THE WOOL MARKET.

Otago Witness, Issue 3519, 23 August 1921, Page 13

THE WOOL MARKET.

LONDON WOOL SALES. LONDON, August 17. The Australian Press Association understands that the Colonial Wool Merchants’ Association agreed that offerings at the London wool sales should be in the proportion of six bales of “ Bawra" to five of “free” wool. SYDNEY, August 10. The third series of the wool sales have closed Good merinos and fine crossbreds were unchanged, but coarse and inferior lots were irregular. MR HUGHES'S VISIT TO BRADFORD. LONDON, August 19. The Yorkshire Observer says: “The visit of Mr Hughes to Bradford has done good in many ways. It has removed a few misconceptions on both sides. Mr Hughes’s forcible frankness appealed strongly to his Yorkshire audience, for they appreciate a plain speaker and a hard hitter. Mr Hughes’s defence took the form of an attack on the Bradford trade, but the greater part of his case rested on the assumption that Bradford wool users wanted Australian wool at less than the cost of production. Surely that was one of Mr Hughes’s misconceptions. The wool trade wants cheap wool in the

broad sense of the term, but that does not necessarily mean that they want it at less than the cost. The real point is that Bradford business men do not want to be handicapped by reserve prices which may bo al-ove the general level throughout the world. There has been a fear that tho growers' representatives might bo tempted to tamper with the fundamental economic laws in an endeavour to dictate wool prices.” The Observer asks. “It is not a. sound policy to adopt every possible means to get Australian wool supplies into consumption «3 rapidly u 3 possible? Is not there a danger i n fixing arbitrary reserves, of retarding sales and prolonging unnecessarily the difficulties of the wooDgrowing dominions?” WELLINGTON SALES. \\ ELLINGTON, August 19. A total of 10,700 bales of wool were offered at the Wellington sales to-day, approximately 95 per cent, being sold. A marked feature was tlie Continental activity. America was also a competitor for linos suitable for that market, all depending upon the skirting and grading of the wool in view of the heavy duty now levied on greasy wool entering the States. Bradford was busy at a price. The local -woollen mills were inactive. Scourers and fellmongers wore desirous of Diking anything offering at prices that, in their judgment, the market will warrant. Lambs’ wool was not in demand. Notwithstanding realisations a few special lines were decidedly easier than fti July for extra and superfine crossbred wools. There was a belter allround demand, speaking generally, for medium to coarse crossbred wools. Bellies a pd pieces wore down Ad on July quotations. Crutchings commanded fair rates. The quantities offered were as allotted by the New Zealand Wool Committee, which also fixed the reserves in keeping with “Bawra” reserves. The prices actually realised were generally above the “Bawra” reserves. Except in the case of lambs, prices were better than the last London rates. The sale, however, may be regarded as very satisfactory, considering the state of the wool market of the wor.d and the still uncertain, political future. No doubt ihe destination of a considerable quantity of (he wool sold to-day is Central Europe. The official range of prices is:— ■Tilv Sale. To-dav.

OAMARU MARKETS. ("From Our Ows Courkspoxdkxt.) OAMARU, August 26. Further nice rains have fallen this week, and cereal seeds lately sown have received a good supply of moisture to imluce germination, but much more rain will be required to enable the moisture to penetrate down to 1 ho subsoil and provide a reserve that will b® able to minimise the effects of a dry summer. So far, however, the conditions have beest favourable for grain crops, and all we need is a little warmth presently to stimulate growth and cause such a covering of the clod as will prevent evaporation of moisture when the heat of summer comes. So far as business in the grain market is concerned there remains little to be said. Tho supply of wheat locally has been exhausted, and all that lias been forthcoming during the week has consisted of small remnants of seed unused by growers. It is now certain that local millers will have to draw supplies from outside to enable them to complete the cereal year. There is still little business passing in oats. More inclination has been shown by holders in the country to sell, but they aro generally looking for prices a good deal in advance of current rates, and; transactions have been confined to a few sales of milling Gartons at 3s net, delivered in Oamaru, andi A grade Gartons at equal to 2s lid net on trucks. The first sale of barley for many weeks is reported, a small line of Chevalier having changed hands at a country station at 3s 5d net. This lias set sellers wondering if maltsters are coming on tho market to replenish their stocks. There is still no indication of any movement in Cape barley. A little fillip was given to co-.vgra-ss seed during the week, a number of purchases being made at from lOd to Is net cn trucks, but it would seem to have been only a passing phase, as buyers are r.ot keen to operate, several lines offered at Is having been declined. SOUTHLAND MARKET REPORT. (From Our Owjt Cotirespoxjjext.) INVERCARGILL, August 20. There is really nothing in the way of outside business to report in grain. Merchants’’ ideas of values being somewhat in excess of prices offered by northern buyers, who are unwilling to operate at anv higher price than 3s sd, f.0.b.5.i., for B Gartons. Prices to farmers remain much tho same as in last advice —2s Gd to 2s 7d for A grade Gartens and Duns, the price depending on distance from ports. Chaff. —Considerable quantities are being offered by growers, and the market has a da-t cided downward tendency. Hitherto Southland rates have been in excess of the northern centres. It is difficult to-day to exceed £3l 10s on trucks, farmers’ sidings. Seeds. —-There is now a strong retail demand which, together with a demand from the north, lias a hardening tendency, and this more especially applies to prims quality seed of heavy weight in both ryegrass and Italian. Some lines of Timothy have been offered during the week, but merchants aro not willing to operate in view of low quotations of imported seed. Ryegrass weighing 261 b to 271 b would command to-day 3s 10d' per bushel from mill. Italian ryegrass, if well marked and clean, perhaps a shade higher. THE CHEESE MARKET. INVERCARGILL, August 18. There is practically no activity in tho Southland cheese market just now. A little time ago agents were commissioned to purchase up to limits nothing nearly as largo as were offering at- the same time last year, but since then, probably owing to the greater financial stringency at Home, these have now fallen off. The consequence is that a

very small proportion of the output has heen •old. Still none of the- factories seem to be 'willing* to sell under 11 per 3b, at wliieii price some have quitted their holdings a little time ago. This is specially the case where there are factories situated close to cue another, one of which has sold at the highest rate. Discussing the position with a Times reporter to-day a gentleman closely associated with the negotiations between the agents and vendors stated that although there is practically nothing just now there can. be hi tie doubt, {hat all the dominion’s output will find a market eventually, in view of the drought in the Northern Hemisphere. Tbaro indications, be ftaid, that besides &G arterial e m burr men is Homo buyers aro handicapped in their cqwaflonf, because of the feAr of a slump and a tbs same as occurred Last year. HIDE SADR Tho Ihmodin Stock Agents and Wool Brokers* Association (Wright, Stephenson, and 0o. t Morris, and Go., Todd Bros., Dor.ald Reid and Co., the Ne-w Zealand X-oan an.l Mercantile Agency Company, DalK*t)" and Co., tho National Mortgage and Agirncy Company), reports as follows: At the hide sale, held on Thursday, medium catalogue? were submitted to & full attendance of buyers, ar.d were cleared at prices •bowing an average advance of Id per lb on tho Laat sale. We quote: Stout heavy j ox, 10*1 to 10*d; medium, 7£d to 9d ; extra stout h-wiyy ojw, to 7sd; stout henry, Gd to 6&<1; medium, 4*d to 6jd ; light, 4%d to s|d; oalfshins, to 10|d; yearlings, 6d; damaged Hind inferior at lower rates. SrniXG HORSE SALE. Messrs W right, Stephenson, and Co-, re- ! port:—AVc held cur annual spring fair on tho 12th, when wo submit loci o. catalogue of ti 3 horses. ’1 he quality, generally speaking, was | hotter than last year, and amongst these j woro a few animals of outstanding merit. There was also a fa r number of well-bred mares and fillies. We sold 51 h-rses, thus ' unsold being practically aged and inferior anima-ls, with a sprinkling of hacks. The dewand at the beginning of the sale was a little slack, but as the sale proceeded balding became steady, and. after tho first score of horses had been dealt with, there was a steady demand for all good, young hones suitable for immediate hard work. Consignments came from Otago and .Southland, and buyers were present from Canterbury, North Otago, and Southland. The sales included the following:- For A. W. Douglass (Tumai Estate, Waikouaiti), a well-bred five-year-old jnaro, by Black Knight. sCgs; for John M"ir (Hillendi, a heavy gelding, .five years, £sl 10s; for R. Ruthvcn (Mosgiel), six-year-old gelding, £SO, a four-year-old gelding, £ls 10s; for J. G. Wyllio (Qutrain), a six-year-old gelding, £SO 10s; for Adam Harris (Green Island), a six-year-old mare, £46 10s; for a

Palmerston client, a five-year-old gelding, £4O 10s; for Wjjliam Robinson, jun. (Stoney Creek, a five-year-old gelding, £39 10s; for J. J. Cross (Tuapeka Mouth), a six-vear-old gelding, £3B 10s; and for other clients, mares and geldings at from £32 to £37. As is usual, all good, sorrnd, young stock sold well. Aged and inferior sorts were a drag on the market. PROPERTY SALES. Acting under instructions from the Trustees, Executors, and Agency Company, Messrs Alex. Harris and Co. offered 1 at auction on tile 18th a leasehold property, being part of section 2, block XXIV, Dunedin, on which is erected an eight-roomed dwelling (No. 16 Elder street). Bidding started at £250, and under good competition Mrs L. Morrison became the owner at £550. Messrs Alex. Harris and Co. offered at auction on Saturday, at their rooms, several corr-cration leases situate at East Taieri: Dot 1, Mr Colurnb; rental, £22 10s; valuation for improvements, £482. Lot 2, Mr Coin mb, rental, £106; valuation for improvements, £9O. Lot 3, Mr M'Aslin; rental, £l2 15s; valuation for improvements, £1470. Lot 4, Mr M'Lolland; rental. £3B; Valuation for improvements, £1173. Lot 5, withdrawn. Lot 6, Mr McDonald; rental, £2O; valuation for improvements, £25.

d. li. d. d. Merino 8r> to 104 None Soutlulown 1 XH to 15 94 to 10 Halfbred— Mi-tlimn to good 7 to 8 7 to 8 Inferior Crossbred— 54 to 63 5-Jto Gi 48-50 None •Mto 7 46-48 5 to 6 44 to 5J 44-48 n to • r >i 4 4 to 5* 40-44 33 to 4.1 "3 Go 4J 86-40 Inferior, dingy, and 3 to 4 S to 3f soedy ... 2J to •a 2 to 3 Hoggets, all descriptions Lambs — 34 to n None Fine 7 to R • r '4 to 7» Medium 5 to 4 to 5* Inferior N< □ inquiry 1 to 14 S#tithdown 9 to 10V G to 7 Bed lies and pieces (crossbreds) 1 to •n 1 to .7 Locks 1 to H 0J to H Crutch ings 1 to 2 to 31 £cedy 1 to n No no