WOOL TRADE.

Hawera Star, Volume XLVI, 3 December 1926, Page 6

WOOL TRADE.

SEASON’S PROSPECTS. PRESENT PRICES SHOULD BE MAINTAINED. SPECIAL TO THE STAR. WELLINGTON, Dee. 3. In the course of liis address of the half-yearly meeting of shareholders ot the Bank of New Zealand to-day, the chairman. Sir Geoi*ge Elliot, made refercnee ■to the Dominion’s wool trade m the following terms: — “Since the annual meeting in June, there has been little change in the prices 'of the Dominion’s primary products, with the exception of butter and cheese. After a slight lowering of prices earlier in the year, the London September-October wool sales closed very firm with, active competition, and values, compared with those of June last, were about *d per lb better all round. At these sales 196,000 bales were offered, 76,093 of which were from New Zealand. Continental buyers, prmcipally German, purchased 93,000 bales, United ivingdom 75,000 and America 1000. Of the 34,000 carried forward, 17,500 —probably owned by speculators —had been reserved and were not offered for sale. The heavy purchases by German operators bear out tne cabled reports as to the active state of the woollen industry in Germany, and of the overtime that is being worked in many of the mills there.

•‘The first of the Now Zealand wool sales were held in Wellington and Napier, on 15th and 19tli November respectively. Unlike last season, the wool opened up in splendid condition, being sound and well grown. Competition was good, and considering the adverse circumstances under which the trade has been operating, prices were satisfactory, although in the coarser qualities they were slightly lower than those of March last.

“The coal strike lias, naturally, had a depressing effect on the British textile industry, but. notwithstanding tins, taking it all round, the tendency has been, during the last six months, for prices for wool to harden slightly. “The fact that practically the whole of tlie Australian and New Zealand clips for 1925 had been sold and disposed of, together with the halfmillion bales carried over from the previous season, accounts, no doubt, for the present steadiness of the wool market, and augurs favourably for the coming season. In view of the fact that there are practically no stocks carried over or hold up either in Australia or New Zea : land, there is every reason to believe that, the coal strike having been settled in England, the present prices of all elases of wool should be maintained “’or some time to come.”