Wool Sales.

Manawatu Herald, 11 December 1894, Page 2

Wool Sales.

The wool sales in Wellington last Friday were a failure. Why ? The experts previously assured us that prices had dropped from one halfpenny to three farthings a pound from last year. As a faot the Wellington sale showed a fall of twopence a pound. This is not in keeping with the reports of the sales held earlier, in Dunedin or Napier, nor was it justified by the reports from the London market, the last sales of which " closed firm." The wool sales were held on Friday afternoon, and on Friday morning the announcement was made of a call of £3 6ißd by the Bank of New Zealand. The effect of this appears to have been to have reduced the value of our chief article of export, by five farthings a pound. This is of course merely local or colonially, but the news knocked all spirit out of local buyers, and outsiders were cute enough to take advantage of the depression. It will be a mistake for sheepowners to accept such values, and they will be consulting their interests by shipping Home, during which time the disturbance of trade caused by the call, may have become calmed by information given by the directors as to the real position of the Bank of New Zealand. The various firms holding this sale cannot of course be held responsible for this sudden drop, and we believe future sales may show an improvement provided we are not treated to further bank surprises.