LONDON WOOL SALES.

Wairarapa Age, Volume XXXI, Issue 3008, 3 October 1908, Page 6

LONDON WOOL SALES.

AVERAGE PRICES.

Received October 2, 10.R a.m. LONDON, October 1.

At the wool sales short faulty scoureds sold at from 5 to 10 per cent below closing sa'les rates. The following were the averages of prices realised for the fleece portions of the clips named '.— Gear, 6£d; Menamute, 6§d; Tango, 6id; West Dome, 7Jd; Longburn, 7|d.

Mepsrs Murray Roberts and Co. have received the following wool market cablegram from their London house (Messrs Sanderson, Murray and Co).,dated October Ist:—"Compared with the closing rates of the last London sales, the market shows no material change for good greasy combing merino. Slipe wools are from 5 to 10 per cent, lower, and all other descriptions of wool 5 per cent, lower."

As the London wool sales, which began on Tuesday last, proceed a weaker tone is manifesting itself. Advices received yesterday by Wellington wool-selling bouses from their London agents agree in stating that the weakness has now influenced the better sorts of our greasy crossbreds, which, on the opening day, had appeared to fairly well maintain the values obtained at the conclusion of the July sales, and they have receded five per cent., and slipy wools are not having a good passage, and in their case the decline is estimated at from sto 10 per cent. Buyers, of have a powerful lever in the heavy catalogue wherewith to depress prices. The two previous sales witnessed heavy withdrawals, but" on this occasion the chances are that holders having already waited long for some improvement in the demand, will now be prepared to meet the market. Even if disposed to further postpone the realisation of their clips, the financial ability would in many cases be wanting.

In the course of his enquiries, a "Post" representative ascertained from a Wellington wool man that although present values compare unfavourably with the high average of the Jast five years, they are very little below the London averages of New Zealand greasy crossbreds for the past 25 years, which may fairly be taken at from 8d to- B£d per lb. "Our wool is now realising on an average from 7d to 7Jd in London, and it should not be forgotten that only seven years ago it was being sold there at from 3Jd to 4Jd per lb." "Values," he continued, "will be ever fluctuating in the wool market, and the wise grower will base his calculations on averaf es spread over a long term of years, and not upon the results of an isolated period embracing a few particularly fat years. Too many motor cars were bought in that period, but we may expect the more economical buggy to once again come into fashion."