FREE WOOL SALES

Dominion, Volume 14, Issue 218, 9 June 1921, Page 5

FREE WOOL SALES

OPENED IN LONDON STRONG COMPETITION EVIDENT QUESTION OF CONTROL By Telegraph—Press Association—Copyright London, Juno 7. The "free” wool sales have opened, with a strong demand. Prices so far are on a par with. May rates, to 5 per oont. advance. There were 12,201 bales catalogued, of which 3551 were New Zealand. The catalogues were good, of representative descriptions, especially of West Australians and New Zealand;.

The attendance of buyers was large. Strong competition was evident, Germans operating keenly, but tho Homo trade was very reserved, pending a settlement of the labour difficulties.

Merinos were 5 per cent, alxivo the May closing rates, and crossbreds were firm but unchanged. Realisations: "Murchison,” top price, 18.Jd., average 17d.; “Nivedowns,” 174 d. and 17d.; "Newinga,”. 17d. and 16Jd.; New Zealand and H.L.W., 9]d. and tjd.—Aus.- N.Z. Cable Assn.

LOCAL BROKERS’ REPORTS.

Mossra. Levin and Co., Ltd., have received the following cablegram from London, dated June 7: —"Wool sales have opened. As compared with last series merinos are IJd. per lb. dearer and 'crossbreds unchanged.” Tho Bank of New Zealand has received the following advice from its London office under date June 7The sales have opened with strong compete tion and large attendance of buyers. There is an active demand by all branches of the trade. Prices have improved for all kinds of merino by 5 per cent, to 7J per cent. The market is strong for all crossbreds. Prices for fine crossbreds aro higher 5 per cent, to 7* per cent. Medium and coarse crossbreds are unchanged. fl’lio New Zealand Loan and Mercantile Agency Company, Limited, have le ' ceived the following cablegram from their London house under date June < Wool sales—There was a full attendance at the opening of the sales to-day, competition by Continental buyers being active and prices as compared with the close of preceding series ruled about 10 per cent, higher for merinos, but no change in crossbreds. The opening catalogues were fairly ■ epresentative. Messrs. Dalgety and Company Limited report having received the following cablegram from their London house under date June 7:—"Wool sales-Attend-ance of buyers is large, competition aminated, good selection, Continental buyers are the principal operators. As conpared with last sales’ closing rates merino combing fine, greasy, 5 per cent, to 71 per cent, higher, merino combing, fine, scoured W per cent, higher, other merino combing par t % 5 per cent. tiigheL short merino wools suitable for Coptin ont and merino pieces and bellies higher often bv 10 per cent.; other descriptions of merinos unchanged. Crossbred wools, fine quality, par to 5 per cent, higher; crossbred wools, medium and coarse quality, prices firm and unch an god/* The New Zealand Farmers’ Co-opera-tive Distributing Co., Ltd., report havin" received the following cablegram from their London office, dated June 7:— "Wool sales opened to-day. Merino o per cent, to 10 per cent, advance; fine c’ossbred 5 per cent, advance; other crossbred unchanged but firm; competition good: principally Continental ■Messrs. Murray, Roberts, a.'nd Co., Ltd aro in receipt of the following cablegram from their London agents, Messrs. Sanderson, Murray, and Elder, under date Juno 7:-“Salos have opened firm- large attendance of buyers; good competition; Germany principal buyer. Merino advanced 7J per cent, to 10 per cent.; scoured merino shows greatest advance; crossbred advanced par to 5 per cent.” THE SYDNEY SALES ADVANCE ON MAY PRICES. Sydney, June 8. Competition continues keen at the wool sales now in progress. There, were 6600 bales submitted, and practically all 'aern cleared. , , Crossbred wools showed an advance of 5 to. 10 per cent, over prices realised during tho May sales.—Press Assn. THE EIGHT MILLIONS OF PROFITS MR MASSEY’S STATEMENT OF DOMINION’S CLAIMS. London, Juno 7. Mr Massev is concentrating his attention on the matter of the 418,000,000 in tho wool profits. He has prepared a statement of the Dominion e claims n .= a result of conferences which, will now come before tho authonties.-Special to Press Assn.

SHACKLES OF CONTROL

GRAVER DANGER THAN ACCUMULATED STOCKS.

London, June 7.

At the meeting of the Melbourne City Properties Trust, Air. R-. H. Caird. chairman of the company, strongly criticised tho B.A.W.R.A.'s proposals, P Rr ticiilarly the latest suggestion that B.A.W .K.A. should be entrusted with the sale of the Australian clip for five years, with a reserve of 9d. He said he could not imagine a worse thing for Australia than control, and that her greatest industry should fall into tho hands of the very people who were responsible to a large extent for the great accumulation of wool overhanging the market. With regard io the reserve price, crossbreds of the lower qualities must oorno into competition with the Test of the world H must be remembered that the w ] lo le of the Australian and New Zealand flocks did not form one-fifth of the sheep in the world, so it was futile for anyone to try and dictate the price of wool. The huge accumulation ot wool was probably not so grave a danger as Mr. Hughes had described. There was n much greater danger in reimposing the shackles of Government control on „ great industry just emerging from trouble. The sale of each years clip without delay was a prime necessity tor lhe welfare of Australia and her trade in Great Britain. The delay not only upset- exchange, hut it seriously. hampered trade, therefore the realisation of the B 1 WB.A. wool ought to be subordinnted to Hie sale of the current clip. Tf B.A.W.K.A. were content io oner 900.000 hales held over in .1921 the market would probably take it in addition to the now clip, and next year possibly more. Tho chief aim should be not to offer more held-over wool in any one rear than the market could absorb in addition to the current clip.—Aus.-N.Z. Cable Assn. mr. hughesYlnquiries INVITATION TO BRADFORD SUGGESTED. London, Juno 7. The Yorkshire "Observer” is of opinion that Mr. Hughes should officially be invited to visit Bradford, where ho would gain a clearer insight into the wool position than he is likely to obtain in London. Mr. Hughes’s visit to England would be largely wasted unless he returned to Australia able to use an authoritative voice in clearing away the absurd ideas prevailing in Australta-

He would be unable to do this unless he consulted Bradford’s traders on the spot. Some Australian visitors declare that there is a strong conviction in Australia that the reported trade depression in Great Britain is merely a myth, created iu order to force down prices of materials. Seven Australian newspapers have alleged that tho wool-consuming traders are using ike present position in Older to hammer prices down; and they refer to Bradford’s persistent bear movement.

The “Observer” points out that Brodford’s demand has been handicapped, by reason of the large unliquidated stocks in cloth, for already Bradford is unable to control the demand. Australia’s idea that Bradford has unlimited power to dominate the raw material values is flattering, but it is untrue. If Mr. Hughes conies he will confer an inestimable benefit upon both Australia and Bradford by strengthening the link between the wool trades’ producing and consuming ends, besides extinguishing the idea that Bradford can lie compelled to pay arbitrary prices, despite reduced both home and foreign demands—Aus.N.Z. Cable Assn. PRE-SLUMP CONTRACTS MERCHANTS’ ACCOMMODATION EXTENDED. London, June 7. Tho difficulties between the woollen and worsted manufacturers and merchants in regard to the taking up of goods contracted for before the slump in prices has led to an agreement giving the merchants further extension of accommodation. The merchants will now be able to lake up 50 per cent, of their orders by June 30. The remainder will be taken up by the end of the year. This means that goods which, should have been taken by February for the 1921 spring trade will be sold for the next spring trade. —Aus.-N.Z. Cable Assn.