ANTICIPATIONS UPSET

Evening Star, Issue 21889, 28 November 1934, Page 12

ANTICIPATIONS UPSET

AUCKLAND WOOL SALE SOME HEARTENING INDICATIONS All anticipations of the wool market were upset at the opening sale at Auckland yesterday. The momentary loss of optimism may not be well founded, as the wool demand is likely to change rapidly. The feature of the Auckland sale was the unwillingness of sellers to lower their prices to meet the buyers’ quotes. The tendency at the closing sales last season was for prices to weaken, and it seemed yesterday that growers were holding on to their wool in the hope that prices will improve beyond the initial limits set by the buyers. A month or so ago • the considered opinion in the trade was that the market at the opening would be firm, with a rising tendency over the whole selling season, and that the reduction at the opening sales in the north would be covered by -J-d. That anticipation was proved yesterday to be too optimistic. There are several factors which may possibly hearten the growers before the season ends. America is expeetd to purchase much larger quantities of suitable wools than has been the case. in the last few years. Japan’s competition was a feature of some sales last season, and that country may again be a strong influence. Before the Australian woolselling, opened,’ it was reported that Japan would be only a small buyer, but the fact remains that she entered the competition. If Germany were to bid strongly. again the market would be helped. Against this, Bradford is uncertain. Buyers lost last season, and their confidence has weakened, while the carry-over •of wool in the London stores was greater this season.