LONDON WOOL SALES.

Wairarapa Age, Volume XXXI, Issue 9141, 17 July 1908, Page 5

LONDON WOOL SALES.

MARKET ANIMATED. Received July 16, 12.43 a.m. LONDON, July 15. -Wool —The market is animated, and prices are extremely firm at opening rates.

HIGH COMMISSIONER'S REPORT. L-

The Department of Industries and Commerce has received the following 1 cable message from the High Commissioner, dated Londun, July 15th: —"Wool sales have commenced, with a large attendance and great competition. Prices average one halfpenny advance over those ruling at close of last Eale. Americans are buyers of suitable qualities."

A table compiled by Mr E. Beauchamp, Chairman of Directors of the Bank of New Zealand, says the "Post," shows that the minimum quotations for crossbreds at the opening of the present sales mark an advance oi )£d, ljd, and 2d on the corresponding figures for the May offerings, thus:— May Sales. July Sales. Opening. Opening-. Coarses 5Jd to 5Jd 6£d to 7d Medium s£d to 6Jd 7Jd to 7|d Fine 7d to 7Jd 9d ta^Jd The closing prices in May were:— 6£d to 6.fd; medium, 7d to 7id; tine, Bgd to 9&d. Roughly, upon the basis of an . expjrtbf 360,000 bales of 4001b each, a rise of Id per lb would approximately mean an additional £630,000 for New Zealand, remarked Mr Beauchamp. Of the total quantity: of wool shipped from this country only 10 percent, was mtrit.o, and the balance was crossbred. To him the most gratifying feature was that the market should have been so strong at the outset, and large quantities of New Zealand wool had been reserved for these sales. Of course the efferings included clips from Australia, the Argentine, Europe, and the United Kingdom (which had between 38,000,000 and 39,000,000 sheep—nearly double New Zealand's total). He was inclined to think that the closing rates would be stronger: than at the opening. For some months there had been no demand of any. importance from Germany or America, but as they could not go on without wool they had to come in. 'One thing, however, might affect the American buyer, and that was the prospect of an alteration in the tariff if the '

Democrats managed to get into power. Statistically, continued Mr Beauchamp, the wool market was undoubtedly in a ' strong position, inasmuch as the population of the world was increasing rapidly, and the production of wool was not increasing in anything like the same ratio. That was why he thought that the prospects of better prices, with easier monetary conditions, were decidedly hopeful. Mr A. H. Miles, of Messrs Murray, Roberts and Co., mentioned that the messages ko far received in various ' quarters did not tally with one another. However, there was undoubtedly a better one about the market. "All who, have watched the trade," he added, "will be disappointed if the sales do not harden as they go on. The limitation of olfcrings will undoubtedly help matters, although the trade's knowledge of lurge quantities held back, which must come on the market very soon, must check the expectation of any big rise in the near future. The London Wool Committee seems to be fully alive to the necessity tor restricting, regulating the offerings. One does not require to be very optimistic to feel that we have seen the worst." ( Tho New Zealand Loan and Mercantile Agency Company has received the following message:—"As compared with last sales' closing rates prices are higher, about 5 per cent for coarse and medium crossbred merino; large attendance,,and active competition."