WELLINGTON NEWS

Hokitika Guardian, 21 December 1927, Page 3

WELLINGTON NEWS

LONDON WOOL SALES. • .special to *’ Guardian WELLINGTON, Dec. it). With the close ol tne London wool sale on December lb the six series fixed tor i!;2i come to an end, and il prices were inclined to sag at the mid-year tile close sees prices at the peak and me market buoyant, the first series which (ommciiccs on January 18, showed an improvement on the closing sale ol iiie previous year. The competition for nearly all descriptions was anima-

ted. me French section operated Ireely; Belgian and Swiss buyers were aiso active, hut Germans were less Keen although their purchases were appreciable. ’the Home trade bought steadily throughout, operated principally in crossbreds and slipes. the result of tlie series was satisfactory as prices at the close, although iuk absolutely at the top ol the market, were very firm there being no slackening in the general competition. At tiiis series Russian buying had an appreciable effect on prices. The second series opened on March 15 with an available supply of 165,000 bales. It was anticipated that prices would advance, and there was an improveincut, but after the market settled down the rise was found to be scarcely as’high as anticipated. The sale progressed in a most .satisfactory manner with healthy competition : United States buyers were taking medium crossbreds, Russians buying scoured merino combings. with Yorkshire operating principa7ly in New Zealand greasy crossbreds. At tli is series fine crossbreds averaged lo.Vd, medium crossbreds coarse crossbreds 13.p1, and low crossbreds 12.p1. At this series 145,000 bales were cleared, of which the Continent took 78,560 hales, the Home trade 62,500 bales, and America 4,000 hales.

The third series opened on May 13 with a good attendance of buyers, and there was all round but moderate competition. The series were not satisfactory except from the point of view that prices did not recede much. Owing to the irregularity of the market large quantities of wool were withdrawn, and tbe sales, which had to be dosed sooner than anticipated, lasted only nine days. The fourth series opened on July 5. The market opened with a strong tone, and prices advanced 5. per cent, on the previous sale. There was an active demand on the part of buyers from all consuming countries except the United States. Messrs H. Dawson and Co., in reI viewing this series stated that the lesults established a remarkably sound basis of values, generally strengthening the position of the raw material which was most perplexing to British and American manufactures, who could sec

little to encourage such confidence. Prices ruled at par to 5 per cent above the rates ruling at the previous sales. At this series low crossbreds averaged 13d, and stocks of tops in Germany and France were higher than for two vears past, but in raw wool supplies were at a low level, and the trade was apparently nearer the sheep’s back than for many tears. The wool market was strong and most centres were hun--1 gry for the raw material. The sixth and losing series opened on November 22 with an all round adyance of 0 to 7* per cent, Ther? was

a crowded attendance and excellent competition. The Continental buyers were after merino wool and Bradford took crossbreds. Owing to fog, the sales had to he postponed on three separate occasions, thus prolonging the series and wearying the buyers. The strong tone of the market was maintained throughout, although at the close, prices were not up to the highest point of the series. Comparing the prices realised at the closing sale with those ruling at the January sale, fine halfhreds advanced by 2:Jd, medium halfhreds by 2.‘d. and coarse halfhreds by 2ijd. Fine crossbreds were up 21 d. medium erossbi eds by 2jd. coarse crossbreds by 2-Rl, and low crossbreds by 2d. so that duiing the year there was a remarkable Improvement in values, which seem likely to be maintained. The present position of the wool market is very satisfactory.