LONDON WOOL SALES

Manawatu Times, Volume XLIX, Issue 2308, 28 November 1925, Page 11

LONDON WOOL SALES

ENCOURAGING SIGN. ADVANCE ON SEPTEMBER PRICES. The results of the six series of London wool sales are being keenly awaited by New Zealand producers, and perhaps more so by English and foreign buyers. In fact, the absence of Bradford competition up to the present is being explained in certain quarters as being the result of a cautious policy followed by English houses in order to await Iho results of the closing aeries of London wool sales. The sale which commenced on Tuesday evening must be considered as very satisfactory, especially for cross-bred wools, which show an advance of about lid per lb. for all counts, as compared with the prices realised at the September-October series. A large attendance of buyers is reported, with good general competition and fine clearances of all offerings. The market Is again dependent upon Continental buyers for main suppport, Bradford being very quiet. It is probable that French and Belgian buyers are again the mainstay of the market, as they were in September, and both are no doubt benefiting by the currency'lnflation in their respective countries. It is stated that France and Belgium came out of the wool slump earlier in the year with comparatively small stocks, and the adjustment was consequently easier. The Home trade and Germany have not been in the same happy position, because their stocks were heavy after the slump and realisation has been slower. Bradford may be. taking a pessimistic view of the situation, but Bradford is apparently following a policy of caution, and her representatives in all buying centres are restricting purchases. Writing at the close of the last series, Messrs. H. Dawson and Co., remarked: “Everybody is asking if France will bo_ able to continue the pace when the Height of the season Is reached in Australia. There are, however, large orders in hand, and the general impression prevails that their demand will be sufficient to maintain prices for a little while; Meanwhile, stocks in consumers’ hands In other centres are being reduced and are approaching the normal. although at the moment a cautious and wailing policy is being favoured,” The Department of Agriculture has received the following cablegram, dated the 25th Inst., from the High Commissioner for New Zealand, London:

Wool sales opened yesterday, very large attendance. Good general competition, better Home trade bidding. Compared closing rates last series: Merino fine crossbred, par to 5 per cent.; medium crossbred par; coarse crossbred, par to 7* per cent, dearer; 178,500 bales available for series o. ■which 72,350 each Australia and New Zealand, 24,000 South American.