THE LONDON WOOL SALES

Manawatu Standard, Volume LIII, Issue 253, 22 September 1933, Page 6

THE LONDON WOOL SALES

The upward trend in the wool market continues and the latest advices from London anent the opening of another series of sales there, this week, provide a further happy augury for the coming sales in New Zealand, at which there is now every justification for believing an appreciable rise will take place in values compared with the rates prevailing at the last roster of offerings. With the stocks in hand in producing and consuming countries at a very satisfactory level—-indeed the demand at some of the Australian and British sales would indicate that manufacturers are in sore need of the raw material —there is no chance of a substantial setback, and the New Zealand woolgrower now faces the future with a great deal more confidence than has been possible during the past few years. The Australian sales have already witnessed an appreciable rise in finer wools. The London series have proved further that this class of wools will not alone benefit, for crossbreds, which form the bulk of the Dominion clip, have reached an advance of 10 to 15 per cent., with some New Zealand offerings in crossbreds “occasionally 20 per cent, up.’’ The demand is keen, and it is worth noting that the Yorkshire Observer, one of the best informed journals in the world on wool market conditions, states that many think the best prices will be seen at the close of the season when the best clips are offered. Should prices advance even further, that will be all to the good; in the meantime, the producer has received news that will hearten him considerably. Another factor worth noting, and one for which the woolgrower himself must _ take some credit, is that the policy of meeting the market last year is reaping its reward. Conditions to-day would unquestionably have been different had there been greater reluctance to sell in the period of very low prices, with a consequent heavy carryover of wools. As it is, the woolgrower in this and practically every producing country has allowed the past season’s clip to go forward for what it will bring, so that with the new sales beginning in November there will be comparatively little old wool offering. Conditions in the market afford many points for gratification.