DOMINION WOOL

Otago Daily Times, Issue 26410, 14 March 1947, Page 7

DOMINION WOOL

• SALE IN LONDON CASE FOR RESUMPTION Special Correspondent Rec. 10 p.m. LONDON, Mar. 13. Before the war nearly one-third of New Zealand’s wool was sold in London. Chiefly owing to shipping difficulties none is now being sold here. In the hope of reviving sales in London, Mr K. M. Arnold, one of the joint general managers of the London Committee of Wool Brokers, will arrive in Auckland on April 19 in the Arawa to renew pre-war connections. He will also talk with Mr G. .Duncan, of the New Zealand Wool Disposal Commission. “ We would like the London market to be complementary to the New Zealand makets rather than competitive,” said Mr Arnold, commenting on his visit, “ We feel that ' the .London market is a very essential thing for the orderly and successful marketing of wool. If it is allowed to disappear it will be unfortunate for the whole industry and also for wool users and producers. The wool trade here does need a spot market.” ] i Mr Arnold remarked that a comparison of prices at wool sales -in the Dominion and London since Christmas showed that certain types of wool fetched as much as 2d a lb more in London than in New Zealand on the same day.. This indicated that a London market should have certain attractions for New Zealand wool growers. Spot Market Supported Commenting on Mr Arnold’s visit, the Yorkshire Post says it would be difficult to over-emphasise the importance to producers and consumers alike of a world-supplied spot market in London. ' Its value was demonstrated in recent months, for the wool consuming machinery in Britain and the Continent had beben demanding wool in a volume which the dominions were unable adequately to satisfy owing to Shipping limitations and labour troubles. But for the emergency measures of Joint Organisation and the Committee of London Wool Brokers, the position of a serious shortage must have arisen in some quarters both at home and abroad.