LONDON WOOL SALES.

Wanganui Herald, Volume XLIX, Issue 14233, 5 March 1914, Page 7

LONDON WOOL SALES.

- - I competition brisk and EXCITED. advance in prices. I'miß Association— Telegraph—Copyright LONDON. March 3. The wool sales June opened. Compo tiiioo is brisk and excited. Merinos have advanced from o to 71 per cent, aiul crossbreds fully 10 per cent. LONDON WOOL SALES—MARCH. The Bank of New /.calami lias received the following cable from its London Olicc.— The sales have opened with strong competition and large attendance of buyers. There is an active demand by all branches of the trade. Total net quantity New Zealand wool available 60,000 bales. The market is strong for line and medium crossbred: prices are Id to lid per lb higher. LONDON WOOL SALES. Dalgcty and Co., Ltd., Wellington, have ju.st received cabled information from their London Office as follows:—The woo! sales have opened and the attendance of buyers is large. Competition is very animated. American buyers are operating. As compared with last sales' closing rates, there Is an advance on merinos generally of 5 per cent, to 71 per cent. Kno crossbreds 71 per cent, advance, and on medium and coarse cross-bmls K) percent. advance. - The New Zealand Loan and Mercantile Agency Company, Limited, have received the following cablegram from their London House under date the 3rd inst.: Wool sales —There was a full attendance at the opening of the sales to-day, competition by Home, Continental, and American buyers being active, and prices as compared with the e.loso of proceeding series ruled about 10 per cent, higher for crossbred wool, and 5 per cent, to 71 per cent, higher for merino wool. The opening catalogues were fairly representative. THE WOOL MARKET. Good news comes from London to-day in the shape of a cable relating to the wool sales which opened there on Tuesday. ‘‘Competition is great," the cable reads, “the market is very strong, and crossbred wool is a penny per pound over the closing rates of the January sales.” This means probably an advance of over ,'iOs per bale, and as the catalogue, includes 60,200 bales of New Zealand wool it will be seen thaf the advance on this little lot means .something like .£90,000 or £IOO,OOO. Writing a nay or two ago to the Wellington Post, a correspondent said:. “There is always a silver lining to any cloud. Sheep-farmers were complaining bitterly of missing the January wool sales through the strike, but now word comes through that the Antwerp sales have opened out with from a 10 per cent, to 12 per cent. rise. As this is likely to bo repeated for the London series opening on Tuesday next, the sheep-farmers will bo shaking hands with themselves. To show what it means; for the - January sales in 1913 in London 33,329 bale’s left New Zealand; for the January sale for 1914. only about 1886 bales, shipped by the Athenic, went. The difference represents 31,443 bales, and as the "rise is equal to about 30s per bale, it means over £45,030 in the pockets of the growers." Comment is superfluous, except to remark that the prediction lias been realised, and that the extra price realised through missing the January sales will go far to reimburse the industry for the heavy expenses it was put to in shipping the wool through the strike. American buyers, we are told, are operating freelv, and there is every prospect of good ’ prices being maintained for wool for a lon® time to come. °