THE WOOL MARKET.

Taranaki Daily News, 25 November 1922, Page 5

THE WOOL MARKET.

PROPOSAL TO CONTINUE CONTROL. DANGER OF ARTIFICIAL PRICES. By Telegraph.—Press Assn.—Copyright. Received 'Nov. 24, 8.45 p.m. London, Nov. 23. At a meeting of the Australian Mercantile Council, Mr. Caird, who presided, referred to the proposal for the continuance of the B.A.W.R.A. He said the baits held out to attract shareholders’ votes were that its continuance would enhance ‘forthwith the price of wool, fifty-isixes and over, and the improvement would be maintained. He considered the only practical means of doing this would be to ensure no holding back from sales of such wools, thus accentuating what is already a scarcity price. There is now a world scarcity of finer wools and prices had reached a high level. Fabrics made from these wools can only be sold at such high prices that the time may come when people will not buy them, but will prefer a cheaper article made from coarser wool. He would be sorry to see an attempt to force the prices of raw material by an artificial restriction of supplies, as such a manipulation would prove in the end disastrous to the growers of fine merinos. “Anything that would damage the market for such wool is a danger to the development of Australia,” he added. “The B.A.W.R.A.’s tendency to resort to market manipulation Jias been one of the chief causes of the difficulty of the last two years.” The wool importerfl’ committee in London favored the regulation of offerings, hut at the same time recognised that wool should be sold as quickly as possible and not hold back so as to create an artificial scarcity. —Aus.-N.Z. Cable Association. THE ENGLISH SALES. PRICES FULLY MAINTAINED. Received Nov. 24, 11.30 p.m. ■London, Nov. 23. At the wool sales there was a better selection of merinos and keen general competition for all sections. The opening rates for all classes were fully maintained. Quotation: Taratahi lambs 27d. On the Bradford market merinos were nominally unchanged. There was very little business pending more news from London. Crossbreds were fully firm. THE SYDNEY SALES. ADVANCE TN CROSSBREDS. Received Nov. 25, 1 a.m. Sydney, Nov. 24. The week’s wool sales closed with a keen demand. A noticeable feature was an advance of 5 to 7A per cent, in best crossbredfl.