Wool Values Improve Slightly At Christchurch Sale

Press, Volume CIV, Issue 30678, 18 February 1965, Page 10

Wool Values Improve Slightly At Christchurch Sale

Although the wool market was not exactly animated when the sixth Christchurch sale of the 1964*65 season was held at the Wool Exchange at Addington yesterday, there was a further small hopeful improvement This, coupled with the slight advance made at Wellington earlier in the month, may indicate that the market is on the way up. But it would probably be unwise to be too optimistic about this trend.

The market was officially quoted as being in sellers’ favour for halfbred wools, compared with the last Christchurch sale towaids the end of last month, and very firm for fine crossbreds on recent Wellington rates, but easier for coarser crossbreds.

Compared with the last Christchurch sale there appeared to be a slight improvement for halfbred wools, particularly at the coarser end, and this may have amounted to about Id per lb. Crossbred wools also looked to be slightly dearer than last month, the gain being from Id to 2d per lb. There were more sales of crossbred wool yesterday between about 47d and 50d than a month ago, and both finer and coarser crossbreds were at times bringing higher rates than at the last Christchurch sale. In the view of one observer it was the coarser halfbreds and the coarser crossbreds that enjoyed the best sale of the day. He saw no improvement for Merinos or for the finer halfbreds. This man and other observers noted that it was the less stylish, but possibly higher yielding halfbred wools, which were in particularly good demand. Oddments, too, had a good sale all day. Passings

The sale opened on a good note and was probably stronger at this stage than later in the day. Over the offering of 1000 bales in the first catalogue passings amounted to less than 1 per cent. This contrasted with 15 per cent of the wool in an offering of 400 bales being passed in the middle of the morning; 6 per cent of 800 bales being passed in the early afternoon, and 18 per cent of a little more than 300 bales being passed late in the day. The Wool Commission lodged its floor price bid on a total of 60 lots, including mainly Merino fleece and halfbred skirtings and oddments. It had a total of 18 bales passed to it. A preliminary estimate given last evening puts the average price for the sale about 42Jd to 42}d per lb. This would be id to id higher than at the January sale. At 42 jd the sale would return just under £l.sm for the offering of 24,227 bales. A year ago, when the market was at its highest level since 1957, and halfbred and Corriedale wools were selling regularly at more than 70d

per lb, the average price for a two-day sale was about 61 id. Yesterday’s sale promises to be about 19d per lb or £26 2s 6d per bale cheaper, which means that growers will receive about £630,000 less than they would have for the same offering last year. The main weight of halfbred and Corriedale wool brought from about 46d to 51d, and while it was fractionally ahead of last month's sale at these levels it was about 21d per lb cheaper than a year ago. The top price for halfbred yesterday was 56}d, compared with 78d on the second day of last February’s sale, and for Corriedale 56jd, compared with 77|d on the second day last February. Merino Wool Merino wool, which was forwarded in limited quantities, sold mainly from 47d to 54d, the top price of the day being 57}d. A year ago the main weight of sales was between 64d and 70d. Crossbred wools showed a slight improvement to sell mainly between 43d and 48d, but were still 20d behind February, 1964, rates. There were two notable sales, however, which were well ahead of the rest of the entry at 57id.

Scond-shear crossbred wools, of which there was a sprinkling in the selection, ranged from 40d to 45d for average to average to good wools. Crossbred lambs’ wool brought from about 34d to 45d.

Oddments sold enjoyed a relatively good sale. Fine wool necks brought from 38d to 47d, and necks made from'4ld to 46d; fine wool pieces from 36d to 44d, and three-quarterbred from 34d to 40d; fine wool bellies from 29d to 37d, and three-quarterbred bellies from 27d to 36d. The offering of 24,227 bales in 2304 lots was sold in seven and three-quarter hours. It comprised mainly ewe wools, with some hogget and a little Merino. As at recent sales in this centre the wools were generally showing the effect of last year’s protracted drought. They were carrying dust and were frequently short in the staple. The top price of the sale was

57jd paid twice for crossbred wool. This price was received by D. Lanauxe (Chatham Islands) for eight bales of fine crossbred hogget, and also by A. P. Tutton and Son (Rangiora) for 10 bales of crossbred hogget. The next best price for crossbred wool was Slid for 11 bales of hogget wool In the binned entry of Dalgety and New Zealand Loan, Ltd. The National Mortgage and Agency Company, Ltd., also had 11 bales of binned crossbred wool at Sid. Among leading sales under growers r own brands were six bales of hogget wool from A. G. Scott (Loburn) at 50id and another six bales from the same vendor at SOW.

Halfbred wool made to s<fd for three bales of binned wool offered by the National Mortgage. The same firm also had two bales at 56d. Pyne, Gould, Guinness Ltd., also had three bales of binned wool at 56W and the New Zealand Farmers’ Co-operative Association realised 56d for four bales. E. S. Johnstone (Russell Flat) had 10 bales at 54fd, O. J. Osborne (Doyleston) sold seven bales at 54}d, H. G. Mowat (Ashburton) realised Slid for 18 bales and K. W. Llssaman and Son (Blenheim) received 54d for five bales of hogget wool.

The highest price for Corriedale wool went to D. W. Ensor and Son (Cheviot) who had four bales at 56Jd and 11 bales at Slid, E. A. J. Blain (Ashburton) sold 11 bales at SSd, and J. F. Lochhead (Omihl) realised Slid for 17 bales. For IS bales C. G. Gardner (Walau) was paid Slid and the same vendor had six bales at 53td. B. and D. C. Wynn-Williams (Scargill) received 53id for six bales and 53}d was the price for 10 bales from L. W. Savage (Walau) and for five bales from

A. W. Sloss (Cheviot). Double HIM Station (Rakaia Gorge) had 34 bales at 53d and this price alee went to Stevensona Farm. Ltd. (Omihl) for six balsa. The Merino market was topped by Pyne, Gould, Guinness Ltd., with four bales of bHined wool bringing 57fd. Two bales of Merino warp in the eatalogue of the New Zealand Farmers' Co-operative Association were sold privately tor 57d after being passed at auction at SSfd. Miss M. E. Coulter (Hawkesbury Station, Blenheim) sold throe bales at'Std. and Richmond Brook Station (Seddon) had tour bales at 54d and 12 bales at 53d. E. and H. E. Ensor (Tynteefield, Blenheim) had seven bales at t3W. Quarterbred wool made to 53d for nine bales from R. M. D. Johnson (Mount Torleas). Three-quarterbred wool made up to Slid, also for binned wool offered by Pyne. Gould. Guinness Ltd. The leading sale made bv a grower was for six bales from Mrs A. M. Smith (Springbank) which realised 4»d. Two sales of Southdown or Down wool were made at 5Hd. In each case this was for binned wool offered respectively by Dalgety and New Zealand Loan and the New Zealand Farmers' Co-operative Association. AH other leading sales of Southdown or Down cross wool were made out of binned entries. Second-shear crossbred wool brought to 48d for six bales from W. H. McNab (Whataroa). The Lands and Survey Department (Whataroa) sold 12 bales at 45{d and M. Mcßride (Whataroa) received 45W for seven bales. Sales at 45d were made bv R. K. WlHumson and Son (Kowhlterangl) for 10 bales snd by T. M. Manera (Kokatahl) for four bales. Crossbred lambs' wool brought to 45td for 13 bales from Transport Holdings. Ltd. (Nelson) and Corriedale lambs’ wool brought to 43d for five bales from C. G. Gardner (Walau). A. B. Chlsnall (Ashburton) had one bale of Corrledale lambs’ wool at 42id. Details of catalogues In order of sale were: National Mortgage and Agency Co., of N.Z., Ltd. .. <554 Pyne. Gould, Guinness Ltd. .. 5640 Dalgety and N.Z. Loan, Ltd. .. 7350 New Zealand Farmers’ Co-operative Association of Canterbury, Ltd. .. 4474 Total ». ..24,227