THE GLUT IN WOOL.
LOWER PRICES EXPECTED. • A statement as to the amount of : New Zealand and Australian wool in ! store in Great Britain was made in the | House of Representatives yesterday j by the Prime Minister, who had promised a few days earlier to cable to the High Commissioner for information on the point. Ho had received a , communication from the DirectorGeneral of Raw Materials stating that the stocks of Australasian wool held by the Imperial Government on September 30 were as follows:- —New Zealand, 765,356 bales; Australia, 1,870,622 bales; total, 2,634,978 bales. Mr Massey added that the DirectorGeneral of Raw Materials had been asked by cablegram if the closing values obtained at the October London sales could be accepted as approximately Imperial Government reserves, and he had replied as follows:—“The continued weak market and especially low offers by Argentine and Australian sellers make it impossible to expect low and medium gTades of wool to sell at November auctions at prices equivalent to those realised in October. We are doing our best to make the reduction as small as possible. ’ 1
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Otaki Mail, Volume XXVIII, 10 November 1920, Page 3
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182THE GLUT IN WOOL. Otaki Mail, Volume XXVIII, 10 November 1920, Page 3
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