WOOL SALES

Waikato Times, Volume 93, Issue 14521, 19 November 1920, Page 4

WOOL SALES

REASONS FOR POSTPONEMENT.

FARMERS' WAIT AND SEE POLICY

Abandonment of the first series of North Island wool sales is attributed in a measure by farmers to th.e large holdings of wool by the Government in the Mother Country. While there are heavy stocks on hand in England, it appears, the buyers there prefer to wait and see rather than to deal in.the market at present. Hence the farmers here prefer also to adopt a waiting policy.

"It would almost seem," said a member of the New Zealand Farmers' Union, "that it would be better for New Zealand if the stocks in England could be rendered unavailable for the market altogether. While they arc held there —and they will take months to dispose of—they constitute an ad'CTSe influence which must seriously affect our small producers in particular. Naturally the Home Government wants to get the best price it can for its holdings."

"Apparently the postponement of> sales," said another member, "is due to the advice tendered the growers to hold for an improved market. Shearing lias been backward owing to the weather, and there is the continual uncertainly as to values. Perhaps in a few months there will be greatjr stability, and most of us are incline! to wait for that. I am disposed to agree with Sir Thomas Mackenzie ,that the reduction of the world's flocks which occurred to such a great extent during the war will have a favourable influence later on. The reduced purchasing power of Europe appears to be the chief difficulty at present.

Mr H. R. Wood, chairman of the Auckland Woolbrokers' Association, holds the opinion that prices realised at Canterbury are only what are to be expected in view of general conditions. Not only low-grade wools but what would be considered here as comparatively high-grade had been affected. The quotations for the best crossbred wool were approximately on a pre-war basis, but other grades were even lower.

■ The feeling among the trade is that matters will remain unsatisfactory till' the policy of the British Government is known. It has 2,600,000 bales on hand, and the general opinion is that much of this year's clip will have to be held in the Dominion. Wool sales as originally arranged for the North Island wer£ as follows: Wellington, November 22; Auckland, November 25; Wanganui, November 20; Napier, November 30; and Gisborne, December 1. Owing to the small offerings of wool the woolbrokers, as stated, have, however, decided to abandon this scries altogether. The first sale in Auckland will consequently take place on February 3, and the second on March 7. , __ ,_ MELBOURNE MARKET DEPRESSED. (United Press Association.) Received November 19, 11.10 a.m. MELBOURNE, November 10. Ninety per cent of the offerings at the wool sales were unsuitable and Withdrawals were unusually heavy. The market is depressed and it is impossible to quote prices. LONDON WOOL SALE. Messrs Dalgety and Company Ltd. report having received the following cable from their London Office under dale of 12th inst.: —"Wool sales continued, slightly better demand at the decline: 36/40's slightly below, -11/ i('i/'s about appraisement prices; iB/56's slightly above, 58/64's >io per cent, to r>o per cent, above. Cannot quote closer owing to small quantity sold. Sale very irregular-"