WOOL OUTLOOK

Hokitika Guardian, 7 November 1931, Page 3

WOOL OUTLOOK

IMPROVEMENTS OVERSEAS

WELLINGTON, November 4

The rapid improvement in the Australian wool market, caused mainly 'through keen competition among overseas buyers, is likely to have a favourable. /effect on New Zealand sales, the ■irstVbf which opens in Auckland on November 28. This was the ojffrfibn eitpressed by Mr G. C. Prevost, of the Perth, v Adelaide and Wellington wool firm in an interview. Mr Prevost, who has been in Aust.rafia for some time past, arrived in 'Wellington by the Monowai. He said the Australian wool market had risen sharply during the past few weeks, and a noticeable feature of the sales had been the demand for crossbred wool. Mr Prevost had criticism to make of the practice adopted by some New Zealand growers in withdrawing their wool (from sale—“failing to meet the market,” he termed it —and said that when there was keen coiiipetit’on among buyers growers could feel assured they wiere ■'getting full market value. “In Australia there was a noticeable demand from oil manufacturing countries, ,J Mr Prevost said, “particularly Bradford and Japan; there was a good demand, also, from European States—the French buyers were very active. Although the market has not got to the highest level of last season,, 'if it continues to rise as rapidly as it has been doing, the opening sales this year probably will start on the same basis of last March and April sales. “The worst feature of the crossbred trade, so far as New Zealand farmers are concerned, is the tact that ali the manufacturing centres know there is a huge number of bales” carried ovo about 150.000 bales of New Zealand wool, I think. That has a detrimental effect on the New Zealand market, ard dt is being talked about in all the centres of the wool-buying trade. If New Zealanders will sell their wool as other countries do, and meet the market, it will be beneficial, to all branches of the trade.”