WOOL SALES OPEN

New Zealand Herald, Volume LXXV, Issue 23129, 30 August 1938, Page 7

WOOL SALES OPEN

AUCTION AT' ..si'PJfEV, ' . w. ' V GOOD SORTS REMAIN . FIRM JAPAN SUPPORTS .MARKET (Keceived August 29, 9.25 p.m.) SYDNEY, August 29 The new season's wool sales opened to-day, Yorkshire, Continental and Japanese buyers participating: For all well-grown descriptions of good to average fleece and for better classes of skirtings the market was firm at the June closing rates. Short and inferior wools, which were well supplied, were at times easier. Greasy Merino made to lojd per lb. •

The average price of wool realised at the Sydney auctions in the three days prior to the close of the last season in June was £l2 4s 6d a bale and 9.6 d per lb. Last year Japanese buyers remained aloof from the market until September. Japan has an agreement with Australia to purchase 300,000 to 400,000 bales during tho current selling year and the Japanese Government also agreed to make provision for the buying of an additional, approximately, 100,000 bales, to compensate for the deficiency in the quantity of 800,000 bales Japan contracted to purchase in the .year ended June 30 last. The position of Japan's stocks, which are now unusually light, suggests that her operations are likely to favour well-grown free or nearly free wools:

NEW SEASON'S PROSPECTS

AX OPTIMISTIC VIEW

* A note of optimism regarding tha new wool season is sounded in the annual wool review issued by Dennys, Lascelles, Limited, Geelong. Dealing with the future for wool and price prospects for 1938-39, the firm says that at the moment oversea reports are brighter, but it is evident that in all wool-consuming countries stocks of semi-manufactured goods have accumulated, and that, as a result, immediate requirements of users can easily be filled on the spot. The same position existed in Australia. The carry-over of wool was 230,000 bales, and while this stock remained to satisfy local inquiries, there was not likely to be anv accumulation of orders to welcome the opening of the now selling season. The recentlycompleted trade agreement with Japan was comforting, but the total buying strength of Japan in the world's markets had not materially altered. Summing up the position, the review states that the world has had a remarkable ability to absorb wool. There appeared to be sound reasons in support of the general trade improvement, with consequent better wool prices.

RECORD RIVER CARGO 700 TONS ON WAIKATO CONSIGNMENT FOR HAMILTON ARRIVAL BY PADDLE-STEAMER [from our own correspondent] HAMILTON, Monday The first transport service to 'Hamilton was made by way of the Waikato River 74 years ago, The value of the river as a commercial waterway, is still fully--realised... an illustration of this to-day, .when a record cargo of produce and merchandise for some of the leading firms in Hamilton arrived bj - the paddle-steamer Rawhiti. The cargo weighed 700 tons, being the largest consignment ever to enter Hamilton as a single unit. The average cargo by river is about 300 tons.

The motor-vessel Holmglen brought the cargo to Port Wakiato from Dunedin, Timaru, Lyttelton and Wellington in order to tranship it .to the Rawhiti. The consignment was then brought up the AYaikato by the Rawhiti, which had a barge on either side.

A commencement was made with unloading the cargo this afternoon, and the work will occupy about three days.