RETURNS FROM WOOL

Evening Post, Volume CXXVI, Issue 156, 30 December 1938, Page 10

RETURNS FROM WOOL

FIRST ROUND SALES

ABOUT £2,250,000 REALISED

With the completion of the first round of wool sales in New Zealand for the 1938-39 season at Dunedin on December 20, buyers and brokers alike are now enjoying a three weeks' respite until the series is resumed at Wellington on January 9, reports the "New Zealand Herald." So far six sales have been held out of the total of 27 arranged by the New Zealand Wool Committee.

The auctions already held will re. suit in a return to the grower of about £2,250,000.- While this will be about £1,000,000 less than the cheque in 1936, when payments amounted to £3,280,000, it is considerably in advance of the £1,749,000 received from the first six auctions last season.

Returns for the present year are adversely affected in comparison with previous seasons by the fact that offerings have been limited to 24,000 bales at each centre. Although this does not greatly affect the comparison with last year, when growers held back their supplies at the earlier sales, there was a rush to sell in 1936 when high values were ruling and catalogues were comparatively large. WILLINGNESS TO MEET MARKET. One of the most pleasing features of the auctions so far this season is the willingness of growers to meet the market, and at the first six fixtures, clearances exceeded 95 per cent., reaching over 99 per cent, at Auckland and Napier.

The opening Auckland sales in the previous two years were remarkable. (Frantic Japanese buying lifted values !in 1936 by about 60 per cent., while the opening last year was in direct contrast, for prices dropped by £7 a bale, and onjy 58 per cent, of the catalogue was disposed of. The first auction of the present season was awaited with intense interest, and the smiling faces of growers in the gallery at Auckland in November indicated the gratification at the healthy tone. While the sale was not sensational in any way, prices rose by about 10s a bale on November, 1937, a good clearance was made, and prospects for the new season were promising. Then came the Napier fixture, with level at par or slightly firmer than Auckland. Another excellent clearance was made, the percentage-representing a record for the district. Bidding was well spread and animated at Wellington.