THE WOOL TRADE.

Otago Daily Times, Issue 20800, 20 August 1929, Page 13

THE WOOL TRADE.

STATISTICS FOR AUSTRALIA AND NEW ZEALAND. RESULTS TO PRODUCERS. A RECORD TURNOVER, Although the Australian and New Zealand wool sales during the season 1928-29 were made at a definitely lower range of values, especially during the latter half ox the selling period (states an extract from Dalgety s annual wool review deal'w* ' vo ,°l , st> ld in the Commonwealth and Australasian markets for the year ended June 30, 1929). a substantial increase in the volume of wool realised proved a very material compensation, and m the final analysis the wool cheque was the second largest ever received for the golden fleece in Australasia. Despite an ail-round decrease of £3 9s 5d per bale, the total wool cheque was £69,339,438, or a decrease of £4,538,424 as compared with the record result of the 1927-28 wool selling season, when £73.877,862 was secured. Naturally any decrease from a previously established level was a disappointment, but the total cheque for the past season was, after the known fall in values, rather in the nature of an agreeable surprise. The total was indeed between 9,000,000 and 10.000,000 better than the total secured during the wool appraisement scheme' years, which, at the time, were regarded as something m the nature of the woolgrowers’ millennium. It was only by comparing a season s financial result with figures covering a period of years that the proper sense of proportion could be obtained; and when the record of wool sales was scanned over the continuous period of 31 years that Dalgety and Co., Ltd., have compiled their annual analysis, it would be seen that the results of the 1928-29 season established a record in regard to the volume of wool handled, and in point of value had only been exceeded once. The 'result was remarkable, and if compared with the last wool market boom period of 1924-25, tho past season showed an advantage of £250.000. Admittedly the result was due to a considerably increased turnover, and the average value per bale had been exceeded upon many occasions, but it was a comfortable reflection that an excess of 265,742 bales was disposed of and that ’the “carryover” of unsold wool at the end of the season was a negligible quantity. . The ■ trade would regard the financial result of the season’s wool sale operations as highly satisfactory considering the conditions prevailing in consuming centres. The outlook when the season opened was far from encouraging. The Yorkshire trade was more or less demoralised, and buyers followed a hand-to-mouth policy, whilst America was practically out of the market, and on the Continent several ■ important ■ sections were faced with their own peculiar problems all, more or less, curtailing activity. It was undoubtedly the spirited support of the Japanese buyers that made the range of values possible, and before long Continental buyers gave a. full quota of support. Market developments were the reverse of the previous season, when there was a steadily firming demand and prices were on an appreciably higher level after Christmas. The 1928-29 record was of a price level, fairly well sustained in the first half of the season, but steadily falling away in the later stages. The Home trade was fortunate in that it could not operate to any extent in the earlier stages and was able to buy the bulk of its requirements at reduced levels. Once, however, wool’values fell and confidence became shaken, buyers feared that the “bottom” of the market had not been registered, and it was' this factor which prevented any section reaping an undue advantage in the fall. The wool cheques of the Commonwealth and of New Zealand are compared in the figures given below with those of the eight previous seasons. This period was taken because it covered the post-war auctions. It was in 1920-21 that wool auctions were resumed after an interruption of three season's and a-half, during which an artificial “appraisement ” scheme had been in force. The comparative figures of the post war seasons are as follow, the Commonwealth totals being given in parentheses:— £ it £ 1028-29 .. (67,122,056) 69,339,438 1927-28 .. (60,873,662) 73,877,862 1926-27 .. (66,610,468) 64.818.586 1925-26 .. (57,718,015) 65,980,862 1024-25 .. (55,545,838) 69,083,182 1923-24 .. (53.305,374) 64,929,298 1922-23 .. (46,238,801) 54,169,743 1921-22 .. (27,296,723) 41,504,090 1920-21 .. (13,114,097) 15,475,014 The 3,221,327 bales sold in Australasia weighed 1>018,225,4621b as-compared with 2,955,585 bales weighing 920,066;7381b during the 1927-28 .season. ‘ ■ In passing, it was interesting to note that the weight of Australasian wool touched the billion mark for the first time in history. The average weigth per bale was 316.11 b, as compared with 311.31 b the previous season. AUSTRALIAN SALES. ' The sale figures in the Commonwealth showed a substantial increase of 233,822 bales, a total of .2,645,695 bales comparing with 2,411,873 bales in 1927-28. The Commonwealth sale values were £3,751,606 lower at £57,122,056. Taking the comparison back two. seasons the number of bales was 2,480,472, valued at £55,610,468, so that as compared with 1926-27' there was an increase turnover of 165,223 bales and an increase in value of £1,511,588. As usual,' Sydney was the premier market, handling for the fourth season in succession over 1,000,000 bales of wool. Upon the first occasion the 1,000,000-bale' mark was reached with the aid of a heavy carry over from the previous season, but during the past three seasons the turnover represented current production only. The figures were 1,155,362 bales, valued at £25,261,413, comparing with 1,067,050 bales, valued at £27,065,916 in 1927-28. Victorian sales,' which included Melbourne, Geelong, Ballarat, and Albnry, reached a total of <136,366, valued at £15,126,611, ns compared with 570,431 bales, valued at £14,449,085 the previous season, the increased turnover of 115,935 bales explaining the apparent anomaly of the improved total result. Adelaide sales fell from 241,146 bales to 227,420 bales, whilst West Australian sales increased from 153,154 bales to 157,212 bales. The Brisbane sales improved from 342,018 bales to 376,217 bales, whilst the wool cheque was £8,180,624 compared with £9,141.833 in 1927-28. Tasmanian clearances rose from 38,074 bales to 43,118 hales.. NET PRODUCTION. The net production of the Commonwealth showed the substantial increase of 189,8/7 bales, the 1928-29 figures being 2,862,877 bales as compared with 2,673,000 bales in 1927-28. The net production iu New South Wales showed an increase of 55.000 bales; in Victoria of 95,000 bales: in Queensland of 45,000 bales; in West Australia of 4000 bales; in Tasmania of 9877 bales; while South Australia showed a decrease of 19,000 bales. The net production in New Zealand was 698.000 bales, as compared with 665,000 bales in 1927-28, an increase of 33,000 bales. Adding the total production of the Commonwealth to that of the Dominion of New Zealand gives the Australasian aggregate of 3,560,877 bales as compared with 3,338,000 bales in 1927-28, an increase of 222,877 bales. Taking the comparison back two years the increased production is 261,439 bales. A COMPARISON OF AVERAGES. The following summary of Australasian averages for a' number of seasons past illustrates the fluctuation in pastoral re-sults;—l92B-1929, £2l 10s 6d; 1927-1928, £24 19s lid; 1926-1927, £2l 13s; 19251926, £2O 19s 4d; 1924-1925, £33 13s 10d--1923-1924, £29 0s 9d; 1922-1923, £22 9s 8d; 1921-1922, £ls 8s Id; 1920-1921, £ls 12s 7d. SHIPMENTS. Oversea shipments from the Commonwealth amounted to 2,643,885 bales, as compared with 2,470,030 bales in 1927-28 and 2,665,246 bales in 1926-27. New Zealand shipments amounted to 693,494 bales, as compared with 658,300 bales in the previous season. Taking the Commonwealth

and Dominion figures together, the aggregate total shipments were 3,337,379 bales, as compared with 3,128,336 bales in 192728 and 3,067,629 bales in 1920-27.' Analysing the destination of wool purchased (from returns supplied by buyers) shows that out of a total of 3,221,327 bales the Continental section absorbed 1,643,851 bales, _ ranking in the aggregate as Australasia’s best customer, the figures comparing with 1,457,339 bales in 1927-28. Taking the countries individually, the United Kingdom was again the heaviest buyer, taking 891,765 bales, as compared with 819,916 bales in 1927-28. France was second with 672,894 bales, as compared with 601,174 bales the previous season, and Germany was third with 452,228 bales, as compared with 442,215 bales in 1927-28. Japan was again in fourth place with 365,319 bales, comparing with 351,001 bales the previous season. The United Kingdom took 28 per cent., as compared with 28 and 31 per cent, in the two previous • seasons respectively, France 21 per cent., as compared with 20 and 23 per cent, in the two previous seasons, Germany and Austria 14 per cent., as compared with 15 per cent, in the two previous seasons, Belgium and Holland took 10 per cent., as compared with 8 and 7 per cent., and Japan 11 per cent., as compared with 12 and 8 per cent. These are the Australasian and in Sydney and Brisbane the predominance of the Continental section was, as usual, more marked. In' southern centres and New Zealand the Home trade lead, such variations being lai’gely due to the suitability of the offerings to the varying requirements of users. SHEEP RETURNS. The sheep returns in the aggregate showed a substantial increase. The flocks of the Commonwealth were now put down as 105,747,418 head, compared with 98,939,657 head in 1927 and’ 102,960,694 in 1926. The New South Wales flocks numbered 52,700,000, as compared with 48,920,000 in 1927 and '54,630,000 in 1926, and Queensland’s total was 18,075,608. as compared with 16,642,385 in 1927 and 16,860,772 in 1926. Victoria’s flocks showed an increase from 15,527,447 to 17,063,934, and in most other States there was a moderate increase. The New' Zealand figures came out at 29,011,447,' as compared with 27.133,810 in 1927: The aggregate Australasian totals were, therefore. 134,758,865, as compared with 126.073.467 in 1927 and 128,609,710 in 1926.