SYDNEY WOOL SALES.

Press, Volume LXIV, Issue 19467, 14 November 1928, Page 13

SYDNEY WOOL SALES.

STRONG CONTINENTAL COMPETITION.

I All the information coming from Australia indicates a bettor atmosphere in the wool market. This is merely folj lowing the history of tho last year or two, when, there was a good deal of "talking down" of prospects. To the end of tho Octobor series 310,467 bales had been sold on tho Sydney market. | Commenting on the final sale, the ; Sydney "Morning Herald" noted that Japan, France, Germany, Yorkshire, Russia, Belgium, and Italy all contributed to tho strong bidding experienced. "The market has now certainly attained stability. A month ago all concerned were uncertain how the sales would fare when business was resumed . after the strike interruption. The inj creased strength shown in competition over tho past four weeks must be primarily credited to the lead in buying which was given by Japanesos millj men. Their ordors were chiefly re- , sponsible for the creation of a price : basis, and the ready sales offectod restored confidence among consumers else- | where. The Continent competed with j fair freedom at tho early October \ auctions, on which so much depended, : but Japan was the outstanding market 1 force. As one sellor humorously rei marked, 'the trade has some reason to erect a monument on Circular Quay jas a tribute to Japanese demand. 1 As far as present indications show, woolselling now looks safe to proceed without any marked fluctuation developing. No cause exists to anticipate a substantially rising market. Higher prices are likely to be recorded in the grease, because many of the wools submitted will be of superior type, but values are not likely to show any marked advance. Manufacturers were 'nipped' by the advanced cost of wool from January to March last, and are not likely to neglect precautions to prevent a repetition of that experience." This all looks encouraging for tho sales to commence in Wellington on Friday, when there will bo a greater variety of coarse wools on offer than in Sydney, the class that most of tho Continental buyers want for their trade.