WELLINGTON NEWS

Hokitika Guardian, 28 August 1928, Page 4

WELLINGTON NEWS

WOOL SKA SOX BEGINS. (Special to ' Guardian.”) WELLINGTON, August 27. The wool sale held in Sydney on Monday, August 20th, marks the opening of the Antipodean wool season, anti from now on until the end of .March next interest will lie centred on wool and the cheques to he derived therefrom. At the opening of the Sydney sales there was nothing indicated to warrant the belief that values would improve, on the contrary there was a slight setback for fleece wools declined by 5 to 7.) per cent on last season’s closing rates, still as much as 26-)<T was realised for greasy fleece merino. The Sydney market received its main support from Yorkshire and Japanese representatives, and it is somewhat remarkable that Continental buyers were not more in evidence. Last season French buyers were the principal operators, or rather they bought freely, and were ably supported by Germany and Japan. The latter was an important factor at the Australian wool sales last season, taking about 350,000 bales as compared with 20.3,800 bales in the 1020-27 season. Japan is becoming an important wool textile manufacturer and has a big field in catering for the requirements of both Japan and Chinn as the people of these countries are taking more and more to the European style of dress. The immediate future of wool is difficult to forecast, hut as another London sale is due next month this may give us some indication of the probable trend of crossbred wool prices. It is significant that while the higher counts of Bradford tops declined during the past three weeks the lower or crossbred counts remained steady.

During the first week in July there was held in Paris a meeting of delegates from various wool raising centres in the world to consider the question of the collection and exchange ot international statistics of the wool trade and wool textile industry. This meeting was held in pursuance of the policy of the Economic Committee of the League of Nations. Tn view of the importance of the subject dealt with it was unfortunate that there should have been a serious delect in its constitution, inasmuch as no delegate from the Bradford Chamber of Commerce was present. This Chamber took an active part in connection with the International Wool Conference, for the creation of which it was largely responsible, and which has already devoted a good deal of time to the consideration of the collection and exchange c'f wool trade and wool textile statistics. Ever since 1923 the International Wool Conlerenee, which includes the six principal wool consuming nations in Europe, has done much preparatory work for the collection of these statistics, and in .May last made progress with the preparation of an international nomenclature for the wool trade, which is a prime necessity to make the statistics collected of real value. FROZEN MEAT.

The Smithfieid Market for frozen meat has displayed a very healthy tone during the past few weeks and tins may he attributed in great part to the cesssation of the meat war in the Argentine. Instead of chilled and frozen meat being dumped on the London market supplies are now regulated to meet requirements and the position is consequently sound and the outlook appears good. This is reflected in the demand for shares of the more stable freezing companies which are selling much more freely than a year or two ago. AVill the farmers' co-operative freezing companies benefit by the improved position ? That is a question not easily answered. Those concerns which are being operated only as treatment works, that is freezing for clients, will still have to face the competition of the proprietary concerns, and those operating on own account as. well as freezing for clients will have to face similar competition. The co-operative freezing companies with their limited resources and high overhead charges have little prospect of securing any advantages from the improved tone of the meat market. Farmers have been loci to believe that in the marketing o' their produce they have been esplo to: by some of the firms which have handled their products, and so they have been induced to establish s'l-crllco co-operatives businesses that are whollv lack ng in c::-operation and luue proved costly" affairs to many farmers. Farmers cannot buy their own goods and sell them without taking risks, ami the risks are always big.