COMMERCIAL.

Hawera Star, Volume XLVII, 18 November 1927, Page 7

COMMERCIAL.

WELLINGTON WOOL SALE. A BROKER'S REPORT. Missus Dalgetty and Co., Ltd., report:— The first .sale of the 1927-28 .season opened at Wellington with a small total offering of 9200 bales, as compared with 11,000 bales offered at the corresponding sale in 1926. The total carry-over

for tlie Dominion at the 30th Jline, 1926, was 10,844 bales, Wellington's quota of this being 1720. We can be safe in .saying that .prac-

tically no carry over of last season’s wool was offered at this fixture, a# all oddments were disposed of during winter sales, when prices appeared sound. It was generally anticipated that the first round of the Dominion 1927-28 series would be a good on© from, a (Seilers’ point of view, as, according to reports from the world’s various woolselling centres, stocks were said to be low- 1

Results, from Monday’s sale seem to | prove this conjection as well founded, I and altho”-' Bradford buyers’' purI chases wens of small compass, owjtig to their limits being much below those I held by French and Australian competitors, still it was evident that they were anxious to secure wool at parity of rates ruling an London at the end of September. Candidly, we do not like to see English buyers leaving a saleroom with few purchases entered on their catalogues. At the conclusion of every wool-sell-ing season. British buyers absorb 65 per cent, of the total Dominion clip, and when they hold aloof from following the market the cautious policy is not adopted without some .solid reasoning. The textile trade of Great Britain lias been experiencing somewhat difficult times owing largely t<> the heavy importations! of nia.nufacturid goods from certain European countries where the hours of labour are. much longer and the rat© of pay lower. Nevertheless, a steady and solid backing of the world’s wool markets is always fortlicoming from Great Britain, owing to the .protective tariff which the British manufacturers do not enjoy, the industry in other coilntries is .prospering and expanding. On the small offering at Monday’s sale it would he unwise to speculate that the. range, of prices, so early established would remain unaltered during tb_© remainder of the season. As regards .supplies, there % undoubtedly a squeeze at the moment, hut that will quickly be relieved by stocks coining on the market after the present November rounds. We do not wish, to be pessimistic, but on the present Bradford quotations for tops, and .such quotations must always have a certain influence on the market, rates recorded on Monday for certain qualities of wool appear dangerously high and are inclined to make the. future of wool values perplexing as it is vital. It would In? .unwise to predict anybbino- in the nature of a coming boom in woo] prices, hut on the sale rates Bradford top quotations for 40/44 up to 48/50 would have to appreciate 2-Jd to 3d per lb before greasy wool could lie purchased hire at Monday’s range of prices. It is sufficient at the I moment to emphasise the fact that the I position is sound and prospects encour- < aging and that the world will he able to absorb all the wool (produced so long ;i,s the basis of values of' the manufactured article is kept within the purchas- c irig power of the. wool-using public. France was well in the market for not only good (skirtings, hut also for fleece wool, and their competition was mainly responsible for the lofty rates ( obtained. Australian mills were very - acti\ii for good light-conditioned Romneys and secured the bulk of such wools. Bradford, owing to low limits, could not compete with the above two competitors except _ for deeply-grown hogget wools and for the.sp extreme rates were paid. Super lines of 48/50 duality making from IBJd to 19}d, and 46/48 16Id to 18tl. America bought very little. Local mills were apparently very whort of .supplies of ha.lf-bipds and merinos, and the .small offerings brought forward were quickly absorbed » by their trade. )/