WOOL MARKET

Wairarapa Daily Times, 12 March 1925, Page 5

WOOL MARKET

LONDON SALES. DROP IN PRICES. LONDON, Wednesday. The wool sales opened to-day. There was a. fair selection of Merinos suitable for the Continent, and of medium and lower grade crossbreds. There was a crowded attendance of buyers from all sections. The tone was and the withdrawals were considerably less than had been expected. Merinos sold at prices 10 to 15 per cent below the February closing rates. Crossbreds sold at prices 5 to 71 per cent below those of February. New Zealand “M.P. ” realised 25d to 23d.

11. Dawson’s report on the opening of the wool sale comments on the fiery struggle between consumer and seller. “Seldom,” it says, “has there been such a determined resistance to high prices. The margin between the values of raw material and the manufactured products has long been too wide and disproportionate. Consumers are unwilling to continue to operate under such unremunerative conditions. Tin* world calls for cheaper qualities, or lesser quantities. Unfortunately, the effect of the restriction of offerings in Australia was passed on to the manufacturing end, with, disastrous results to the winter trade. It 'has long been obvious that a decline in prices is overdue. It had to come. At present the danger is that many have gone too fary and a reaction is probable. It is unlikely that the decline will be fully recoverable. One hopes the Australian efforts in that direction may check further shrinkage.” —Aus. and N.Z. Cabin Assn. <t j