GROWERS SAVED £40,000

Opotiki News, Volume II, Issue 149, 22 February 1939, Page 3

GROWERS SAVED £40,000

WOOL MARKET RECOVERY YESTERDAY’S NAPIER SALE i £BOOO GISBORNE BENEFIT Gisborne, the -Ctoast and Hawke’s Bay wool-growers who have ottered their wool at Napier this season have been more* fortunate than those in many other districts in the dominion. Napier sales this year have been held on occasions when the market has been at the peak of its lluc-tua-tions. and Monday’s auction was a splendid example of this. Since the second sale of the season at Napier on January 14 a somewhat •severe drop occurred in values of mosttypes of wool, including crossbreds, and it is estimated that the type grown in the Gisborne, Coast and Hawke’s Bay ' districts declined fully Id per H). A recovery, however, came with equal rapidity to that with which the decline occurred!, with the result that the February sale at Napier came yesterday at- a time when values had been restored to the mid-January level.

As a result of this recovery, growers with wool in yesterday’s auction were saved approximately Id per lb., estimated on the 27.001) hales sold yesterday at approximately £40,000 The benefit to the Gisborne and Coast districts is estimated at from £BOOO to £IO.OOO. The total turnover on Alouday should he in the vicinity of £400,000, bringing the aggregate for the season to date up to about £1,000,000.