AMERICAN WOOL SITUATION.

Press, Volume LX, Issue 18242, 28 November 1924, Page 10

AMERICAN WOOL SITUATION.

| PRICES STRENGTHENING. (jgpjr OTS OWN COBEBBPOSBZST.) SAN FRANCISCO. October 20The American wool market is enteiing a new phase. With prices high and no reason to apprehend more than temporary weakness anywhere immediate future, the wool merchants face the necessity of.buying wool for importation in big Quantities. Stocks of domestic wool seldom or never were so low in October as at the 14s for foreign wools, especiallj Austra lian. no one recalls having seen the American market so bare ot wool ot this tvpe. Of necessity a large quantity of wool must be; imported, m order to give anything like a logical course to the market for goods. \ s - f or the goods market, it seems to have arrived with a decided bang during the last two or three weeks. _>o w.-Tol authority in America can see "o'.v the prices for goods can be *iaintamed on the low basis fixed at the opening of the season by the American Woollen Company, given anything like a fair demand. Logically, the demand should have centred on worsted goods at the start, viewed merely from the point of ■view of relative values, but in this respect the market- has been very illogical up to the past few weeks, evidently, although some suspect that more business was actually done quietly in worsted several weeks ago than transpired. Some of the manufacturers, haive onlv recently l>een m the market for raw materials and they are finding the market none too lenient for them; ic fact, it is decidedly untoward. Any endeavour to depress prices meets with scant success, for. the holder of wool realises that American markets are still the cheapest in the world, and that when he sells a given lot of wool he can expect to replace it only at an advance. And so, while there has been a smaller volume of business recently than in previous weeks, prices have not suffered in consequence, and if anything there has been a further slight advance. Range of Prices. As for the volume of business, it has not been small.. Fine staple territory wools of the best description are readily bringing 1.50- dollars, clean basis, and Ohio delaines have actually passed that basis. Fine medium staple lots have brought around 1.45 dollars, and wool hardly better than French combing -wool has been sold on the Boston market at 1.40 dollars, with good French combing wools reaching 1.35 dollars, clean basis. So strong is the position of fine wools that some . fine Australian purchases have been sold in transit, although the price paid has not been divulged, speculators obviously anticipating a profitable turnover when the shipment reaches the Boston market. In line scoured wools the market also is extremely strong, choice double A wools having been disposed of at 1.55 dollars, while fine scoured Territory wool is firm at 1.40 dollars, with 1.38 dollars refused for some really good wool. A fine collection of scoured Texas of good quality and colour but varying in staple all the way from eight to twelve months has been sold at 1.37 dollars. Good fine scou'reds are quotable at 1.36 dollars, and wools of short Californias have been secured at 1.30 dollars. Supers are quoted at 1.15 dollars | to 1.20 dollars.

In the foreign wool department there has been a miscellaneous business. Some South American crossbreds are reported sold now; and again, : " good fours Monte Video bringing around 40 to 42 cente, - with very , little available at 39 cents.

Antipodean prices on £he Boston market ( are tabulated as follows:—Australian, clean basis, in bond: 64-70's. combing, 1.35 dollars to 1.40 dollars; 64-.7o's, carding, 1.25 dollars to 1.30 dollars; 58-60's, 1.07 dollars to 1.10 dollars; 56,'5, 93 cents to 96 cents; 50's, . 75 cents to 78 cents, New Zealand, grease basis, in. bond: 56-58's, super. 56 cents to 57 cents; 48-50's, super, 48 cents to 50 cents; 46-48's, super, .43 cents to 44 cents: 44-46's, super, 37 cents to 39 cents.

Commenting on the .wool situation in the United States, the . "Commercial Bulletin" of Boston, says: "The strong feature of tlie Boston wool market has been the decided improvement in the demand for goods, the American Woollen Company having made withdrawals of worsteds as well as woollens, all of which are re-priced on a higher basis, if not- withdrawn entirely from sale, an event which has been regained- as inevitable by the wool trade for some time."

Another statement issued in Boston says: "The American wool'market during, the, early part of October developed! to a point of extreme strength and showed a tendency to further advanoes in line with stiffening markets abroad. With foreign. prices higher than the domestic-market the movement for quotations on domestic grades has beeii nearer primary parity, TBe demand .has been generally for all: qualities and each has been sharing in the general advance."

The United States Department, of Agriculture, through its bureau of agricultural economics,,-states that enquiry regarding new . clip wools in South America has shown prices about 25 per cent higher in some. instances than the United btates trade is willing to pay Tho bureau, however, noted that thCTe had been an easing tendency at the close of the London sales, "but some recession wa s anticipated due to extreme high added at this S€ries ' ? ' ft ™

KAWARAU GOLD. (SPECIAL TO "THE PRESS.") im ~ ELLINGTON, November 2-7. Vogds Vision ' is the name selected for a V\cllington goldmining company Th* •Mercantile Garetto" says that the capital is £35,000, in 140,000 shares of 5s caoh Subscribers are .—Carterton: W. H. P. Hobieson 400, Florence E. Robieson 400. Masterton: Eunice A. Robieson 1000, May E J Bobieson 600, W; .Nops 400. Wellington-' 'f ■ A - C - 7 ? ob T i e3 ? n 93 -5. Ma E. M. Robioson 1(iC8, li. D. Foster 200, W. Fraser 400 W Petrie 800, C. R. C. Robieson 2134. Objects -To purchaae, lease, take up, or acquire or take—options to purchase, lease, take Up or acquire mining rights, areas, and claims at •W place or places in the provincial district of Otago, and, in particular, to purchase lense, take up or acquire from the Kawarau Goldmining Co., Ltd., or from any other company, etc., claims on tho Kawarau Goldmining Company's plan on the Kawarau river, and general incidental.

BANK NOTES AS LEGAL TENDER. (;sss9 AssociATioir txuokau.) WELLINGTON", November 27. Jl proclamation, is published in to-night's "Gazette" extending the period within which New Zealand bank notes shall be leg3l tender till January 10th, 1926.