The Press TUESDAY, DECEMBER 15, 1936. The Wool Sale

Press, Volume LXXII, Issue 21966, 15 December 1936, Page 10

The Press TUESDAY, DECEMBER 15, 1936. The Wool Sale

Expectations were fully realised at the first Christchurch wool sale of the 1936-37 season yesterday when a heavy but most attractive catalogue of 28,600 bales was offered. Prices for halfbreds, which formed all but an insignificant part of the offering, were better by 65 to 75 per cent., than they were at the corresponding sale last year, and crossbreds fully shared the rise of the North Island sales. As at the three northern fixtures of this season, buying on behalf of Japan was so strong that it almost completely dominated the market. For the best lines of wool there was strong competition from local mills, but for the rest, other quarters had to be content to take what Japan left. Continental orders were plentiful, but the weight of wool lifted for this point was smaller than the bidding would have indicated. United States and Canadian interests were also in the market for suitable types, and their limits, though closely defined, were generous. Bradford buyers had a most discouraging day. They were able to take only a very small amount of wool, and were bidding with restraint against competition that from the outset was obviously too powerful. Local mills work within wide limits, but buyers with Japanese orders appeared to have no limits. Values in New Zealand have now been established pence above Australian, and Bradford simply cannot compete. A number of English buyers actually had no orders at all, and merely sat and watched the progress or the sale. There was a full gallery of farmers throughout the day, and doubtless they were more than pleased with what they heard. The prices paid were the best since the 1928-29 season, and were not far behind them. It is possible to give at present no more than an estimate of the value to farmers, but the average will .not be far short of £25 a bale, a price which will return the growers of the province about £700,000. Last year the first sale average was £l4 16s lid a Bale, and the cheque for the whole season was £ 1,400,000. The cheque for the season before was £841,000 for the four sales. Prices last year were high enough allow many farmers to work off the accumulation of deficits from the depression years. The financial recovery of many more should be completed this year. It should be remembered, however, that at yesterday’s sab prices were in no small measure due to the Japanese abstention from buying in Australia. There are grounds for belief that the trade disagreement between the two countries may be settled early in the New Year. If this takes place, values here will certainly suffer, though by no means to a disastrous extent.