LONDON WOOL SALES.

New Zealand Herald, Volume LXII, Issue 19125, 17 September 1925, Page 9

LONDON WOOL SALES.

LITTLE CHANGE IN PRICES. NEW ZEALAND WITHDRAWALS EFFECT OF HIGH RESERVES. PROSPECTS OF THE MARKET. By Telegraph—Press .Association—Copyright, (Keceived 8.30 p.m.) A. and N.Z. LONDON. Sept. 15. The fifth series of the London wool sales opened to-day before a large attendance of buyers from all the principal wool centres. The offerings comprised 12.500 bales of a miscellaneous, but fairly representative, character. About threejourths were sold. The competition was fairly good. The prices realised for crossbreds showed little change from those ruling in July, but there were considerable withdrawals of New Zealand half-bred medium sorts owing to the high reserves. Sales of coarse half-bred sorts were occasionally in sellers' favour. Owing to the strong French demand for military purposes good combing Merinos were firm, and prices were unchanged. Scoured and faulty wools were irregular, but prices generally were in buyers' favour. The following prices were realised for New Zealand clipsMana," top price, average, 19d; " WDL/O," top, 143 d, average, 13^d. Prices for crossbreds, firm medium and coarse, ranged from par to 5 per cent, higher, as compared with the last sales.. France and Belgium did a good buying trade, providing the chief support for the market, but a general revival is only considered possible when confidence is restored in values and in the general industrial and financial position. In the meantiino there are evidences of a steadier, though somewhat limited, demand. The general feeling is that the worst of the crisis is past. Dawson's report states that the Home trade is recovering slowly from a disastrous shaking. Though the sales opened fairly satisfactorily, the outlook is overcast. The prospects of the ultimate markets have not materially improved, and a general hesitation with the expectation of lower prices pervades the trade. The threat of forthcoming industrial disputes, says the report, is not helpful, while increasing tariffs against British textiles, notably the unexpegted blow from Australia, are depressing. The Australian policy, however, cannot fail to react on the values of Australian raw material. The financial position does not give ground for expecting an early revival. The factors mentioned unfortunately coincide with abnormally heavy offerings, the report continues. Witli the heavy catalogues at the present series, together with a million bales to be offered in Australia before Christmas, the last hopes of any solid improvement in values this year have disappeared.