WOOL PRICES DOWN.

New Zealand Herald, Volume LXII, Issue 18965, 12 March 1925, Page 9

WOOL PRICES DOWN.

LONDON SALES OPEN. TONE BETTER THAN EXPECTED AUSTRALIAN RESTRICTIONS. I By Telegraph Press Association —Copyright. (Received 8.5 p.m.) A. and N.Z. LONDON. Mar. 10. The London wool sales opened to-day. There was a fair selection of Merinos suitable for the Continent, and of medium and lower grade crossbred®. There was a crowded attendance. The tone was better and withdrawals were considerably less than had been expected. Merinos sold at from 10 to 15 per cent, below the February closing rates. C'rosshreds were i'oro 5 to 7J, per cent., lower. A New Zealand clip, 11 M.P.," realised from 25d to 23d. A prominent trader's report on the opening sale comments on the fierce struggle between the consumer and the seller. Seldom has there been such a determined resistance to high prices, he says. The margin between the values of the raw material and the manufactured products has long been too wide and disproportionate. "Consumers are not willing to. continue to operate under such unremnnerative conditions," says this; authority. " The world calls foe cheaper qualities or lesser quantities. Uufortunately the effect of the restriction in offerings from Australia is passed on to the manufacturing in the end, with disastrous result* to the v.'int or trade. "It has long been obvious that a decline in prices was overdue and had to come at the present sales. The danger is that many have gone too far and some reaction is probable. It is not likely that the decline will be fully recoverable. One hopes that Australian efforts in that direction may check a further shrinkage." SALES IN SYDNEY. THE MARKET UNCHANGED. COMPETITION FAIRLY GENERAL. Australian and N.Z. Cable Association. (Reed. 5.3 p)m.) SYDNEY. Mar. 11. At the Sydney wool sales yesterday the market was unchanged. Competition is fairly general. Greasv Merinos sold to d. "