HIGHER WOOL VALUES.
EFFECTS OF THE INCREASES.
ONE PENNY EQUALS £1,000,000,
How pence can become important factors in determining the financial condition of New Zealand is emphasised by the upward trend of the wool market. With the rapid increase in the sheep flocks of tho Dominion to a total of nearly 31,000,000, the wool production must now be very close to 240,000,0001b!, so that an increase of a penny a pound in the price represents £1,000,000 on the total clip. The increases of 2d to 3d at Christchurch last week and of a further penny at Dunedin on Monday therefore represent £3,000,1300 to £4,000,000 on the year's clip. As a considerable portion of the season's wool had previously been sold, the actual appreciation is proportionately less. So far as Auckland is concerned, it is estimated that approximately 45,000 bales are held in store awaiting sale. As a result of the Christchurch and Dunedin sales, that wool can now be valued at up to £IBO,OOO more than it was worth a week ago.
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Bibliographic details
New Zealand Herald, Volume LXVIII, Issue 20819, 11 March 1931, Page 10
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172HIGHER WOOL VALUES. New Zealand Herald, Volume LXVIII, Issue 20819, 11 March 1931, Page 10
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