LONDON WOOL SALES.

New Zealand Herald, Volume LXV, Issue 20071, 8 October 1928, Page 7

LONDON WOOL SALES.

ANALYSIS OF POSITION. DECLINE IN VALUES SHOWN* Australian and N.Z. Press Association. ] (Received October 7, 5.5 p.m.) LONDON. Oct. G. The totai offerings at the wool sales which have just closed were 140,000 bales, of which 92,000 were sold, the Continent taking 55,500, Yorkshire 35.500, America 1000. Expert commentators take none too rosy a view of future prospects. If. Dawson and Company state that the sales not only registered a severe decline in values, hut left both the producing and consuming sections of the industry ill a perplexing and uncertain position. "Until the opening of the sales there was no indication or such serious trouble. Scarcity of new yarn orders from Coiilinnetal centres, combined with a slight drop in Sydney, began anxiety, which was intensified by holders of raw wool, who could not obtain adequate prices for tops and yarns, deciding to send stocks for resale. This decision to become sellers instead of buyers did much to shako confidence and checked new business At the manufacturing end, arid changed the fairly comfortable position of July and August into one that approaches stagnation. The whole industry, from the grower to the distributor of cloths, received a great, shock by the sudden change of the market, but there is no justification for the semipanic felt in some quarters. The new arrival of colonial purchases, although dear, will not be heavy, and stocks of raw material and manufactured goods are generally light. The export demand for cloth is surprisingly good, The shipments for the first eight months of the year total 120.000.000 square yards, compared with 112,000,000 for the same period last year. The New Zealand Loan and Mercantile Agency Company, Limited, has received the following cablegram from London,, dated October 4:—As compared with last sale's closing rates prices are about 10 per cent, lower for lambs, Merino and crossbred, greasy Morino super, fine greasy crossbred; about 15 per cent, lower for crossbred slipe, greasy Merino medium, scoured Merino medium, scoured crossbred ; about 10 to 15 per cent, lower for scoured Merino super, coarse greasy crossbred, scoured crossbred, medium greasy cossbred; about 15 to 20 per cent, lower for scoured Merino inferior. The prices realised for average to super grades of descriptions as below were as follows: Morino, super, 24d to 26d; average. 19d to 21i,<1; crossbred, 56's to 58's, 23d to 25jd; 50's to 56's, to 22^1; 48's to 50's, 18d to 20d; 46's to 48's, 17d to 18d; 44's to 46's, 15d to 16£ d; 40's to 46's, 15d to 16d; 56's to 40's. 15d to 15Jd.