THE WOOL MARKET

Otago Daily Times, Issue 18321, 11 August 1921, Page 5

THE WOOL MARKET

MR MASSEY’S IMPRESSIONS* THE SLUMP PASSING. Pices Association—By Telegraph—Copyright. , LONDON, August 9. The Australian Press interviewed Mr Massey, who said: “My impression, after meeting the principal leaders of the Bradford wool trade, who discussed ihe position with me publicly and privately with the completest frankness, was that there is every reason to believe that the low prices cannot last long after the Continent*! markets are reopened; Germany is already developing a considerable demand for New Zealand wools. Poland and Russia are suffering from an unprecedented shortage of clothing, and the people must ultimately be reclothed, unices allowed to perish through the cold of the approaching winter. Furthermore, the world's present output of wool is not equal to pre-war supplies. There is also a common shortage which must create a demand for wool. The present trouble about regrading New Zealand wool arises from the accumulation of British Government stocks, equal to one season’s clip. In the present state of British finances there is always a possibility of wool being marketed with a view of cutting loss. Bradford stocks are low. I understand that wool speculators are already beginning to operate m anticipation of a rise. Reports from the .Argentine indicate that cattle are beginning .to supplant sheep, because the latter ate unprofitable. All the influences are cooperating in favour of New Zealand’s'Wool prospects when the present slump haa passed over.”