Wool Sales.

Press, Volume LXV, Issue 19815, 31 December 1929, Page 8

Wool Sales.

' Growers and others interested in the wool industry must have been surprised to read in yesterday's Press a cablegram from London commenting on a message dispatched from Auckland stating that owing to Bradford's refusal to agree to the holding of additional wool sales in New Zealand in May and June the Dominion, it was estimated, would suffer a loss of five million pounds sterling. It is difficult to imagine how such an extravagant statement could have been made as that contained in the message sent from Auckland. Possibly there was a hazy notion that an extended selling season would mean better prices at the later sales, but there is no guarantee whatever that such a result would be achieved, and if the plan proposed had been in operation last season a definite loss would have occurred. Even if the selling season were prolonged and the market did actually advance in May and June the quantity of wool then left for disposal in New Zealand would be too small to make much difference in the gross return, and certainly nothing like five millions unless the advance was of an extraordinary character and the value of wool was represented by as many shillings per pound as is now represented by pence. In any event growers in New Zealand are unlikely to approve of any extension of the selling season simply because there may be a prospect of better prices. Their desire generally is to dispose of their wool and to receive the proceeds as speedily as possible, and the shutting out of clips under the Wool Committee's limitation scheme at present is not always welcomed by those affected. It may be suggested that the extension of the season by a couple of months would assist Bradford finance and encourage the buyers to pay higher prices, but even if such were the ease the difference would be practieally negligible. New Zealand's clip of 600,000 bales represents less than fifteen per cent, of the production of wool exporting countries, and it is not easy to see how by adding two months to the selling season the Dominion growers would secure an additional return of five millions of money, or practically half the value of the whole clip this year.