WELLINGTON NEWS

Hokitika Guardian, 14 July 1925, Page 4

WELLINGTON NEWS

THE LONDON WOOL SALES. (Special to "Guardian”.) WELLINGTON, July 10. 1 1 would scarcely he correct to say tlmt brokers were disappointed with ilie opening of the London wool sales, although undoubtedly some expected to see a bigger advance in merino wool. Die position appears to be a little more nope fill though still far from sntisfneiorv. Hope is engendered by the iact that there was a huge attendance ol Olivers and the sales opened active with good competition. 'I he best

grades of greasy merino were up Id per lb owing mainly to German and french operators. The Continent is said to he very short ol wool and it is pmbahie Unit only urgent immediate iei|u ire men t s are being Idled. As one broker remarked much cannot lie expected from the Continent where tinuncial stringency is most acute. Continental buyers were no doubt iorced by llradford competition to pay a little mole than they intended. Crossbred w mils of all grades. that is line, medium. (nurse and lon were all a shade easier. At the May sales crossbreds suffered a severe set back as the ‘le-

eline at ti e opening was as much as lid per lb. but 2d of this was recovered towards llie close of the sale. The present deeliir.; which ranges from !d to .[cl is in addition to Id drop at the May sales. However, on the opening day there were prurtieully no New Zealand or Australian crossbreds offered, and it would be unwise to accept the opening prices n» fixing the standard for crossbreds. Tnere are far 100 m,any people in need ol elmap wools, and crossbreds will meet their rA-'itiir - menls. While the position is hopeful a <l».*al will «lojk»h<l upon else atti--1 tide of the seller.-. If they will meet the market whenever possible and so encourage the buyers, eonlidenee will return and business will proceed on a -.ound basis, but il there are to be heavy withdrawals a feeling of uncertairiity wiil be created and buyers will lie compelled lo operate trom hand to mouth. \\ bat one would like lo see is an absolute clearance of held over crossbred wool' heloiv the sales are resumed in New Zealand in November next. There is of course very little hope of that, but if the bulk is cleared it would help considerably, lie carryover of i loss bred wool i. com pa rati vale large, and with the European clips now available there should be an abundance of wool, but not more than can lie readilv consumed were the buyers

in a position to pay the prices growers demand. According to the latest statistics during the Id months ended J une till, a total of 521 .lib I bales was olfered at tlu; sales held in the Dominion and the quantity sold was -151.15 S bales. In the preceding J2 months the quantity ollercd was 511.0L1 bales, and the quantity sold 5111,20 L 'I lieexport for the past twelve mouths totalled 51 ill. til IS bales or -lit. (ini I bales less than for the 12 months of I!'2;i-21. MORTGAGES.

New Zealand produces a good crop of mortgages ami in the boom period ol IP 18-19 the crop was a prolific one.

some farmers raising live, six and even more unhealthy mortgages. In the slump of 1020-1! 1 the unwholesome character of many of these mortgages

was discovered and there was considerable trouble. The prolongation of the moratorium added to the troubles, and investors fought shy of lending on broad acres. The heavy income tax also bad a bad effect. However the position seems to be adjusting itself and the latest figures as to the mortgages registered and discharged are very interesting. .During the 12 months to May ,’Ust the mortgages registered numbered 13.701 for C l 1,227.5,'15. or an average ol approximately Cl:fill per mortgage, in the immidialely preceding 12 months the registrations •.lumbered -111.15 S and the amount involved avraged about CPS!. Thus it will ho seen that the tendency is for the awnage to decrease, that is loans are being made for smaller amounts to a greater number of borrowers. The number of mortgages discharged during the past year was 33. 153, and the amount, paid off was C.'if.til-I, I o.'i. the average being CP-15; in the preceding year the mortgages discharged numbered 20.0*2, and the amount £23.315. Soil or an average of CSOO. The position appears to be very satisfactory, for while in the year to May .'list, 1025, the average amount borrowed was less than in

the previous vein’, the average nmomit discharged was much greater than in 1023-24. I*' i"ti in (his it would appear that the Greater portion of the morttta.ees raised d urine the past year was lor the purpose of payin'; oil' exist in; uiortounes. This, no doubt, was on; of the excellent results of the liftin; of the morn tori uni. In the year 1923'24 the inortyaoes registered amounted to C 40,237,"> IS, and the mortj;a;;es diseharyed to 023.350 ft, tankin'; the net addition to the total mortnaoex L'IO.HOI .(>SS); in the year just closed the registrations amounted to cl 1,327. 033. and the discharges to L'.'ll.til 1.1.13 the net addition lieino only 1T.71 3.350