THE WOOL MARKET.

Manawatu Times, Volume XLII, Issue 1808, 5 May 1921, Page 5

THE WOOL MARKET.

NEWSPAPER ©PINION.

[By Electric Cabler—Copyright.] [Aust. and N.Z. Cable Association.] LONDON, -May 3.

The "Yorkshire Observer" says: "In the contest between those who are satisfied with a free market and those supporting the attempt to arbitrarily control the sales values, the former have won the first round. Mr Hughe's pessimistic • declarations apparently carry no nioro weight in Australia than in Bradford, where they are inclined to be regarded with amusement. He appears to consider the disappearance of the 14/ tops disastrous, though the unsaleable high-priced tops are one of the causes of the situation which Mr Hughes deplores. When 2/6 was considered a good price before the war no one informed the world that Australia was on the verge of collapse as Mr Hughes and Sir .1. Higgins arc persistently suggesting, thereby doing Australia's credit incalculable harm. B.A.W.R.A. wool, though nominally half the British Government's and half the growers', properly and legally belongs wholly to the British Government as it was bought by the taxpayers' money. Mr Hughes suggests forgetting that it is obvious that the British Government dare not accept such dangerous .- advice. Eventually fanciful and impracticable schemes for enforcing values must give place to meeting the market as the manufacturers and merchants have been forced to do by auctioning piece-goods, in order to liquidate their unwieldy SHOCKS The ''Yorkshire Post" says: "Mr Hughe's suggestion to hold up the B.A.W.R.A. wool would mean the sacrifice of the users' interest in £56,000,000 worth of wool solely for the benefit of the growers and forcing the Imperial exchequer at a time of extreme stringency. When Mr Hughes arrives he should first be mado acquainted with the financial position of tho wool trade, and then informed that numerous creditors' meetings are being held with the object 6f tiding over difficulties, and then asked whether the growers ought to be further subsidised by postponing liquidation of the B.A.W.R.A. wool, to which tho Imperial Government is unlikely, to consent. If the new private wool is sold without reserves, there is no excuse for their imposition on the < wool. B.A.W.R.A. ought to regulate its unreserved safes'in agreement with the owners of the new wool if possible. The necessary music will have to be faced sooner or later as the pieeegoods trade is doing, and tho longer the ordeal is delayed the more discordant the performance will be."—A. and N.Z. cable.

FREE WOOL SALE

LONDON, May 3. The free wool sale opened with strong competition all round. An advance of 10 per cent.'iis reported. At the wool sales 9300 bales were catalogued, of which 682 were from New Zealand. There was a good average selection and no super quality. There was a very large attendance and strong Home and Continental competition, including that of Germany, but no American buyers attended. Greasy merinos sold at ton per cent, above the April closing rates, scoureds live to ten higher, medium and fine crossbreds 7* to 10 per cent. Almost all were taken by the Continent. Low sorts were at par to five per cent, higher. Practically all that catalogued was sold. .- During the wool sale Sir Afrthur William Eaynor (chairman of the Colonial Wool Buyers' Association) mentioned the report regarding the proposed legislation to prevent the export of wool except what was sold in Australia. He said that a committee of the association was watching developments,, and would take all steps to safeguard the buyers' interests. It hoped ,that the buyers would support them in opposing the proposal.

THE SURPLUS WOOL.

(Received Wednesday, 10.15 p.m.) LONDON, May 4.

In the House of Commons Mr Hilton Young declined a request for an issue of the White Paper giving details of the Government's disposal of the surplus wool to the B.A.W.R.A.

FEDERAL ACTION.

(Keceived Wednesday, 11.50 p.m.) MELBOURNE, Last Night. In the Senate, Senator Millcn announced that the Government proposed to prohibit the export of wool from Australia for a poriod of six months, unless sold at a minimum of 8d per pound.