FURTHER HARDENING IN SYDNEY

Press, Volume LXXIII, Issue 22271, 9 December 1937, Page 13

FURTHER HARDENING IN SYDNEY

MARKET VERY FIRM JAPANESE BUY LIMITED QUANTITY SYDNEY. December 8. At the wool sales 10,870 bales were offered, 10,170 were sold at auction, and 2207 privately. There was very good competition from all Continental sections and Yorkshire. The market was very firm at the previous day’s rates. Good wools showed a further hardening tendency. Greasy merino made to 271 d. Japanese buyers bought a few highclass clips.

RUSH OF SUPPLIES IN AUCKLAND CATALOGUE FOR SECOND SALE FILLED [THE PRESS Special Service.] AUCKLAND, December 8. Although the second Auckland wool sale will not be held until January 24, the catalogue of 30,000 bales has already been filled. Brokers and their staffs have been fully occupied ever since the first sale in an effort to keep abreast of supplies, and the congestion caused by the waterfront strike has made matters worse. Auckland brokers do not intend to apply for an extension of the limit of 30,000 bales, which is 3000 bales more than at the corresponding auction last year. Consequently, all wool which is now coming into store will be held over until the third sale in Auckland on March 26. There is no possibility of the wool being offered at southern auctions, as all centres *are experiencing the same difficulties. There is no limit for the March sale, and it is expected that it will be the heaviest for many years.

Brokers do not want an extension of the limit for the coming sale, as they will be satisfied if they can clear the large amount to be offered. The unusually early closing date of the January sale is due to the fact that about 10,000 bales were held out of the first auction, the catalogue for which also closed early. In addition to this accumulation, passings at the sale have been estimated at about 50 per cent., including private sales negotiated after the auction. This means that about 12,000 bales out of a catalogue of 25,000, was Held in store for the January fixture, leaving only about 8000 bales to complete the catalogue. The recent fine weather has greatly stimulated shearing, and this additional quantity did 'not take long to reach the stores. It is now feared that unless growers are more prepared to meet the market than was the case at the November sale, the March fixture will become unweildy. The wool already in store for the next auction shows little alteration in quality from that offered last month, although some of the clips which have come in since then are slightly heavier.

“It appears that growers will have to reconcile themselves to the lower prices ruling,” said Mr B. J. Marquet, chairman of the Auckland Woolbrokers’ Association. “In my opinion the main obstacle is the ever-increas-ing competition which is coming from artificial fibres. "When wool prices soar as they did last season, there is a natural tendency to use more of these fibres. It is a significant fact that the equivalent of 6,000,000 bales of wool is produced in artificial fibres annually. Germany, for instance, insists upon a 50 per cent, mixture.”

BUTTER MARKET QUIET NEW ZEALAND AT 112/PER CWT (UNITED PRESS* ASSOCIATION —COPYRIGHT.) LONDON, December 7. Butter is quiet. Choicest salted, New Zealand 112 s, Australian 110 s; unsalted, New Zealand 116 s, Australian 112 s. BRITISH WAR LOAN (BRITISH OFFICIAL WIRELESS.) RUGBY, December 7. War Loan, 3A per cent., is quoted at £lOl ss. PRICE OF GOLD

LONDON, December 7. Gold.is quoted at £6 19s 9d a fine ounce.