WOOL MARKET

Hokitika Guardian, 24 February 1931, Page 2

WOOL MARKET

BRITISH FIRMS, ASKED TO RESUME BUYING. iCnited Press Association—By iileotnc Telegraph—Copyright). LONDON, February 21. A call for confidence in the wool market- was made by Sir Tims, Willord in a speech at a banquet given by the British Wool Federation at Bradlord. He said that the warehouses were empty because West Riding, Yorkshire, was lacking in confidence and brought only from day to day, The prices of wool could not possibly get lower. 'The trade was waiting, Had not the time arrived to give the r< all clear” signal. Prices must move upwards,

Mr Devereaux, on behalf of the Australian grower# said that the wool values to-day were a long way below the cost of production, although graziers were using every method of reducing costs. These and others factors were having a serious result for many of the growens. Ere long, they would come to the end of their resources, and would c-ease to produce. The topmakers, the spinners and the manufacturers could not be described as making a fortune, but there appeared to be plenty of scope to bring down tlie retail price of the manufactured article, and thus stimulate greater consumption. He was of tile opinion that this downward tendency had started, not only in England, but abroad. Mr Devereaux concluded by advocating a holder policy of securing and holding supplies of raw wool and tops to enable immediate advantage of the improved demand to be taken.

RISE IN WOOL. SYDNEY, February 23. At to-day’s wool sales, the offerings totalled 10,679 bales, of which 10,537 were sold also 1127 privately. The average price of the wool sold last week was nine decimal sixpence per lb, The competition at to-day’s auction, especially from the Continent, Japan and Bradford markers was very firm. In many eases it was in the sellers’ favour. Greasy merino fleece sold up to 23V pence.