GOOD WOOL NEWS.

Press, Volume LXVII, Issue 20168, 21 February 1931, Page 10

GOOD WOOL NEWS.

A CHEERFUL rjOBECASTii HTHE BOTTOM OP THE YALtE^.« | "The lscst wool'/ mews for many moiithy'*' ia 'howt an artwle' oit 'ike wool market, in' the' Sydney \"Hail" is t described by "Waijp/? ihe expert contributor to that The' enconriigingfeatures, he ; .the 'first' jreek of the'Febrnary wool sales in Sydney; ,too]s, a' .practical ' turn at t ,;the',y.ojitset, t whoa the market definitely'rose 4. front, /7i to 10 per cent., with a further firm- , iiig tendency. - - TWo, factors t 3jj&ve' in- ' fluenced-'this rise—rthe r highTesfchange rate'find the fast disappearing stocks of wool. - v y • •;*" > \ ■ S When,the saleq.opjsiied; affcet tho.last' Brisbane' receps" th 6 fa<?V;that the.inarket* did nof ! shbw' apyi .tfaffijdg -off, -bit' 'Was rather ,J was' inl itself • gratifying, -especially 'inr/Vifew of' the-' rather-'serious ;>drop fat" the of the London auctions-' seen that /he. market;was gradually jm-l proving in tone quite an fee|-, ing spread-"rapidly/ and- was k general feeling'in th,e tradfl 'prior to

— : —*7* —i- 'v*:; the opening. ~of' velopments could be exg^j^ed. 1 % I *'f ' These developments, to bo a very definite rise in values for nearly jeveiy. wool. The finer wools wero in greatest demand and received the i&ll "bancfib'of the advance, Twt Javer^V r Wlj3bWiW wools were alao'deiin&:tQ?ipfr u &t&t&£ 7i ptir rent.'ln practically'fefrery s easfi." On Monday of last week' tlio re-tntly of the 'Continental' (WKstlosSN '.Six *fsX' strength with limits apparently raided a little gavortbem 1 commki£d^<^'l:l^¥«ei t lot' the time' Ma&art ifltf who "have Tjeen^tfipfS market for several .modlJis iovrl 'iomia themselves, outbid In, jf Tuesday's auctions saw tho Japanese again-well tin. tfi&r' liwiits-ob-tdoualy raised compete on equal grounds UJuthienlal ■ ofeiiatori;''^"TOA'iS^>triS ,> < XererisUly . iion-caused place,. and vtW rettift He thatT^e*i?soi' market ia* now.tinla v mAifth' position. ' ' -■* ./, 1 " '*> :" 1 She Improved: Home ,M^Kc»,'M' % A further Bpl^n^^ea|^^'t"^f^ll4' , wpol. position J pap^o*ing, demand and* -prices 'in lion!* 'dota. "The openingS^'ti^ , tions a£ a price, iS'pdrteent.?lp^r^rfjtJu^i < • pfevioiw quotations seemed ,a, veiy severe at the time/ jit t was softened in Sydney-by.the operation of the exchange in favour of local markets. ■ Wheii isjwa* .dbcidedtail the London offering by a wpftk's sales, it wu. probably the London market might neact to„iho imptovedrtone -overseas aa „!$" done. After the first shock in London, prices Jiave gradually improved day by day. in that centre, 'until the closing-sales'-in London -'were; 1 at rates-, equivalent to fJtose L rnling !, 'pi^nj > opening day. The last reports from London were that prices wero steadily hardening and that competition Ws spirited and general irom 1 and the Continent'. - ■ - .. , There -''is _ little j Qoufit that:, the V Exchange has had quite, a' lQt'to ap' iyjth' the activity in local maikets.- as have, the operations if those whq" 'are desirous of at the lowest possible' 1 cpst tcfi thWselves. The activities .of however, lad little' to dp with^the!*eepnt rise. When London. sales, fell upwards of 15 per cent.' within 'favourable* exchange It was, inevitable, that local values must, suffer. J&rhjipß" 'the fall might not have been-to great, aided as we are by Japanese 1 competition, ' but a fall of some description would have been inevitable. Yet.* the Australian' market' showed *no 'signal Of "hesitation; "instead,' it 'immediately) 'began to harden, and later to'rifie. viously there is another force at work as well as.-,the exchange which is ..causing an intensification of iho demafed, but-a large, proportion 1 ol ,the advance ovist be ■ credited jto pbsi' tion of the - 130 per een^T^»-meaM i flutfc»^ , A««^,

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