COMMERCIAL REPORT.

New Zealand Journal of Agriculture, Volume VII, Issue 1, 15 July 1913, Page 108

COMMERCIAL REPORT.

wl;,. ”1- ... . ... LONDON WOOL-SALES. ; Under date of London, Bth May, the High Commissioner reports as follows on the last series of London wool-sales : ■ : ut '■ • The third series of wool-sales for this year, . which commenced on the 22nd. April closed yesterday. ’ 1. . .. -... . .1. . .. Aril. Starting firmly, at prices on a .level with those' prevailing at the end of the pre-: ceding series, as the sales progressed it was noticeable, that buying was not particularly animated. Purchasers showed a considerable, amount of caution in their operations, and this led to some irregularity in values being noted. The supply of wool available for the series was 187,000 bales, of which 100,000 came from New Zealand. This quantity proved ample 1 for all immediate trade requirements. High prices having now been for some time general, manufacturers .have become reluctant to purchase more wool than they consider absolutely:necessary for-their immediate needs. They prefer to def "purchasing, what wool may be necessary for forward orders until later in season, and are not inclined to lock up much money in stocks. ;-. _■ ■ . ' ' : . Although the attendance of both Home and ’ Continental buyers has been good, American representatives have been absent. Uncertainty regarding the new American tariff apparently still keeps them off the market. The sound conditions of Home trade, -.referred to -in my former. reports to you, still, continue, / and the prospects for a continuance of present values remain encouraging. • . While it may be said that at the close of the series of sales just ended the value of /wool is virtually the same as in March, inferior merino is possibly slightly lower,, while coarse crossbred is slightly dearer. The prices cabled last night to Wellington indicated .the,values now ruling as nearly as can be estimated. . Forty-nine thousand bales have been held over from the series, of which 24,200-. are from the Dominion. It may be concluded from this that the holders haveconfidence in the future of the wool-market... . .