WOOL MARKET.

Taranaki Daily News, 17 September 1920, Page 5

WOOL MARKET.

FUTURE PROSPECTS. LARGE QUANTITY UNSOLD. (By Wire.—Parliamentary Reporter.) Wellington, Last Night In the course of a statement in the Souse of Representatives on the wool portion this afternoon, the Premier said that to appreciate, the situation to bo faced on a return to normal conditions of sale, it would be necessary to remember what stocks were held by the Imperial Government. The Premier proceeded: "The figures at June 30 wore: New Zealand wool in tlw United Kingdom, 283.328 bales; in Antwerp, 1057; in the Dominion, 510,527;. afloat for the United Kingdom, 01 -385; total, 858,297. This total was represented by greasy crossbred combing, 531,053 bales; greasy mermo, 45:31: greasy crossbred Clothing, 28,*Si-l; slipe, 135,187; scoured, 157,332. There war also a total of 2,049,177 bales of Australian wool, making the aggregate for the Dominion and the Commonwealth, 2,005,474 bales. "Thisi large accumulation of unsold Colonial wool had been largely broughtabout by the -fact that Continental countries, who were usually large buyers, had been practically out of the market, owing to their inability to finance purchases, while America had become overstocked with woollen goods, and temporarily ceased manufacturing to a considerable extent. The public demand in Great Britain and countries drawing their manufactured Eupplies from Great Britain had been in the direction of (roods made from finer wools, with the result that crossbreds accumulated to a much greater relative extent, and the current market for this c'ass of wool is a poor one wlure it exists at all, and the position had been accentuated by Argentine wool being unleaded at exceedingly low prices. ''One good feature of the position lies in the fact that there appears every prospect of sufficient shipping spaie being available to lift wool as required. The rates of freight have been fixed at Hid per lb. for gseasy, l%d fiv slipe, and 2Viid for scoured wool, but I am in further cable communication with the Imperial Government nn this question. At the invitation of the Imperial Government I asked the High Commissioner to nominate two representatives of New Zealand to confer with the Ministry of Munitions in regard to the disposal of unsold stocks of Government wool in London. "As regards the new clip, and The market outlook for it, the next two months may bring about changes for the better. The present position as regards merino and half-bred wool is that a good market —better than that under Imperial purchase—seems to be assured, though the outlook for erossbveds is not so good. It is satisfactory to note that wool auction sales are to !>e held in the Dominion with the usual regularity during the coming season, beginning in November, by which time the position for crossbred mar become a good deal clarified. "But I have no hesitation in stating that nothing can do more harm to the woolgrowers of this country than for them to sacrifice' wool at low prices for the sak" of quick realisation. Such a course would only be playing into tile hands of speculator?, and would weaken the position nf nil. The Government will assist if necessary in inducing buyers from outside countries to attend New Zealand sales." SPACE FOR PRIVATE LOTS. ABSORBING OLD CLIP FIRST. By Telegraph.—Press A.-sn—CGpyrijlit. Received Sept. 1(5, 9.20 p.m. London, Sept. 15. Sir Arthur Goldfinch (Director of Raw Material) states that the slapping companies who contracted to give the British Government first call on their wool space are now able to carry wool for private shippers, as the Government lias decided that their wool stored in Australia and New Zealand may be shipped slowly, as required to, replenish stocks here. The Govdhiment are confining themselves to the disposal of the old clip already purchased. Any arrangements for the disposal of the new clip will be made by the wool-growers or Dominion Governments.—Aus.-N.Z, Cable Assn. i