Wool Proceeds Down 121 Per Cent

Press, Volume CX, Issue 32351, 17 July 1970, Page 12

Wool Proceeds Down 121 Per Cent

(New Zealand Press Association) WELLINGTON, July 16. Proceeds from greasy and scoured wool sold at auction in New Zealand in the 196970 season were down 12.5 per ceht on the 1968-69 figures, although the quantity sold by auction was only 4.27 per cent less, said - the New Zealand Wool Commission yesterday.

The average price for greasy wool at auction was 25.62 c per lb, 2.44 c per lb below the 1968-69 average. Total proceeds, at $129.1m, were $18.4m down on the previous season’s receipts. A total of 1,462,559 bales of greasy and scoured wool was sold at auction. The commission said the number of bales sold privately in the 11 months to May 30 was 20 per cent up on the figure for the corresponding 1968-69 period. Private sales for the period totalled 266,688 bales, 44,274 bales up on the corresponding period in the previous season.

More wool was scoured in the 11 months to the end of May than in the correspond-

ing period in the previous season—-527,350 bales compared with 487,296. Growers’ greasy, scoured, and slipe wool shipped to the United Kingdom for sale at auction during the season totalled 65,573 bales, compared with 71,683 for the 1968-69 season. The provisional total of bales supplemented during the 1969-70 season was 33,666 bales, on which the amount paid to growers by way of supplement was $117,140. The total amount of stock wool sold during the 1969-70 season was 130,073 bales. The gross return on the 112.396 bales sold in New Zealand was $9.884m. On the other hand, 1008 bales were purchased during the season.