GOOD NEWS FOR FARMERS

Rotorua Morning Post, Volume 3, Issue 700, 28 November 1933, Page 6

GOOD NEWS FOR FARMERS

AUCKLAND WOOL SALE PRICES SOAR ABOVE SLUMP VALUES Auckland, Monday. The first wool sale of the season opened this morning. The offering eomprised nearly 24,000 bales, mostly crossbred, which was 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 March prices.

Most of the bidding .was done by half a-dozen principal Bradford and Continental buyeis, whose limits seemed to be elastic, but the Dominion mills refused to be out-bid for fine wools and they secured the wellknown Waiheke clip, five males of halfbred, at 253d, against 12id last year. A line of Southdowns bruoght 21|d against 9£d a year ago. The advance in prices covered all classes of wool offered. Pieces realised up to ls, bellies up to 9d, crutchings up to 6d, crossbred hoggets up to 14d. It was estixnated that after the first catalogue was disposed of it would average over ls per lb. From the outset of this mornmg's sale it was evident that there had been a complete change in the wool market. The doleful record of tKe slump period is broken. The change of atmosphere was akin to a spiritual awakening at a revival meeting, as buyers vied with °ne another to obtain a commodity which only 12 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 quietly with a figure well up to the brokers' valuations, only to be raised. a farthing oi* a halfpenny a time, until the lot was sold at a figure threepence or fourpence "above the initial bid. Local Buying An incident almost unprecedented occurred when five bales of a Waiheke Island clip were put up. A representative of a well-known New Zealand firm responded to every chal- I lenge, and secured a lot at 253d per 1 lb. There was spontaneous applause from the whole of the big buying I bench, and it was echoed from the spectators' gallery. The Auckland clip chiefly comprises Romney and Romney cross, with a limited amount of Southdown, Ryeland Corriedale and halfbred. There was general commendation of the quality of the wool. A Good' Average ^ rs Wt>-1 ■ aising pi'olitable on t:*- ' day's prices? The question is hard ' to answer owing to the varying prices , of land and other factors, but, as- 1 suming that farmers' costs have fall- I en in the last two years, it is quite ' likely that many farmers will be glad i to continue wool production if they : could be sure of the maintenance of 1 to-day's prices. There appeared no decrease of the spirit of determined buying, as later - wf under the haniA later estimate of the average prico is between lOd and ls per lb. To-day's Cheque Auckland's wool cheque for the last December sale was £132,118, a large proportion of the offerings being unsold. The receipts for to-day's sale may exceed £350,000. Practically the whole lot is likoly to be cleared. All brokers' valuations and farmers' reserves were exceeded. On the h*v'is of 4o-daTr's pvice."* ti"* vabie Oi' ti'O \» «» ' I s; • : v.*»il I'UVC.; N\ >. 1 n A • v " -J'