AUSTRALIAN WOOL

New Zealand Herald, Volume LXXV, Issue 23135, 6 September 1938, Page 7

AUSTRALIAN WOOL

NEW SEASON'S SALES AN INAUSPICIOUS OPENING 33 PER CENT FALL IN YEAR [from our own correspondent] SYDNEY, Sept. 1 Prices at the opening sales in Sydney on Monday of the Australian wool season were disappointing, but the disappointment was not unexpected. The prices were about 33 per cent below the opening rates a year ago, but werls on about a par with the rates prevailing from February to June last season. For good lines they showed no fall from the closing rates in June, but faulty lots were certainly weaker.

Some buyers considered that prices were from 6d to 7d a lb. (fully 33 per cent) below the opening rates of last season for all top grades. For this class of wool the market was firm at the closing rates of last June. Other sorts were 30 to 40 per cent below early rates of the 1937-38 sales. - Range of Drop "The wool offered was equal to any year's opening catalogue, except that it carried a little more dust," said the chairman of the Sydney Wool Selling Brokers' Association, Mr. G. O. Parnhain. "Some of the best wool from the north-west was offered." Results, from a clip grown in the north-west of the State are typical. Last year, the clip prices ranged from 14id for broken to 22Jd for A-AA. ewes; this year the range wasMrom 12* d to lod. The top price of all the dav'a sales was Last year many growers withdrew wool on an average of loid a lb.; this year they are showing readiness to sell.

The values ruling were about up to the general expectations of the trade. Growers of faulty, badly droughtaffected lines will not be gratified with their results, som& of their top fleeca lines realising only about 10d a lb. Considering the adverse pastoral circumstances under which most of the wools offered were grown, the selections available were in surprisingly good order, sound, well-grown, fine quality lines being in larger supply than was expected, but poorly grown offerings were fairly plentiful in the catalogues. Japan and Germany Japan competed for good length wools. France was the largest buyer, competition from that country being experienced in excellent volume, and continued to buy well at subsequent days' sales. Germany- was a noticeable competitor for offerings of attractive length. Yorkshire was only a moderate purchaser. Belgium was a buyer of the faulty carbonising types, and Australian millmen also operated. Years have elapsed- since the. clip of New South Wales has been grown under the generally unfavourable pastoral circumstances experienced during the last 12 months. The decrease" m production in this State will be substantial. and probably much greater than the 15 nor cent decline in quantitv estimated last June. W 00l so far to hand is, on the whole, lighter in condition and shorter in length than the clip of a year ago, indicating the reduced weight of fleece shorn per sheep.

AUCTIONS AT SYDNEY MORE GENERAL COMPETITION (Received September 5, 8.10 p.m.) SYDNEY, Sept. 5 At the wool sales to-day 12.021 bales were offered and 10.520 were sold, inchiding 1318 privately Competition was a little more general, with prices firm at" the closing rates of last week. Continental buying again predominated, with pood support from Japan. Greasy Merino made 16d per The average price of wool last week was £l2 lis 3d a bale and 9.4 d per lb.