WOOL PRICES RECEDE

Press, Volume LXXXVII, Issue 26528, 17 September 1951, Page 6

WOOL PRICES RECEDE

THIRD MAIN SALE IN DUNEDIN

VALUES LOWER THAN AT INVERCARGILL

(New Zealand Preu Association) DUNEDIN. September 16. Wool prices receded at the third main sale of the season, held in Dunedin at the week-end.

Altogether, nearly 40,000 bales were offered. Passings were frequent in a day of erratic bidding. Overall, prices were 5 per cent, to 10 per cent, down on those secured at Invercargill. After the disposal of crutchings and oddments on Friday evening, the selling of fleece wools wds continued on Saturday. In an erratic market, buyers were purchasing the better-class wool at prices less than one-third of those ruling in February. Bidding was slow, and appeared to be confined to only a few buyers. Fine crossbred wools had a fair inquiry, but generally prices were lower than at Invercargill. Local mills secured odd lots ol better class wool, with Bradford and the Continent operating for most of the other classes, particularly crossbred

There appeared to be a lack of confidence throughout, and buyers were not anxious to secure passed lots at the end of the sale.

Most of the wool opened up in good condition, although a number of lots, particularly from Central Otago and North Otago, showed definite signs of the dry season.

Top price for the day was secured by Otago farmers for a bin lot of four bales of Southdown, sold for Bld. The next best figure was 80d for five bales of super halfbred sold for Mr J. Wilson, of Lauder. At the December sale, Mr Wilson secured 142 d for an identical line. The same class of wool would have brought 186 d at the February sale. For the better class of superfine crossbred, prices ranged from 58d to 64d. and for good to super, 50d to 54d. The average price a bale was £55, compared with nearly £165 at the February sale. There was a fairly large attendance of farmers and businessmen during the sale. (Official Report on Page 8.)