SYDNEY WOOL SALES

Hawke's Bay Tribune, Volume XXII, Issue 221, 1 September 1932, Page 8

SYDNEY WOOL SALES

A FURTHER RISE. KEEN GENERAL COMPETITION Sydney, Aug. 31. At the wool sales 11,001 bales were offered and 10,776 sold. In addition .6240 bales were disposed of privately The market showed an advance compared with the opening rates of five per cent, on fleece wools and ten per cent, on skirtings. Stained pieces and locks participated in the rise. Competition was of the keenest in all sections of the trade. Greasy Merino sold to 13|d. “It is encouraging to find that, ween the weight of the wool is coming on the market, prices are still holding, ’ ’ said an Auckland authority on Tuesday, in commenting on the improved tone at the Sydney sales. “It has to be remembered, however, that the advance of 20 per cent, for Merino wool is made in comparison with the last Sydney sales in June. As there ha s since been an equivalent rise at the London sales it would have been disappointing had an advance not been registered at the present Sydney sales. “The rise may not be of great significance in New Zealand, which is interested more particularly in crossbreds. However, when Merino prices rise it is usual for other classes of wool also to advance in price. Australia will be holding sales more or less continuously now, and two further London sales, to be opened on September 20 and November 22 respectively, will be held before the opening New Zealand sale takes place at Auckland on December 2. These later sales in Australia and London will give a better indication of the prices likely to be realised in New Zealand. A much greater improvement in prices is necessary before the farmer secures a return equal to the cost of production. To-day’s values represent only about half the production cost. “The firmness of the Bradford market is an encouraging sign. The fact that topmakers are adopting a protective attitude, or, in other words, are not selling forward to any great extent, indicates that a further hardening of prices is anticipated.’’