THE WOOL SEASON

Otago Daily Times, Issue 22418, 13 November 1934, Page 10

THE WOOL SEASON

GERMAN BUYER'S VIEWS SUBSTANTIAL DROP IN PRICES BIG PURCHASE FROM ARGENTINA (Per United Press Association.) WELLINGTON, November 12. Opinions expressed in Auckland last month by the wool buyers on arrival from England were very largely shared by Mr Bruno Beyer, buyer on behalf of German houses, who reached Wellington by the Maunganui from San Francisco. He said he did not think Germany could buy as much wool as last year, and, iu, regard to the prices likely to be obtained in New Zealand, hie opinion is that the average will be much lower. He said that, on account of Germany's diminished export trade, there was not enough foreign currency available to purchase large quantities of wool in the foreign markets. It was the intention of the German Government to buy. in the main, from those countries which were good customers of Germany. Although Germany in the past had been one of New Zealand's best customers, the new order of things was likely to prove a material factor in the New Zealand wool market. Germany would buy something, of course, but he did not think her ouying in New Zealand -otf in Australia would be anywhere near as great as last year. Argentina was a very good customer of Germany, and because of her accumulation of a favourable trade balance of exports the Argentine would have the benefit of the greatest share of Germany's wool buying, with, perhaps, even bigger prices ruling than in anv other wool market. "I do not think prices for wool will be anywhere near as high as last season, said Mr Beyer. "I consider that if the average is about 30 per cent, lower than for the peak period of last year It will be very good."