WOOL PROSPECTS

Evening Post, Volume CXVIII, Issue 121, 19 November 1934, Page 12

WOOL PROSPECTS

THE LONDON SALES

OPENING TOMORROW

"livening Post," No\embu 10 ""Piospects of the wool maiket foi the }>ew Zealand sales this season aie not so bright as deniable, but the seues o£ bales beginning in London tomonow should give some indication of the piobablo couiso ot the maiket to the end ot the 'jear. Iho New Zealand selling s>cason begins next week at Auckland, and | luehminaries are veil in hand in .Napici i and Wellington for the 6ales to follow j in those centics The local sale will be held at the Town Hall, as Uhiial, on December 8, and an endeavour ■will bo made to get thiough the business that day so as to enable buyeis to catch the Lyttclton boat the same evening, Chustchurth hale being irad for Decembei 13, 'limaru December. 17, .and Dunedin December -21, Limits^of offerings at all these sales have been made by the New Zealand Wool Committee on the basis of a maximum offering of 25,000 bales, excepting Tnnaiu, the limit for which is 20,000 bales These limits are not likely to bo reached at the North Island sales, as gioweis appear to be far from eager to take the market at its present level Last January, it will be xecnllcd, thcie was something like a "boom" in the price of wool in the Wellington sales and French and German buyers appealed to be buying on extremely elastic limits This condition of the maikot made the pice for Bradford. It may be of lnteicst to recall some puces for certain maiks of j wool made at thi") Jaiiuiry sale with those lecbuled for similar wools at the sale m Januaiy, 1033 For instance — ,7nn., Jan. i ' i<m 113S . ■ , Perlb. Perlb. (1. . . (1 Halfbred ewes 20% 8% Crossbred A hoesets 17% 7».i Down cross A 22V2 <\>Vi A ewes 15% .TVi Necks 13 iYz Pieces ■ 11% 3% , Every-lot was sold under the hammer. But no one at that time could say why wool sold in Wellington in January last should have brought 3d to 4d per lb more than it did in the sale held here a month before. Mr. W. Hammond, as chairman of the Wellington Woolbrokers' Association, at that time said: "It is a wonderful sale —considering • the values of wool for the past three years. All sections of the trade are buying keenly, the Continent ■ and Japan and Bradford, as usual, contributing valuable support." The offering on that occasion was 30,50p bales. It was all taken. But a marked decline followed in, February. The boom had then subsided. Since then prices have been moderate and the New Zealand season closed with ah average of 11.07 d per lb, as compared' with ill Gd for 1932-33 and 5.26 d for 1931-32. But a great weight of wool was disposed of. The total carry-over of wool in brokers' stores nnd clients' sheds at June 30 was 63,000 bales. / , There are no grounds whatever for expecting the market to take a sudden rise nest January, as it did in Wellington during January of this year. The market is not in so strong a condition today as to Warrant holding back for a rise early in next year. However, the results of the London ■ November sales, which open tomorrow, should provide some indication of the course of the market in New Zealand, for the sales to be held in the Dominion before Christmas, and especially for the first sale of the season set down "for Auckland on November 2".