WOOL MARKET

Evening Post, Volume CXVIII, Issue 32, 7 August 1934, Page 12

WOOL MARKET

AUSTRALIAN SALES

MAY BE LIMITED

(From "The Post's" Representative.) SYDNEY, August 2. An announcement that the decision to sell 1,600,000 bales of wool before Christinas will be reviewed has caused a feeling of relief in wool circles in Australia. Since the record allocation lias been announced the trade has been more or less demoralised, and there has been a feeling of despair in some quarters. At .'the end of the first week in June the authorities controlling the wool offerings in Australia cancelled the June sales because of the unsatisfactory outlook, and then went ahead with the fixing of the new season's programme. ■In short, a mood of enthusiasm changed to one of cheery optimism, without any apparent cause, and it is little wonder that the trade was puzzled. , It is now announced that there will be a meeting next week of the National Council of Wool-selling Brokers, and the Australian Wool Growers' Council, at which the whole position will be reviewed. Although .an impetus is needed to sharpen up the demand for wool, the statistical position has been described as quite satisfactory. At the same time, the unsettled conditions in Europe, and the operations of quotas against Australia, is bound to- affect the demand for wool, and there is a feeling that it would be better to extend the selling season rather than sell a large quantity of wool before the New Year. . The first sales are set down to open in Brisbane on the 20th of " this month, and there is a demand now that they should be postponed for at least a week. This is likely to be agreed to, especially as the proposal is now receiving .support from Brisbane. . ■ , It has been estimated that this year s clip will be 3,146,00.0 bales. With 160,000 carried over from last season, this means that 3,306,000 bales will be placed on the market this selling season. . Last season 2,523,070 bales were sold, so that the larger quantity to be offered for sale this year should offset any reduction in the price. If it is deemed .advisable, to limit the quantity of wool to be offered 'mmediately, it is not'too late to make the necessary adjustments.