Values Ease Sharply At Final Wool Sale

Press, Volume CIII, Issue 30426, 28 April 1964, Page 16

Values Ease Sharply At Final Wool Sale

In contrast to recent seasons when the final wool sale has frequently been the strongest of the year, at yesterday’s final Christchurch wool sale for the 1963-64 season values for all classes of wool eased sharply. As the sale progressed, demand appeared to weaken and the sale ended on a weak note, with frequent passings.

Compared with the very buoyant February sale in Christchurch, yesterday's sale was a dismal affair with prices frequently back by 4d to 7d per lb and shabby and inferior styles were reckoned to have shown an even more marked depreciaition. Sales of finer Wools at over 70d were comparatively rare and the bulk of the crossbred wool changed hands at less than 60d.

The average price for the sale could be about 51}d to 52d per lb or about £7l for a 3301 b bale. This would represent a drop of about lOd per pound on the February average, but account of course has to be taken of the fact that yesterday’s offering was considerably below the standard of the summer sale, comprising a typical end-of-season selection of wools; Last season there was a difference of 2d per lb between the February and April sales. Indicative of the trend of the market, if yesterday’s average is between 51|d and 52d it will be almost 5d per lb below the average for the Timaru sale last month. Values at Timaru also showed a downward trend, but this movement was accelerated yesterday.

Centre Cheque At an average price of 51jd to 52d per lb, yesterday’s sale will produce about £2m and will raise proceeds of sales in Christchurch for the season to more than £l3m, which is more than £2m in excess of last season’s cheque for this centre.

A feature of the offering for the sale was a greatly increased proportion of secondshear and lambs’ wool and this turned out to be in excess of market requirements. These wools were frequently passed over, jn particular fine wool lambs wool. At times these wools did not even attract a bid and auctioneers passed on to the next lot.

The proportion of passings seemed to increase during the morning. Over the sale of about 1500 bales in the first catalogue of the day passings were running at about two per cent of the bales offered. Later in the morning over the sale of 300 to 400 bales, they jumped to 28 per cent, to tail off again later to about six per cent over the offering of a selection of about 900 bales. The market seemed, however, to weaken in the closing stages when there was again a steady stream of passings. Commission’s Blds The Wool Commission, which has had a largely watching brief this season, came back into the market yesterday to lodge its floor price bid twice and it had a bale of Merino lambs* wool passed to it in the closing minutes of the sale. The commission had not placed its bid since a Dunedin sale last. October. Compared with the last fine wool sale at Timaru, fine wools were estimated to be from 5 to 7} per cent cheaper, with fine and medium crossbred back by about 2| per cent on the recent Wellington sale and strong crossbred in buyers’ favour. Lambs’ and secondshear wools were also described as fully 2j per cent to 5 per cent down on late rates.

Compared with the last Christchurch sale, the general run of halfbred and Corriedale fleece looked to be 6d to 7d per lb cheaper and about 3d to 4d per lb cheaper than at last month’s Timaru sale. Merino wool, which was offered in limited quantities, was down about 5d oh the February sale in Christchurch and was also slightly cheaper than at Timaru. Crossbred wool, selling only occasionally to over 60d, showed a marked decline. It looked to be as much as 8d down on the last Christchurch sale and 6d or 7d below Timaru values. But while prices were much lower than recent

rates, there was one redeeming feature. They were still markedly better than at the April sale last year, which was considered a good one at that time. Crossbred wool was still selling at 7d to 8d per lb higher thin last April, and halfbred and Merino wools were still 5d to fid per lb better. The average price for the April sale last year was 44.83 d per lb and this could be bettered this year by fid to 7d per lb.

. Halfbred and .' Corriedale fleece sold mainly between about 60d and 66d, the main weight of Merino from about 59d to 65d, and average to good to good crossbred fleece from 55d to 59d. The betterstyle wools in each of these categories still sold reasonably well, with halfbred ranging up to 73Jd, Corriedale to 73jd, Merino, to 70jd and crossbred to 67id. Lambs wool made from about 50d to 60d for the coarser qualities, fine wools making from about 44d to 56d. At Timaru, the main weight of crossbred lambs wool brought from 57d to 65d. Crossbred two-shear wool sold mainly from 48d to 62d and twO-shear halfbred ranged from about 42d to 58d.

Fine wool necks selling from about 46d to 63d were making rates similar to Timaru last month, and fine wool pieces were also close to Timaru rates, selling at 46d to 57d. Crossbred pieces looked easier at 40d to 50d as did also bellies making from 40d to 51d for finer sorts and from 39d to 46d for crossbreds. On account of the slackness of the market, the rate of selling was down to about 280 lots an hour and the disposal of the offering of 30,486 bales in 2805 lots took just on 10 hours’ selling. The wool was drawn from the plains and high country and the West Coast, Nelson and the Chathams. It was about up to average standard for an end-of-season offering, with the lambs’ and secondshear wools including some attractive lines. Leading . Sales Top price of the sale and top price of the. halfbred section was 73Jd for four bales of binned wool in the catalogue of, Dalgety and New Zealand Loan, Ltd. The next best price of 72}d was paid for six bales from C. H. Brand (Ashburton), and for two bales of binned wool in the catalogue of the National Mortgage and Agency Company, Ltd. Mr Brand also had six bales at 713 d and six bales at 70d. Pyne. Gould, Guinness Ltd., also sold binned halfbred wool at 72id and 70id. Corriedale wool realised to 73id for five bales from C. C. Chisnail (Ashburton). K. V. Hood (Somerton) sold four bales at 70d and L. R. Forrester (Hawarden) had four bales at 68id.

Merino wool sold to 70id for two bales of binned wool by Dalgety and New Zealand Loan, Ltd Sales at 87d were made by the National Mortgage and Agency Company. Ltd-, with three bales and Pyne, Gould, Guinness Ltd., for two bales.

The crossbred, market was topped by G. W. Telford (Loburn) with eight bales at 673 d. Dalgety and New Zealand Loan, Ltd., sold four bales of binned wool at 64td and B. Chapman - Cohen (Darfield) realised 643 d for six bales. The National Mortgage and Agency realised 64d for two bales of binned wool and the same price was paid for four bales in the catalogue of the New Zealand Farmers’ Co-operative Association. Among best sales under growers’ brands were 12 bales from the Riversdale Farming Company (Ashburton) at 63id and eight bales from the same vendors at 623 d, eight bales from T. W. Johnstone (Mount Somers) at 63d, six bales from P. A. Groundwater (Methven) at 623 d and six bales from J. M. P. Coates (Hauplri) at 62d. The top price for threequarterbred wool was ■ 67|d for seven bales from K. P. Doig (Ashburton). T. and Mrs E. M. Abbott (Windwhist'e) sold six bales at 66d and six bales from G. N. Grigg (Methven) sold for 65Jd. Sales at «4id were made by C. A. Jenkins (Windwhistle) with seven bales and for four bales of binned wool in the catalogue of Pyne, Gould, Guinness.

Second-shear crossbred wool sold to 623 d for six bales from C. W. Barnhill (Kokatahi). Clarkson Brothers (Methven) received 62 J d for four bales of second shear Romney and 62d was received by H. G Diedrichs (Kokatahi) for seven bales of crossbred wool. The same vendor sold seven bales at 60|d and this price was also paid to R. G. Barrett (Little River) for five bales. C. N Mackenzie (Scargill) was paid 60id for eight bales of threequarterbred second-shear wool and 601 d for crossbred twoshear wool was received by A G. James (Murchison), T. E Armstrong (Mount Clair) and M Wallace (Hauplri). . halfbred wool sold to 59d for four bales from L A Dunnill (Oxford). J. McK. Gardner (Scargill) received 58d for four bales and R. I. Hight (Ashburton) realised s«jd for three hales ° f seconll ’ e h®ar Corriedale

Crossbred lambs’ wool made up to «3id for four bales sold Among leading sales under growers own brands were five

bales from J. Dumphy (Kopara). which realised Slid, and six bales from A. G. James (Murchison)- at Mid. Sales of three-quarterbred lambs' wool included eight bales from H. Dunlea (Ashburton) at 60 id and five bales from M. Youngman (Darfteld) at 59Jd. Fine wool lambs’ wool reached to 57d for four bales of halfbred from J- A. Sunckcll (Waiau). and s«id was the price received by J. W. Halliday (Rakala), for four bales. Sales at Sfifd Included four bales from J. H. Davison (Culverden). Southdown and Southdown

cross wool sold to Mid for four bales of binned wool in the -catalogue of Dalgety and New Zealand Loan. Details of catalogues in order of sale were: Balos National Mortgage and Agency Company of N.Z., Ltd. Pyne, Gould. Guinness ltd. Dalgety and N.Z. Loan. Ltd. .. 10.4K3 N.Z. Farmers' Co-opera-tive Association of Canterbury. Ltd. 491« 30.486