FIRST WOOL SALE

Evening Post, Volume CXXII, Issue 131, 30 November 1936, Page 10

FIRST WOOL SALE

SENSATIONAL RISES

JAPAN SETS THE PACE

(By Telegraph—Press Association.) AUCKLAND, This Day.' A sensational advance in prices occurred when the first wool sale for the 1936-37 season in New Zealand was held in Auckland on Saturday. Rales rose about 60 per cent, in comparison with the average values of last season. There was<practically a complete clearance of the 21,590 bales offered for sale, and with an estimated average return of about £20 per bale there is every indication that wool is returning to its former proud position as New Zealand's, "golden fleece." Not since the 1928-29 season, when an average price of 14.9 d per lb was obtained over the year, has there been such an amazing sale in Auckland. Right at the start of the auction prices rose with a jump, to the utter amazement even of the majority of buyers, and they were fully maintained throughout the day. The dominating factor in the sale was the ' intense competition from Japanese buyers. They stormed the market and, operating apparently almost without limit, set a pace which was far too hot for Bradford. The official report on the sale estimated that Japan took half the catalogued quantity, but individual brokers were inclined -to think that this was a conservative estimate. On an estimated average of 14d per lb and £20 per bale the return to wool growers in the Auckland province from the opening of the sale should be in excess of £430.000, as compared with £240,154 obtained at the opening sale last year, when the average prices were 8.27 d per lb and £12 2s per bale. If the opening rates are maintained throughout the season and if the total clip for New Zealand is taken at 500,000 bales, the Dominion's wool cheque for the season should easily bear comparison with' that of 1928-29, when the total value was £12;217,000. Growers attended Saturday's sale in large numbers, and the expressions on their faces left no doubt as to their reactions at finding that the highest valuations placed on their clips were exceeded by considerable margin.