WOOL PRICES.

Hawera & Normanby Star, Volume XLI, Issue XLI, 15 October 1921, Page 3

WOOL PRICES.

SUPPLY AND CONSUMPTION. t .- . .. — ■■• ■ ; /-■ c The Hon. W. Nosworthy, Minister c of Agriculture, (enlightened members I of the Producers' Committee on Tues- ] day upon the wool position in dealing,' with the first report of the New Zea- j land Wool Committee. This body be- 1 gam .iis work from w the date of its 1 appointment, June 24, 1921. Its report / is from that date to September 24. It /" consists of Messrs T. R. Lees (chair- t man), 0. Hawken, M.P., L. A. Ruther- ; ; ford-A. EMabin (Levin and Co,), and W. S. Bennett (Dalaety and Co.), chairman New Zealand Woolbrokers' Associ- '• ation. The response of wool brokers, wool eioorters, and the banks to faithfully adhere to the regulations of the committee was so prompt that there ' ' was no stoppage of Dusiness, and busi-. ness under the regulations proceeded as from July 1. A detailed schedule of minimum reserve prices for wool of all qualities and grades,, greasy and scoured, was adopted by the committee and 'approved by the Minister and endorsed by the Board of Trade. Slipe wool did not come into the arrangement; as very little of it came into competition with 'greasy in this v market; but many exporters of" slipe wool voluntarily gave the necessary undertaking. The committee is of opinion that the best interests of freezing companies would be conserved if all freezer slipes were broughf under the arrangements. ! Bawra, (British-Australian Wool Realisation Association^ holds over 150,000 bales of slipe wool, and it would! be a good business proposition for freezing companies to accept its offer to include Imperial holdings of slipe wool in the scheme for limited offerings and minimum reserves. "Allocations made by the committee in consultation with the New Zealand Woolbrokers' Association have been made as follows, the quantities in parentheses being sales made: —Wellington, Jtdy 4, August 19. 9887 bales (8877): 10.725 (9837). 'Namer, July 8, 6663 (565 D; Wanganui, July 14, 6252 (4612); Chrietehurch,. July 20, 9006 (7948^; Dunedin, August 2, 10.248 (8187); Invercargill, August 5, 7386 (6004); Timaru, 1701 (1701 V. Other HTjproved allocations are: —Wellington, October 14, 10,000: Napier, 6000; Auckland 6000: Wanganui, 5000. This will close the 1920-21 series; Sale dates for next season have been tentatively approved. The first New Zealand free wool to be offered in London under i fixed minimum reserve will be submitted .at the sales during the current month;

although the "Bawra" has observed reserves or all wool offered by it since May last. It has been learned by cable that the regulations will be followed, and with the goodwill of operators and business houses in London. . The Minister then went on to show by a table prepared by the committee that the consumption of Australian and New Zealand wool since October 1, 1921, has beef exceeded by 283,463 bales over production. Australia and New Zealand stocks on October 1, 1920, were 2,889,110, of which 844,891 were New Zealand. These had been- reduced t>y auctions and allocations to September 30, 1921, to 2,129,900 bales (707,500 for New Zealand). The total carry-over of Australian and New Zealand wool hi sight on October 1. 1920, including Imperial Government wools and free wools, was 6,167,060-bales. By October 1, 1921, this hud been reduced'to 4,883,----593 bales, and included tho Estimated Australian and Now Zealand 1921-22 clips of 1,750,000 and 570,000 bales respectively, a total of 2.320,000. This reI reduction in the world c flocks of sheep, 283,463 bales; but the Minister was advised that this figure would possibly be increased by private sales, of which no record coufd be obtained. The reduction was small; but, considering the very difficult year which had been passed through, it was, in the opinion of the cdmmittee. a matter for satisfaction'that a reduction was shown. The firm tone and improved conditions of the market, together with the Heavy reducion in the world'h flocks of sheep, warranted the anticipation that next year will show a very much larger disappearance into consumption and manufacturers' stocks of the carry-over wools. Inquiries have been made into the opportunities for disposal of wool to Continental and other countries, but up to the present it has been impossible to oyercomo the financial difficulties incidental to such propositions. The recent reduction of gd per pound in the freight rates in wool to London by the shipping companies, and the reduction of 25 per cent, on the Port of London charges as from August 1 were regarded by the Ministers as matters for gratification for all concerned in tho wool industry.