RECORD WOOL PRICES.

Otago Daily Times, Issue 20322, 2 February 1928, Page 8

RECORD WOOL PRICES.

The results of the second of the season’s wool sales held in Dunedin and concluded yesterday will be gratifying to the pastoralist, and, therefore, should afford satisfaction to the community as a whole. The competition among buyers was such that price records for New Zealand auction sales were established iii all directions. An increase is indicated of something like twopence per pound in values since the previous sale, and the keenness of the inquiry for wool, which is still unsatisfied, has been illustrated in the demand for all classes of wool and the resultant distribution of the enhanced value. Inasmuch as the prices realised at the Dunedin sale in December were considered particularly good, representing a marked advance on those of the previous season, the continuance of the upward movement shown this week will hardly have been anticipated even by the most sanguine. It is none the less gratifying on that account. At the December sale nearly 20,000 bales were offered and the proceeds represented in round figures close upon half a million in money. The catalogue offered this week comprised over 27,000 bales, and at the higher prices realised should in the aggregate represent a very impressive figure, probably approximating £700,000. It is not difficult to appreciate the significance of the fact that within the last few weeks farmers have been able to dispose locally of their wool for a return comfortably exceeding the million mark. Such a result is of tremendous importance to the province of Otago, and the success of the wool sale is particularly welcome at a time when a spell of dry weather is causing some anxiety among those engaged in the dairy industry. The pastoralist has his good times and his bad times, but when, as during the present season, he has cause for rejoicing, the benefit that accrues to him reacts to the advantage of all sections of the public. The auguries for the firmness of the wool market during the remainder of the season appear to be excellent, and the tide of the Dominion’s returning prosperity should run all the more steadily in consequence.