LONDON WOOL SALES.

New Zealand Herald, Volume LXVI, Issue 20364, 19 September 1929, Page 7

LONDON WOOL SALES.

OPENING DAY'S RATES,

DISAPPOINTING COMPETITION.

Australian and N.Z. Press Association. LONDON, Sept, 17.

Tlio London wool sales opened to-dayv • Prices were 5 to 10 per cent, below those of July. The bales offered totalled 12,545, of which 2283 were from New Zealand. It was a miscellaneous selection comprised largely of second-hand lots. There was a largo attendance from all centres, but the tone of buyers was soipewhat pessimistic. Competition was rather slack, and there were considerable withdrawals.

Compared with the rjtasing rates on July 23, Merinos were generally 10 per cent, lower. Greasy crossbreds, for which competition was better, were from par to 5 per cent, lower, slipes 7£ per cent, and other sorts 5 per cent. New Zealand clips: Halfbred (Hastings) realised 19£ d, and three-quarter bred IBd.

REPORTS FROM MERCHANTS.

THE DROP IN PRICES

The Bank of New Zealand has received the following advice from its London office, dated September 17:—The wool sales have opened with moderate competition and a largo attendance of buyer 3 .: < Compared with the close of last series, coarse and medium crossbreds are about jd lower, and Merinos to 2d lower,* No halfbreds have yet been offered. The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cablegram from its. London house, dated September 17:—There was a good attendance at the opening of the wool sales to-day. Competition by Home and Continental buyers was fairly active* The prices, as compared with those at the close of the preceding sales, were about 10 per cent, lower. The opening' catalogues were fairly representative. A verypoor demand existed for coarse and shabby crossbred and for wasty Merino. The prices for fine crossbred Merino were 7i, per cent, lower, and for medium crossbred 5 per cent, lower. Dalgety and Company. Limited, report - having received the following cablegram . from their London house, dated Septem-' ber 17:—The wool sales have opened with a good average selection, interesting most speculators and scourers. There is a large attendance, but competition is irregular and bidding is restricted. Home trade is more active than Continental. Withdrawals arc heavy. As' compared with the closing rates of last series, greasy Merino is per cent, to 10 per cent, lower; scoured Merino, 10 per cent, lower; greasy crossbred, fine, pot represented; greasy crossbred, medium and coarse, 21, per cent, to 5 per cent, lower; slipes, combing. 10 per .cent, lower; other slipe, 5 per cenU, lower; scoured crossbred, 10 per cent, lower.

MARKET IN AUSTRALIA.

NO CHANGE IN PRICES

Australian and N.Z. Tress Association. (Received September 18, 10.35 p.m.) • SYDNEY, Sept. 18. At the Sydney wool sales to-day 10,097 bales were sold. The market was unchanged. There was good general competition. Greasy Merino sold to 181 d. The Commonwealth and Dominion liner Port Alma left Sydney early this morning with 15.000 bales of wool for Dunkirk direct. Seven other ships now in port will take new season's wool from Australia.

OPENING SALES IN SYDNEY.

PRICES DOWN 5 PER CENT.

A record number of buyers and others interested in the wool trade attended the opening Sydney auction sales on September 9. The trend of values Was downward, but the volume of competition experienced afforded a moderate surprise for those interested. Compared with the closing Australian sales of June, prices for good fleece wools were 5 per lower. Rates for faulty and average fleece woo\s showed a decline of 5 per cent to 7£ per cent., but skirtings changed hands at practically unaltered figures. The market therefore, on the average, was 5 per cent, lower and about on par with the previous week's sales in Adelaide,. The results of the sales show that Australia will reap, a much smaller income from wool than for seven to eight years. The revenue derived from it appears likely to be between £40,000,000 and £50,000,000. Last season the 1,155,362 bales of wool actually sold in Sydney lealised £25,261,413, and the 2.645,695 bales in Australia, £57,122.056.

Australia has liad a small wool revenue *on previous occasions sinco tho?\rar. During 1921-1922 a largo quantify of wool was marketed, due to a carry-over linm the preceding season. In that year sales in Sydney totalled 920,906 bales, which only made £15,201.115. In the Commonwealth, 2,226,758 bales were sold, for which .£37,296,723 was obtained. Franco was the most vigorous competitor at last week's sales. Yorkshire also purchased in good volume, and appreciable orders were about on German account. Italy and Belgium bought with satisfactory * strength. Japaneso" bidding was experienced, but demand from that quarter was not keen. Russi;£ and „ America, were rjniet. Indications prior to the sales fostered the belief that, licsitancv in bidding would bo keen. Despite the heavy stocks of tops held in French centres, bidding from that quartet'sot a pace for the market, which was well supported by competition from most other sections. • . The figures secured for the .majority, of wools showed a decline of 30 per cent, to 33 per cent., compared with the rates .obtained at the opening sales of last season.Tho following price's denote the results , secured for a western -clip and thoso in August, 1920: — 1929. 1929 AAA Com E »• !233<1 151 d AA Com i ; ! .. »• 23 !d liid A Com E .. .. 22d l-lSd Broken . • >. 20} d 14(1 Bellies «. *. 16jd lid Tho top price secured was and a great number of tho wools sold realised less than tho figures abovo quoted.