VALUES FIRMER

Southland Times, Issue 21649, 10 March 1932, Page 7

VALUES FIRMER

WOOL PRICES IMPROVE

SOUTHLAND GROWERS UNFORTUNATE PASSED LOTS IN DEMAND Southland woolgrowers were signally unfortunate that the second wool sale of the Invercargill series, which is the last local market for the season, was held at a time when the market was particularly depressed, for had the date selected for the sale been only a few days later in the month, growers would have had the advantage of increased prices, and it is probable that practically the whole of the large offering would have changed hands at values fairly close to those ruling at the previous sale in January. Latest cabled reports indicate a much firmer tone in the London market during the present week, and there has been a good clearance at prices slightly above those prevailing last week and which were the deciding factor in last Friday’s Invercargill sale. The rota of New Zealand sales has been advanced slightly this season with the result that the dates of local sales have been a few days earlier than usual. The second Invercargill sale is usually held about the middle of March and, therefore, this year’s sale was at least a week earlier than usual. In the circumstances, growers must be considered very unfortunate, as the difference in prices already as a result of the improved tone would mean a very substantial increase in the Southland wool cheque.

A very considerable percentage of the offerihg at last Friday’s sale was passed in at auction, and certain Bradford buyers have since shown a desire to purchase attractive lines which were passed to them at prices showing an advance of up to three-farthings per lb on the highest bid at auction. This does not mean that all the wool passed in is likely to be sold at such an increase as, so far, the activity in the local market has emanated only from Bradford, and is then restricted to lines of good crossbred and hogget wool particularly attractive to the Bradford manufacturers.