N.Z. WOOL SALES

Poverty Bay Herald, Volume LV, Issue 17145, 30 December 1929, Page 7

N.Z. WOOL SALES

RESTRICTION OF SALES SHOULD NOT CAUSE LOSS LONDON, Dec. 28. A press telegram from Auckland has been published, stating that owing to Bradford's refusal to agree to New Zealand wool sales in May and June, it is estimated that New Zealand will lose £5,000,000. Interviewed in this connection, Sic George Whitaker, president of the British Wool Federation, says: "It is inconceivable that New Zealand should make this charge. The Wool Federation's cabled opinion, stating it was opposed to any extension of• the woolselling season, was not given without full consideration to the growers? interests. Tallies in crossbred wool this season have been determined by those ruling in South America. Although they are considerably below last year's 'level, they are relative to the prices of the wools grown in Australia and South Africa. In the federation's opinion the value of New Zealand wool would not be enhanced by an extension of the selling period. This opinion is given honestly and without any attempt to restrain the Ncav Zealand Wool Committee from extending the period if they disagree with the opinion given.'' Sir William Lumber, ox-prcsident uf the federation, said the view that the federation's action would cause New Zealand to lose £5,000,000 was entirely erroneous. Growers of wool, like producers of every other commodity, were obliged to accept the world market price. Moreover, the federation's altitude will not alter the selling value of the clip in any way. The law of supply and demand will determine its price. BAD SEASON PREDICTED BRADFORD VIEW CRITICISED An article in the Auckland Sun of Friday last stated: — A loss to New Zealand of approximately £5,000,000 is estimated to be the outcome of Bradford's refusal to extend the wool sales season at the request of the New Zealand Wool Committee. Up to the present.the demand has approached only 70 per cent, of the offerings, and with big supplies of wool on hand prices are Expected to be still easier before.the season closes. However, prominent men in the wool trade declare that prices can drop no further and that tho market has reached bottom. "It is a great pity that the New Zealand committee "ever consulted Bradford at all," said one leading wool man to-day. "We should have simply extended our selling season to include the months of May and June, thus bringing it to cover eight months of the year; and have restricted our offerings", reducing them by about 30 per cent. Our attitude should have been similar to that adopted in Australia. We should have told them that we have wool to sell and that the sales would be conducted on fixed dates. I think that 08 per cent, of the buyers would have stayed for the extra sales. As it is we close on April 16 at Timaru. "One cannot help contrasting the attitude of Bradford with that of the British Woollen Association two years ago. At that time, when prices were high we were asked why we did not extend our sales; to-day, with Bradford bearing the market, we are refused an extension. The failure to extend the selling season will cost the country £5,000,000. From every point of view it looks as though the season will bo a bad one."