"MEANS A MILLION."
ONE PENNY INCREASE.
RULING PRICE FOB WOOL. GERMANY AGAIN BUYING. "The cabled information is good, news for New Zealand generally," said one local wool expert in commenting on the bright opening of the London wool sales. The improvement in prices, he said, was more or less expected, due to the more satisfactory financial arrangements entered into abroad. "It looks very much as if the prices wilL remain throughout the series," he said. "The rise means a difference to the . New Zealand farmer of .from £1 to £1.10/ per bale.
As far as North Island greasy crossbreds were concerned the tendency was for them, ,on the average, to be from Id to ljd up. The rise brought the prices iii line with those ruling at the' beginning of November last. Owing to the dry winter the quality of. the New Zealand wool would probably be • a little finer and would be more in. demand by Continental buyers. "If the Continental competition is here for the N ew ' Zealand sales the next season should be a better one;" "The rise means much to woolgrowers, particularly in the North Island. One penny rise means approximately- £1,009,000 to New Zealand, and the present increase in price is due solely to the fact that Continental"buyers" are in the market. Germany, which is the principal buyer for crossbred wool, has been out of the market for practically nine months, but now that "she is in again it will make' a tremendous difference. The rise equals Id to for North Island crossbred," said another of Auckland's largest wdol buyers and exporters. The net production of- wool ;in New Zealand for the 1930-31 season was 1785,000 bales, weighing 265,722,5001b, or 3391b per bale, as .compared with 715,000 bales weighing 241,770,100 ft, and averaging 3381b in 1929-30. Overseas shipments from New Zealand last year amounted to 644;587 bales, or 218,514,9931b. From this it will be seen that even the smallest increase in the price per lb of wool means a tremendous sum to New Zealand.
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Bibliographic details
Auckland Star, Volume LXIII, Issue 224, 21 September 1932, Page 9
Word Count
339"MEANS A MILLION." Auckland Star, Volume LXIII, Issue 224, 21 September 1932, Page 9
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