EXTENSION OF WOOL SALES

Taranaki Daily News, 31 December 1929, Page 9

EXTENSION OF WOOL SALES

VIEWS IN BRITISH INDUSTRY.

SALES MAY BE MADE IN LONDON.

By Telegraph—Press Assn.—Copyright

Rec. 11.10 p-m. London, Dec. 30. A Bradford message states that further light on the British opinion regarding the extension of the period of the wool sales comes from Mr. William Hunter, a former president of the British Wool Federation. He expresses the opinion that whatever wool is not sold in New Zealand c«n be sold in London when the growers decide to accept the market prices. Before the war a very large proportion of colonial clips was sold in London. The industry drew its requirements from that reservoir. Since the war there has been a deliberate policy on the part of the growers and selling brokers in New Zealand and Australia to offer the major portion of the wool within four or live months. They are anxious to perpetuate this policy, but owing to the changed financial conditions the importers are compelled to adopt a more conservative policy in buying. They are not prepared, without encouragement from other sections of the industry, to relieve the grower of the burden of carrying colonial clips for the use of consumers pending the arrival of the following clip. Mr. Hunter added that the statement that New Zealand will lose £5,000,000 because of the federation’s action was entirely erroneous. Growers of wool, like the producers of every other commodity, were obliged to accept the world market price. Moreover, the federation’s attitude would not alter the selling value of the dip in any way; the law of supply and demand would determine its price.