WOOL MARKET

Gisborne Times, Volume LXVIII, Issue 10712, 9 October 1928, Page 2

WOOL MARKET

LONDON WOOL BALES.

BROKER’S REPORTS.

Messrs Dalgety and Co. Ltd. Rave received the followiiig cable froth their head office, London, dated October 4:, . . . “The London wool sales closed fairly animated at lower level in price, but there does not seem to be much confidence in the market yet. As compared with , closing rates ot last series:—Greasy merino is 2jd to 3d lower; scoured merino is 3d to 4d lower; greasy half bred 2ld to 3d lower; greasy crossbred, fine 2d .to 3d lower; greasy crossbred, medium 2Jd to 3d lower,; greasy cross tAed, coarse 2}d to 3d lower; scoured Jialfbred 3jd to 4Jd lower; scoured crossbred 3d to 4d lower; slipo halfbred 3}d to 4jd lower; scoured pieces and bellies 3d higlier; lambs, greasy ifu to 2jd lowei. , , . ' There was 140,445 bales offered. Continent has. bought 55,500 bales. Home trade 35,500, America bales; carried forward 39,500 bales of which 9,500 were not offered. The total sold is 92,000 Bales. Since the opening of the series, the range of prices is now as follows : Halfbred 56 to 58, good to super 24d to 27d; low to medium 19d to 23fd; halfbred 50 to .56, good to super 22d to 24d; low to medium aou to 21-jd; fine crossbred 48 to 50, good to. super, 19d to 21id; low to medium 16d to 18§d; fine crossbred 46 to 48, good to super 18d to 20d; low to medium 15£d to 17Jd; crossbred 44 to 46, good to super 17 £ to 19d; low to medium 15d to I7d; crossbred 40 to 44, good to super 16£d to 18d; low to medium 14Jd fo lbil; coarse crossbred 36 to 40, good to super 16d to 17£(1; low to medium 14d to 15£d. Quotations for 36 to 40 super to 46 to 48’s super, are largely nominal. The New Zealand Loan and Mercantile Agency Co-, Ltd., have received the following cablegram from their London House under date October 4:—

The sales closed with a weak tone to-day. As compared with last sales Closing rates, prices are about 10 per cent, lower for lambs, merino and crossbred, greasy merino super, fine greasy crossbred; about 15 per cent, lower for crossbred slip©, greasy and scoured, merino mediitni, greasy merino inferior; about 10 to 15 per cent, lower for scoured merino super, medium and coarse greasy crossbred; also scoured crossbred; about 15 per cent, to 20 per cent, lower for scoured merino inferior. There is much irregularity in the bidding. The prices realised for average to super grades of descriptions were as follow: —Merino stupor 24d to 26d per lb; average 19d_ to 21Id; 56-58’s 23d to 25£d, 50-56’s 201(1 to 22£d, 48-50’s 18d to 20a, 16-48’s 17d to. 18d, 44-46’ s iod to LGJd, 40-44’s 15d to 16d, 36-40’s 15d to 15£d.

WOOL PRICES

WHAT OF THE FUTUREP

The question of wool prices for the new clip is just now creating lively interest* and it appears to bo generally assumed that the coming season’s prices will equal laist season's closing rates. This is the opinion of the chairman of the New Zealand Co-operative Association ot Canterbury (Air. Stephenson). He based his remarks on the strong statistical position. Jup an and Russia are believed to lie likely to purchase more largely , and to create stronger competition. Trade and industry are improving- nearly the world over, and improved standards of living everywhere are calling for wool textiles m increasing quantityOn the other hand, there are signs that English and American buyers are disinclined' to the recent high prices:, and aro indicating that they will be reluctant to do business unless an a reduction of probably 10 per cent. Tne London sales are slower and weaker than the July sales. This;, however, may be indicative of the desires of the buying trade, rather than their intentions when the new elm is actually otterid. The world’s production of artificial silk is continuing to increase, and the output for this year is estimated to equal 300,601),00011)., or the weight of nearly one million I-ales of wool. Perhaps the most sound view of the situation to take at present is the middle view that growers may not see low prices tor wool for some years to come, but that nigh prices—say higher than a little oeTow the average of last season—aro unlikely, andi if obtained in any one year should be regarded as exceptional to the general trend of world prices.