WELLINGTON NEWS

Hokitika Guardian, 6 October 1927, Page 4

WELLINGTON NEWS

THE WOOL MARKET. (Special to “ Guardian ”.) WELLINGTON, Oct. 3. The London wool sales, which terminated on Thursday ot last week, closed active with brisk competition and the prices at the finish showed

an improvement on opening rates. Compared with the July series all fine wools except best greasy merinos were Id to ltd higher, while coarse and low crossbreds were Jd to jd higher. Fine crossbreds low to medium averaged lo',d. medium crossbreds 14-OG's made 14Jd, coarse crossbreds 40-1 ► 13-id, and low crossbreds 12.1 d. Ihe total quantity offered was 141.000 bales, ami of this quantity all but 12.500 bales were sold. The Continent and the Home trade took the bulk of the wool, the Continent securing 60,(KM) bales and Home buyers .16,601) bales. This indicates that .European conditions are improving, otherwise the Continent would not have bought so largely at enhanced prices, and the same may be said for Bradford Iron) whence serious complaints of excessive idle machinery have been frequently made. But conditions in the Home trade are obviously not as difficult ax we have been given to understand. Bradford has bought wool freely both in Loudon and Australia, and that does not indicate any nervousness as to the future. On present appearances it seems that the wool trade must improve very greatly during the next few months, for the difficulties of the coal strike of last year it re being left, behind. The firmness of the London sales makes assurance doubly sure that the New Zealand wool sales will see prices well above the closing prices i:f March hist, which were tire best of the season. An average of a

penny per lb will mean a very gi'eai deal to the Dominion, more particularly as the clip will be larger. The country can do with the increase, ami whatever other increase that can he obtained from dairy produce and frozen meat. "While the prices of the latter are hound to fluctuate the probability is that wool will remain firm throughout the season with every prospect of further slight improvement in values. JNCUF.A SF I) I ’ROD LOTION. The Public Trustee lias done very excellent, service in directing attention in his annual report to the need for increased production and for the utmost economy. He bears witness to the fact that dairy farmers are keen to apply top-dressing to their lands the importance of which they recog-

nise, and it is stated that many mortgagees are now insisting that a de-

finite covenant be inserted in mortgages, to provide that a, fixed proportion of the property shall be treated each year with an adequate quantity of artificial fertilisers. The importance of this top-dressing is being recognised the world over. The large scale production of artificial fertilisers is now being made by the Imperial Chemical Industries, Ltd, and this concern has been engaged in experiments that are likely to have farreaching effects. The Chairman of the Company, Sir Alfred Mond, recently stated that extensive experiments were being carried out fo test a new system of rotational grazing of grass treated with combined nitrogen at about eighty farms in all parts of the [Tnited Kingdom. Under this system it i.-. ilaiined that stock (an he kept in a healthy productive condition for six months cn grass alone. Moreover a. greater number of animals can he grazed on a given area. There is no doubt about the new system helping to increase prodm-lion. in one case the milk yield of a certain number of cows was increased by 3000 gallons, and the bill for purchased food stuffs was very considerably reduced. It is very desirable that farmers lin New Zealand should become acquainted with what is doing in other countries. If European production of butter and cheese and meat expand there will be a less need io rely upon imported products. Competition will be very keen and in Hie stress of this prices must drop. It is necessary that we should increaseproduction, but we must first get the permission of the Arbitration Court.