The Timaru Herald. WEDNESDAY, NOVEMBER 19, 1924. THE WOOL SALES.

Timaru Herald, Volume XCVIII, Issue 18084, 19 November 1924, Page 8

The Timaru Herald. WEDNESDAY, NOVEMBER 19, 1924. THE WOOL SALES.

“JN T ever lias there been such u muster ot Uuyeas in the history ot JJuminiun sales; n eiver such ciieerxuiuess and optimism in the buying' fraternity.'' Here- is the keynote ot the opening' ot tlio ijounniou wool sales at Welling’ton on Mon day. pointed to substantial increase.: in prices for all classes of wool, but as the reports from Wellington indicate, the demand was so strong- from till buying- centres that phenomenal puces were realised: JNq broker, grower, or buyer thought such a substantial rise would bo forthcoming. It very one was working in the dark as far as values were .concerned, and apparently buyers were watching eatn other very closely, all being determined to have some wool. Tile result is that whilst in March last, the las't sale of liiiy importance, prices were at their peak, and many considered were high enough, to-day's sale has shown advances of four, five, six, and sevenpeiiee on various qualities. Practically everything was sold. Buyers were present from all parts of the consuming centfes of the world, and many new. faces were on the benches, including representa; tives from France, Germany, and many part,. ol' the Continent, as well as. BrjXroid aiid the .States. There net>r lias been shell a. muster of buyers in the history of Dominion sales.

iSiuob llie sluiup, wool lias held its u ivn'i ucspiic Hie* uuhivoura bfe trend. ut liic world maiKcti lot uinci.- icxiiics. mpicouuiiabiy, wool is iii u itappmr position than cut ion, and. iu Dradioru, me autiioiiUes say qunc eonuqonuy that, tne industry is iu a vigorous and healthy condition.. J-t is admitted that the market flu woollen goods tit high post-war prices has contraciod, but the contraction is far less uian in the case of cotton. iNew Zealand is in a particularly fortunate position, since not only arc there increasing, demands ±bf wool in .the ceuti'cis of British. Wobiicu lndusuies, but as normal eeoiioihicj cohditibiis are returning'. to foicigh couiitiicij,, other great oduini'ibs are in the market ■ tor our wool ihoduets. !Stable pplij;ieal conditions, ill Britain and the united btales have, _ steadied world trade-, and inspired othez op untiles with .conndeiice in the luiurc. The United btitles, Germany, Trance und Japan are likely, to bei keeii buyers of largo odjisigumeiits' at .this season's sales, iticii credits are at tho uisposal of the large bench ot Home and foreign , buyers now visiting xS o\v Eeiilaud, and a golden luuwest, will be garnered by iNew Zealand .wool growers. Early iu October, the Bradford cpiresponcjeiit, 0f,., the ‘‘iiaily hews" oii'eied this explanation of the steadiness 1 of the demand for wool.:, ... ....

Apparently the. > people \ylib buy clbtnc.s in ,winch wool purys .tlje chief part are better post-war customers tliaii tlie people who wear cotton, Tho European who is compelled—luckily for Bradford—db wear clothes that will keep; him warm is not in so good a position to ecohoriiise as the Indian ’or Chinaman-. Lancashire has tlie misfortune to depend for its prosperity on .people, who are in a privileged position for dispensing with clothes in hard times. Ths Indian caii cut. dotvh his wardrobe without suffering riny ill-effects cr attracting the- attention of . the autliorities. The European is limited , in this direction both bv climate and convention. This appears, to be one reason why cotton, which has its biggestmarkets, in the Far East, has suffered, more than , wool from post-war impoverishment. This is reflected in the unemplpymeht figures. In cotton 15 per cent, are unemployed; i,n wool only 7 per cent. It is reflected also in the export figures. Tn ; Ifll.'l, exports of woollen and worsted cloth fok f.be first seven months were 152.30 million semare yards. - Tn tlie same period this youi- we have exported 153.09. a significant advance, showing clearly that our trade in cloth is bv no means stationary.

A world scarcity of wool menus liigli prices , this year, borne months ago it was estimated that wool production 111 the world tell short of consumption by approximately SUU,UUU,UUU lbs. I his represents n tleliciency of 15 per cent, the world's estimated requirements being 3,30U,01)0,000 lbs. p/r minimi. Moreover, there is still a decreasing tendency in world flocks, whereas world consumption is rapidly increasing, liut the record prices now being paid for the fleeces of New Zealand’s sheep will be a disaster in disguise if our wool-growers are lulled into unconcern regarding the quality of New Zealand wool, lteeord prices will not. always bo paid and there, may come a da 3 when larger yields will make quality the. vital factor in determining' the. price of this country s wool product. Against that, day our wool growers should make preparations by taking to lieait the repeated warnings they have received from avool experts both at Home and in New Zealand, that there is a nqt.ieea.ble falling off iii the quality of cortaiu classes of New Zealand wool.