LONDON MARKET IN STATE OF CONSTERNATION.

Wanganui Chronicle, Volume LX, Issue 16824, 29 November 1916, Page 5

LONDON MARKET IN STATE OF CONSTERNATION.

AMERICA SERIOUSLY AFFECTED

Received November 28, 8.20 p.in LONDON, November 27.

Wool.—The arrivals to date are 144,500 bales, of which there has been forwarded 65,500 bales,, leaving available 9 0,000 bales. The market is in a state of consternation. All dealers, brokers ami Colonial importers feel they are being put out of business. Although there may be a willingness to acquiesce during the war period, they are strongly hoping that immediately after the war the Colonial interests will support the English interests in demanding a return to the normal conditions. There is great apprehension lest the present action is an attempt to nationalise the wool industry. Regarding the price, the feeling prevails that the Australians have made a fair realisation. It is considered that the price decided on is advantageous to Colonial as compared with what is to be paid for the English clip, It is generally understood that the Government will also secure the South African clip. The Government action is a great blow to the Unit#u States, which will now have to look almost entirely to South America for supplies. It is still a moot question whether auctions of the new clips will be held in London. The difficulty is that supplies will not be available. Owing to the expected slow arrival under the present tonnage difficulties it will be surprising if sufficient has arrived in the next few months to satisfy Government contractors' necessities. Business at the Bradford market is practically at a standstill, except for spot lota, which have further advanced. _