CONFIDENCE IN WOOL

Poverty Bay Herald, Volume LXIV, Issue 19371, 8 July 1937, Page 12

CONFIDENCE IN WOOL

OPINION IN AUSTRALIA A SOUND POSITION ADMIXTURE OF FIBRES Recent expressions of confidence in (he continued stability of the wool market were echoed lust week by Mr. I\. M. Niall, chairman of Goldsbrough, Mort and Company, Limited, at tin 1 annual meeting in Melbourne. He said here seemed abundant reasons for regarding the wool position to-day as thoroughly sound, and the future could be faced with confidence. Prices at the season’s closing auctions, Mr. Niall said, though receding slightly from the highest point, were still at acceptable levels, and were almost unaffected by the nervousness over gold values and the consequent uncertainty observable in other markets. Undoubtedly the higher prices were encouraging the use of artificial fibres in certain countries, where trading and currency difficulties did not permit of the purchase of full requirements of raw wool. On the other hand, the mixture of such fibres with wool had proved of advantage in the distribution of finished products at low retail prices, with a consequent increase in the consumption of wool. “Although the majority > of people engaged in the wool industry have had a successful year,” Mr. Niall stated, “this does not justify any implication that the profits made since the depression lifted have been anything like sufficient in many cases to replace the losses of previous years. Many pastoralists, in face, cannot look forward to even partial rehabilitation unless conditions remain favourable for a period of years. We think it would be wise for all Governments to realise that the continued prosperity of Australia depends largely on their taking a broad and sympathetic attitude toward primary industries.” WANGANUI WINTER SALE DECLINE IN VALUES (Por Tress Association.) WANGANUI, last night. There was a decline in prices for crutchings at the winter wool sale held to-day, values being 2d to 2hd down on those ruling at the April sale, and Id to lid down on the Wellington sale yesterday. A small quantity of fleece wool and oddments was included in the catalogue, but it was not sufficient on which to base reliable quotations. Good crutchings realised from 13Jd to 14Jd, average lines, 12d to 13d, seedy, lOd to lid, and very seedy and inferior, 9d to lOd. A representative bench of buyers was present, but competition was erratic and, at times lifeless, though for good lines of crutchings the bidding was animated.