PRICES LOWER

Ashburton Guardian, Volume 58, Issue 41, 27 November 1937, Page 8

PRICES LOWER

THE AUCKLAND WOOL SALE. BIDDING BY THE CONTINENT. PREVENTION OF DULLNESS. (Per Press Association.) AUCKLAND, This Day. , The first wool sale in Auckland opened this morning to a full bunch of buyers, with prices offered anywhere from 50 to 60 per cent, below the rates last November. The prices were not accepted, and the bulk of the opening catalogue was passed. Far hogget wool about an average of lOd was offered and for super halfbred hogget 16d was the bid. The average price last year was just over 14d per lb Neither Japanese nor Americans appear' to be operating. “Sorry gentlemen. Thanks for offers. Glad to see you again in January.’’. This epitomises the attitude of the Auckland wool-brokers to buyers. Of the first catalogue fully 75 per cent, was passed unsold, in complete contrast with the scene a year ago when the full clearance was made at prices showing a rise of 50 to 60 per cent. To,-day there was a tense atmosphere as buyers, brokers and spectators assembled. The Buying bench of 70 was the biggest yet assembled at a sale in Auckland. The spectators filled the gallery to overflowing. Everyone seemed prepared for a fall in prices, but there was apparent a relucance to face the music.

An entirely new level of prices was being created, and with the world’s market in a topsy-turvey state, everyone was in. the dark as to lioav values would go.

Quite early it became apparent that the sale was proceeding better than many had feared. The Continent came in brightly from the start and although there was hesitation in regard to occasional lots, most elicited keen bidding, albeit at prices below vendors’ reserves.

Of the first catalogue about 25 per cent, was sold, and the balance will be treated for privately or await the January sale.

Values in the opening catalogue appeared to show a 50 per cent, drop on those of last November, but even at the reduction they were above the rates that ruled in. the depression years. The first catalogue of 566 bales was dealt with in less than an hour. Auckland’s clip came forward in excellent condition, very much finer than last year, many lines being over 50’s quality, and this accounted for the special interest shown by Continental buyers. Prices were fully 50 per cent down on the first catalogue of last November, but were better than expected. But for Continental bidding it would have been a dull sale. There was a large percentage of hogget wool, which was very fine and practically all carding wool, deep hoggets being practically non-existent in the offering. THE LONDON SALES CLOSED. LOWER RATES BUT STEADY. (Received This Day, 12.10 p.m.) The wool sales concluded with an offering of 9340 bales, of which 4494 were New. Zealand and 7631 were sold. There was a fairly good selection with an improved demand for the best kinds. Throughout the series, 73,400 bales were offered, and 57,000 were sold. The Home trade bought 29,500 and the Continent 27,500. The tendency throughout was steady at a decline, but competition was keen. Compared with the closing rates at the previous series, prices were from 15 to 25 per cent lower. New Zealand slipe halfbred lambs, Canterbury sold up to 14 |d with an average of 12Jd. About 31,000 n bales of Australian 28,000 New Zealand wool were held, over for the next series.

Merinos sold throughout at from 15 to 25 per cent lower, Bradford topmaking styles 25 lower, cross fine crossbreds opened at 20 lower, easing further to 25 to 30 per cent; mediums similarly fel. Jslipes, in large supply, gave way by 30 to 35 per cent.