A Bad Old Year Leaves Promise of Better Times

Poverty Bay Herald, Volume LV, Issue 17453, 30 December 1930, Page 9

A Bad Old Year Leaves Promise of Better Times

JHE death of an old year and the •birth of a new one invariably" acts as a tonic to despondency and gloom, permitting most people to face tho future with better heart. Indications point, to this period being no exception to the general rule, despite the low market values. Financial circles apparently cannot indicate anything in their reaim which will help the upward trend of the markets, but latest messages from England point to firming tendencies Tor wool and butter, while for lamb the market was reported steady a week ago, the ltangitata’s small shipment selling at lo4d to lid, ex hooks. Right throughout the .year the markets have been coming down tho stairs of price levels, stopping temporarily at an occasional landing to recover their balance and crawl upwards for a short period, only to lose their hold once more and crash downwards again. At present, it appears as though they are hanging on near tho bottom. Butter has recovered a little, and some classes of wool have done likewise, while others have slipped still further. Lamb is holding a place very near to that at this time last year, but other classes of frozen meat appear very uncertain. During tho past week or two brighter reports have come to hand concerning New Zealand’s main markets, and some upward' movement is expected with the coming of the new year. A forecast last week in regard to butter was for an upward movement; already this has been fulfilled, although yet only in a small degree. At tho time that, forecast was made the butter market was from 110 sto 112 s, while the final pre-Christmas buying left the quotations at 112 sto Ills.

The hope for an improvement in wool values is found in the closing rates for the last series of London wool sales, which closed with active competition throughout. As the sales progressed, keen demand developed for greasy crossbred, which showed some recovery on opening rates. This is good news, particularly to Gisborne growers, who are concerned almost entirely with crossbreds. Encouragement, also, can be taken frohi past events. In other slump reriods it has been noted that usually there has been a sharp rise from tho lowest levels to a rate, which, while not a pnvable one, is the basis for a gradual improvement, carrying on to payable levels over several months. The concensus of opinion at present is that price levels will not reach those of the past, but there must bo some recovers" from the present low rates, j and primary producers will be watch- : r>g the new year for somo signs in this direction. To-morrow they will say farewell to a bad old year, one that has been fraught with difficulties and uncertainties, but many believe that the new year holds promise of better times, and are looking forward to it with much anticipation. i