Useful Improvement In Wool Values

Press, Volume CI, Issue 29748, 15 February 1962, Page 17

Useful Improvement In Wool Values

Values for most classes of wool showed a useful improvement when the fourth Christchurch wool sale of the 1961-62 season opened in the Repertory Theatre yesterday. A very pleasing feature of the sale was the solid demand from a full bench of buyers, and the great bulk of the offerin'' was taken up readily at auction. Fine wools had a particularly good day and compared with the last sale of this type of w’ool at Timaru in December values looked to be up by as much as 2d or 3d per lb and the finer crossbreds were up by almost as much on the same sale.

An authoritative estimate placed Merinos and fine halfbreds as 2J per cent, dearer than at Timaru. with the medium and coarser halfbreds showing 2j to 5 per cent, appreciation. Crossbred wools were quoted as being slightly up on rates at the recent Wellington sale. Compared with the same sale a year ago Merinos were about 3d per lb dearer yesterday and halfbred wools were also better by Id to 3d per lb. but crossbred values were lower by Id to 3d per lb on particularly the coarser qualities. Average Price The average price per lb for the day is expected to be well in advance of that for the last sale in this centre in December. Estimates given last evening placed it from 42jd. or about Jd per lb better than in December, up to 43|d to 44d per lb. At 43d per lb the average return on a 3301 b bale would be £59 2s 6d and on the 26.372 bales offered yesterday this would represent a gain to growers over December rates of more than £36.000. The strong activity of Continental interests was a major factor in the strength of the market with Japan and local mills also giving life to the better finer wools.

Passings were light all day and a check in the early stages of the sale showed that over the offering of 4100 bales only about 3 per cent, of the wool was not finding buyers at auction. The Wool Commission reverted to a watching brief and only on rare occasions did it have to lodge its floor price bid.

The good tone of the market was reflected in some lines of wool making big advances over December rates—lifts of as much as 6d or 7d per lb being recorded in individual cases. Fine Wools

Halfbred and Corriedale wools enjoyed a sound inquiry all day with a substantial weight of the average and average to good style of wool selling in the 47d to 52d range. Better wools ranged from about 54d to 58d with odd sales at the 6fld mark. Corriedale wool from Mid-Canterbury topped the market at 62}d and binned halfbred sold for 60d. A year ago when the main weight of this class of w 00l was selling from about 44d t 6 50d balfbred made to 57Jd

and Corriedale to 54f4 on the first day of the sale.

Merino was also sharply better than a year ago with most of yesterday’s offering making from about 45d to 51d with top lines reaching up to 57)d. Crossbred wools, which have lately been showing an easing trend, gained slightly on late rates but were still sharply below- price levels of a year ago with the main weight making from about 42d to 47d. with odd lines of better class ranging from 48d to slightly over 50d. Lambs’ wool and piece wools -rnjoyed a sound inquiry. and rates were described as very firm. Fine wool lambs ranged from 30d to 42d and three-quarterbred lamb?’ wool from about 32d to 45d Merino neck? brought, from 49d to 48d. halfbred necks from 39d to 49d. threeauarte- bred necks from 36d to 48d: Merino pieces from 28d

to 4 Id. halfbred pieces 36d to 45d. three-quarterbred pieces 30d to 39d; Merino bellies 28d to 37d. halfbred bellies 26d to 39d and threequarterbred bellies 26d to 34d

The offering for the day totalled 26.372 bales in 2136 lots which was quitted at a steady 350 lots an hour The wools, which were drawn from Mid and North Canterbury. Marlborough. Nelson and the West Coast, were generally described as be'ng of average standard and showing the effects of the season The clip was generally a little heavier in condition and it was carrying some dust and there was a measure of tenderness Due to short rations, some of the lambs’ wool was not very well grown. Best Prices The top price of the sale of 62jd was paid in the Corriedale section for four bales of super ewe woo] from D. S. Studholme [Coldstream 1. who also realised 56? d for nine bales of wool. The Plummers Estate. Ltd (Hororatai sold 13 bales at •>sid and sales at 55d were msde by C P Wright (Ashburton I with five bales and K R and B. R Grice (Seaview Ashhurtom for eight bales. For

six bales of hoeset wool. G. B. Shiplev (Greendale! was paid 54jd and Kyenton Farm Ltd (Culverden) received 54 id lor five bales For a further seven bales L. W. Savage (Waiau) gained 54d.

Halfbred wools sold up to 60d for two bales in the binned entry of the National Mortgage and Agency Company. Ltd. The same firm also had another 28 bale? of binned wool which sold for 58jd. Pyne. Gould, Guinness Ltd., had two bales of binned wool at 58Jd. and another five

bales which realised 57Jd. Among the best sales under farmers’ own brands were three bales of super wool from T. D. Allan (Waikari) which made 57Jd. five bales from Bennett Bros. (Ashburton) at 57d and nine bales from A. Amor (Rotherham) at 55jd. Five bales of strong Merino in the binned entry of the National Mortgage and Agency Company Ltd . sold for 571 d and another six bales in the same catalogue brought 56id. Pyne. Gould. Guinness Ltd., sold three bales of Merino warp at 55id. The Mount Torlesse Station (Springfield) received 54jd for four bales of super wool, and W. H. Jackson (The Branch. Blenheim) received 53id for four bales of hogget woo!.

Three - quarterbred wool reached to 51d for five bales of hogget wool out of the binned entry of Pyne, Gould. Guinness Ltd., and 53d was paid to A. J Bebbington (Ashburton) for eight bales. G. A. McLaughlin

'Oxford) for six bales. and J. D Roberts (Ashburton) for seven bales. Binned wool offered by the National Mortgage and Agency Company, Ltd , also sold at 50d for five bale and Pyne, Gould, Guinness Ltd. had sales of binned wool at 49Ad and 49d for two bales and seven bales respectively. H. G. Morris (Ashburton) sold six bales at 483 d, J. A. Sunckell • Cheviot) had six bales at 48Jd. which was also the price for six bales from Mrs E. M. Gray • Hororata). and J. R. Grigg and Son (Ashburton) had another six bales at 484. The National Mortgage and Agency Company, Ltd. headed the crossbred section with two bales of binned wool at and they had another 12 bales at 52jd. L. J. Molloy (Methven) sold four bales at 50£d and 504 d was the price for seven bales of binned wool offered by the National Mortgage and Agency Company. Ltd., and for six bales from J- B. Morrow (Montalto). R. Syme (Kaikoura) had seven bales at 50d and sales at 493 d were made by B. F. Morrow (Montalto) for nine bales, J. B. Morrow for ten bales, and Purau Station, Ltd. (Purau) for five bales.

Southdown wools sold to 57d for two bales offered by the National Mortgage and Agency Company, Ltd., with nine bales of Down cross in their catalogue selling at 55d. Details of catalogues offered yesterday in order of sale were:— Bales Pyne. Gould, Guinness Ltd. . 13.186 National Mortgage and Agency Co. of N.Z., Ltd. .. 11.585 N.Z. Loan and Mercantile Agency Company, Ltd. .. 1.601 26,372 The sale will conclude tomorrow with the offering of a further 25,638 bales.