Competition Keen at Sydney Wool Sales

Manawatu Times, Volume 62, Issue 4, 6 January 1937, Page 7

Competition Keen at Sydney Wool Sales

PRICES IN SELLERS’ FAVOUR. United Press Association—By Electric Telegraph.—Copyright. Received Tuesday, 10.55 p.m. SYDNEY, Jan. 5. At the wool sales 12,135 bales were offered and 11,755 sold, also 1465 privately. Compared with last year the .best descriptions ruled in sellers' favour and average sorts were from par to 5 per cent, higher. Competition was keen from Japan and the Continent with support from Yorkshire and occasionally America. Greasy Merino made 30i pence. Merino Quotations Withdrawn By Topmakers LONDON, Jan. 4. Bradford topmakers have completely withdrawn the Merino quotations, but private cables suggest that prices at the Australian sales will cause 64's to cost 40d to 41d a lb. Business is at a standstill until the situation has been considered. South Canterbury’s Big Wool Cheque Per Press Association. TIMARU, Last Night. Woolgrowcrs of South Canterbury received a handsome cheque for the wool sold at the first sale in December, the total amount being £393,528 Ils 6d. The average price a pound was 16.7 d and the average a bale £2l Iss 4d. Money From Wool AUSTRALIAN CHEQUE OF £50,000,000. In emphasising that results since the commencement of this season's wool sales have been more satisfactory than even the most optimistic anticipated, and that it is doubtful whether competition at the sales has ever been better, the December wool report of Australian Mercantile Land and Finance Company, Limited, states that, unless values decline during the remainder of the season, the proceeds of the Australian clip should exceed £50,000,000.

The wool proceeds are the main itoui in the national income, continues the report, but the true value of the wool clip of Australia cannot be measured by so many bales sold for £50,000,000. The shearing, delivery to store, and sale of the clip to buyers from most parts of the world, comprise merely the first stage in a long line of revenue-pro-ducing activities.

After the wool leaves the stores of brokers it passes through many more stages, from the scourer to the factory, to the warehouse, and to tlie tailor or the retailer, providing employment all the time, till in the end this wool clip, which is sold in the raw state for about £50,000,000, comes to be worth ten times as much and possibly more, and constitutes one of the great wealth and employment producing industries of the world. The wool clip is the mainstay of Australia, but it is of value to the industry of almost every other country, and there are few parts of the world which would not be affected adversely should anything happen to supplant wool or to impair the stability of the wool-growing industry of Australia. Reasonable raw-wool prices are essential to maintain sound economic conditions within the Commonwealth. Reasonable prices have been realised this season to the present. The outlook for a continuation of good values for the rest of the selling season is promising, and the encouraging outlook for wool is creating confidence throughout the country, concludes the report.