WOOL FIRM.

Auckland Star, Volume LXIX, Issue 3, 5 January 1938, Page 4

WOOL FIRM.

NEW YEAR OPENS. FIRST SALE IN SYDNEY. XEW ZEALAND PROSPECTS. The first wool sale of the New Year opened under favourable conditions this week in Sydney. Best descriptions, when showing length, were Him at the improved closing rates of last year, but wools lacking length and faulty lines lost part of their December rise, selling from par to .5 per cent down. Competition came mainly from Yorkshire and the Continent, with limited support from Japan. The first Xew Zealand sale will be held in Wellington next Monday, and after the Napier arid VYanganui sales, the wool now j in the Auckland stores will be sold on] January 24. Wool growers throughout the j Dominion are looking forward to a continuation of the steady advance in prices since the season opened at the end of November, and though last year's record 1 etui ns can hardly be hoped for again, they expect at least as good a cheque at the close of the sales as in the 103.3-36 season. Last months reports from Bradford gave grounds for optimism, for the tops market has been firm with an upward trend. The New Year opened, however, with an easier tone. Most orksliire. merchants consider the outlook satisfactory, and there is evidence of reviving confidence. A good deal of trade in manufac- ' cures is reported. Values Rise in December. For the wool sold at the first six sales of the season held in New Zealand growers received approximately £1,750,000. This is well below last year's return of £3.280,000 for the same period, but the quantity I of wool sold was far less. Since the disappointing opening sale in Auckland, when prices Mere down 40 per cent compared with last season's first sale. | there has been a steady improvement. ' Values ruling at the last sale, held in ; Dunedin, were 3V£d a lb, or 35 per cent • higher than the opening Auckland rates, which averaged lOd a lb. At the Auckland sale growers showed ■ their confidence in the future of the market by fixing high limits, and refusing in many cases'to meet the buyers' terms. The result was that 40 per cent of the offering was unsold. The Continent was the principal buyer, Bradford representatives being very quiet and operating inside strict limits. Japan did not buy. Auctions at Napier, Wellington and C'hristchurch brought successive rises in values of about J /4d alb in each case, and A fairly good clearance was effected at all 1 three sales, France and Germany taking a good portion of the wool, and at times competing keenly. At Timaru there was a further advance of %d a lb, with almost a total clearance. Then at the final sale of the year in Dunedin, Bradford came in strongly, and though Continental demand showed signs of easing, prices reached the highest level of the season. Only about 5 per cent of the catalogue was passed in. Growers are hoping for continued eagerness on the part of Bradford buyers, and it is reported that Japan may come into the market at the next sale. There are hopes, too, that America may be a buyer, though business recession in that country has so far held back her wool importers. SYDNEY SALES CONTINUE. SYDNEY, January 4. At the Sydney wool sales to-day 10,551 bales were offered and 7950 were sold. Also 1428 bales were sold privately. With good competition for better qualities prices continued firm. Prices for average and inferior wools, however, showed a further decline of 5 per cent. Buying on Japanese account was very restri.ted. Greasy Merino sold to 27V4d.