GAMBLING IN WOOL

New Zealand Herald, Volume LXXIII, Issue 22603, 16 December 1936, Page 13

GAMBLING IN WOOL

AUSTRALIAN PRACTICE DANGEROUS ELEMENT, ARTIFICIAL BASIS OF VALUES I3y Telegraph—Press Association—Copyright (Received December 35, 9.30 p.m.) LONDON, Dec. 14 "The selling of wool for a fall which has arisen in recent years in Australian markets is a perniciouß practice," said Mr. M. H. Pickles, president of the British Wool Federation, at a meeting of the Bradford Textile Society. Mr. Pickles added that the "bear" seller helped to kill confidence and established an artificial basis of values, preventing others from obtaining a return based on the world price, which was the only sound basis. Some of the Continental houses had introduced the practice, of which English operators were not guilty. "I am pleased that it proved expensive for them last season and in the early part of this season," added Mr. Pickles. "The price at which wool sells iu world competition should be the basis of costings, but a dangerous element is being introduced if that price is made the plaything of gamblers."

THE SYDNEY SALES MARKET CONTINUES STRONG (Received Dectimber 15, 10.30 p.m.) SYDNEY, Dec. 15 At the wool sales, 13,360 bales were offered and 12,175 were sold as well as 1974 privately. The market continues very strong, with keen competition from Yorkshire, Germany, France and America. Greasy Merino made up to 31 jd per lb. r-