THE WOOL TRADE

Otago Daily Times, Issue 19527, 9 July 1925, Page 9

THE WOOL TRADE

DEPLETION OF STOCKS. HIGGINS’S SCHEME REJECTED. Press Association —By Telegraph—Copy rig b», LONDON, July 7. (Received' July 8, at 8 p.m.) Air Andrew Williamson, presiding at a meeting of the Australian Estates and Mortgage Company, said that the statistical wool position cased on tho past three years' consumption showed Dial the annual consumption exceeded tho production by at least 1,000,000 bales per annum, and this was only made possible by the heid-over wartime wools. These were now sold, and there was no likelihood of a material increase in production. There seemed little doubt that the wool stocks on the Continent were small, and Britain’s was probably hardly equal to tho normal prewar stocks. When confidence w'as restored buying would begin for the replenishment of the depleted stocks. The whole position would have to be strengthened, and he suggested that the best way for the woolgrowers to face the position was to regulate the offerings in order to ensure that the market was neither flooded nor starved. Continued withdrawals only tended to postpone tho restoration of stability and confidence, and to encourage the use of substitutes. The board had carefully considered Sir John Higgins’s new wool marketing scheme and had definitely decided against it ns being most undesirable and fraught with the greatest danger to the best interests of the growers. He believed that this coincided with the weight of opinion in Australia.—A. and N.Z. Cable. LOWDOM WOOL SALES. IMPROVEMENT IN PRICES. LONDON, July 7. Tho wool sales opened with prices Arm to 5 per cent. up. (Received July 8, at 7.5 p.m.) Tho attendance at the opening is believed to bo a record. Competition was excellent, particularly from the Continent. Tho sale was most satisfactory, and there were few withdrawals. Merinos were mostly taken by the Continent. An excellent selection of Sydney greasios met with a keen demand arid sold at par to 5 per cent, above the last sale’s closing prices. Scoureds wore rather less appreciated, but generally wore firm. Only a small selection of crossbreds was offered. A few parcels of Now" Zealand halfbrods met with excellent competition and advanced Id per lb. Scoured. slipes were not materially changed.—A. and N.Z. Cable.