 593,027 bales. As prices to-day are below those of 1924, and there is a likely shortage of 50,000 bales, the wool shipments of 192(5 may possibly not exceed £12,500,000 in value. Some idea of the contraction is to be gained by the shipments in December. For the closing month of last year 59.804 bales were exported valued at £1.241.057. while for December, 1924. there was shipped 39,153 bales,

which were valued at £1.108,003. Thus, though the quantity exported in December, 1925, showed an increase of 20,511 bales as compared with December, 1924, the aggregate value was less by £107.000. TIIM MOTOR CItAZK. The motor vehicle has secured a firm fotoing in New Zealand and it is a question whether ihe people have not overrun the constable in yielding to tlu* motor craze. Some figures given in

the January number of the Monthly Abstract of Statistics, make the position appear alarming although it may not actually he so. The value of the motor vehicles .'excluding bicycles) was in 1925. C4.--US.-m. as compared with C 3.541 ,63.3 in 1021. the tires and tubes ] imported for motor vehicles were valued at .Cl .148,075. ns compared with £595,925, and material and parts for motor vehicles C 332.457, against C 269,1512. These three items last year aggregated .C0.fi26.457 as compared with Cl. 107.072 in 1924. an increase of -£1,219.99:1. or a little over 25 pet- cent, hast year this was equal to an expenditure of C 1.5,416 per day, for every one of the 305 days of the year, that is Sundays included, as compared with £12.071 per day in 1921. hast year there were 22.330 motor vehicles (■exclusive of bicycles'! imported into Now Zealand, this being etnial to over 01 vehicles per day, as compared with 16,633 vehicles in 1924. or an average of over 51 per day. In the two years 1921 and 1925 there were imported into New Zealand 40.903 motor vehicles. The total population of the Dominion in 1925. including Maoris was 1.370,261. so that in the two years the motor vehicles imported wore sufficient to provide a vehicle for every 34 persons, men, women and children. There were several thousands of motor vehicles in ( the country prior to 1921.