WOOL BETTER,

Taranaki Daily News, 10 March 1922, Page 5

WOOL BETTER,

FIRM TONE OF MARKET. HIGHER PRICES EXPECTED . FURTHER IMPROVEMENT SOON (By Wire.—Own Correspondent.) Wellington, Last Night. Cheering information for New Zealand wool-growers w contained in a letter which has just been received by the New Zealand wool committee from Sir Arthur Goldfinch, director of the Bri-tish-Australian Wool Realisation Association. “More wool ir being consumed than is being grown aniT'the disproportion tends to become considerably greater because the world is settling down and is slowly regaining it« consumptive power, while on the other hand the production of wool tends to diminish and not to increase,” he writes. “A great deal might be done to shorten the period which still lies before us of unprofitable prices for crossbreds if only the holders of such wool would stand together and present a firm and united front to buyers. Buyers would take more and not less crossbred wool if prices were sharply raised 50 per cent, and they saw that the holders would take nothing leas. It is a great pity that your growers have been unwiUiag or unable to display greater tenacity. They could easily have put several million pounds mote in their pockets without selling one bale less' during the period of a twelve-month.” This letter was written on January 20 last, at a time when the London market was showing an improved tone. “The London sales commenced last wedc under good auspices and have continued very briskly,” states Sir Arthur Goldfinch. “All classes of wool are benefiting by the better feeling in the market. We may confidently look forward to practically a total clearance without any break in prices, in fad, there will be an improvement in pricoa, though a much slower improvement than would instantly take plaoo if sellers held back a little instead of rushing forward their offerings to any extent which they think the market can be induced to take.” The annual report of the BritishAustralian Wool Realisation Associa-

tion, after referring to the arrangements made for limiting offering and fixing minimum teserves in the sale of accumulated wool, states: “The great improvement in the wool position and in the tone and temper of the market which has recently occurred, and which may be confidently expected to continue and to gather strength, is rapidly taking away a great part of the practice, importance of the questions which have been the subject of heated controversy during 1921 so far as they affect inerino wool. Many of these questions are now a matter of history lather than of practical present day interest, and it may be predicted with some confidence that even as regards crossbred wool the period of anxiety will come to an end during the course of the present year.” SALES AT LONDON. A BRIGHTER TONE. Received March 9, 5.5 p.m. London, March 8. At the wool Rale there was a much brighter tone than yesterday, with wider competition. There was a good selection of merinos and choice sorts were distinctly harder, with medium and low sorts at full opening rates. Crossbreds, mostly medium and. low, sold, well at yesterday’s prices, which were about on a parity with the February .closing rates. Stipes met a good demand from Yorkshire at full February closing rates. New Zealand fortyone brought 40d.