WOOL DROPS IN AMERICA.
FIFTEEN PER CENT DECLINE
BOSTON, May 23.
Australian wool, which is being auctioned under the auspices of the British Government, sunffered » 10 to 20 per cent fall of prices. The number of bales offered was 18,569, mostly merinos and other fine grades. Oniy 5,500 bales were sold. Spinners' 70's and shafty fleeces brought 93 to 99 cents a pound, similar grades of wool bringing 108 to 125 cents three weeks ago. The remaining 13,069 bales will bo offered to-day, and if unsold they will be offered for private sale. Buyers agree that the sway of high prices for wools is passing.
The United Press Association says that buyers of raw wool are expecting a break in the market, following the 15 per cent drop registered yesterday. Tiie object of the present mdve of the British Government to dispose of stocks is considered to be to Testore the pound sterling In the foreign exchangsmarket.— (A. and N.Z.)
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Auckland Star, Issue LI, 24 May 1920, Page 5
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160WOOL DROPS IN AMERICA. Auckland Star, Issue LI, 24 May 1920, Page 5
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