RISE IN PRICES

Poverty Bay Herald, Volume LXI, Issue 18582, 17 December 1934, Page 13

RISE IN PRICES

TIMARU WOOL SALES GENERAL COMPETITION CONTINENT SETS PACE (Por Press Association.) TIMARU, this day. The first wool sale in Timaru in the current season was held this morning, when 8392 bales were submitted, compared with .10.895 at the corresponding sale last year. The explanation of smaller offerings is that many growers, in view of the weaker demand in the North Island and in Ghristohurch, did not send forward their clips, being convinced that values at the next sale arc not likely to mark a further decline, but rather the reverse, in the light of liitest rates current iu London. The wool came forward in good condition, being well grown, the general average being superior to that of last year, when the qlips suffered somewhat on account of the weather conditions.

Competition from a fully representative bench wasi keen and more general than at any previous sale in the Dominion this season, while prices, as compared with Christchurch last week, were distinctly firmer, balfbrcds being id dearer, and crossbred £d higher. The firmer rates are attributed largely to tho reaction of the 5 per cent, appreciation in London and Sydney. From the start, bidding was keen, and at times particularly spirited, over a wider range of lots, principally due to the more active demand from Continental operators. A super lot of merino, which attracted keen competition from the Dominion mills, sold up to 14£d, which New .Zealand buyers took. They secured the bulk of merino clips, being prepared to advance their quotations to secure lots.