WOOL MARKET

Wanganui Chronicle, Volume 73, Issue 370, 13 September 1930, Page 9

WOOL MARKET

LAST SEASON’S DECLINE Reviewing the wool market in his address at the annual meeting of the Union Bunk of Australia tho chairman the Hon. E. W. Parker, said the production of wool in Australia for the year ended June 30 last w. 2,843,000 bales, differing very little from that of the previous year; of those, 2,470,000 bales were sold in Australia at an average price per bale of £l3 5s 6d, while the average price per pound was 10£d, against the previous 12 months of ah average price per bale of £2l Us lOd and a n average price per pound of 16|d. The value realised for the saies in the Commonwealth amounted to £32,806,000 as against £56,720,000 for the previous season, or a drop of about 35 per cent. It was calculated that there remained in store on June 30, 109,000 bales, while in London there are about 50,000 bales unsold. Since June 30, however, some 50,000 bales have been sold in Australia so that there femains to be carried over into the new season about 100,000 bales.

In New Zealand the total clip amounted to 7.14,000 bales. .Of these 425,000 were sold in the Dominion at an average price of £l2 2s 2dp er bale and an average price per pound of B|d. The total gross proceeds of this season’s New Zealand wool sales showed a decline of nearly £7,000,000 as compared with last year’s sales. The carry-over in tho Dominion was estimated at about 100,000 bales.

The drop in value of 35 per cent was, of course, a very serious item to the Australian farmer and represented a total in money of about £20,000,000. It was estimated that the forthcoming clip in Australia would fall short of the production of last year by about 100,000 bales.