LONDON WOOL SALES.

Auckland Star, Volume LXII, Issue 17, 21 January 1931, Page 9

LONDON WOOL SALES.

FURTHER DECLINE IN PRICES

DROP OF ABOUT 15 PER CENT,

(Received 11 a.m.) LONDON, January 20. The wool sales opened at ab6ut 15 per cent decline.

LATER PARTICULARS

(Received 12.30 p.m.), LONDON, January 20. At the wool sales 9410 bales were offered, including 15D1 New Zealand. About 7755 were sold. There was a fairly represenative selection of Merinos, and a small and inferior offering of crossbreds. There was a large attendance, but competition was very slack, exchange troubles greatly disturbing the market. Continental sections were extremely quiet, with Yorkshire biddings reserved. The tone was very depressed, and there were large withdrawals. Merinos: Prices of all varieties were generally 15 per cent below December closing rates. ' New Zealand greasy crossbreds, Waioma, VM to 6d; Te Anu Downs, 5%d to 5%d.

The New Zealand Loan and Mercantile Agency has received the following cable from its London office:—

London Wool Sales: There was a good attendance at the opening of the sales to-day, competition by Home and Continental buyers being fairly active, and prices as compared with the close iof" the preceding series ruled 15 per cent lower for crossbrcd. and greasly Merino, 20 per cent lower for scoured Merino. The opening catalogues were fairly representative. The Bank of New Zealand has received the following advice from its London office dated 20th instant:—.

"Sales have opened with moderate competition and fair attendance of buyers. Compared with the close of last series, greasy crossbreds are Id to VAd lower, and greasy Merinos l%d to 2d lower/'