THE RISE IN WOOL

New Zealand Herald, Volume LXXII, Issue 22209, 9 September 1935, Page 5

THE RISE IN WOOL

LONDON SALES FORECAST A FAVOURABLE MARKET GAIN OF id TO Md PER LB. In lino with the advance in wool! prices at the Syc.ney sales, -which opened laist week, the London market is expected to be substantially firmer at the oj>ening of the nest series of sales to-morrow week. The Bank of New Zealanci has received the following advice from ita London olßce, under date September 6 : Prospects for the next series, of sales are favourable. It is generally expected that Merino will advance Id to IJ<l per lb.; fine .crossbreds, Jd to 2d; medium and. coarse crossbreds, Jd to Jd. Scoured will probably remain unchanged. It is understood that there wilt bs fair quantities of New Zealand wool available for sale in London. Quotations for good average condition at the close of the last scries o:r London sales in July were as follows:; —Greasy Merinos, 60-64's, lod to 16d per lb.; ordinary, •GO-64's, 13Jd to 14d; inferior, 60-64's, lid to Hid; greasy halfbreds, 56's, lid to 12d; 50-56's, 9J:I to lOd; greasy crosisbredii, 50's, 9d to 9Jd; 48-50's, Bsd to 9d; 4(i-48's, ':o 8d; 44r-46's, to 7sd; 40-44's, 7d to 7*d; 3«-40's, 6Jd to 7'd. The Bunk of New Zealand forecast is generally an accurate one. Based on the values anticipated, prices will compare as follows with those at the opening of tbs September series in the previous two years:— 1933 1934 1935 (est.) Add d d d Merino ll l A 17 8 14 I'2 17yi Fins :cbrecl 7Vi IOVa 6 8V» 8 10-/ t Mecl. xbrei. 6 1 /, 7 5Vi 6 1 /« 7Vi 8 Course xred 6 6>% 5 5% 7 7Va On the expected prices, the marketwill. be higher than at the opening of the September sales in any years since 1930.

SALES IN THE DOMINION AN INCREASE THIS SEASON A total of 15,333 bales of wool -was offered for sale in the Dominion last week and 13,337 bales were sold. For the two months of the season ended August, 17,289 baleii were offered and 15,290 bales sold, the Auckland figures being 22!>0 bales and. 2109. bales respectively- As illustrative of the improved conditions in the market, only 331J7 bales, were offered ii.nd 3135 bales sold during the oorrespon ding two months of 1934, The 1934 figures for Auckland were 550 bales offered and sold.

According to additional figures compiled by Ijalgety and Company, Limited, exports of wool during August amounted to 18,585' bales a:nd for the two months' period 42,844 bales, against 30,877 tales last year. Shipments from Auckland and Opua for the two month# were 4277 bales, against 2994 balc?s. ADELAIDE WOOL SALES INCREASE IN PRICES ADELAIDE, Auk. T The Adelaide wool sales opened yesterday, when 15,560 bales were offered. The best price was 18d. The whole catalogue is; expected to average 12d a lb. Yesterday's prices were 15 per cent® above the closing rates last June and 30 per cent above the opening rates of i:he 1934 season GOLD AMD SILVER QUOTATIONS IN LONDON (Received September 8, S>.s p.m.) LONDON, Sept. T Fine gold is quoted to-day at £7 Is Id an oz., compared with '£7 0s lOd yesterday and £7 Os 7}d on Thursday. Silver is quoted at 29 3-16 d an oz. spot anrl forward, compared with 29Jd, both positions on September 3. The quotation for silver at per, line 035. is 3Ud, compared with 31 o-16d on Thursday.