TODAY'S WOOL SALE.

New Zealand Herald, Volume LX, Issue 18565, 24 November 1923, Page 10

TODAY'S WOOL SALE.

LARGE CATALOGUE TO OFFER

GOOD PRICES' ANTICIPATED.

The 'first wool sale of the season in Auckland, which will be held to-day, is creating widespread interest. The strong demand for crossbred wool and the higher values realised at the Wellington sale have encouraged t&e belief that today's fixture will be one of the most important yet held 'in this centre. The wool this season is of excellent quality, and, with competition among buyers from Britain, France, America, Japan, and Germany, values are expected to exceed those at the opening sales of last season. Until the last two or three weeks it was anticipated that the catalogue would be smaller than usual, but a rush .of entries last week ' made it certain that a greater catalogue than usual would be submitted. The entries exceed 12,000 bales, compared with 11,516 at the first sale of last season. Selling will commence at 9 am., and is expected to finish between 3 p.m. and 4 p.m.

DEMAND FROM * CONTINENT.

GOOD OUTLOOK FOR CROSSBRED?.

Reference to the position of the wool trade in the United Kingdom was made by Mr. M. A. Eliott on his return from England by the Makura yesterday. ~

The depreciation of the European currencies, he said, had enabled foreign countries to sell woollen goods at very much lower prices than British manufacturers could produce. At the September London sales he saw the Bradford section stop bidding at 5d per lb. lower than what the French buyers ultimately paid.' If it had not been for the strong Continental demand for raw wool, prices for almost all descriptions would have been pence per lb. lower. With a settlement of European affairs a speedy recovery of the wool trade was expected in 'England. The prices paid for wool in New Zealand last 6eason were well above the parity of values in London, and those growers who sold in the Dominion probably averaged about lid per lb. better than if they had consigned and sold in London. There was a general feeling that Merinos had reached the limit and the outlook for crossbreds was very good. The lower purchasing power, however, as well as some changes in .fashion, was turning the consinner towards cheaper wools.