WOOL PAYMENTS TO-DAY

Poverty Bay Herald, Volume LIV, Issue 16837, 28 December 1928, Page 7

WOOL PAYMENTS TO-DAY

£90,000 FOR GISBORNE

THUtD SALE QUOTA FILLING

Payments for wool sold at the second Napier sale of the season Avill be. made to-day. There were approximately 28,000 bales in the catalogue, which contained 4462 bales shipped from Gisbornc. An examination ot the position sets down the average net price of the Gisbome wool at approximately £2O 10s a bale, and if this re-

presents the true value of all of tlic ♦ wool in the sale the distributions made to*dav should aggregate considerably more* than £500,000. It is estimated that growers who shipped through Glsborne will benefit to the extent of over £90,000. This does not represent the total amount that was placed to the credit of Poverty Pay and coast growers to-day, for a number sent their wool overland or via other ports, and it would not be exaggerating the position to say that well over £IOO,OOO will be received to-day by Poverty Bay and coastal station owners, as "a result, of the sale at Napier on December 12. Growers are two days later this year in receiving their payments on account, of wool in the December sale, for "prompt" date this year fell, on a bank holiday, Boxing Day, in which case payments are deferred till the 'first business day after the one named

in the conditions of sale. In the meantime wool has been going .to Napier in large quantities for the January dispersal, and it is expected {bit there will be little trouble in securing the tilling of the Gisbornc allocation of 8000 bales, despite the continued delays to shearing occasioned by the broken weather. Further interruptions have occurred this week, but there is so much wool in hand that the necessary 8000 bales should be in'Napier by January 0, the last day wool will be received for that month's sale. The wool is still going forward in

good condition, but it is much heavier than the earlier clips, and those offered next month may not be quite so

attractive as they have been at the earlier sales. Growers still have confidence in .the market, however, and little fear is being evidenced at values decreasing to any extent.