50 PER CENT RISE

Southland Times, Issue 22107, 30 August 1933, Page 7

50 PER CENT RISE

SYDNEY WOOL PRICES PRODUCTION REDUCED THIS YEAR BROKER’S WARNING (United Press Assn.—Telegraph Copyright.) Sydney, August 29. At the wool sales though the quantity is less than last year the quality is better. Representative higher prices include: Greasy, 17/d, 17|d, 17jd, 18|d, 18Jd, ..and 18,jd. Prices are approximately 50 per cent higher. The Prime Minister, Mr J. A. Lyons, regards the effects as gratifying to the whole of Australia while the Premier, Mr B. S. B. Stevens, foresees more employment and greater buoyancy to trade.

The Minister of Commerce, Mr F. H. Stewart, has been informed that if the prices are maintained the total gain to Australia will be about £12,000,000.

The president of the Graziers’ Association, Mr Walker, says that so far as wool is concerned the worst is over, but the decrease in production may be larger than the quarter of a million bales estimated in June. The chairman of the Woolbrokers’ Association, Mr Cudmore, warns growers not to be too optimistic owing to the heavy reduction in sheep shorn due to the drought which is estimated at least from 20 to 25 per cent. Neither the growers nor Australia should delude themselves that they are out of the wood. YESTERDAY’S MARKET A HARDENING TENDENCY. (United Press Assn.—Telegraph Copyright.) (Rec. 9.25 p.m.) London, August 29. At the wool sales 12,472 bales were offered and 12.204 were sold, 6036 being disposed of privately. The improved levels established on Monday were fully maintained to-day, and there was a hardening tendency for the best fleece wools with more general competition. An excellent clearance was made. Greasy Merino sold to 21d. The average price for greasy yesterday was £l5 16/6 a bale or 11.8 d per lb. LONDON COMMENT YORKSHIRE TRADE BUSIER. (United Press Assn.—Telegraph Copyright.) (Rec. 9.25 p.m.) London, August 29. The newspapers give prominence to the rise in wool prices at Sydney. The Financial News says that such sharp rises are uncommon. How far Bradford buyers are prepared to pay so much more for raw material remains to be seen. The increased trade in wool textiles has heartened Yorkshire manufacturers. The rise should bring more consumers into the market, and the outlook for the London sales later should be good. The Morning Post says that the news from Sydney points to a further advance. There is an active demand for winter suitings in Yorkshire. The output of tops and yarns recently has been readily absorbed on home and foreign account. Prices were higher at Bradford last week. BRADFORD MARKET ADVANCE IN PRICES. (United Press Assn.—Telegraph Copyright.) London, August 28. Bradford topmakers have made a protective advance in Merinos of 2d per pound. Crossbreds are also dearer.