THE WOOL SITUATION.

Taihape Daily Times, Volume XII, Issue 3623, 9 November 1920, Page 5

THE WOOL SITUATION.

AUSTRALASIAN STOCKS IN BRITAIN, IMPORTANT STATEMENT BY PREMIER. WELLINGTON, Nov. 8. In the House this afternoon the Prime Minister said that a few days ago he had been asked for information as to the quantity of wool stored in Britain. He had received information now which would enable him to reply. This matter was of , immense importance at present. Of the Australasian wool purchased by the Imperial Government, there were at September 30th last in store 765,356 bales of New Zealand wool, and 1,879,622 bales of Australian, a total of 2,635,978 bales. The quantity held in store in June last, was 2,905,474 bales. Continuing, Mr Massey said: The following is a comparison of the stocks held, at 30th June and 30th September, 1920. 30th June—Merino 1,130,256; crossbred, 1,640,031; slipe 135,1871 a total of 2,905,474. 30th September— Merino 914,134; crossbred 1,371,617; slipe 150,227; a total of 2,635,978. The Director-General of ii&w materials was asked by cable if the closing values obtained at the October London sales could be accepted as approximate by the Imperial Government reserves, and he replied as follows: The continued weak market, and especially the low offers by Argentine and Australian sellers, make it impossible to expect low and medium grades of wool to sell at the November auctions at prices equivalent to those realised in October. We are our best to make the reduction* as small as possible. (Signed) T. R. Lees, Assistant Controller.