N.Z. Wool Returns Not Lessened by Par Exchange
AUCKLAND, November 23. With prices fully on a par with those of last November and the lates'London sales, the first main wool sale of the season which was held in Auckland yesterday, has dispelled any fears that the return to exchange parity would reduce their rewards by an average of 4d 5d ptX lb for new season’s wool. Some prices were higher than last year’s, and there was a general advance on the values of closing sales. It had been expected that overseas buyers, now requiring £lOO sterling for what they could buy in New Zea land for £BO sterling last vear, would work on stricter limits this season. The chairman of the Auckland Woolbrokers’ Association (Mr H Duke) said that the market had risen by 20 per cent, or more since lasi season, and this offset any expected decline in New Zealand prices after the return to sterling parity. The result was that the wool-grower was no worse off than before the removal of the exchange rate.
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Grey River Argus, 24 November 1948, Page 5
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176N.Z. Wool Returns Not Lessened by Par Exchange Grey River Argus, 24 November 1948, Page 5
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