PROSPECTS FOR WOOL

Taranaki Daily News, 13 November 1934, Page 9

PROSPECTS FOR WOOL

LOWER AVERAGE PRICE EXPECTED.

DIMINUTION IN GERMANY’S BUYING By Telegraph—Press Association. Wellington, Nov. 12. The opinions expressed at Auckland last month by wool buyers on their arrival from England are very largely shared by Mr. Bruno Beyer, a buyer on behalf of German houses, who reached Wellington by the Maunganui from San Francisco. He said he did not think Germany could buy as much wool as last year, and in his opinion the average prices likely/., to be obtained in New Zealand would be much lower. He Said that on account of Germany’s diminished export trade there was not enough foreign currency available to purchase large quantities of wool in foreign markets. It was the intention of the German Government to buy in the main from those countries which were good customers of Germany, although Germany in the past had been one of New Zealand’s best customers. The new order of tilings was likely to prove a material factor in the New Zealand wool market. Germany would buy something, of course, but he did not think that her buying in New Zealand or Australia would be anywhere near' as great as last year. The Argentine was a very good customer of Germany and because of her favourable trade balance of exports the Argentine would have the benefit of the greatest share of Germany’s wool buying, with perhaps even bigger prices.,,, ruling than in any other wool market. “I do not think that the prices for wool will be anywhere near as high as last season,” said Mr. Beyer. "I consider that if the average is about 30 per; cent. lower than for the peak- period of last year it will be very good.”