WOOL MARKET

New Zealand Times, Volume LI, Issue 12021, 26 December 1924, Page 6

WOOL MARKET

IMPBRTANT MEETING AVOIDING OVERDOADING OP MARKET. ALLOCATION FOB. JANUARY. The New Zealand Wool Committee held an important meetink on Tuesday for the purpose of allocating quantities to be offered at the January sales throughout the Dominion. The following announcement was afterwards made: —■ The experience gained by the sales held during the latter part of December makes it very clear that p. necessity exists for avoiding overloading of the market at any one sale, and for spreading offerings over the period between now and the end of March. The high prices with which the season opened naturally led growers to feel that they should make the best of these high prices, and so avoid a risk of having to accept lower values if their wool was held over until later in the season, and some big catalogues were offered accordingly. To those who have had an opportunity of closely observing the trend of the sales as they progressed, it was evident that the quantities offered were proving to he too great, and that in consequence competition latterly was restricted and lacked the eagerness of the earlier sales. SATISFACTORY OUTLOOK. So far as it is possible to gauge the position at the present time, the outlook for the immediate future is satisfactory as regards probable selling values, and the committee feels convinced that it will be in the best interests of wool growers throughout the Dominion if a reasonable and proper limitation is placed on the quantities offered at the January sales. Heavy offerings in January would he likely to have the effect of depressing the local market and weakening the competitive element, and the physical strain upon the buyers and brokers is in itself a matter worthy of full consideration. 140,000 BALES. It is estimated that there are approximately 337,000 bales remaining to be marketed during the present season, and having regard to the above factß the committee arrived at the conclusion that about 140,000 hales would be a sufficient quantity to put on the market in the Dominion during the month of January. In the endeavour to fairly allocate this quantity among the various sales fixed during the i month it has been slightly exceeded, ] as will be seen from the following list of allocations which have been made, ' and of which the woolbrokers at the I Various centres have been advised:— January 5. Christchurch ... 22,600 J January 9. Wanganui 20,000 January 14. Napier and Gisborne 25,000 January 19. Wellington 26,000 January 23. Dunedin 18,000 January 28. Invercargill 18,000 January 31. Timaru 14,000 Total .'. 142,500