WOOL VALUES RISE

New Zealand Herald, Volume LXIX, Issue 21274, 30 August 1932, Page 9

WOOL VALUES RISE

OPENING SYDNEY SALE | JUNE RATES EXCEEDED i . . MERINOS UP 20 PER CENT E'y Telegraph—Press Association—Copyright (Received August 29, 8.35 p.m.) SYDNEY, Aug. 29 The wo6l sales were opened at Sydney to-day. Under very strong" general competition values for all descriptions of Merinos were 20 per cent higher than the closing rates in June. A special feature was the renewed activity in the Continental section. Compared with the opening rates last season, values were 5 to 7J per cent higher. Greasy Merino sold to 14£ d. Tho offerings totalled 11,509 bales, of which 10,628 were sold. Also 12,261 bales were disposed of privately. * The average weekly prices on the Sydney wool market this year have been as follows: Per bale Per lb. "Week ended £ e. d d Junuary 9 10 Ci 3 8.06 January 16 ..- •. . 11 1 11 8.59 January 23 .. . . 11 9 9 8.96 January 30 .. %. 11 10 5 9.08 February 6. .■ .. 12 22 9.06 February 13 . . .. 11 16 9 9.49 February 20 .. .. 11 13 7 9.47 March 12 . . .. 10 111 11 8.77 March 19 .. .. 10 Hi 0 8.71 April 2 .. .. 10 9 9 8.56 April 9 .. ~.10 12 3 8.39 April 16 .* .. 10 1 6 8.15 April 30 .. . 911 0 7.72 May 7 . . . . 816 2 7.10 May 14 .. .. 7 ".0 3 6.19 Juno 11 .. v 7 4 9 5.50 June 18 . . • • 611 3 4.99

The catalogues at the closing Sydney sales on June 14 were not generally attractive. They comprised chiefly autumnshorn clips of fair to good length, but the bulk of them carried vegetable fault and dust heavily. The balance of tha selections consisted of lambs' crutchings and oddments and re-offered' fleece lots. Though no quotable improvement in values was noticeable competition, on the whole, was more animated than in the previous week. Well-grown Merino fleece wools, in particular, were in stronger demand, the prices for these showing an upward trend on late low figures. Noticeably active bidding was experienced from Japan and Yorkshire. Tho Continental section also bought with moderate freedom. The wool sold on the Sydney market during the year, ended June 30, totalled 1,190,537 bales, being a record for the market, and this was the seventh consecutive year in which sales for the season totalled more than 1,000,000 bales. The following figures show the turnover on the market: — Bales 1923-26 .. .. . * 1,067,922 1926-27 1,124,931 1927-23 .. .. 1,052.285 1925-29 1,142.369 1929-30 .. .. 1,084,489 1930-31 .. .. .. 1,040,815 1931-3-2 .. .. 1.190.537

During 1913-14 sales totalled 779,397 bales. The number of sheep in New South Wales in 1913 was 43,740,000, compared with about 52,000,000 at the end of June. The three factors which produced such a marked increase in turnover since before the war were the larger number of sheep' pastured, the heavier weight of wool shorn per sheep, and the growth in popularity of Sydney as a selling centre. With the large supplies of attractive types of wool now available, the number of buyers operating on the Sydney market is probably greater than at any other auctions in the world. Tho quantities available for sal© in Sydney at the end of June were larger than in any other selling centre.