GOOD WOOL PRICES

Hawke's Bay Herald-Tribune, Issue 124, 11 June 1937, Page 8

GOOD WOOL PRICES

-Own Correspondent.)

Best Since 1923-24 Season PROMISING QUTLOOK

(Bv Telegraph-

WELLINGTON, This Day. OoMmenting upon the outlook for wool producers, Mr. A. T. Donnelly, chairman of directors of the Bank of New Zealand, said to shareholders . of " the bank to-day'1 that a very satisfae-' tory feature of the posdtion was that all accumulations of past seasons ' wool have now been disposed of. It had been stated that users of wool are "nearer the sheep's back" than they have been for a long period. If this is the case then, apart from political disturbances, prices should Temain on a remunerative basis for some time. The total number of bales sold in the Dominion wool saies during the 1936-37 season was 663,798. The total value was £?N.Z.) 14,903,257— an increase of £5,062,830 compared with last year. The average value per bale and per pound for the last two seasons was as follows:-—

To the value of the wool sold locally there must be added a considerable sum to cover the realisation of wool shipped direct to the London saies. "When we look back on past seasons, ".said Mr. Donnelly, "we Hnd that in no previous year since the war years has the wool sold in New Zealand realised isucii a gross \alue as in the present one, the nearest approacli being that of 1924-25, when the wool sold realised £13,537,344. In that yeaT, however, the quantity sold was only 462,795 bales at an average per baie of £29 5/' - and an ■ average price per pound of 20.21d. ' '••When making comparisons with realisations of the past, it should be borne in mind. that a proportion of the present out-turn is accounted for by the high rate Of exchange. If an adjustment is made in th'is respect, the present season is comparable with that of 1923-24, when' the wool sold realised £11,623,924, with the exchange rate at a nominal figure. The average price per pound that year for 15.78d." Frozen Meat. Owing to the wet weather and lack of sunshine, lanlbs were slow in eoming into the freezing works, continued Mr. Donnelly. Feed was rank and i'ull of moisture, and generally lanibs were not up.to standard. In the Nortli Island there was sbill a large "nuuiber of lambs unfattened, and it was doubtful if they would be brouglit to a'gcondition suitable fOT export. Conditions in the Soutk Island bad been somcwhat sijnilar. Values on the London market had followed practically the same course as those of last season, remaining fairly firm nnbil the xniddle of March, when prices receded, Owing to the high prices received for by-products, however, tho total recoipts of farmers for meat products had been very ro--munerative. The killings for export of beef, willton and lamb for tlic year ending March, 1937, with the figures for the previous year, aro as fol'ows: —

Per bale. Per pound. Season. £ s d d. 1935-36 ,. 13 6 10 9.144 1936-37 .. ^22 9 0 15.82

1936-37. 1935-36. Quarters of beef (chilled) 183,093 106,403 Quarters of beef (frozn) ...... 156,937 294,865