N.Z. WOOL PRICE

Press, Volume XCVIII, Issue 29010, 26 September 1959, Page 12

N.Z. WOOL PRICE

“No Spectacular Rise” (New Zealana Press Association) AUCKLAND, September 25. No spectacular rise of the wool price should be expected this season, an Auckland wool broker, Mr E. Lichtenstein, said on his return from a four-month overseas trip today. But it seemed inevitable that wool would share in the prosperity industry was generally enjoying now in New Zealand’s main wool markets—the United Kingdom, Germany, France, Belgium and the United States. As was shown in the last 12 months, any sudden advance in wool prices had been followed by what could be considered a “more norma] level," as we had seen in the last season, Mr Lichtenstein said.

From the point of view of the New Zealand wool producer this situation was desirable, as it placed wool in a more competitive position with synthetics, which had become a “very serious” competitor. Although he said it was difficult to make a correct forecast. Mr Lichtenstein did not expect any spectacular price increases. The Australian season had opened strongly in August—but had reacted to a slightly lower level. This was not surprising because of the unusually large quantity being offered at this early stage oi the season. Mill activity in all consuming countries was at a very satisfactory level and, as far as could be seen, this should continue, said Mr Lichtenstein.