The Wool Sale.

Press, Volume LXIV, Issue 19202, 7 January 1928, Page 12

The Wool Sale.

The good news contained on our Commercial Page this morning •Kill be read with much gratification by the pastoral and business community—indeed, by everyone who understands where our prosperity lies. A sound sale was of course anticipated for the second of the Christchurch auctions, as the catalogue comprises as a rule one of the best selections of the higher classes of wool offered to buyers anywhere in the Dominion. But it is doubtful if the anticipations came up to the actual results, as for practically all classes of wool there was an advance on the prices recorded at the sale six weeks ago. It was not so much the improvement in prices that impressed the observer who was not directly interested, but the firmness of the competition, and the obvious desire of all the consuming centres to buy wool. It was noticeable also that confident and even bold bidding was maintained from start to finish, which justifies a good deal of optimism in regard to future auctions. The first sale, it will be remembered, was affected by the Australian watersiders' threatened strike and a slight steadying that had developed in the firming market at Home, and it is a proof of the inherent soundness of the wool trade that with the removal of the former influence the market should at once have improved. At the opening sale in Wellington some time ago there was much head-shaking at what were alleged to be unreasonably high prices, and a good deal of comment was broadcasted advancing reasons why the prices could not continue. As we pointed out at the time —apart altogether from the question whether the values were dangerously high—the reasons given by these pessimists were obviously shallow> and the subsequent trend of the sales emphasises the correctness of our observations. The 27,000 odd bales disposed of at this week's sale represent a substantialaddition to the income of the rural community. At an average value of Is 5d to Is 6d a lb, and an average weight per baje of 3301b —figures that should riot be extravagant —the sale represents over half a million of money. That is a very pleasant beginning to the New Year.