THE WOOL MARKET

New Zealand Herald, Volume LXXV, Issue 23208, 30 November 1938, Page 9

THE WOOL MARKET

PROSPECTS FOR NAPIER . QUALITY ABOVE THE AVERAGE CLIPS OF LONGER. STAPLE [by TELECBAPH—OWN 'COEBE§|pXDF.Nt] NAPIER; Tuesday Wool of better quality than usual will be submitted at the first sale of the season in Napier on Friday. With Auckland prices last Saturday showing a penny increase on those ruling at the corresponding auction last season, Hawke's Bay growers and brokers anticipate that prices here will also advance. Wool was slow to come into the stores in the early part of the season, but with the finer weather that has assisted shearing during the last few weeks the flow has speeded up, and during the last few days before the catalogue closed clips were coming in from all parts of tlio area from Southern Hawke's Bay to East Cape. The clip this season is better grown, cleaner and brighter than that offered at tho sale last November. Last season's clip, owing to unfavourable weather, was j thinly grown and inclined to be dusty; in fact, whereas early shorn tvools in j the 1937-38 season were the poorest for j some years, this season's clip promises •' to be rather-better than the average. !

The bulk of the wool to he offered will. ; be from the Hawke's Bay Province, but j it is expected that as usual there will j be quite a fair percentage of Gisborns j and East Coast clips on offer. Wool j from up the coast is in keeping with the j quality generally forwarded from '< Poverty Bay.

While the opening sale in Auckland ■ gives some lead as to what values may ' be expected, northern wools are finer and shorter than those auctioned in Napier. It remains to be seen what demand will exist ior the longer wools which will be placed before buyers on Friday. A total of 23,299 bales will be offered. COMPETITION IN LONDON "\

MAINLY MERINOS OFFERED There was an offering of 9306 bales at the wool sales, including 2702...ba1es ' of New Zealand wool," A total of 7766 bales was sold. There was a good selection, mainly Merinos, with active competition at firm rates. New Zealand slipes were largely withdrawn owing to firm limit's. The Bradford market is firm and prices are unchanged. j . DEFENCE INDUSTRIES ESSENTIAL SUPPLIES FUTURE IN AUSTRALIA THE ECONOMIC ASPECT A suggestion that it may be more economical to import' reserve supplies of essential commodities ratH%r than to establish excessively costly industries in Australia for defence purposes is contained in the annual report of the Australian Association of British Manufacturers. "Since the international crisis which brought the world to the verge of war in September," the report states, "the defence of Australia against possible foreign aggression has become the outstanding subject of discussion. The Government is embarking upon a dfe* fence programme previously unparalleled in time of peace. The implications from the point of view of Australian secondary industries are obvious. A matter of vital concern is the availability of essential materials in the event of a* blockade which might temporarily cut off Australia, from ihe rest of the woYld. 'fit must be realised ,that to some extent the establishment of industries may become necessary in circumstances in which, from purely economic considerations, their establishment would not be justified. In the interests of both the United Kingdom and Australia, and the Empire as a whole, British manufacturers must obviously take a broad view on this matter. * ' .

"At the same time, it is very necessary to realise the danger that the plea of necessity for defence purposes may be advanced to support almost any application that may bo made, for new or increased duties to foster forms of uneconomic production in Australia. The necessity for intelligent eelection •will be even more important in this connection than it is when applied for purely economic reasons. "In some cases, for example, it might prove vastly cheaper to import a two years' reserve supply of an essential commodity than to establish an excessively costly industry in Australia for the production of some m?!terial essential for defence purposes which Australia may not be in a position to manufacture for herself except at highly excessive cost for 20 or 30 years to come."

SnEEPSKIN VALUES , DECLINE AT DUNEDLN SALE . [by telegraph—coekesfoxdEkt] DUNE DIN, Tuesday The fortnightly s'heepskin Ssale was held to-day,. when largo catalogues, wcro offered to a fair attendance of buyers. Competition was not nearly as keen as at the last salo and prices all round showed a drop of x / a d' to Id per lb. • Quotations. —Halfbred:' Full-wool, to Sd; three-quarter-wool, G?.;d to 7 l ,jd; half-wool, •>%d to O'id; quarter-wool, 4d to sd. Crossbred: Full-wool, to three-quarter-wool, i» 3 id to 7 3 ' 4 d; half-wool, 5d to fid; quarterwool. to Id. Lambs: Halfbred. od to 6-i; crossbred, id to 5%d. jNlerino: Full-wopl. to fi!4d. Fine crossbred: Full-wool, to 7'id; three-quarter-wool. fi!/ ; d to 7 3 4 d; half-wool, •WW to (id. Hogget: Halfbred, <i) s <i to 7';< i; fine crossbred, fiVid to 7d; crossbred, fid to 7d. Dead: Halfbred, fidl to 7!-Jd;' fine crossbred. s'/id to OVid; crOSiibred, SVid to 6!id. Pelts: Best, to 3d; medium, iy 2 d to 2d.