Improvement at wool sale

Press, Volume CXI, Issue 32701, 2 September 1971, Page 13

Improvement at wool sale

N.Z. Press Association—Cop./rigit!>

SYDNEY, Sept. 1. , The Australian Wool Commission chairman (Mr W. J. Vines) said today that he was much happier with the way today’s Sydney wool sale! had progressed, and announced a substantial reduction in commission buying.

He told a press conference that the commission had taken 23 per cent of the offering, compared with 39 per cent at yesterday’s sale, i Some 64 per cent had been cleared to the trade, compared with 49 per cent yesterday. “In the light of the Sydney sale only, I personally would find it unlikely that the com-

mission would take any action to cancel tomorrow's sales,” he said. But, he said, at the end of the week the commission would have to take into account all the sales —at Sydney, Adelaide and Albany, Western Australia—and consider the situation seriously. It was obvious that the currency situation was still clouding the market. He agreed that increased competition , from Japan had helped values, which ruled firm on yesterday’s close in ! Sydney, he hoped the comImission’s buying would be reduced. No limit had been set on the commission’s pur- | chases. I Mr Vines said that he had | not discussed the wool sales I with the Government. I “The long term outlook is | now happier,” he said. (“There is a strong demand prom overseas. I still believe (that the average price will irise to 35 cents a pound I this season.”

Yesterday’s Sydney operations had cost the commission about sl.2m, Mr Vines said, but he was unable to estimate how much the commission had spent at today’s sale.