WOOL MARKET FIRM

Evening Post, Volume CXXIV, Issue 55, 2 September 1937, Page 12

WOOL MARKET FIRM

SALES IN SYDNEY

(By Telegraph—Press Assn.—Copyright.)

SYDNEY, September 1,

At the wool sales today, prices were again firm at yesterday's rates except for inferior fleece and very faulty skirtings, which were 5 per cent, below opening rates. A line of greasy merino realised 23i!d. The number of bales offered was 13,019, of which 12,919 were sold at auction.

This season's Australian clip is estimated to total 3,146,000 bales. Offerings on the principal markets of the Commonwealth are expected to be 2,860,000 bales, an increase of about 3 per cent, on the past season's quantity. Of that total not more than 1,500,000 bales will be submitted before Christmas.

"Under present conditions over a great part of the world," state Winchcombe, Carson, Sydney, "anticipations in regard to market prices may be considered risky. The Continental futures top market is, however, higher than when the Australian sales closed last June. Bradford tops are dearer. Rates for merino sheepskins are Id to 2d per 1b higher, full wools showing the most marked advance. Evidence, therefore, points to improved values for the sheep's staple and the trade generally will be surprised if some rise is not experienced."

The authority above quoted, on the eve of the opening of the Australian selling season at Sydney, last Monday, observed: "If the statistical position of the sheep's staple were solely viewed a period of record values might be anticipated. -It is doubtful if the situation has ever been stronger from the standpoint of supplies." That factor must prove a favourable influence on prices unless some abnormal development upsets world trade and the demand dulls for primary products generally. Depression period experiences appear likely to keep consumers cautious regarding any tendency to extreme figures."