THE WOOL MARKET.

Otago Witness, Issue 3489, 25 January 1921, Page 17

THE WOOL MARKET.

LONDON WOOL SALES. LONDON, January 17. At the wool sales reserve merinos are unchanged. There were heavy withdrawals, especially of fine combings. Reserve crossbreds lowered slightly, and consequently more were cleared, but prices are still too high. Slipe3 were a poor selection, and were mostly withdrawn. At Bradford there is a better tone and more inquiry, but business is small. January 18. At the wool sales there is a better demand for crossbreds. Forty per cent, of the offering was sold at prices which showed no change A meeting of the wool buyers decided to send a deputation to the Realisation Directors to ask them to reduce the limits on their wools to a parity with the free wools in London and the market values elsewhere, or not to offer them. The Brokers’ Committee lias decided to finish the Government sales on Friday, and to hold free sales on Tuesday, Wednesday and Thursday. January 19. At the free wool sale the bulk was cleared under good competition at full late rates. January 20. At the wool sales there is rather more competition, but prices are unchanged. Thirty per cent, of the offering was sold. The Bradford market is firmer, with a more general inquiry and slightly more business. Sixty-fours are quoted at old. January 22. At. the wool sales there is much better competition, and reserves of fine merinos lowered. Seventy per cent, of the offerings was sold. Dalgety and Co. report having received the following cablegram from their head office on Friday:—“Free Australian (wool) yesterday: Offered 6500 hales, and practically all sold; merino combing met with good demand at 10 per cent, below Deermher rates for free wool; strong demand for Continent; broken fleece and pieces, rates unchanged.” On Saturday the following message was received:—“Second series of wool sales commence February 22. The list of arrivals will be closed on February 11.” Messrs Murray, Roberts, and Co. (Ltd.) have received the following wool market cablegram from their London agents (Messrs Sanderson, Murray, and Co.}. dated January

19: —“Free sales to-day; good clearance at an average decline of 5 per cent.” Messrs Dalgety and Co. advise having received the following cablegram from their head office, London, dated January 18: “Government wool sales close January 21. Free wool sales close January 27. Crossbred wools, fine quality, greasy, demand better; crossbred wools, medium quality, greasy, demand better, owing to limit reduced.” HIGH COMMISSIONER’S CABLEGRAM. WELLINGTON, January 20. The High Commissioner cables, under date London, January 15: Meat. —Home-killed is in larger supply, but prices are little altered. Average prices of beef, Is s£d; mutton, Is 9d • lamb, 2s per lb. New Zealand mutton and lamb continue in. steady demand at maximum prices. Butter. —More business has been done in Irish new creamery, which is selling at approximately £l6 10s per cwt (3s per lb). For Danish the official quotations are lower, and butter for the United Kingdom sold at £l3 6s per cwt (2s 4£d lb) f.o.b. The Australian output is reported to be large, and shipments are heavy. Cheese.—The English demand improved, and lower qualities are firmer. Finest farmers’, £7 10s to £9 per cwt (Is 4d to Is 7d per lb). Canadian spot is practically cleared, and the demand ]s goo-d at firmer prices. Vv'hite, £7 16s to £7 183 cwt (Is 4|d to Is 5d lb); coloured, £7 18s to £3 per cwt (approximately Is 5d per lb). New Zealand, ex Shropshire, has not landed yet, but is quoted at: White, £7 14s to £7 15s per cwt (Is £7 16s to £7 19s cwt (Is ifd to 13 5d lb). Hemp.—The Manila market is quiet, and prices are slightly weaker owing to the absence of buying. The closing quotations were: “J” grade, October-December to February-April shipment, £57 sellers. The New Zealand market is idle, and last week’s quotations are nominally unchanged; probable buyers, 40s to 60s below those figures. The wool sales continue without much change. Bradford tops are neglected. Nominal prices: 64’s, 4s 3d; 56's, 3s 2d; 40’s, Is s|d. There is no improvement in yarn or piece goods. THE OAMARU MARKETS. (From Our Own - Correspondent.) OAMARU, January 22. After the despatch of last week’s report on Saturday a good rain set in, and continued throughout the night, and since then rain has occurred at nights. The result has been a very material change in the outlook generally. A dull sky and a mild temperature have replaced the heat of a bright sun, and this change, with the accession of moisture, has arrested the ripening of grain crops, so that any that were not in too forward a condition have been benefited to some extent. But the greatest good has been done to grass and root crops, which were badly in need of moisture to rescue them from failure, partial if not total. The country has assumed a spring-like aspect, the drearv brown of a hot summer having given place to a green tinge. Unless there is a return to intense heat a good growth may be anticipated, with an assurance of feed to carry stock through the winter. As a detrimental counterpoise to the good done by the rain, a severe thunderstorm, with heavy hail, has wrought much mischief in the northern end <?f the county and across the Waitaki River in South Canterbury. Cereal crops have been damaged more or less, some very badly. Oats in particular have suffered, and many yields will be reduced by several bushels per acre. Turnips also suffered severely, some paddocks of considerable area having been completely ruined, so that resowing has become necessary. The changed weather conditions, with frequent rains, have arrested harvesting operations, very little thrashing being done. So far no new season's grain has reached the market, but some perennial ryegrass has come forward, and a little business has been done at 3s 3d net at a country station. Outside of this the only transaction reported in the grain and produce market has been the sale of a line of last season’s B grade Gallon oats at 2& 3d net on trucks. SOUTHLAND MARKET REPORT. (From Our Own Correspondent. > INVERCARGILL, January 22. Since last report welcome rains have fallen round about Southland, and these have been very beneficial to the oat crops. Although there are some excellent crops in the district, especially the earlier sown, a large proportion is very short, and will not yield well. The market i 3 firmer, and 3s Id, f.0.b.5.i., has been declined for January shipment. The chaff market is easier, and merchants are not very keen to buy. Purchases during the week have been made at £6, on trucks. The grass seed harvest is now in full swing, but it will be quite another two weeks before any thrashing takes place. As far as can be ascertained, the yield per acre thi3 year will not be so great as in 1920, nor is it expected that the seed will be of such good quality. The hemp market is firm, and prices are on a par with last week’s quotations. FIRST-GRADE CHEESE. WELLINGTON, January 18. A private cable message from London, received in Wellington, states that the first sales have been made with the new season’s first-grade white cheese at 252 s per cwt landed, which is equal to lid f.o.b. New Zealand. CLEARING SALE AT OWAKA. On Thursday last Donald Reid and Co. held a most satisfactory clearing sal© on account of Mr Robert Laverty, who recently sold his farm. There was a vary large attendance at the sale, practically every farmer within a distance of 20 miles was present, a.s well as from Ciutha, Milton, and Taieri districts. Competition from the commencement of the sale was brisk, and prices realised highly satisfactory to the vendor. The herd of dairy cows offered was in firstclass condition, and although the greater number had been milking for some months the prices realised were the highest paid in the district for many years. Best sorts sold at £l7 10s, £lB, £lB ss, £lB 15s £2i £2l 2s Bd, £3O 10s; aged cows, to £l6; heifers! £l4 10s ; dry heifers, £ll 12s 6d to £l3; bull, £3O; 18-months heifers, £6 5s to £6 7s 6d ; two-year steers, £8 10s; horses, to £3O; brood sows, £lO 10s. Implements and sundries ail met a brisk sale. SALE AT INVERCARGILL. IN\ ERCARGILL, January 20. For the first free wool sale at Invercargill since the commandeer the entry comprises 5629 bales. It is stated that a considerable quantity is being held in the hope of better prices at the February sales. The quality mostly ranges from 40’s to 48’s, above which very few lots are offering in good condition. Th! sale will begin to-morrow mornin».