AIDS TO FARMER.

Auckland Star, Volume LXIII, Issue 220, 16 September 1932, Page 7

AIDS TO FARMER.

Professor Copland on Economic Factors. DEPRECIATION AND EXCHANGE (Received 10 a.m.) MELBOURNE, this day. Professor D. B. Copland, Dean of the Faculty of Commerce at the University, giving evidence before the committee inquiring into the wool industry, said that Australia's depreciated currency had been extraordinarily helpful to primary production, which was also aided by seasonal conditions. Exports had increased by 20 per cent. There was no reason whatever for reducing the exchange rate. The depreciation of currency had also been accompanied by a reduction of costs. He pointed out that the depreciation of currency and a rise of the exchange rate was regarded as symptomatic of unsound conditions. At the present time Australia was 60 per cent off the gold standard and 25 per cent otF sterling. Any attempt to increase the rate of exchange should be accompanied by an explanation of the real position.

KEEN BUYING.

AUSTRALIAN WOOL SALES. ADELAIDE, September 15. At the opening wool sale to-day 30,000 bales were sold. The attendance of buyers was the largest for years. Fr.eneh bidding predominated. Prices were on a par with those recently ruling at Sydney. Greasy sold to l"3J<l, and values for all good fleeced wools were 25 per cent above the June figures. Skirtings, bellies and summer lambs' wool were 30 per cent higher. At the Brisbane sale to-day 13,000 bales were offered and there was a good clearance. French, Japanese and German competition was keen. Bradford supported suitable lots. The market maintained its opening strength. Top prices were:—Greasy, 15$ d; scoured. 22,} d.