PRICE OF WOOL

Evening Post, Volume CX, Issue 138, 9 December 1930, Page 11

PRICE OF WOOL

MARKET TESTED

IN LINE WITH LONDON

The 1930-31 New Zealand wool selling season is now fairly in its stride, and the price of raw wool is, it seems, definitely on the' low level of other commodities. The London November series of sales (not yet completed) gave no indication of any near improvement in the value of the staple. But somo growers who are in a position to hold their wool apparently adhere to the view that a rise in price is not far off. This opinion was emphatically expressed at the Wellington sale yesterday, when not only the passing in of wool was fairly heavy in" all catalogues, but the withdrawals at the last moment of wool already valued was greater than ever before. The remarks made by the chairman of the Wellington Wool Brokers' Association (Mr. J. B. Moodie) on this attitude of some growers towards the market were published in "The Post" last evening. Those growers who declined to sell have, of course, the uncontestible right to do what they will with their own property. At the same time the effect of holding back supplies sale after sale, as was done last year and is being done this season, is acting prejudicially to all wool growers in that the unsold staple casts a deep shadow over the whole market for New Zealand wools, and no doubt accounts in some measure for the present values, after allowing for the rather lower quality of the new season's wool. The accumulations_ of unsold New Zealand wool in the Dominion, as elsewhere, are known to the whole buying world and their existence is taken into account in estimating the market position. Australia is receiving low prices for its wool, an average of a fraction over 8d per pound in the Sydney sales for merinos, and that is not the average for the whole of the wool from the sheep, but for the fleece or best of it 3 not including bellies, locks, and pieces, which would bring the average of Sd clown. But Australia is selling its wool. True, merino is in favour, aud crossbreds are not in so good demaud, but the fact remains that .Australia is turning its wool into cash and cleaning up hee stores, whereas many wool owners in New Zealand are hanging on to their staple which, accord ing to experts, is not improving .in appearance. The prices received by those who sold wool in Wellington yesterday are exceedingly low, but at such prices the market appears to be firm. Competition was- exceedingly animated yesterday, and every consuming country was well represented with the exception of Australia, a valued customer for the best of crossbreds. Christchurch season reopens next Friday and the limit placed by the Wool Committee on tho total catalogue is 22,000 bales. '