WOOL PRICES RISE

New Zealand Herald, Volume LXXIV, Issue 22821, 31 August 1937, Page 8

WOOL PRICES RISE

NEW SEASON'S CLIP * * i «Y . STRONG OPENING SALE DEMAND AT SYDNEY ' JAPAN NOT OPERATING By Telegraph—Press Association -Copyright (Received August :«), 8.10 P- m -) SYDNEY- Aucust 30 The new season's wool sal cs °l )enßC l to-day, when 13,017 bales were offered, of which 11,930 were sold- A' l additional 6702 bales were sold pi'i vate '. v - The wools generally were well giown, but lighter in condition than last season's clip. The sales opened to keen bidding on Yorkshire account, with good support from France and Geimany, but Japan was not operating. Compared with the opening sales last season, prices showed a ll improvement of from 25 to ;30 per cent, and an improvement of 5 per cent, compared with the closing prices at the last sales. The top price to-dav was 23Jd. Although the sales in New Zealand will not open until the first auction in Auckland on November *7, the Sydney sales are always taken as a forecast of prices. It will be gratifying to the Dominion grower to find that there has been no decline during the off-season. ... The rise in prices is more remarkable considering the adverse factors which surrounded the Sydney sale, the unsettled political situation m burope was scarcely calculated to inspire confidence, and the absence ol Japan would make a material difference. Australian growers are unfortunate in this direction, as last year the trade dispute with Japan resulted m exports to that country falling from per cent in the previous season to 12 per It is not surprising to find that the main support came from Yorkshire, as it had been reported that stocks m the United Kingdom were short, the stocks at Bradford being the lowest ill the memory of the oldest merchants. France is undoubtedly benefiting from the recent depreciation' of the franc, which brings in buyers on a rising market and enables French spinners to compete more actively for export trade.