Lower Wool Prices

Sun (Auckland), Volume III, Issue 877, 22 January 1930, Page 9

Lower Wool Prices

PESSIMISTIC OUTLOOK - Hand-to-Mouth Trading United P. A.—By Telegraph—Copyright Received 1.15 p. in. LONDON'. Tuesday. PESSIMISM iu the wool market is accentuated by the tact that the continuous and persistent decline of the past few months has destroyed confidence from end to end of the industry. Cheap material purchased one week proved to be dear the following week and consequently t lie trade lias been limited to the smallest actual requirements. Nevertheless, the industry is approaching a healthier and sounder position.

Owing to the recent hand-to-mouth trading, stocks in ' the consumers’ hands are generally light, but legitimate requirements wall gradually make their presence felt. The season’s supplies, meanwhile, are held by the producers, especially Australia and South America. At the wool sales there have been good representative selections of all

sorts except superior Merinos. There has been very limited competition. Good, average Merinos have declined 15 per cent., compared to December closing. Faulty Merinos have been neglected and are practically unquotable. All crossbreds have declined 20 per cent. Greasy crossbred (Hautapu) realised 12J and ll£d. Bales catalogued total 11,269, of which there are 2,662 from New Zealand.