WOOL MARKET CRISIS

Sun (Auckland), Volume III, Issue 899, 17 February 1930, Page 10

WOOL MARKET CRISIS

TWO SALES MAY LAPSE

WELLINGTON AND NAPIER Press Associatio)i WELLINGTON, Today. Something like a crisis has developed in the New Zealand wool market. There appears to be a strong probability of a serious hiatus in the wool-selling programme of the curi rent season, because it is possible | that the Wellington sale, the fourth of the season, fixed for next Thursday, i and the fourth Napier sale, set down j for February 25, may not take place, i The overseas wool buyers, acting on instructions from their principals, have announced that they will not attend any sales unless 20.000 bales or more are offered at each centre. Owing to withdrawals by growers, considerably less than this quantity will be available at either Wellington or Napier.

NO TROUBLE IN DUNEDIN Press Association DUNEDIN, Today. j In connection with the wool crisis there will be no difficulty in providing 20,000 bales for the Dunedin sale on March 6. STRONGER MARKET SIGNS OF PASSING REACTION FIRMER LONDON VALUES Reed. 9.45 a.m. LONDON, Sunday. The stock markets generally show some indications of returning strength, and many believe that the worst period of reaction has already passed. The gilt-edge market has evinced a marked improvement, largely due to the favourable reception now offered to trustee stocks coupled with the reduction of the bank rate and the smooth functioning of the Uatry settlement arrangements. The wool outlook is slightly improved. Most users approve of the Australian selling interests’ efforts toward the stabilisation of values, though some Bradford interests are disposed to resent any artificial restrictions, contending that a big weight still coming on the market is a menace to trade in Bradford tops. Quotations are certainly steadier, though buyers are still inclined to play safe in view of the possibility of being caught overstocked in the event of the market relapsing.

WOOL MARKETING

GOVERNMENT LOAN SCHEME British Official Wireless RUGBY, Friday. It was announced at a meeting of farmers at Leeds that the Government was prepared to assist a wool marketing scheme by granting a. loan of £ 3.000 a 3'ear for a term of years without interest, if the woolgrowers would contribute £5.000.

DEARER POTATOES

RAIN HOLDS UP DIGGING

ADVANCE OF £l A TON An advance of £1 a ton took place in the price for potatoes in the Auckland City Marts this ' morning. The wet weather at the close of last week held up digging, and supplies sent in to the marts for today’s auctions were well below normal. Good tubers were selling up to a price equivalent to £9 a tone. With the main summer crop almost over, and the autumn crop not due for a fortnight or so yet, it is not expected that the price on the Auckland market will drop to low levels again meantime.

AUCKLAND APPLE CROP

EXPORT SEASON STARTING Apple crops throughout the Atickland district are reported to be developing satisfactorily, despite the unsettled weather this season. Although the main crop is not yet ready for harvesting, a start has been made on the earlier varieties, and daily consignments are now beinsr received in store to await export." Indications are that the export crop will be well up to space allocations of slightly over 100,000 cases.