THE WOOL MARKET

Dominion, Volume 26, Issue 32, 1 November 1932, Page 12

THE WOOL MARKET

Sydney Sales, Third Series PRICES UNCHANGED (Rec. October 31, 5.25 p.m.) Sydney, Oct. 31. At the wool sales to-day 11,414 bales were offered, of which 10,659 were sold at auction j 524 being disposed of pn'aThe' market was unchanged from the closing rates at last Sydney series tor all descriptions, except line merinos carrying fault, which were irregular and tended in buyers’ favour. Greasy merino fleece sold up to 16Jd. The third series of Sydney wool sales of the season which opened yesterday -will continue until November. 24, the catalogues to be offered during the period totalling 184,000. . ~ Weekly average prices obtained in the Sydney market since the opening of the present wool season are as under: —

Optimistic views of the wool market are expressed by the Australian, Mercantile, Land, and Finance Co., Ltd., in a review which was issued last week at Melbourne. The firm writes: — “A commencement of sales was made in a noticeable better salesroom atmosphere than that at the beginning of sales of the last clip; prices.were slightly higher, too, even allowing for the difference in exchange and England’s departure from gold. Since the opening sales prices have receded a little, good combing merino fleece being most affected; least concerned arc skirtings of all grades, for which a strong demand persists on Continental account, France leading. At this juncture the change in the market should not be construed as suggesting that the underlying position is any-the less sound than at earlier sales; minor fluctuations must be expected. Japan has shown vigour in its partiality for all good lots of comeback and fine crossbred fleece. Japan’s persistent buying in face of an adverse exchange has been one of the leading features of sales so far. It may definitely be asserted now that circumstances point to the clip falling short of the first official estimate, due to a somewhat lighter average cut a head of sheep. From the viewpoint of raw stocks, this ought to be a helpful market factor. “There is not one conspicious piece of evidence in a survey of world conditions to. suggest the probability of prices making a sudden and decided advance this season, but indications of a steady demand exist which, in turn, may lead to a gradual addition of strength to the market. The firm tone of the market at the close of the Sep-tember-October London sales is a sign in this direction. At this-stage, in order not to mislead, low grade crossbreds, especially when, unattractive, must be spoken of reservedly, since they are meeting an indifferent market reception. Caution is the order of the day, horn of a series of shocks in recent years. Monetarily, the world .is still nervous, but less so than it was'; it may be said to be in the early stages of convalescence.” Outlook in Yorkshire z

London, Oct. 30.

Mr. W. P. Devereux, Australian woolgrowers’ representative, reports that the depreciation in sterling lias stimulated the demand for Bradford tops for export. This, combined with the improvement in the overseas raw wool markets, due to the same reason, ’ has caused ‘ Bradford merino topmakers to advance their quotations. There is a hardening tendency with a moderate amount of new business. Fine crossbred tops are rather firm, merinos of the lower descriptions are steady, hut not much business is passing. The merino yam position is unchanged, but quotations are maintained. Particulars of business are coming in fairly well, especially from the hosiery section. Crossbred yarns are unchanged, but there is not much business. Sales of tops to Germany are only moderate and prices are unchanged. The knitting and. hosiery trade is fairly well employed, and the weaving trade is diminishing, and export is described as very poor.. AUSTRALIAN CHILLED BEEF i A Successful Shipment London, Oct. 29. As a result of the Port Fairy’s successful shipment of Australian meat importers are keenly discussing the possibilities of the establishment of a regular trade in chilled beef. One of the chief obstables to a satisfactory profitable trade isi the difficulty of securing suitable beef. One expert points out that if-Australian breeders hope Successfully to compete with Argentina they must improve the quality of their herds. They have-now a golden opportunity of doing so most advantageously, because high-clas's pedigree stock cau be bought at a wonderfully cheap price. At a sale of the famous Collynie stud stock, near Aberdeen recently, the average price realised was £55 for bulls, £29 for heifers, as compared with about £7OO for bulks six of seven’years ago. Canada has bought heavily in view of the possible benefits from the Ottawa agreements. Further, important stock sales are being held at Birmingham, Perth, and Aberdeen in February next. In a cable message to the Australian papers, dated London, October 19. at was stated that the shipment of chilled beef by the C. and D. liner Port Fairy is regarded as easily the most satisfactory Australian shipment. Hinds are averaging lid. a lb. above the nominal price for Australian , frozen beef, compared with o}d. above the price for frozen beef obtained for the Port Hnon’s shipment in October, 1927. The final portion marketed to-day was in better condition than the meat discharged earlier. The hind quarters are practically free from mould. Some are in perfect condition. The success of the shipments envisages chilled beef being sent by mail steamers from Brisbane, as some of the Port Fairy’s meat last practically fifty days. The “Meat Trade Journal” states that the Port Fairy's) chilled beef clearly demonstrated that shipments from the Comare not very distant. monwealth as a commercial proposition . TALLOW AND HEMP London Markets Quiet The Department of Agriculture lias received the following cablegram, dated October 29, from the High Commissioner for New Zealand, London : — Tallow: Market continues dull on spot with prices nominally unchanged. Hemp: Manila, market quiet but steady at last rates quoted. Sisal: Fair demand for No. 1 fair average quality for OctoberDecember shipment, which sold £l4/5/- to £l4/10/-, closing, sellers, £l4/5/-, and November-January shipment, £l4/7/6. New Zealand: Market quiet. Quotations nominally unchanged. No first-hand sales reported. The Department of Agriculture has received the following cablegram, dated October 29, from the High Commissioner for New Zealand, London:— Eggs: Market steady. English, national pack, 19/- to 24/-; English, ordinary pack. 18/- to 18/6; Danish; 15/6 to 18/-; Australian, 141 b. per long hundred, 13/-; 171 b. per long hundred, 14/-, owing to liberal supplies. New Zealand, 151 b. per long hundred, 13/6; 181 b. per , long hundred, 15/3.

Per bale. I’cr lb. <1. £ s. <1. September 3 .. 10 17 4 8.26 September 10 .. 12 2 9.19 September 24 .. 12 6 4 9.32 October 1 • 11 16 8 8.93 October S 11 17 0 9.02 October 15 .... 11 8 2 8.56