LONDON WOOL SALES.

Otago Witness, Issue 3509, 14 June 1921, Page 13

LONDON WOOL SALES.

NEED FOR UNITED POLICY BETWEEN GROWERS AND USERS. (From Our Special Correspondent.) LONDON, April 14. It is now evident that wool-growers are experiencing circumstances such as manufacturers in this country have, in their own businesses, been quite familiar with during the past nine months. A good deal that has been said about the trade recently may have appeared to be of a superficial character, but it has represented a very serious states of affairs. The boom which some expected would last four or five years lias given way to an unparalleled slump. It is easy to talk after ihe event but some of those interested in politics are now _ blaming our Government: for not warning all classes of the public that the boom in trade could not be permanent uul that it was necessary for all resources to be husbanded in preparation for the worse time which would inevitably come. Jonfining this idea to the wool textile nduslry, it is probably correct to say that f greater caution had been exercised durng the boom the position would have aeen better than it is today. At tho

same time, tho crisis is being stood in a way which speaks volumes tor the inherent stability of tiio trade, and the great desire of wool buyers at the present time is to see prices stabilised on a profitable basis, in. tins matter, however, they are as helpless as anyone, being u> a very large extent the creatures of circumstance. On the one hand they are confronted with an avalanche of supplies, whilst on the other the present rate of consumption is only about one-third of normal. Good Queensland wool 's now only realising about 15d per lb in London, good South Australian combing merino is only worth lOd to 13d, and even West Australian combing wool (goqd enough to produce a 64’s top) is selling at 12d to 15d CON IT N ENTA L ACTIVITY. The outstanding feature of the London auctions has been the free buying on the part of Germany, Belgium, and France, but particularly the first-named country. This is very significant, and shows clearly enough that mills in Germany must be running fairly well, otherwise they would not be operating so extensively. Ot course, with wool to-day being cheap, and German manufacturers not having at their mills any big stocks of dear pieces, it gives them a unique opportunity to obtain good wool for little money. British manufacturers will not be able to enter the market and buy freely until all their dear stocks are liquidated. Everybody feels that :t would have been as well if French and Yorkshire manufacturers could have competed as in the days of old, but they are still struggling with heavy stocks of dear pieces.

ALL B.A.W.R.A. WOOLS WITHDRAWN. It will bo. remembered that at first B.A.W.R.A. intended to catalogue 60,030 bales, but afterwards decided to otfer 16,000 bales at the sales, the reserves to be 10 per cent, below the prices ruling in the middle of February. The first offering of these wools was made a week ago, when not a bid was forthcoming. Amid derision the entire catalogue was withdrawn, ana the announcement was made that no B.A.W.R.A. wools would be offered at the same series. Since that incident Sir Arthur Goldfinch has expressed his views regarding the position of the British-Australian Wool Realisation Association, her attitude towards the trade, and to wool-growers in particular. His statements are expressed in moderate language, and strike one as being fair and reasonable. Probably if Sir Arthur Goldfinch had given more complete information to the trade three months ago as to the objects of the association a good deal of ill-feeling among buyers would have been prevenetd, and even if his views had been expressed a week ago it would have done something to prevent suspicion. On one point the B.A.W.R.A. and wool-buyers are unanimous. This is that the stabilisation of wool values is necessary; but unfortunately the steps taken by the association have only too often been cut of harmony with conditions prevailing in the trade. It was nothing short of preposterous to ask the trade _to pay 25 per cent, more for wool for which the association was responsible than for wool brought forward for sale on groweis account. Wool buyers cannot be expected to operate freely in London at prices which they know to be higher than the soiling prices of tops in Bradford, bo long as this anomaly exists, and manufacturers and merchants find it * impossible to. clear their stocks of piece goods, it is difficult to see any practical utility in any attempts which may be made to put prices for the raw material on a basis which is satisfactory to the growers. The most important part of Sir Arthur Goldfinch s statement is the one indicating the desire of the association for an agreement among wool-growers to refuse to sell wool below a standard clean scoured basis. _ Providing this agreement is in harmony with present trading conditions no one will object, but the question is, Can a basis of prices be agreed upon which is satisfactory to botn parties concerned? Sir Arthur Goldfinch evidently recognises that so long as the slump in prices continues the _ wool textile trade cannot revive, and it is significant that he acknowledges that the present position of topmakers, spinners, and manufacturers is worse than that of woolgrowers.

HIE SIII.E.4HSTUFFS ASi) PRODUCE MARKETS.

Friday Evening. Private cable messages from Liverpool confirm the report of partial crop damage in the United States, but it is believed not to be extensive. Other world crops are favourable, and supplies are ample to meet needs until new wheat is available. In tho supplementary memorandum on the Indian wheat crop of 1920-21, the Department of Statistics reported that the revised area for all India at April 5 was 24,502,000 acres, as compared with 25,363,000 acres, stated in the second forecast. The general condition of tho crop, on the whole, was reported to be fair. The Australian Wheat Board has raised! the price of wheat for gristing into flour for export to South Africa, the East, Pacific Islands, and New Zealand from 7s to 7s 6d, and subsequently to 7s 9d per bushel. The reason for these steps is that tile United States market has advanced sharply, and the price of Australian wheat has been brought into line with the amended quotations in America. The first intimation of hardening prices in the United States was th© announcement that the British wheat controllers had raised the selling price of Australian f.a.q. wheat in England from 75s to 76s Tier 100 lb c.i.f. LOCAL MARKETS. Milling Wheat.—According to Government prices: Tuscan 7s 71d f.0.b., Hunters 7s lOkl Pearl 8s lid. \eiy few lines of good milling wheat are on offer locally, and as millers have fair stocks yet to purchase to see them through to the end of the season they have been paying more attention to the markets in Canterbury, with Tuscan more particularly in- I quired for. This variety, however, is not too plentiful, as Cantei bury millers are purchasing most of th© wheat offering there. Th© general opinion at the beginning of the season was that there would be plentiful supplies of wheat, but there is now a foelinothat with the heavy quantities required for seed there will not be a carry-over, and that there may even be a small shortage. Fowl wheat is still difficult of sale, owing to the current high prices. Millers’ prices are as follow:—Flour £2l 10s per ton; 100's, £23; 50’s, £23 10s;' 25'a £24. Bran. £7 per ton. Pollard, £lO. ’ Pearl barley, £22. Oatmeal, 200's, £2O; other quantities, £2l. During the past, few weeks forward sellers and millers have been operating fairly freely in the oat market, with the result that prices have advanced to 2s lOd! per bushel, sacks

ext: a, on trucks, country sidings. North -Island merchants, however, are not followtho advance, as they do not expect prssent prices to be maintained, and are *»t present offering’ at reduced quotations fc r delivery from August to December. Stocks of cats in stores throughout tho Soutn Island: are on the light side. It in reported that growers in North Otago ant’ Canterbury haw* cats in the stack, and that t iey are apparently holding them over the dry weather in case there may lx> a shortage oi feed. At any rate several lines hive been sold from the south for railage to North Otago to be used as seed. Phe present quotation for A Gartons for shipment is 3s Bd, f.0.b.5.i., and 3s 7d for ii s. and sales have been at these prices during the week. PRODUCE REPORT. Consignments of chaff are still on the light side, but as ' feeders have fair stocks prices do not show any advance. Good quality is selling at £4 15s per ton, sacks extra, ex truck, and medium and light are | in fair demand at £3 10s to £l, sacks extra ex store. The heavy supplies cf potatoes which cam© to hand towards the end of last month have not yet been worked off, and although consignments have now ceased the existing sup-s ply exceeds the demand. Good quality is offering at £4 15s per ton, sacks included, ex store, without finding buyers. The shipping market is quiet, as Canterbury can under-sell southern merchants, and lias flooded the North Island with con sign ments. Farmers have been faking advantage of of the fine weather, and thrashing lins°been ! fairly common on th© Taieri, with the resiilt that the local market is over supplied with both wheaten and oaten straw. Good

quality wheaten is difficult to sell at £3 per ton, but there is ti slightly better demand for oaten at £3 ss. A line of Victorian-grown onions arrived by th© Paloona from Melbourne. Increased supplies cf eggs have caused the market to ease appreciably. Current wholesale prices- are as follow I Chaff : Sound oaten sheaf, £4 15s; medium ’ and light, £3 10s to £4. Potatoes. Prime quality, £4 15s; extra ' quality, to £5. Eggs: Stamped, 2s Gd; plain, 2s 5d • preserved, 2s. Dairy butter: Pats, Is lid; milled, Is lid. Onions: Canterbury, £7 per ton; Mel- ’ bourne, £9 per tun. j Margarine, lljd per lb. Bacon: Rolls, 13 4d per lb; sides Is 2td. 1 Hams, Is sd. ’ ~‘ i

FRUIT REPORT. Business during the week has beer, fairly 1 brisk in the fruit marts. The market has oeen glutted with pears. Really choic" quality realise 2d per lb. Anything below ! first grade, and especially if ripe, is hard j to sell at any price. Apples, on the other hand, have firmed 1 somewhat in price, and good lines of wellcoloured desserts bring from 8s 6d to 10s Gd per cas-e. Cox’s Orange Pippins are espe-

cially inquired for. Cooking apples have also been inquired for, and some fairly good lines have brought 7s per case. The Paloona (from Melbourne) brought about 200 cases of Adelaide lemons and oranges, transhipped at Melbourne. She had also on board a heavy consignment of juil-clura-gi’own lemons and oranges. Owing to tne heavy supplies prices went back considerab.y, and some lines will show a heavy loss to shippers. A- small shipment of mandarins and evill.es is due to arrive about the end of next week from Sydney. The Sevilles will bo the first of the season. Consignors are not shipping largely in consequence of the high rate of freight. An ordinary case of *ruit, if the l steamer comes only to Wellington, will cost about 7s Gd for carriage before it reaches Dunedin. -Tire direct shipment from Sydney by the \\anaka will not be here until another fortnight. Passions and pines are scarce. Christchurch-grown tomatoes are just about finished. There- will be a few cases on tho market to-morrow (Saturday).

Ihe vegetable market shows a great improvement. Cabbages, cauliflowers, carrots, and parsnips realise good prices. North Isiand-grown iron bark pumpkins are wanted. Current wholesale prices are as follow: Apples: Cox’s Orange Pippins, 10s; Jonathans, 7s to 9s; other dessert sorts, to 8s; cooking, 3s Gd to 7s. Lemons: Californian, 40s to 42s Gd • Adelaide, 20s to 25 s; Mil dura, 14s to 18s.’ Tomatoes: Christchurch, best, to Bid; medium, 2d to 3d; green, l*d to’ l.Vd; local hothouse, Is 2d to Is 4d.

Nil apes, Is to 2s 3d; extra choice. to 3s per lb. Pears: Extra choice Winter No] is ancl Culus, to 2d; others, Is to 2s per half-case: medium and inferior, unsaleable. Tree tomatoes, 7s to Bs. Passion fruit: Market bare. Oranges: Sydney, 12a to 15s; American, 40s to 42s Gel; Adelaide, 20s to 235; navels, to 265; Madura navels, 14s to 20s. Potatoes: Sacks, 6s per owt. Table carrots, Is per dozen bunches; 5s Gd to bs per cwt. Beet, Is per dozen bunches. i Parsnips, Is per dozen bunches. Cnob-ages : Best, to 5s per dozen; medium, Is Gu to 2s per sack; prime, 4s to 6s per sack. | Cauliflowers: Choice. 9s to 12s per dozen; ' medium, 6s to Ss per dozen ; sacks, to 10s 6d’. j Lettuce, Is 6d to 2s per case. j Spring onions, 3d per bundle. Celery, Od to 8d per bundle; choice, lOd 1 to l.s. Spinach, Is to 2s per dozen bundles. MERCHANDISE MARKET. Laurel kerosene lias been reduced Is per case, and Plume benzine by Is per case. i The recent importations of sago went into j immediate consumption, and stocks are now I light. The next direct shipment will not j leave Singapore until July or August. There is an increased demand for prunes ! and dates. During the week the Paloona arrived with tho first of the new season's Mildura two- I crown sultanas. These are finding a ready j sale. The Paloona also brought a very small parcel of Mildura seeded raisins, in packets and a consignment of Mildura currants. ’ i Bell s No. 4 and ?,o. 12 vestas are now 1 in more plentiful supply. A shipment ar- i rived from 'Wellington by tho Rama. j Cheese is in good demand. Sound quality matured is quoted at Is 2d to Is 3d per lb ' wholesale. Advices received from Colombo state that 1 th© tea- market has again firmed. Local con- ! sumption is steady, and stocks are beinovery much reduced. Ground rice has now been reduced in price ' Bulk is selling at Qd per lb, and 31b bags at 18s Gd per dozen. Colonial split peas have cased in price Merchants are offering at 3Jd per lb. N. and B. bird, seed is quoted at 8s (vt per dozen bags. Thompson’s meat meal has been further reduced in price. New season's Akaroa walnuts are on the market, and are being quoted at Is 3d per lb.

i Stocks of cream of tartar in New Zealand - ate now back to normal. The distributing l pr.ee a piesent is based on the indent rlb J ' he nom ’ nal quotation is Is 9d per