DOMINION WOOL SALES

Dominion, Volume 23, Issue 81, 30 December 1929, Page 12

DOMINION WOOL SALES

BRADFORD OPPOSED TO . EXTENSION THE QUESTION OF VALUES (Rec. December 29, 5.5 p.m.) London, December 28. A Press Association telegram from Auckland has been published here stating that owing to Bradford's refusal to agree to New Zealand wool sales in May and June, it is estimated that New Zealand will lose £5,009,000. Interviewed in this connection, Mr. George Whitaker, president of the British Wool Federation, says: "It is conceivable that New Zealand should make this charge. The Wool Federation's cabled opinion stating It was opposed to any extension of the wool-selling season was not given without full consideration to the growers’ interests. Values in crossbred wool this season have been determined by those ruling in South America. Although they are considerablj’ below last year’s level, they are relative to the values of wools grown in Australia and South Africa. In the federations opinion, the value of New Zealand wool would not be enhanced by an extension of the selling period. This opinion is given honestly without any attempt to restrain the New Zealand Wool Committee from extending the period if they disagree with the opinion given.” . Mr. William Hunter, ex-president of the federation, said the view- that the federation’s action would cause New Zealand to lose £5,090,000 was entirely erroneous. Growers of wool, like the producers of every other commodity were obliged to accept the world market price. "Moreover, the federation’s attitude will not alter the selling value of the clip in any way. The law of supply and demaud will determine its price.” A cable message from London on December 17 stated that the British Wool Federation would oppose any extension of the roster of New Zealand wool sales. Ou December 18 the New Zealand Wool Committee officially announced that if had met that day "to consider the advisability of further limiting offerings at the wool sales throughout the Dominion imd an extension of the wool-selling season. “As further sales have now been definitely arranged for the month of April at Wanganui (April 9), Wellington (April 14), and Timaru (April 16), the Wool Committee, after very careful consideration of the whole position, felt that this slight extension might meet the position in the meantime, but it is intended that the commitee shall meet again in January, if necessary, to further review the position." Some time prior to the first sale of the season, held at Wellington on November 14, the New Zealand Wool Committee, comprising representatives of the producers, wool-brokers and wool-buyers, fixed the maximum aggregate quantities of wool (in bales) to be offered at the sales as follow :— November sales at Wellington, Napier, Wanganui, Auckland, and Christchurch, no limit. December 6, Wellington 27,000; December 11, Napier, 25,000; December 16, Timaru, no limit; December 20, Dunedin, no limit. January 6, Christchurch, 24,000; January 11, Wellington,- 27,000; January 16, Napier, 25,000; January 21, Auckland, 20,000; January 24, Wanganui, 20,000; January 30, Invercargill, 22,000. February 7, Timaru, 18,000; Februarj- 11, Christchurch, 24,000; February 19, Wellington, 27,000; February 25, Napier, 25,000. March 1, Wanganui, 20,000; March 7, Christchurch, no limit; March 12, Dunedin, 23,000; March 14, Invercargill, no limit; March 21, Wellington 27,000; March 24, Napier, uo limit; March 28, Auckland, no limit. April 3, Dunedin, no limit. It was officially stated at the time:— “The committee has given very careful consideration to the posltiou of the wool market, and in the allocation decided upon it has endeavoured to regulate offerings in the direction of a slight extension of the selling season. The committee anticipates that further sales will be arranged at some centres befo.e the close of the season.” CHRISTCHURCH SALE JANUARY OFFERING The second Christchurch wool sales of the season will open on Monday, January 6, starting at 7.30 p.m., and continuing next morning at 9 o’clock. The New Zealand Wool Committee have allowed Christchurch 24,000 bales for this sale. Prior to closing for the holidays there was a total of 32,500 bales in local stores, and the excess of 8500 bales will be carried over to the following sale. The wool has not come forward in as good condition as was the case for the corresponding sale last year. The following are the individual catalogues:— . Pyne, Gould, Guinness, Ltd <Ol9 Dalgety and Co., Ltd 5665 N.Z. Farmers* Co-op. Assn., Ltd. .. oluNationol Mortgage and Agency Co., Ltd — 111. Matson and Co -Ou J N.Z. Loan and Mercantile Agency Co., Ltd 24,000 FLOUR AND WHEAT DOMINION STOCKS INCOMING CROP YIELD The publication of the stocks of hour and wheat as at November 30 allows an estimate to be made ot the probable carryover into next wheat year. The following is the comparison with last season to November 30:— 1928. _ 1929. Flour, tons .... 11,357 10,532 Wheat, bushels . 3,069,243 3,426,0il Reducing Hour to bushelagc equivalent, the foregoing represents: 1928, 3,581,470 bushels; 1929, 3,932,107 bushels. The needs of the final quarter of the wheat year (to February 28) may be averaged. on the consumption of 1928, at 2j million bushels, which would leave a carryover to 1930 of 1,682,107 bushels in wheat and flour, compared, on a similar' basis of calculation, with 1,331,147 bushels as at February 28, 1929. However, the yield of the incoming crop is likely to far more than offset the heavier carry-over of the current year in comparison with last. The area is 23,373 acres less, and the average yield over-all is put down by a number of observers at 30 bushels, compared with 34.60 last year. This would give a yield of approximately 7.0(10,0IN) bushels, and with the carry-over of 1,682,107 bushels, a total of 8.742.107 bushels. Importations of wheat and Hour have ranged about 700,000 bushels. The stabilised duty may be expected to reduce this source of supply, but at 600,000 bushels the gross supplies for the year would amount to 9,342,000 bushels. The consumption may be set down at nine million bushels, which would leave the moderate carryover ot something like 300,000 bushels with which to enter the 1931 season. These figures pre-suppose a yield over the whole Dominion of 31 bushels to the acre, which may be regarded as over rather than under the probabilities. The opinion of a South Canterbury merchant practically confirms Hie above (says (he "Press"). A 30-bushel production is made by several engaged in the trade. If they are right, and the imports of wheat and flour are on the same basis as those for the past year, they say that there should be a surplus (including the last carry-over) on February 28, 1931, of about 350,000 bushels. The opinion is expressed in some quarters that’ the estimate of 30 bushels is inclined to be optimistic. In different parts the wheat is much thinner than it has been for some years, and there will not be many of the very heavy yields of the last three years. WAIKATO LIME OPTION OVER DEPOSITS A proposal to embark on a project for the production of agricultural lime in large quantities is being considered by the Challenge Phosphate Company, Limited, Auckland. The company recently approached the Waitomo County Council with a reouest for an option over a reserve at Waltete, near Te Kulti, in which there are large limestone deposits. Mr. W. Goodfellow, chairman of directors of the company, informed the council that it had been realised that cheap lime was necessary for land in the Auckland province, especially in the Waikato. The company would endeavour to produce lime for sale at about 15s. a ton, and would instal plant capable of an output of 10,(MM) tons a year. Mr. Goodfellow said the company did not expect to make a profit out of the lime. He considered that the introduction of cheap lime would help to arrest many stock diseases. The council decided to grant the option sought until January 81.