FURTHER DROP IN WOOL

Press, Volume LXXXVII, Issue 26523, 11 September 1951, Page 8

FURTHER DROP IN WOOL

ERRATIC MARKET AT INVERCARGILL

PRICES DOWN BY 7i PER CENT. ON TIMARU (New Zealand Press Association) , INVERCARGILL, September 10. i Prices at the Invercargill wool sale to-day were down about IOOd from the ■ last sale at Invercargill in February J and on an erratic market averaged about 7$ per cent lower than at the last Timaru sale. Prices were generally down to the average of the i 1949-50 season. The average price is , estimated at 40d per lb, and would be about £55 a bale. The total realisation for the sale will be about £1,800,000. Passings were numerous, as fairly nigh reserves were placed on many lots. All told, 33,146 bales of wool were offered to a full bench of about 70 buyers, bidding from whom was slow and without animation. Fine crossbred wools brought good prices, compared with the Timaru sale. Crutchings, oddments, and pieces sold well, compared with fleeces. The top price of the day was 80d, which was paid for two lots of first Southdown wool. Among the crutchings two bales of extra super strong wool brought 56d, or more than comparable fleece wool. The market for lambs’ wool, which was reported to be poor, was erratic as a result of branding which distorts the colours during dyeing. This wool is used in specialty articles such as babies’ wear and tor soft felt. Prices were flrm on the Timaru sale for fine crossbred wool, but all other fleece wools dropped by about 10 per cent., says the official report issued by the Invercargill Woolbrokers’ Association, in conjunction with Joint Organisation. An offering of 27,000 bales of fleece wool and oddments and 6000 bales of crutchings was before a full bench of buyers. Bidding was slow and erratic, and at no time was it animated. The buying was well spread, with the Continent and Bradford taking the majority of the lots. The local mills were also evident in the buying. The official range of prices is:— d. d.

OUTLOOK FOR WOOL

REACTION IN UNITED KINGDOM

“ WAIT AND SEE.” POLICY EVIDENT (Special Correspondent NJ£J>.A.)

LONDON, Sept. 10 Most sections of the wool textile manutartUJh»ha*niitaiken hea yy losses on stocks in the fall in wool values durinc recent months, and as long as the Dominion markets show irregular or easier tendencies there is reluctance to engage m heavy buying which normaUy would be entered at this stage, says the International Wool Secretariat’s special news service.

Wool stocks in Britain and most Continental countries are low and contracts for supplies of tops and yams are also smaller than usual. Consumers, however, are hot placing hew orders as they evidently hope to buy more cheaply by waiting. Importing trades exercise a similar caution.

Bradford opinion is that spinners and manufacturers must enter the market for further supplies of tops and yams in the near future and this could be expected to find an Immediate reflection in extended wool buying in the primary markets. Wool bought in the Dominions today could not be available in England before the end of the year, and because of the smallness of wool stocks immediately available, some difficulty in bridging this interval is inevitable.

Wool combing activity is the lowest since 1947 and a further reduction regarded as unavoidable before the new season's wool is received In substantial volume.

Approximate tops quotations are as *ollows:—7o’s, “A,” 169 d per lb; 64's, "A,’ 150 d, and "B.” 145 d: 80’s, super. 138 d; 58's, super, 124 d; 56’s, super, UOd; 50’s, 84d; 48 s, 82d; 46's, 80d.

Southdown, 58/60’s— Extra super .. .. 11 to 791 Good to super 08 to 74 Average Fine Corriedale and Halfbred, 50 to 55 56/58’s— Good to super .., 69J to 701 Good .. .. .. 61 to 66 Average Medium Corriedale and Half56 to 60 bred, 56's— Good to super 64 to 711 Good 56 to 60 Average Extra Fine Crossbred, 50/56’s — 50 to 54 Good to super 62 to 661 Good 55 to 58 Average Fine Crossbred. 50's and 51 to 54 48/50’s— Good to super 50 to 52 Good .. .. 46 to 49 Average 42 to 45 Inferior Medium Crossbred, 46/58’s— 36 to 40 Good to super 41J to 44 Good .. 39J to 41 Average Strong Crossbred, 40/46's— 351 to 38} Good .to super 46 to 471 Good 40 to 44 Average Fine Crossbred Hogget, 50/54’s361 to 371 Good to super 48 to 51 Good Fine Crossbred Hogget 46 to 471 (shorn), 50/54's— Good to super 58 to 60 Good 54 to 57 Average Medium Crossbred Hogget. 45 to 48 48/50's— Good to super 55} to 59 Good 50 to 54 Average Strong Crossbred Hogget. 47 to 49} 46/48's— Good to super to 58 Good Medium Crossbred Lambs, 48/50*8— Super 50 to 54 to 441 Average 38 to 42} Inferior and seedy 24 to 28 Cnpssbred Lamb, 4«/50’s— ; Good to super .. .. 35 to 38 Average 32 to 34 Inferior and seedy Halfbred Bellies, 46/50's— 22 to 24} Good to super 29 to 311 Average .. .. ,, Crossbred Crutchings— 27' to 281 Extra strong to 56 Super Good Average .. .. Inferior Crossbred locks 50 42 33 20 16 to to to to to 52! 45} 40} 30 22? Crossbred Necks— Good to super Average .. ,. ” 421 38 to to 441 40 Inferior and seedy ” 28 to 31