Commission’s Bidding Props Lifeless Sale

Press, Volume CVI, Issue 31249, 22 December 1966, Page 3

Commission’s Bidding Props Lifeless Sale

(New Zealand Press Association) INVERCARGILL, December 21. Only Wool Commission bidding on 85 per cent of the offering kept prices at the third Invercargill wool sale of the season today firm on realisations at Timaru last week.

Nearly 60 per cent of the offering was passed to the commission, compared with 40 per cent at Timaru last week.

Prices were the lowest obtained in Invercargill for many years.

Values were generally about 6d per lb less than at the equivalent sale average of 42d per lb last year and Id to l}d less than at last month’s sale.

The sale showed few signs of life. At times the auctioneer’s “passed to commission” was a dirge, punctuated only by the opening bids of local and overseas buyers and the commission’s bids in most cases, were 3d to 6d per lb higher.

In contrast with recent Invercargill sales, the commission’s bids were seldom capped by buyers, who appeared to be operating to strict limits. At first it appeared that the commission’s percentage

would be higher, but the sale firmed slightly later. About 11,000 bales were passed to the wool commission, the commission’s manager, Mr H. L. M. Peirse, said in Wellington tonight. Only about 7000 or 7500 bales were sold to regular buyers. Mr Peirse said he had no comment to make on the low prices.

Before today’s sale the commission’s buying was about 6 per cent of total sales this season. At last month’s Invercar-

gill sale about 20 per cent of the offering was passed in.

Farmers whose wool was passed in today have until Friday to notify their brokers if they are prepared to accept the commission's offer.