BRIGHT PROSPECT

Press, Volume LXIX, Issue 21034, 9 December 1933, Page 13

BRIGHT PROSPECT

WOOL POSITION SOUND EXPECTATION FOR CHKISTCIU'RCII AUCTION The realisation at the first North Island auctions of the hope that wool prices would return to profitable levels jn. the 1933-34 series, has given a substantial fillip to all classes of business, and has materially aided the return of public confidence. Thus the i.xpectation with which the first Christchurch sale, to be held next Tuesday in ihe Caledonian hall, commencing at a.m., is awaited has greater general application and is keener than for many years. The Christchurch auction is of paramount importance because it will determine definitely the season's opening basis for all halfbred and other fine wools and brokers anticipate that values will range up to 19d for the best wools offering and a few pence more for occasional extra super lots. For the bulk of the best types 16d to 18d is anticipated, values which represent 90 to 100 per cent, increase on those ruling at the opening sale of last season in Christchurch. Quality of the Clip. As was anticipated the allocation of 25.000 bales for the sale has been filled and great interest is being taken in the cliD in stores. The year for wool growing has been a hard one the extremely dry conditions cf last autumn throughout Canterbury, which brought ma'.v flocks to the verge of starvation, resulting in checks which the wool could not fail to rsliect. However, now ihac ire bulk c,£ the offering has been handled, it is agreed by brokers and buyers alike that tir.e wool is in better condition than was anticipated. A gooci deal of dusty, dingy, and poor cj.v ditioned wool is included of course, while the tenderness in hogget wool is also apparent in srmc instances. Chaffy necks are prominent as the result of very general hand feeding Ja»t winter, when feed was scarce. The season was such a dry one that the lightness of the fleeces is perhaps the outstanding, feature and averages estimated approximately reveal substantial deficits from normal years. From one store it is reported Ihat an average weight a bale would be slightly more than 3301b only. For comparative purposes it is interesting to note that the average weight of each bale in New Zealand in the 193233 season was 3501b, in the 1931-32 season 3431b, and in the 1930-31 season 3391b. In Australia the average weight a I ale over a period of four seasons up to 1933. varied from 3041b to 3031b only. The wool for this sale is drawn from low country farms in the main, and there is no large entry of outstanding Comedale clips. The percentage of fine wools offering, however, must bo a record for some seasons, judging by the catalogues. The head of one store seated that it is years since the percentage of finer wool was so predominant. In the wider use and greater demand for fine woolled rams is to be found the principal reason for this interesting feature. The importance of it too, is not small as the ruling demand indicated at the North_ Island salt 3 was extremely brisk for 46 s to 4S'n. The prospect of keen opening sa ! es in Canterbury may also have induced station owners to send forward what they could for this sale, especially as the season has been a very favourable one for shearing. Last Year's Average Prices. It is interesting to recall the main factors which affected the first sale of last season in Christchurch. It was held on December 14, and expectations were fully borne out. all tne finer wools selling freely at what were considered comparatively good prices at the time, though very much below the values at the corresponding period in the previous season. Values ranged up to 12Ad. It is also worthy ot comment that at the Christchurch sale in January, 1933, after the alteration in the exchange rate, the average price per lb rose from 6.4 dto 8.5 d, whicn was the highest realised in Mew Zealand last season. In the North Island centres advances have represented up to 100 per cent, increase on last season. Last season in Christchurch the average price per lb was 6.95 d, m 1931-32 it was 6.47 d, in 1930-31 it was 5.60 d m 1929-30 it was 9.37 d, and in 19~8-2J it was 16.16 d. With the prospect of perhaps doubling the Christchurch average of last year for the sale next week, the enthusiasm in the wool tiade revival is more than justified. Representative Competition. The bench of buyers will be a full one, and competition is expected to be representative of a wide range of interests. Since the season opened m Australia the demand frum Yorkshne has been strong and sustained, and Japanese orders have been plentuui. In the earlier selling months enquiry from the continent, more particularly France, was not experienced in normal volume. Bulky French purchasing has been predicted i:o: t remainder of the season by a prom i - ent authority. I hat authoiity adds the comment that prospects for - maintenance of a favourable are promising. FFinancially,.lly, ">ndl- - are somewhat distmbed, b-caus of the French and American monetaiy situation, but those cond^ lon ® not upset confidence. £ has recently been more widespread. In spite of all circumstances the tee - ing of deDression and the icvji. ol laii ffiMSS* o'S&l in most countries and . employment has improved. Those clrc u rnstane combined with the short of wool, are expected to exert a strong influence on the wool To-day a feature is the of thought permeating , evcry c J?L C ,V of |)r^US- p ™» allocations of the various turns aie as •lollows:-- , J3ales. N.Z. Farmers' Co-op.. Assn.. Ltd. 4,078 National Mortgage and Agency Co- Lld. t -• Dalgety and Co. Ltd. ■ ■ •g 0 ■v H. Matson and Co • • Z " 3U N.Z. Loan and Mercantile Lyne*"Goul c'ui nness, Ltd. 7,532 Total •• -• 25 ' 000 BRADFORD TOPS •*n r.i> ™ *ssomTi.. S -»T ZLZCUUC tei.Edl'.M'U LOI'YKIOt! 1 ' LONDON, December 7. < Jn the Bradford tops market merinos showed a firm undertone and crossbreds tended against bujcis. Quo a lions: —

LONDON SALES Messrs H. Irwoll and Cu. woolbrokers, London, report as follows. T ondon sales closed; prices for bredsin general are without quotable Ke but in sellers' favour while nrices for coarse crossbreds .are Favouring buyers. The ruling puce are as follows: d.

Nov. 30. Dee. 7 d. d. Seventies .. 38 371 3G Sixty-fours .. 37 Sixties .. 341 254 .. 131 ■>v Fifty-sixes 18i 1 '■? Fifties Ferty-.sixes 13 . .. Hi 11 i Forties

ro- •• 17 " . -.15 5Ss •• n , 50's , ' qT 48's ■ • ' " "7-' 40-s •• •• •• 7 f 44's •• •• " U