"A BAD SPIN."

Northern Advocate, 5 June 1920, Page 3

"A BAD SPIN."

DECLINING WOOL PRICES. PROSPECTS DIMMED. AUCKLAND, Juno 4. The recent fall in tlifi price of wool on the London market wns the subject of some remarks by ihe ehamivm of theAueltlnnd Woolbrokors' Association, Mr PJ. H. Binney. He explained that tliere was no New Zealand privatelyowned wool in Britain, and that all colonial wools wore the property of the Imperial Government. Dealing with the probable cause of the drop in prices, ho said it occurred to him that the supply in Britain to-day was in excess of immediate' requirements. The " mills could handle a certain quantity only, and apparently the British Government had ben unloading a considerable portion of its stocks. Another probable cause of the fill in I prices, suggested was that the north of France and Belgium which in norma 1 Mmes consumed a lot of wool, were at present only working half-time. Then again, Germany was not :i competitor for wool at thf- London sales. The finer wools hn«l been rushed, but a great proportion of New Zealand wool was on (he coarse side, and this flaps appeared to have been neglected. Questioned as to the effect of the reduced prices, Mr Binney said: "It looks as if we are going to have a 'bad spin. . Last season's clip is still in store, and in about four months' time the new clip will be coming in. Future prospects for the moment do not look at all bright. We are going to be hard pushed. People are asking for advice, but this is a matter.that will simply have to find its own level."