WOOL VALUES

Hokitika Guardian, 12 July 1929, Page 7

WOOL VALUES

GOOD AUSTRALIAN SEASON. AUCKLAND, July 9. Improved prices were realised in the closing wool sales of the Australian season last' month, according to the prominent Australian buyer, Robert B. McComas, and, although winter rains were urgently needed in some districts, another good clip was expected next season. Mr McComas is representative of the Australian firm of William Haughton and Company and Director of the Commonwealth Bank of Australia. He arrived at Auckland from Sydney by the Ulimaroa on a business tour. •‘lmproved prices at the close of the season were particularly noticeable in the inferior qualites, which is regarded as a very encouraging sign,” Mr McComas said. “ The principal factor in realising those high prices was competition from German buyers. They bought very keenly, and two of them headed the list, each buying visibly over 4000 hales.” The activity of Japanese buyers was not as marked as usual, and Mr McComas attributed this fact to the decline of the yen owing to the attempt to stabilise the Japanese currency on a gold basis. England, France, Belgium, and Ttaly were operating only moderately, he added, as they found German competition too strong. Neither American nor Russian buyers were i visible on the market, although some of the offerings would ordinarily have proved very acceptable to the Russian trade. “The pastoral position in Austral’-' at present is very favourable,” Mr VlcComas said, “ However, over a wide area, principally in the Riverinn districts, the winter rains have yet to all. Unless they come shortly the position for the coming spring and summer will not be hopeful.”