WOOL HOLD-OVER

Wanganui Chronicle, Volume 74, Issue 150, 27 June 1931, Page 9

WOOL HOLD-OVER

BRADFORD EXAGGERATIONS. BLARING THE MARKET. Strong exception to statements made by Bradford correspondents to New Zealand newspapers with respect to the quantity of "wool withheld from sale in the Dominion this season, is taken by representatives of broking firms in Dunedin, who regard such mis-state-ments of fact as an attempt on the part of Bradford to bear the market. It has been stated in special articles I on the wool trade that from 300,000 to | 400.000 bales of wool remained unsold ; at the close of the 1930-31 auctions in New Zealand. A member of a well known woof-broking firm in Dunedin staled that, as far as could be discovered after most careful investigation by brokers throughout the Dominion, there were no more than 85,000 bales held over this year. Jt was unlikely that there would be any great quantity of wool held over in a season like the present, because farmers needed monev badly. The selling agents would not counsel a policy of holding because they themselves were in need of the ready money that might be expected from clients who disposed of their wool. So far as Dunedin was concerned, he was sure the amount of wool still in store or in woolshed was comparatively small, and there was no lack of information to prove that clearances at other centres had been hardly less complete than in Dunedin. Air J. Moodie, chairman of the Wol lington Woolbrokers’ Association, stated on Monday that the New Zealand Woolbrokcrs’ Association had cabled Bradford denying that large quantities of wool had been held over, and stating that the actual amount ‘‘held” this season was. as nearly as could be ascertain ?d, about 80,000 bales. Mr Moodie pointed out that the decline of nearly 2,000,000 sheep in the Dominion’s flocks this year would mean a very big difference in the wool offerings next season. As an average of 61b. of wool ppp sheep, and 3501 b. per bale, this would mean a reduction of over 34,000 bales of wool.