THE WOOL MARKET.

Otago Witness, Issue 3275, 20 December 1916, Page 27

THE WOOL MARKET.

LONDON SALES OPENED. (By Cable.) Regarding the wool sales, an Army order was issued, which was interpreted to mean that all purchases and sales must be over contracts, prohibiting speculation. The Government's first condition is that no wools which come direct from growers may be offered before Christmas. It is estimated that this will affect about half the quantity available. The Army Council has ordered all persons engaged in the purchase and sale of wool to enter into such a guarantee as the Director of Army Contracts requires. At the opening wool sale 7441 bales were catalogued. There were fairly good offerings from 'South Africa and New Zealand, but the selection of Australian merinos Avas small, and they were second-hand parcels. Prior to the sale the chairman of the Woolbuyers' Association announced that the result of the negotiations with the Arm* 1 Council was that the sales were allowed to proceed without restrictions. This enabled dealers and small-topmakers to operate; consequently, there was good general competition. It was evident that, requirements were urgent, and an all-round advance of from % to 10 per cent, was established over the November closing rates. Direct consignments from growers will bo offered immediately after Christmas. The Bradford market is unchanged, with a firm tone, awaiting the result of the London auctions.

In the Federal House of Representatives Mr Hughes announced that the whole of the wool clip not sold at auction nn to November 23 had been sold to Great Britain —greasy at 15id per pound.

LONDON SALES. LONDON, December 16. The wool sales were postponed owing to fog. To date "15.973 bales have been catalogued and 15,686 sold. The market is and buyers arc somewhat restrained owing to the high prices, buying apparently being confined to consumers of a quantity of good halfbred New Zealand'belonging to United States owners, for which licenses were unobtainable in New Zealand, this _ being realised at extreme prices. Otherwise the offerings are very miscellaneous. Although the prices are maintained, littlo keenness is manifested. Several parcels of slipes were withdrawn owing to high reserves. The following price was realised for the Wakio clip:—Top 29d, average 27|d

Tho National Mortgage and Agency Company have received a cablegram from their London office, advising- as follows: —"Sales opened at an advance of fully 10 per cent all round." The Bank of New Zealand has received from its London office the following advice regarding tho present series of colonial wool sales:—"London wool sales strong market. All wools practically 10 per cent, dearer. War Office instructions arc that new clip wools shipped on growers' account are not to be sold either publicly or privately pending further instructions." Messrs Murray, Roberts, and Co. have received the following wool market cablegram from their London agents (Messrs Sanderson, Murray, and Co.), under date the 14th inst.:—"Sales have opened with large attendance of buyers. Market, advanced 5 per cent, to 10 per cent., except crossbred greasy, which advanced fully 10 per cent."