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Hokitika Guardian, 19 April 1932, Page 4

Thk lie lief in the inherent stability of the wool market, so optimistically expressed by both English and Dominion authorities as grounds Tot the anticipation of at least some improvement in the prices during the 1931 32 selling season in New Zealand, has been proved to be unfounded by the results of the series of sales which closed with the North Island auction last wqek. The season has been a lean and difficult one for all sections of the wool industry, and, although the uncertainty which characterised the attitude of buyers at the March series in 'London is not apparent at the actions now in progress at Home, the condition of the market affords little encouragement of ideas of higher values. It has been a year of low averages or most classes of wool, and, inasmuch as the cost of production is .still in excess of the mean price that has ruled, the position of growers is actually worse than it was at the close of flic previous year when li decided ami entirely unexpected re* ciovery took place to the special benefit of southern growers. It is not surprising, considers the Otago Times, that, • notwithstanding the detrimental effect of last year’s carry-over on the opening saleis of the season which has just closed, there should lie a considerable accumulation of unsold stocks in the Dominion. The fear that the future would be mortgaged by excessive held over supplies would seem, in the case of North Island growers in narticnlar, to have been less strong than the disinclination to sell at prices that were considered inadequate. In respect of the carry-over 'situation this year South Island growers may virtually disclaim all ircisponsibility. since at the majority of the southern sales n- determination was manifested on the part of vendors to meet the market. This was in marked contrast to the a Use nee- of any free .selling policy in the north, where the holdover supplies are estimated to amount to 100,000 bales. While realising that better values than are obtainable at this juncture can only come through (.lie textile industries in Great Britain and on the Continent being allowed an opportunity of securing supplies at a figure that fits the present economic position, growers are likely to be not merely disappointed but discouraged by the outcome of the season.