WOOL IN AUSTRALIA

Hawke's Bay Tribune, Volume XXIII, Issue 10, 22 December 1932, Page 10

WOOL IN AUSTRALIA

RESULTS OF RECENT SALES. LITTLE CHANGE IN PRICES. T . ~ x . Sydney, Dec. 15. the latest series of wool sales in Sydney—the most important of the Australian markets—closed without any definite alteration in recent values, but the market did not consistently display the full buoyancy experienced at previous Sydney scries which closed on November 24. Any variation in rates, however, was only of small degree, the fluctuation ranging from par to 5 per cent. Spinners’ fleece wools chiefly felt any alteration. Japanese competition on average to good top-making wools showed outstanding vigour. Tho Continent bought in good volume, and Yorkshire was an appreciable competitor, but the English trade has not so far tins season shown the vigorous buying attitude noticeable over the greater part of the preceding year. United States support last week was very welcome. It is thought that this may be due in a measure to an anticipated decrease of 5 per cent, in the amount of wool produced this year in the United States. It is pointed out that United States manufacturers can certainly buy wool at low enough figures on a gold basis to encourage them to buy with greater freedom. A line of wool for which they pay 16d in Australian currency would cost them about half that in terms of gold in the Commonwealth.

From July 1 to November 30, sales ol wool iii the chief selling centres ol

the Commonwealth totalled 1,177,739 bales which realised £13,565,339. Compared with the same period of last season, the quantity sold shows an increase of 122,566 bales, and the amount realised an increase of £1,418,647. The average price obtained for the five months was £ll 10/4 per bale, or B.Bd per lb., compared with £ll 10/3 per bale a year before. Sales of wool on the Sydney market for the five months totalled 505,037 bales, which realised £5,793,919, the greasy and scoured average being £ll 9/5 per bale. Compared with the same period of last season the quantity shows a decrease of 12,417, but the amount an increase of £3215. .. Although it is gratifying that there have been no marked reductions since the opening of the sales, the prices realised are still quoted by graziers as being far below the cost of production. It is felt that there are no indications as yet of improved prices in the new year.