WOOL MARKET.

Taranaki Daily News, 9 November 1920, Page 5

WOOL MARKET.

THE SURPLUS AT HOME.

LOWER PRICES EXPECTED; By Telegraph.—Press Association. Wellington, Last Night. _ In the House of Representatives 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, and be had received information now which enabled him to reply. This matter, he said, was of immense importance at present. Of tTi'e Australasian wool purchased by the Imperial Government there were 'at September 30 last in store 785,356 bales of New Zealand wool and 1,870.(522 bales of Australian, a total of 2,035,978 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 June 30 and September 30, 1920:

June 30— Merino ...r -"'1,130.250 Crossbred ,„.. 1,040,031 Slipe ~....'. 135,187 2,905,474 September 30— Merino ......... 014,134 Crossbred ....- 1,371,017 Slipe , 150,227 2,035,978 The Director-General of Raw Materials was asked by cable if the closing values obtained at the October London sales could be accepted as approximately the Imperial Government reserves, and he has 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 Nov. auctions at. prices equivalent to those realised in October. We are doing our best to make the reduction as small as possible." —(Signed) T. R. Lees, Assistant-Controller.