THE WOOL MARKET

New Zealand Times, Volume XLVII, Issue 10985, 22 August 1921, Page 5

THE WOOL MARKET

COMING LONDON SALES AUGUST OFFERINGS OF “FREE” AND “BAWRA.” BIG FIGURES. By Telegraph— Press Assn.— Copyright. Australian and N.Z. Cable Association. (Received August 21, 5.5 p.m.) LONDON, August 19. Tile arrangement regarding the proportion of “Bawra” and “free” wool tor the London sales lasts till tuo end of the year. *‘J*a\vra M is permitted .4.0 make up the proportion or two to one bv outside sales at Antwerp, Hull and Liverpool. The offerings at the London series, commencing on August 30th, consist of 3000 bales of Australian. 30,000 of New Zealand “free” wool, 53,000 Australian, 7000 New Zealand “Bnwras,” and 17,000 others. The October Rales comprise 53,000 “free” and 00.000 “Bawra®,” and December 54.000 “free” and 60,000 “Bawras.” London and Yorkshire wool circles strongly oppose any extension of “Bawra’s” operations or the regulations governing exports. MISCONCEPTIONS REMOVED AIR HUGHES AND THE AVOOL TRADE. A’ 1 SIT TO BRADFORD. LONDON, August 19. The “Yorkshire Observer” .remarks that Air Hughes's visit to Bradford has done good in many ways. .It has removed a feffv misconceptions on both sides. Air Hughes’s forcible frankness appealed strongly to liis Yorkshire -audience, for they apnreeiate a plain speaker and a hard hitter. Air Hughes’s defence took the form of an attack on the Bradford trade, but the greater part of his case rested on the assumption that Bradford wool users wanted Australian wool at less than the cost of production. Surely that was one of Mr Hughes’s misconcoptions. The wool trade Xvants cheap wool in the broad sense of the term, but that does not necessarily mean at less than eosf.

The real poi.rkt is Bradford business men do not want to be handicapped by reserve prices, which may ho above the general level throughout the world.

There ha® been the fear that growers’ representatives might be tempted to tamper with fundamental economic laws in the endeavour to dictate wool prices. The “Observer” asks: “Is it not sound policy to adopt every possible men ns'to get the Australian wool surplus into consumption as rapidly as possible? Is there not a danger in fixing arbitrary reserves of retarding sales and prolonging, unnecessarily, the difficulties of the wool-growing Dominions?”