A BIG DECLINE

Evening Post, Volume CXI, Issue 17, 21 January 1931, Page 12

A BIG DECLINE

LONDON WOOL SALES

EFFECTS OF. EXCHANGE RATES

(Received 21st January, 11 a.m.) - . LONDON, 20th JanuaryThe wool sales have opened. Prices showed about 15 per cent, decline. At the wool sales 9419 bales were offered, including 1591 New Zealand, and about 7755: were sold. It included a fairly representative selection of merinos, and a small inferior offering of crossbreds. There was a large attendance, but competition was very slack. Exchange troubles are greatly disturbing the market Continental sections were extremely quiet, and Yorkshire biddings reserved, the tone was very depressed. J-»el' e were large withdrawals of merinos. ; Ihe prices of all varieties were generally lo percent, below December cosnig rates. New Zealand greasy crossbreds: Wtuoma, 6^d, 6d; Te Anau Downs, s&d, 5Ud. The Bank of New Zealand Produce Department has received the following advice from its London office under date 20th "The sales have opened with moderate competition, and fair attendance ; of buyers. Compared with close of lost.series prices for greasy crossbreds are Id to I Aft per lb lower, greasy merino \%a to «2d per 'Messrs'. Levin and Co., Ltd., have received the following cable from their London agents, dated 20th January:— , "The auctions opened here to-day with a large attendance of buyers. . Competition was fair, Continental buyers operating sparingly.- The market generally is rather irregular. As compared with the closing "rates of last sale, we quote: _ ••Greasy merino, best, Hid per lb lower. "Greasy merino, average, l%d per lb lo"line'ihalfbreds, 30/56's> Id to l%d per lb"Sreds, 48/50's, Id per lb lower.1 "Fine crossbreds, 46/48 s, Id per lb crossbreds, 44/46's, lei per lb crossbreds, 40/44's, Id per lb "■ crossbreds, 36/40's, Id per' lb °"S6oured merinos, 2d to 3d per lb ""Scoured crossbreds, 2rl per lb lower. "Slipe wools, generally, Id tolVid per JD loTte New Zealand Loan and Mercantile Agency Company, Ltd., has received the following advice :-"There was a good attendance at the opening of the_sales today competition by Home and Continental buyers being fairly active, and prices as compared with the close of preceding series ruled 15 per cent. lower. for cross-, bred and greasy merino, and 20 per cent, lower for scoured merino. The opening catalogues were fairly representative. Messrs. Murray, Roberts, and Co., Ltd., have received the following cablegram from their London agents, dated 20th January—"Sales have opened; fair attendance of buyers; competition irregular; large withdrawals; compared with last London sale's closing rates, greasy merino declined 15 to 20 per cent.; scoured merinodeclined 20 to 25 per cent.; crossbred sreasy declined 15 per cent.; crossbred scoured, poor selection offered, .insufficient tr> test the market; slipc crossbred declined 10 to 15 per cent."