PAYMENT FOR WOOL

New Zealand Herald, Volume LXXI, Issue 21757, 23 March 1934, Page 10

PAYMENT FOR WOOL

PROCEEDS TO FEBRUARY OFFICIAL RETURN £7,560,863 The gross proceeds of wool sold at the 17 sales held in the Dominion this season to the end of February are officially declared by the New Zealand Wool Brokers' Association at £7,560,863, compared with an estimate of £7,500,000 made in the Herald on February 26. The amount exceeds the total for the whole of last season by £3,356,433 and is only £159,928 short of the total of £Z,720,791 for the two complete seasons, 1931-32 and 1932-33. As there are still 11 sales to be accounted for—six during this month and five during April—the possibility of the season's 'total realisation amounting to over £10,000,000 is further strengthened. This would be easily the best return to the industry since the 1928-29 season. The gross realisations of the wool sold in the Dominion at the roster wool sales for the whole of the previous five seasons compare as follows with those for the first 17 sales of this season:—• Season , • 1925-29 ,i ~ .. £11,877,305 1929-30 .4 .. .. 4,906,453 1930-31 . 4 ». .. 3.403,528 « 1931-32 .. «. 3.516.361 1932-33 4,204.430 1933-34 to Feb. 28 .. 7,560,563 The total quantity of wool sold at the roster sales to the end of February was 433,038 bales. AUSTRALIA'S CHEQUE TOTAL OF £54,163,258 (Keceived March 22, 7.45 p.m.) SYDNEY, March 22 The directors of the Commonwealth Bank, in their half-yearly report, comment ■ upon the increase in the price of wool. They estimate that the Australian wool cheque for the 1933-34 season will be £54;163,258, compared with £37,851,321 for the preceding season. NAPIER SALE TO-DAY OFFERING OF 23,471 BALES [by telegbaph—own correspondent} NAPIER, Thursday A total of 23,471 bales of wool will be offered at the fourth Napier sale of the season to-morrow. An examination of the clips in the stores at Port Ahuriri discloses a preponderance of fairly rough back countrv wool and compared with the second 1 and third sales the proportion of fine . sorts is smaller.

The bulk of the offering is from late shorn ewes, is fairly heavy in condition and in many cases is very rough with a good deal of hair. At this time of the year many brokers in Hawke's Bay anticipate a falling off in quality, but in view of the uncertainty of the wool market at present many growers are hopeful thq,t the lowered quality may not necessarily mean lower prices.