WOOL-BUYERS CAUTIOUS

Sun (Auckland), Volume III, Issue 866, 9 January 1930, Page 10

WOOL-BUYERS CAUTIOUS

GROWERS ADVISED TO SELL IN LONDON “BEAR” MOVE DENIED Reed. 11 a.m. LONDON. Wed. Mr. George Whitzaker, addressing the British Wool Federation upon his re-election -to the presidency, and replying to the suggestion of the Australian Press Association that the decline in wool values was due to a “bearing" movement at Bradford, said that this was erroneous. The fact was, he said, that the past two seasons, and the last one particularly, had resulted in heavy losses to all holders of stocks of wool tops. It was therefore natural that when the new clip reached the market, everyone operated w-ith increased caution. Some lost so much that they could not send buyers to Australia. He adhered to the advice given to New Zealand that any alteration in the sales quota was more likely to reduce than to increase prices. He recognised that growers were averse from sending wool to London in bulk, but if they sent more to the July and September sales in London it would probably be more profitable than selling almost everything in the Dominions. At the present time only growers in remote districts like Gisborne and tne East Coast, where the wool is not easily transpoi'table to the wool sales. send their product direct to London for sale From Gisborne district a great deal of wool reaches Home for the March sales, as well as those in July and September.