The Wool Sale.

Press, Volume LXIII, Issue 18894, 8 January 1927, Page 14

The Wool Sale.

By far the most gratifying news to a large section of our readers this morning will be the account of fhe wool sale yesterday. There had been a vaguely confident feeling that the brighter tone displayed recently in the Australian wool market would be reflected in New Zealand, but neither vendors nor brokers—nor buyers, for that matter—anticipated such a keen sale as actually took place. The improvement is no doubt the result, or largely the result, of the changed industrial position at Home, for the competition of the main buying element — Bradford—was pronounced throughout the whole catalogue. In addition buying centres which up till recent years supplied their needs from London auctions are now coming direct to the sources of the raw material, and as a result the quantity of purchasing on Continental account is growing rapidly year by year. Combined with these factors is a very substantial local manufacturing trade, and the consequence, as stated in our report, was an advance in values on those ruling at the sale five weeks ago of twopence a pound. We may perhaps say also that a more heartening aspect of the sale, from a general standpoint, than the actual advance in prices was the buying capacity evidenced. Less than two per cent, of the 26,000 bales offered failed tb find buyers, and it doe 3 not seem likely that if the bulk of the 30,000 bales still remaining in store had been offered it would have glutted the market. The cutting down of the South Island wool allotments at the various sales is causing some irritation among the growers who have to carry over their clips to subsequent auctions, but if the market keeps improving they may find them'selves substantially compensated. The question of the limitation of catalogues is a matter of wool trade policy, and until it is varied the Province generally and the growers directly will have to wait another six weeks or more for the distribution of the half-million of money represented at present in store in Christchurch awaiting the next sale. Yesterday's catalogue of over 25,000 bales sold, at a value of £2O a bale, represents over half a million of money. That there should be as much wealth lying in stores in Christchurch, and "more to "follow" in the shape of late shearings, is a very consoling" feeling to those who are concerned with the Province's welfare.