WOOL SALES.

Otago Daily Times, Issue 16709, 1 June 1916, Page 7

WOOL SALES.

AUSTRALIAN EMBARGO RELAXED. Pross Association —By Telegraph—Copyright. SYDNEY, May 31. The embargo announced at the Bris bane wool sales has been modified to per mit of the export of merino wool w> Japan THE EMBARGO. ITS RELAXATION PROBABLE. SYDNEY, May 31. (Received June 1, at 1.30 a.m.) Private telegrams from Brisbane confirm the London cable regarding the reason for the wool embargo. The High Commissioner has advised the Woolbrokers' Association that the Imperial authorities are instituting the embargo because they feared a shortage owing to heavy American purchases. The commonwealth is negotiating with the Imperial Government, and some relaxation is possible. It is anticipated that the Brisbane catalogue will be offered in conjunction with the Sydney sales next week. The embargo dislocated shipping. /The Waikawa's trip to Brisbane, to load 10,000 bales for San Francisco, has been cancelled. A GENERAL ADVANCE. LONDON, May 30. (Received May 31, at 8.15 p.m.) At the wool sales to-day 5615 bales were off red. There was an excellent selection, chicfly New Zealand and Westralian. There was a large attendance of buyers, and keen competition, especially for merinos. Owing to their scarcity, best advanced 10 per cent, and average sorts 5 to per cent. Fine crossbreds were ful'y 5 per cent, better, while medium and low barely maintained previous levels. The woo! trade considers it unlikely that tho Australian embargo will be removed, and the general impression is that the s : tuation demands the conservation of merinos for the next few months. LONDON SERIES. The New Zealand Loan and Mercantile Agency Company has received the following cablegram from its London office in regard to the fourth series of wool sales : —" Sal'ps, strong competition. Merino, 5 to 7| per cent, higher; crossbreds (fine), 5 per cent, higher than May 5; medium, market firm, with upward tendency; coarse, about same as last." Messrs Murray, Robert®, and Co. have received the following wool market cablegram from their London agents:—"Sales have opened firm, good attendance of buyers. Merino advanced 5 to 7| per cent.; fine crossbred advanced 5 per cent.; medium to coarse crossbred shows no change." The National Mortgage_ and Agency Company of New Zealand is in receipt of a cablegram from its London office as follows: —" Mtv'nos arc from per cent, to 10 per cent, dearer. Fine crossbreds are '5 per cent, dearer, while medium and coarse crossbreds are unchanged."