SYDNEY WOOL SALES

Hokitika Guardian, 20 November 1928, Page 5

SYDNEY WOOL SALES

The course of the wool sales in Sydney continues to be of a cheering character. Discussing the final sale of the October series a leading Sydney authority says that- the closing auctions provided a striking contrast to those of the previous sales. At the conclusion of the first series a very pessimistic outlook was gaining sway, and there were many who confidently predicted that growers would he very fortunate indeed if the market for wool did not collapse when the sales re-opened. And it must be admitted that there were grounds for misapprehension. Values had declined on a weakening market, with many large operations holding off. Stocks in many centres were large, owing to the difficulty of disposing of them at remunerative rates. Buyers of manufactured stocks were very chary of investing in make-up materials, while the market for the raw material was weak and showed signs of weakening still further. Consequently, those who "operated at all freely at the opening sales found themselves with stocks piling up, and were beginning to hold off until such time as the stocks on hand were disposed of or the market found a firm level. However, the market all through the series was animated becoming more so daily, until, at the closing sales, the most spirited bidding of the season was evinced.