SYDNEY WOOL SALE

Hokitika Guardian, 30 August 1933, Page 5

SYDNEY WOOL SALE

PRICES JUMP UP A VERY OPTIMISTIC TONE. (Australian Press Association). SYDNEY, August 29. At the wool sales, though less in quantity than last year, the quality was better and representative higher prices include greasy 17-jd, 17-jd, 17fd, proximately 50 per cent higher. The Prime Minister, Mr Lyons, regards the effect as gratifying to the whole of Australia, while Premier ! "Stevens foresees more employment and greater buoyancy in trade. The Minister of Commerce (Mr Stewart) has been, informed that if the prices are maintained, the total gain to Australia will be about twelve million pounds. The Graziers’ Association president (Air Walker) says that so far as wool is concerned the worst is over, but the decrease in production may be larger than a quarter of a million bales estimated in June.

The Wool-Selling Brokers’ chairman (Mr Cutbnore) warns the growers not to be too optimistic, Owing to the heavy reduction, in sheep shorn, due to drought, estimated at least 20 to ■ 25 per cent., neither growers nor Australia should delude themselves they are out of the wood.

At the woolsales here to-day 12,472 bales were offered, and 12,204 were sold, while 6,036 bales were also disposed of privately.

The improved levels established on Monday .were fully maintained to-day and there was a hardening tendency for the best fleece wools with more general competition. Excellent clearances were made. Greasy merino sold to twenty-one pence. The average price for greasy yesterday was £ls 16s 6d per hale, or 11.8 pence per pound.

ENGLISH PRESS COMMENT

EFFECT ON THE HOME MARKETS

LONDON, August- 29

The newspapers here give prominence to the rise .in' wool prices at Sydney. The "Financial News”

i says: "Such sharp rises are uncommon. : How far the Bradford buyers are pre- | pared to pay so much more for their raw material remains to he seen, though those who.are left short of supplies should, not complain about getting no warning after the increased trade in wool textiles that has heartened Yorkshire’s manufacturers. The rise should bring more consumers into the market. The outlook for the London sales later should bo-good. The. "Morning Post” says: Tim news from Sydney points to a further advance. There is an active demand for winter suitings. The Yorkshire output of tops and yarns has recently been readily absorbed on Home and foreign account. Prices were higher at Bradford last week.