LAST SEASON'S WOOL.

New Zealand Herald, Volume LX, Issue 18577, 8 December 1923, Page 13

LAST SEASON'S WOOL.

DALGETY'S ANNUAL REVIEW.

RECOVERY FROM SLUMP.

FROM £.9 TO OVER £16 A BALE.

The recovery of values from an average of £9 to £16 12s •7d per bale is the outstanding feature of the 1922-23 wool season in New Zealand, disclosed by Dalgety's annual review. Values for Australian wool were depressed in the two preceding seasons, but not to the same extent as in New Zealand; there was a substantial improvement last season. Production this season is smaller, but prices have further advanced. Following is a comparison, compiled from figures giVen in the review, of the estimated production in New Zealand, the quantities sold by auction at local sales, and the quantities exported for the last three years ended June 30: Local Total Production. Sales. Exports. Bales. Bales. Bales. 1920-21 . . £20,000 198,641 472,686 1921-22 . . 533,000 467,381 926,634 1922-23 . . 583.000 476,966 652,273 Totals 1,636,000 1,142,988 2,051.593 During the four preceding seasons the whole production was sold under the Imperial requisition. The great excess of exports over production was due to the accumulation of stocks during the shipping shortage in earlier years. In 1920-21 the quantity shipped to London for sale on growers' account was 139,359 bales. In the two following seasons a much larger proportion of the clip passed through local auctions into buyers' hands. Returns from .Local Sales. As against the increase of 50,000 bales in the estimated production in New Zealand, the Australian clip of 1922-23 is estimated at 1.918,002 bales, a decrease of 123,134 bales. The quantity sold was 1,932,315 bales, a decrease of 294,443 bales. Following is a summary of the gross value of wool sold at local auctions for the last five seasons: — Australia. New Zld. £» £ 1918-19 . „ >. 45,591,300 14.755,247 1919-20 ... . . 46,191,087 13,627,918 1920-21 . « .. 13,114.997 2,360,017 1921-22 . 37,296,723 4,207,367 1922-23 ... .. 46,238,801, 7.930,943 Following is a comparison of the average prices per bale at local sales for the last eleven seasons: —•

Estimated Values of Clips. The feature of this review is, of course, that during the war period, the average price was higher in New Zealand than in Australia. For the four seasons from 1916-17 to 1919-20, all the figures refer to the sale of the whole production; for other years, they refer to only that portion sold locally. Consequently comparison of the gross returns shown above is somewhat misleading as it does not take into account tho return from wool consigned by growers. If the value of the whole clip is estimated at the average local prices, the returns for New Zealand appear as follow: — Estimated. Bales. Value. 1918-19 «« 627.831 £14,755,247 1919-20 . . 580,093 £13,627,918 1920-21 .. 520,000 £6,151,000 1921-22 ~ 533.000 £4,797,000 1922-23 . . 583,440 £9,703,000 As a matter of fact, many owners, alarmed ty the fall in prices in 1920-21, held their wool—the quantity was estimated by Dalgety's at 182,000 bales—and the Extent that this carrying-over was sold at the depth of the slump involves a. corresponding reduction in the figures of £6,000,000. On the other hand, farmers who were able to hold their wool in 1921-22 gained the advantage of higher prices last season.

Australia. N.Z. £ s d £ s d 1912-13 „ „ . 13 11 9 14 0 1 1913-14 „« 13 6 2 12 17 4 1914-15 , « . . 12 3 7 15 1 1 1915-16 .. 15 7 6 21 2 11 1916-17 >. 21 9 6 -22 2 4 1917-18 . . .. 22 6 0 22 16 2 1918-19 .. . . 22 9 0 23 10 0 1919-20 .. .. 22 11 6 23 9 10 1920-21 »... 16 11 5 11 17 7 1921-22 .. .. 16 15 0 9 0 0 1922-23 . . . . 23 18 7 16 12 7