THE WOOL MARKET

Ashburton Guardian, Volume 56, Issue 60, 21 December 1935, Page 9

THE WOOL MARKET

PRICES AT DUNEDIN SALE. FINER QUALITY IN DEMAND. (Per Press Association). DUNEDIN, December 20. Catalogues totalling close on 30,000 bales were submitted at the Dunedin wool sale to-day to a full bench of buyers, representing all the usual purchasing countries. All the catalogues contained a percentage of carry-over wool, but the bulk of the offering represented new season’s clips. . Among these were a number of early-shorn station clips of excellent quality. The catalogue also contained a fair proportion of coastal clips and wool from Tapanui, Gore, and other Otago districts.

All the wools opened up exceedingly well, and the offering was considered to be the best display of wool catalogued here for a number of years for a, first sale. The clips were very bright in colour and attractive in appearance and lighter in condition. In comparison, the held-over wools were not attractive, being slightly discoloured and decidedly heavier in condition. From the commencement of the sale to the completion it was very noticeable that the chief demand was for wools of finer qualities. These were very keenly competed for, but the sale for crossbreds, although in line with northern values, was disappointing. The feature of the sale was the absence of the usual keen demand for hogget wools, but although these wools were selling higher than they •were last season, they were realising Id to 2d below expectations, and were not selling on the same level of values as the balance of the clips. Bidding throughout the sale came chiefly from the Continent. Buyers representing Japan, America, and Canada were also in evidence. Apart from purchasing some of -the finer qualities, Bradford support throughout the sale was lacking. Local miiis, on the other hand, were prominent on all suitable wools, and were the chief factor in the top prices obtained. There were passings in all catalogues, chiefly owing to the disappointing prices for hoggets and also the vendors’ excessive valuations. These passings averaged approximately 10 per cent., but many lots were sold immediately after the sale. Compared with the December sale held last year, prices all round showed an advance, which was more marked in merinos and halfbreds than in farmers’ wools generally. The advance recorded in merinos, especially in extra super lots, was up to 4d per lb, and crossbreds were up Id to- ltd, and in some cases up to 2d for choice lots. The top prices realised on the sale were 18£d for six bales of super halfbred ewe, branded “The Gums,” and 18id for nine bales of super combing merino ewe from Little Valley. Range of Values.

The following is the official (range of prices

PROCEEDS TOTAL £400,000.

CROSSBRED GROWERS DISAPPOINTED. .

DUNEDIN, December 20. As a result of the opening auction of the 1935-36 w,ool selling season m Otago, a Christmas cheque for the'almost record offering of just under 30,000 bales should exceed £400,000. There was a large bench of buyers, and a good sale resulted, with the fine wools, which made up more than 50 per cent of the catalogues, selling well at id to 4d per lb in excess of jffiose ruling at this sale last year. Thioe bales of super combing fine half-bred

ewo which were passed at auction at 18d, were subsequently sold privately at 19d, but that figure is not officially recorded in the report of the sale. The only disappointing feature of the sale was the failure of crossbreds to show an increase comparable with that for finer descriptions. These, though dearer than last year, showed an improvement- of only about Id to 2d per lb. More than usual interest was displayed in the sale oil account of the general anticipation that the combination of improved market strength and better quality of the Otago clip this year would result in keen competition and good prices. The galleries in' the Burns Hall were filled to overflowing all day, aiid the progress of the sale was watched with enthusiastic attention. The rise in the price of fine wools was very encouraging to a large percentage of Otago growers, who rely solely on wool for their incomes. The country and coastal producer of crossbred wool was not so fortunate on this occasion, since although he received more for his clip than last season, the improvement was scarcely more than 50 pel cent, of the average fine wool increase. On to-day’s sale, fine wools are firm, and in keen demand, while crossbreds are very uncertain. Fine wools appear to have a genuine value at the moment, in contrast with the almost false value of crossbreds, in which Bradford was inclined to display less than usual interest, because these descriptions can be bought more cheaply in London than in New Zealand. Actually the improvement in crossbreds to-day was less noticeable than at certain North Island auctions, where the coarser type .or crossbreds showed a higher percentage of improvement. Without Japan and Canada the inquiry for crossbreds would have been even more disappointing. The sale was a very difficult one from the point ot view of estimated average prices, but it was agreed by several authorities that if last season’s averages were increased by 25 per cent, the result would not lie far wrong. On this reckoning it is estimated that the average price a pound was about 10a, compared with Bid last year, and the average price a bale £l4, compared with £ll 5s last year. With a total offering last December of 18,000 bales, the gross receipts from the sale were approximately £175,000, compared with an estimated gross return this year of more than £400,000 from 30,000 bales.

d. d. Merino— Extra, super 17* to 18* Super 16 to 17 Average 14 to 15 Inferior ,11 to 12* Fine Halfbred, 56i-58— Extra super m to 181 Super 15 to 17 Average 12* to 14| Inferior 10* to 12 Medium halfbred, 50/56— Extra super 15* to 16 Super 13* to 15 Average 11* to 13 Inferior 9* to 11 Extra Fine Crossbred, 48/50— Super 11 to 12* Average 8* to 9* Inferior n to 8 Fine Crossbred, 46/48 — Super 9 to 10* Average 7| to 8* Inferior 7 to 7* Medium Crossbred, 44/46— Super 8 to 9 Average 6$ to .7* Inferior 5 to 6 Necks and Pieces —■ Halfbred: Good to super 12* to 16* Low to medium ... 8 to 12 Crossbred: Good to super ,7 to 9* Low to medium ... 4* to 6* Bellies— Halfbred: Good to super 8* to 11 Low to medium 5i to 8