THE WOOL MARKET.

Taranaki Daily News, 27 January 1921, Page 7

THE WOOL MARKET.

LARGE WELLINGTON ENTRY. THE MARKET'S IMPROVED TONE. Prospects for the Wellington wool sale, to be held at Wellington on Monday next, are considered to be distinctly better than they were a week or two ago. The catalogues closed on Monday, and it appears that about 15,500 bales will be offered. A full attendance of buyers is expected, including representatives of British, American, and Continental interests. The improved tone shown at the Invercargill sales on Saturday and the better prices secured in London are expected to be reflected in Wellington. Brokers are not looking for any big advance in prices, but they anticipate that a good deal of wool will change hands, since many of the holders appear to have made up their minds to sell at current prices, rather than wait an indefinite time for possibly higher rates. A cablegram from London, reporting that the British Government has bought 100,600 bales of South African wool for about £2,000,000, has attracted attention here. This addition to the heavy stocks held by the British authorities is not considered likely to damage New Zealand’s interests. If wool had not changed hands in this way )t probably would have been thrown into the open market, since South Africa is ill need of credits abroad, and it might then have had some depressing effect on pri<* 9 - The British purchase means that the South African wool will be added to the Imperial stocks, and released with the Australasian wool under restriction.Dominion.