THE WOOL SITUATION

Taranaki Daily News, 26 February 1919, Page 4

THE WOOL SITUATION

STATEMENT BY MINISTER By Telegraph.—Press Asteoiatioa, Wellington, Last Night. The Hon. 1). H. Guthrie, acting. Minister in Charge of Imperial Government Supplies, has received a cablegram from the Secretary of State for the Colonies, stating that the wool situation hag been rapidly changing in all parts of world since the armistice was signed. Contracts for military woollen equipment has been freely cancelled in the United States, and the United Kingdom, while the demands for civilian woollen goods have not yet fully taken the place of the military orders, and the wool markets are somewhat depressed. There are no buyers at the 1018 prices, and sellers are not ready to accept the prices which buyers oiler. The Government decided , not to buy the British 1919 clip. British, f youth African, East Indies and South American wool is sold in the British markets without restrictions. The Australian and New Zealand wool held by the Government under the purchase scheme will be auctioned in London, and will be open to all British and Allied buyers. The reserve prices will be iked at somewhat below the present Bradford issue prices. It is intended that the first auction shall be held early in April. It is not thought possible to handle by the London auctions more than 100,000 to 100,000 bales monthly, which might not be sufficient to meet the demand. The Government, therefore, proposes to continue to issue additional quantities of wool, concurrently with the auction sales to British and Allied buyers, at fixed issue prices, to be reviled from time to time as required. Until April 30 at least the present issue prices will be maintained. Mr. Guthrie remarked thftt the cable showed clearly the wisdonj <rf the New Zealand Government's action in recommending the acceptance on the yart of the New Zealand producers of the Imperial Government's p£f§r tp products for a definitely extends 4 term.