PRICE OF WOOL

Wanganui Chronicle, Volume 76, Issue 116, 19 May 1933, Page 9

PRICE OF WOOL

KEEPS UP IN LONDON A READY CLEARANCE. Received Mav 18, 5.5 p.m. LONDON. May 17. Offerings at the wool sale to-day amounted to 9143 bales, including 6370 bales New Zealand. About 7209 bales were sold. The firm tone of the market is maintained. Offerings were readily cleared at full rates under the influence of a brisk Home and Continental competition. New Zealand greasy crossbred “AHW” sold at lojd per pound highest, and 8d average. Scoured halfbred, “Mt. John,” realised 174 d. THE CROSSBRED MARKET Dalgety and Company, in their review of the London March sales, comment upon the market for crossbreds in the following terms: “Crossbreds showed a further decline in values. A little while ago one might have thought that these wools had touched bottom. Unfortunately this was not so. and the latest fall brings them down now to about the lowest point reached, on a gold basis. Market values to-day appear to bear little relation to production costs, and it is difficult to sec how the business of sheep farming in New Zealand is to be maintained under present conditions. Merinos, of course, are in a much better position, as the stocks on hand are not heavy. There is a considerable consumptive demand, and fashion tends to this description of wool very largely. Prices are so low to-day that we think that with more settled conditions on the Continent and in America, wool will be one of the first commodities to feel a return of confidence.” WOOL OF THE WORLD The quantity of wool grown in seven of the principal producing countries and the approximate quantity of Merino and crossbred is given by Winchcombe, Carson, and Co., Ltd., of Sydney, ana shown below in bales of Australian weight as follows: — Merino. Crossbred. Total. Bales. Bales. Bales. Australia . 2,604,000 496,000 3,100,000 United States . . 841,800 561,200 1,403,000 South Africa .. 1,080,000 1,080,000 Argentina . 150,860 923,640 1,074.000 N. Zealand 23,220 750,780 774,000 United Kingdom 500,000 500,000 Uruguay .. 74,340 279,660 354,000 Production of Merino wool has increased to a far greater extent than crossbred, but a trend towards fineness of quality has been noticeable in the latter as a result of the higher grades. Of the world’s clip of 12,000,000 bales, the Empire Marketing Board estimated that approximately 40 per cent, was Merino, 35 per cent, crossbred, and 25 per cent, carpet wool. QUEENSLAND SALES Received Mav 18, 11.5 p.m. BRISBANE, May 18. The Brisbane wool sales held during the week closed firm to-day. Competition was keen with spirited bidding throughout from France, Germany and Japan. Greasy Merino made 14|d. The selections were from nearly all the grazing districts of Queensland.