WEALTH IN WOOL

Wanganui Chronicle, Volume LXXXIII, Issue 20150, 19 May 1928, Page 10 (Supplement)

WEALTH IN WOOL

£13,000,003 FOR SEASON PAST YEAR’S GREAT YIELD In round figures some 518,000 bale* of greasy wool have now been offered in New Zealand, the Wellington aggregate catalogue of 20,880 bales offered this week bringing the season to its (dose. Commenting upon the results the Wellington Evening J’ost says: The advance in price has been most marked in halfbreds and crossbreds, probably 90 per cent, of the wool grown in ths Dominion. On such wools since the sales opened in November, at Wellington, the rise has been from 3d to 4d per pound, and every sale has registered an advance on its predecessor. This season prices have not been of a boom character, but they have been, most remunerative all the season round to the wool grower. Buyers in every section of the trade have been most loyal in their support of the market. They represented every consuming market in the world—Yorkshire, Germany, Belgium. France, United States, Russia, and Japan—and there was strong support given by Australia and the New Zealand woollen manufacturers and merchants. W’ill woollen clothes be dearer? They can hardly escape being so, with prices as they are, and raw cotton also on the rise. The importance of the sale in Wei- '' lington lies in that it completed tbs offering in the Dominion of well over 500,000 bales. A few growers still ship wool homo on their own account and chance the state of the market at the time. The wool is offered in Coleman Street, but most growers now sell their wool in the Dominion, and arc paid for it 14 days from the fall of the hammer. In recent years the quantities of thtj wool offered in the Dominion have been as follows:—l924-25, 478,647 bales;. 1925-26, '98,517; 1926-27, 505,887;’ 1927-28 (subject to correction). 517,719. This is not all the w r ool raised in th«r Dominion, but it is very nearly all tad greasy wool. New Zealand has got along very wi II without control. The only thing in the way of control was the fixation of reserves by the New Zealand Woo] Committee, shortly after the great post-war slump in wool, and the fixation of the quantities to bo offered. To-day no reserves are fixed by the/ committee, and all it now does is to. limit the quantities to be offered in' the December, January and February sales, and that in the interests of the , growers. Buyers now conic for Iho_ wool; it is no longer sent to London for them to appraise. Wool this year is the 'L4.ce of* Trumps” of the exports of the Dominion. It should reach quite £13,00''.000 on the 12 month ending June 30 next. This money going into circulation cannot fail to have a beneficial effect upon the financial condition of the Dominion. With it must be taken into account the ex-port of woolled sheepskins and pelts—all wealth de* rived from the sheep, to say nothing of the value of mutton and lamb. One | most satisfactory feature of the sei- v ling season has been the general rcadi- ' ness of growers to adjust their ideas nf values with those arrived at by their advisory brokers, and as It has turned out with buyers’ ideas of the market, the result of this agreement has bcca, an almost total clearance.