WOOL PRICES SOAR

Hokitika Guardian, 27 November 1933, Page 6

WOOL PRICES SOAR

FIRST N.Z. SALE OF SEASON.

VALUES EXCEED EXPECTATIONS.

(Per Press Association Copyright.)

AUCKLAND, November 27

The first wool sale of the Dominion season -opened this morning. The offering comprised nearly 24,000 bales, mostly crossbred, in excellent condition.

The first catalogue revealed strong buying, and the most sanguine expectations were exceeded. Prices realised were from two to two and a half times higher than the March prices. Most of the bidding was done by half a dozen principal Bradford and Continental buyers, whose limits seemed to be elastic, but the Dominion mills refused to be outbid for fine wools, and they secured the well-known Waihake clip, five bales of hallbreds, at 253 d, as .against 12Jd last year. A line of Southdown.s brought 22-id against 9Jd a year ago. The advance in prices covered all classes of wool offered. Pieces realised up to 1/-; bellies up to 9d; crutchings up to 6d; crossbred hoggets up to 14d. It is estimated that after the first catalogue is disposed of,.it would average over a shilling per pound.

SUBSTANTIAL RISE IN PRICES

AT AUCKLAND SALE

AUCInLAND 5 November 27. Wool '.is Tlie' rise substantial, in many .cases,, to.:, double..,.the rates ruling at. this time last y«?r- From the outset of this morning’s sale it as evident, there had been a complete change in the wool market. The doleful record of slump periods was broken. The change of atmosphere was akin to a spiritual awakening at a revival meeting,- as buyers vied with one another to obtain the commodity, j which only twelve months ago was almost spurned. There were about 75 buyers but it was very noticeable that less than a dozen did most of the buying. There was generally speaking no excitement. The bidding would start quickly with a. figure well up to brokers’ valuations,, only Mo ,be raised a farthing or a half-penny a time until the - lot was sold at a figure threepence' or fourpence .-.-above the initial bid. An incident almost unprecedented "occurred /when- five • bales v. of ' a Waihake Island clip: w,as put up. Representatives of a well-known New Zealand firm responded to every- challenge and secured the lot - at- ' 25f d• a lh. There was spontaneous applause from t-lie whole of the-lug buying bench and it-echoed from thA spectators gallery.

The Auckland ' clip chiefly comprises Romney and- Romney cross, with -a limited, amount -of- southdown's, ryeland, corriedale, and halfbred. There was a general commendation of the qiiality’toF'thcf 'wbol." Is wool-raising, profitable? On today's" pricejs th<?" question" is liarcl to answer' owing To ’"the- varying prices of; land and other factors, hut asstiiiiing that farmors’.,,costs ...liave. MlojL.in.-tUe two years it is quite likely that many fa rmers will be- glad tocontinue- wool production, if they could he sure of a maintenance of to-day’s prices which are estimated to average "between lOd and ls.ner lb.