WOOL POSITION WEAK

Sun (Auckland), Volume III, Issue 923, 17 March 1930, Page 10

WOOL POSITION WEAK

NEW ZEALAND SEASON CLOSING SPECULATORS OPERATING The wool position continues to give considerable concern to sellers throughout the Dominion. Catalogues show no real improvement. Many farmers are holding offerings back meantime and catalogues at recent sales have been weil under normal weights. At three Southern sales held last week prices were, if anything, a little easier than at the sales at the respective centres earlier in the season. This, however, cannot be taken as any decided trend of the market, as the quality of the wool at the closing sales of the yea? is generally well below that of earlier offerings. The next North Island sale will be held at Wellington on Tuesday next, but it is not yet possible to say what quantity will be offered; indications are That around 10,000 bales \viil be catalogued. The Wellington wool catalogues offered at Wanganui were omy partially sold, about 60 per cent, to 70 per cent, cleared, and it is believed that when the average prices are compiled the average a bale tor that sale will be a shade over £l2, and the average a lb Sd, which is practically below tht=* pre-war price level. The final Napier sale for the season 1 is scheduled for Monday of next week, the Auckland fixture following on the Friday. The official 1929-1930 roster closes with a Dunedin sale on April 3. An offering of 16,000 bales will be placed before buyers at next week’s Auckland sale. The low price of wool is reported to be tempting speculators into the market, and it is stated that at the Wanganui sale three speculating syndicates, one each from Wellington, Hawke’s Bay and Poverty Bay, were operating and secured some of the clips. This wool has been bought for resale, but in the meanwhile it will be kept off the market and add to the volume of held-over wool. LONDON SALES TOMORROW The London wool sales, the third of the series, will begin tomorrow and close on Thursday, April 10. It is estimated that while 188,500 bales are available, not more than 164,200 bales will be offered at the series. The New Zealand wool available for the series is estimated at 49,500 bales. As to the probable trend of the London market, there is no one anxious to make any prediction or forecast for the wool position is still regarded as one of uncertainty. Returns givings the stocks of tops I 011 hand on the Continent at the end ! of December do not disclose a fav- } otirable position from the wool-selling standpoint. In France the quantity ! of Merino tops held was 13,442,0001 b, 9 { per cent, more than at the end of November and 25 per cent;, more than at the close of the previous year. Crossbred stocks ran into 16,850,6001 b, a 3 per cent, advance on the November total, and an increase of 25 per cent, on the figures at the close of the previous year. Germany showed u better situation. Her stocks of Merinos only ran into 4,32-9,6001 b, being 9 per cent, below the previous month ami 33 per cent, less than at the end of December, 1928. The quantity of crossbreds held was 8,747,2001 b, 7 per cent, below the November total, but * per cent, more than at the close of the previous year. The Belgian stocks of Merino and crossbreds did not show any material change. Less Merinos but more crossbreds were ori hand than a year before. The total Italian holdings was 35 per cent, greater. Generally the position of Merinos was far more favourable than that of crossbreds. The wool received in the United Kingdom during 1929 totalled 813,627,8001 b, and re-exports amounted to 330,631,3001 b, leaving _ a retained balance of 482,99G,5001b against a retained balance in 1928 of 440,442,7001 b, when imports were 779,253,7001 b, and re-exports 338,811,0001 b. It was reported recently that a company had been formed in Australia to establish woollen mills in China. So far China is not an appreciable consumer of raw wool. She grows large quantities of the coarser typfcs of the staple. She lias a few mills estabi lislied, but their output is not of great ! consequence. China, however, imj ports fair quantities of woollen fabrics j from Great -Britain and the Continent • and is, therefore, an indirect influence ; on the woollen market.