£66M. FROM WOOL LAST SEASON

Press, Volume XCIV, Issue 28012, 5 July 1956, Page 15

£66M. FROM WOOL LAST SEASON

LOWEST RETURN FOR FOUR YEARS

RECORD NUMBER OF BALES SOLD

(New Zealand Press Association) WELLINGTON. July 4. Although the quantity of greasy wool sold at auction in New Zealand during the season just ended was a record at 1.016,555 bales, the gross return of £66.022,929 was the lowest in the last four years, according to official figures released today by the New Zealand Woolbrokers’ Association. In the previous season, the gross return was £70.364.234 from the sale of 1.002,863 bales. In the last season, the average price per lb dropped by nearly S’id to 46.129(1, while the average return a bale was £5 5s lower at £64 18s 7d. The market throughout the season fluctuated within fairly narrow limits, and followed a set pattern at all the ipain selling centres. It opened at a depressed level, but hardened to a peak at the

height of the season, when the main weight of wool hit the market. From then on there was a tapering off in prices, in some cases quite a sharp movement, as the effects of the credit restraints both here and abroad affected buyers’ limits. Highest average price was obtained in Invercargill, where 120,486 bales sold at an of 4 ?.44d per lb, or £66 6s 5d a The heaviest weight of wool was sold at Napier, the offering there totalling 164,320 bales, which returned a gross sum of £10,810,597 to the growers. This was the only selling centre where the return exceeded the £10,000,000 mark.

COLOMBO TEA SALES (N.Z. Press Association—Copyright) COLOMBO, July 3. . Offerings totalled 7,030.7521 b at this week's tea sales. There was a better general demand, but only a few of the best teas and Tannings were dearer. —Prices: High-grown broken orange pekoe, 240 cents per lb; good medium broken orange pekoe, 220; medium liquoring, 200: medium liquoring orange pekoe, 215; medium liquoring broken pekoe, 160; medium liquoring pekoe fanning, 230; low medium broken orange pekoe, 180; low medium pekoe fanning, 215; low medium orange pekoe, 205; low medium pekoe, 180: low medium dusts. 170.