OUTLOOK FOR WOOL.
ENCOURAGING NEWS,
COMMENT ON SYDNEY SALE
"This appears to indicate definitely tbat tho bottom of the depression has been reached, and it is certainly the fulfilment of the earlier prophecy that the sales would open to spirited competition with increased values," was the comment of Mr. W. H. Nicholson, secretary of the Canterbury Sheepowners' Union, when tho cable message concerning the opening of the Sydney wool sale was referred to him by a Christchurch pressman. "It must be appreciated, however, that with the average price for wool in New Zealand last season at 5%d a lb, even a 20 per cent increase in values is not a very material help. Yet it is some very concrete evidence in this case that the worst of tho depression lias been experienced, and that recovery is indicated.
"To be of material benefit, wool must rise to at least 13d a pound in New Zealaud. In Canterbury last season the average price a pound wae a little below 7d, while the average price for the whole of New Zealand, with slipes and scoured wool included, was about 6d. For greasy wool alone the average was 5.2 d.
"The 14d wool in Australia would be tops of a quality not produced in the Dominion. The average price for Australia's greasy wool clip last season was B%d a lb. However, this newe will be a source of great pleasure and comfort to sheepowners throughout New Zealand, although its value at the moment is almost solely that of a valuable indication of the correctness of the hopeful view regarding the future of the industry. It is more than welcome at present with fat lamb on the London market from New Zealand selling at below 5d a lb. which is equivalent to below 3d a lb in New Zealand.
"The improvement in the Continental demand I attribute to the benefits of currency adjustments. The easing off in money, and its cheapening in Continental countries, is a great contributing factor, and I hope that we in our turn may have help -from that direction."
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Bibliographic details
Auckland Star, Volume LXIII, Issue 207, 1 September 1932, Page 4
Word Count
348OUTLOOK FOR WOOL. Auckland Star, Volume LXIII, Issue 207, 1 September 1932, Page 4
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