THE WOOL SALES.

Poverty Bay Herald, Volume XLIII, Issue 1407, 1 June 1916, Page 5

THE WOOL SALES.

EMBARGO IN AUSTRALIA

(Press Assn.— By Telegraph— Copyright.) 1 ' LONDON, May 51.

At the wool sales 5615 bales were offered. There was an excellent selection, chiefly New Zealand and Westralian. There was a large attendance and keen competition, especially for merinos. Owing -to, tlie scarcity, best wools advanced 10 ,per ,cent. and * average sorts from 5 per cent to 7^ per cent. Fine crossbreds advaYiced fully five per cent. Medium and loiV crossbreds barely maintained previous levels.

; ■ '• - . SYDNEY, .May 31. Private telegrams from Brisbane confirm the London cable regarding thcreason for the wool embargo. The [High Commissioner has advis-ed the IWood Brokers' Association that the" Imperial authorities are instituting' tlie embargo . because it is feared there will be a shortage owing to heavy ' American purchases. The Commonwealth is negotiating with the Imperial Government for the relaxation, wiiich is possible. It is anticipated that the Bris.-ba-ne catalogue will be offered in conjunction with the Sydney sales next week. The embargo has dislocated shipping and the Waikowrfh's trip to Brisbane to load ten thousand bales for 'Frisco has been cancelled.'

The New Zealand Loan and Mercantile Agency Co., Ltd;, have received tbe following cable frdm their London house in regard to. the fourth series of wool sales, which opened there : on Tuesday : — ''The sales ' opened with strong competition. Prices for merino were 5 per cent. 'to 7^ per cent: higlw* ; for fine crossbred, 5 per cent higher tlian May sth."- Fdr medium' crossbred; market was firm, with an upward tendency : coarse crossbred about same" as last sale." .;-.-.-' >.":,