25 PER CENT. HIGHER

Taranaki Daily News, 3 September 1935, Page 7

25 PER CENT. HIGHER

WOOL VALUES AT SYDNEY SEASON OPENS BRIGHTLY GERMANY A COMPETITOR JAPAN BUYING HEAVILY By Telegraph—Press Assn.—Copyright Rec. 10.10 p.m. Sydney, Sept 2. The wool selling 1935-36 season opened at Sydney to-day before a crowded attendance. Buyers’ values, compared with those at the close of the Sydney auctions in June, were from 15 to 20 per cent, higher, the advance being most pronounced on wools suitable for Japan. Comebacks and crossbreds were not sufficiently presented for reliable quotations. Comparing values with those ruling at the opening sales of the last season, the market generally was 25 to 30 per cent, higher. The offering to-day comprised 11,511 bales, of which 10,458 were sold. Privately 6617 bales were sold. Rarely on opening day do prices exceed 15d, yet to-day the best selection on the catalogue brought 19Jd, while sales of 17d were a common occurrence. The German section was prominent early, frequently outbidding French and Bradford buyers for the higher priced lines. Japan also todk some of these but concentrated chiefly on medium types. Greasy Merino fleece sold to 19Jd for 12 bales from Garah. Offerings to-day, chiefly from _ the north-west of New South Wales, Riverina and Queensland, were of rather finer quality than last year. They were mostly well grown with the proportidn of vegetable matter much about the same. Unusual interest was displayed, chief support coming from Japan and the Continent with good support from Yorkshire and the local mills. Bidding throughout was extremely animated. It is expected that by the end of December about 1,418,000 bales of the new clip will have been disposed of. A London cable says that Bradford forecasts the maintenance of present wool prices for at least a few months with possibly an appreciation. The Financial Times says indicative of the growth of confidence is the fact that retained imports in consuming countries for the first six months of 1935 were 3 - per cent, below those for the corresponding period of 1934, whereas for the first quarter they were 25 per cent, below.