THE WOOL INDUSTRY.

Manawatu Standard, Volume LIV, Issue 297, 13 November 1934, Page 5

THE WOOL INDUSTRY.

SYDNEY SALES FIRM.

SYDNEY, Nov. 12. At the wool sales to-day 10,530 bales were offered, 8950 being sold at auction; also 730 bales were sold privately.

The average price of the wool sold m Sydney last week was £l3 13s 4d a bale, or 10.5 d per lb. There was good general competition from the Continent, Yorkshire and Japan at to-day’s auctions, prices showing a tendency in buyers’ favour for best lines, but all other descriptions ruling firm at last week’s closing rates. Greasy Merino fleece sold to 18Jd for five bales from Canberra.

WOOL FOR JAPAN

FUTURE SALE PROSPECTS

Mr H. Hill, president of the New Zealand Woolbuyers’ Association, who has been studying the Japanese woolmanufacturing industry, said, on arnval at Sydney by the Changte last lnursday, that the Japanese people were wearing more woollen clothing than before, and that the future prospects for sales of Australian and New 'tealancl .wool. to Japan were bngnt. Mr Hill said that Japan was troubled because she was buying much more from Australia than Australia was buying from Japan. She hoped tor a more favourable trade balance.

SYDNEY MARKET TURNOVER. DECREASE FOR FOUR MONTHS. From July 1 to October 31 244,307 bales of wool were sold on the Sydney market, which realised £3,094,238. The turnover shows a decrease of 88,721 bales and the amount realised a decrease of £2,822,086 compared with the similar period of last season. The greasy and scoured wool sold mad© an average of £l2 13s 3d per bale, or 9.7 d per lb, compared with £l7 15s 3d per bale, or 13.8 d per lb a year previously. During October the greasy wool sold averaged 9.2 d per lb, compared with 12.8 d per lb in October, 1933. Thefollowing figures show the quantity of wool sold and the amount reailsed from July 1 to October 31 during six seasons:—

The reduction in the amount realised compared with last season was partly due to the lower prices ruling this season, but the smaller quantity sold also contributed to the decrease. During recent weeks wool has sold more freely, and at slightly improved prices. Average prices obtained at the Sydney sales since the commencement of tli season are as under:—

GERMAN PURCHASES. EFFECT ON PRICES. Per Press Association. WELLINGTON, Nov. 12. Opinions expressed in Auckland last month by wool-buyers on their arrival from England were very largely shared by Herr Bruno Beyer, a buyer on behalf of German houses, who reached Wellington by the Maunganui froni San Francisco to-day. He said lie did not think Germany could buy as much wool as last year, and in regard to prices likely to be obtained in New Zealand his opinion is that the average will be much lower. He said that on account of Germany’s diminished export trade not enough foreign currency was available to purchase large quantities of wool in foreign markets. It was the intention of the German Government to buy in the main from those countries which were good customers to Germany. Although Germany in the past had been one of New Zealand’s best customers, a new order of things was likely to prove a material factor in New Zealand’s wool market. Germany would buy something, of course, but he did not think her buying in New Zealand, also Australia, would be anywhere near as great as last year. The Argentine was a very good customer of Germany, and because of her accumulation of a favourable trade balance of exports the Argentine would have the benefit of the greatest share of Germany’s wool buying, with perhaps even bigger prices ruling than in any other ivool market.

“I do not think the prices for wool will be anywhere near as high as last season,” said Herr Beyer. “I consider that if the average is about 30 per cent lower than: for the peak period last year it will be very good.”

Bales. Amount. 1929 .... 260,030 £3,793,713 1930 .... 266,435 £2,987,682 1931 .... 374,326 £3,994,088 1932 .... 327,996 £3,874,218 1933 .... 333,028 £5,916,324 1934 244,307 £3,094,238

Per bale Per lb. Weeli ended £ s. d. d. Sept. 8 .. 13 4 10 10.0 Sept. 15 .. 12 13 6 9.4 Sept. 22 .. 12 10 2 9.5 Sept. 29 .. 12 2 0 9.1 Oct. 20 .. 12 6 2 9.3 Oct. 27 .. 12 9 2 9.4 Nov. 3 .. 13 4 10 10.2 Nov. 10 .. 13 13 4 10.5