WOOL PRICES

Hokitika Guardian, 29 July 1931, Page 1

WOOL PRICES

‘I lie series of wool sales just ended suffered a strange and unprecedented experience. In all the circumstances it was amazing that the market did not suffer more seriously. The firmness of combining merinos testified to the strength of their position, while even other sorts finished with a good demand and a hardening tendency, despite the fact that every section of the industry was overwhelmed by waves of pessimism owing to credit difficulties and the lack of new business. The crash of Germany’s biggest wool corporation' came at a most unwelcome moment for the bankers and many wool firms in Germany and England were seriously affected. These factors might have deal 1 wool values a staggering blow, for trading was almost eomplettjy- stagnant, but the sunival of wool prices under these troubles is the surest proof of tlieT stability and indicates that the stocks in. consuming centres are not heavy. At present, it is difficult to see how any further recovery of values is possible as lhe manufacturing trade in the West Hiding and on the Continent is far from satisfactory, and world conditions. both political and financial, must also improve before there can be any general advance in prices.