The Wool Sale.

Press, Volume LXIII, Issue 19172, 1 December 1927, Page 8

The Wool Sale.

Though it has been suggested that a shade of disappointment was created by the prices paid at yesterday's wool sale, there is really very little for growers to complain about. Even if the high prices at Auckland last week were not repeated in every case, it was a wonderfully sound sale, as becomes clear at once if we compare the prices that ruled yesterday with those obtained at the corresponding sale last season. It would not be an over-esti-mate to put the appreciation in the twelve months at no less than 4d a lb. It was scarcely to be expected that the increasing values that have marked the North Island sales could continue indefinitely, and the slight steadying was a natural.and inevitable development. We pointed out on the occasion of the first sale in Wellington that there was nothing to warrant the rather pessimistic comments on the high trend of the market, and quoted the reduced stocks of wool in other producing countries to support that contention. Subsequent developments have confirmed the view expressed, and today, instead of certain elements in the trade depressing the market, everybody is after wool. The prices obtained yesterday, though they may not have created actual enthusiasm, were far beyond anybody's expectation even six weeks ago. It is worth noting, moreover, that the steadying element in the market had its origin in something outside the wool trade itself—the prospect of a watersiders' strike in Sydney. It was natural enough that some buyers did not like taking the risk of having their purchases held up indefinitely after they had been paid for, and the sale was therefore robbed of the stimulus of their competition. On the other hand the fact that vendors yesterday held on to only a negligible proportion of the offering indicates that they recognise the existence of a sound and remunerative market, and are following a wise policy in letting the "other "fellow" shoulder what risk may attach to the future. The cheque from yesterday's operations will mean the distribution of something like £300,000 among farmers, who will know just now ,what to do with it.