Weakest Sale For Fine Wools For Years

Press, Volume CVII, Issue 31461, 30 August 1967, Page 18

Weakest Sale For Fine Wools For Years

The wool market was at a low ebb when the first Christchurch sale of the new season was held yesterday. The finer wools, which held up so well last season when coarser wool values slumped, had one of their poorest sales since the recession in values for these wools in 1957-58 and 1958-59.

The Wool Commission had to support the market more extensively than at any previous sale so far this season; and fine wool fleece, crutchings and oddments predominated among the heavy passings of wool to the commission.

The fine wool market is following the downward movement of values in Australia attributed to the reduced interest of Japan in these wools.

It wg* generally an unhappy day for woolgrower*. The market had obviously deteriorated iurther since the Timaru sale last week, and in most section* values tended to be lower and there wa* reduced competition. Actually, in contrast to recent sales, the coarser crossbred wools looked to sell relatively better than most other wools. With the floor price for these now at much reduced levels, these wools were at least mostly selling to the trade and this was a hopeful sign. But some observers were surprised that crossbreds were selling so well with similar wools on offer much cheaper overseas.

Ytrterday’i **l* wa* not * Sood augury for the atari of 10 main wool, aelllng aeaaon, which la juat around th* corner.

In Beat Demand Th* wool* in beat demand were thoi* at either end of the acale—th* flne to extra flne halfbred* and Corrladaiea at on* end, and th* atrongar croaebred* at th* other end The flne to extra flne halfbreda were quoted a* being at about laat week’* Tlmaru rate*, but th* wool* in the rang* from medium halfbreda to medium croaabreda mat only a limited inquiry at alightly aaaier rates, and thia movement resulted in much increased activity on the part of the Wool Commission. The stronger crossbred*, although in reasonable demand now. were alao deacrlbed as being in buyer*' favour. All crutching* and alao secondshear crossbred wool* were up to 31 per cent cheaper. Throughout the day there was a steady stream of passings to th* commission. This comprised a comprehensive range of wools of all types, including

Marinos, flne, medium and strong halfbreds and Corriedales. flne, medium and stronger crosbreds,- flne and coarse wool crutchings, secondshear wool* and oddments of all sorts. Th* commission had just in excess of 40 per cent of the total lot* offered passed to it. In these 9*9 lots there wore 787 S ba!**, or 37 par cent o( the offering of 30,83* bale*. Th* commission lodged It* floor price bld on ISM or ** per cent at the lots offered, and thereby gave protection to 14,0*8 bale* or 08 per cent of the bales offered.

Total Passings Passing* to th* trad* and commission amounted to 847* bales, or nearly 41 per cent of the offering. The percentage of passing* varied a little throughout the day but tended to increase In the latter stages when buyers’ orders became fllled. On a number of occasions auctioneers had to pass over lots which attracted no bld* at all.

Because of th* substantial proportion of crutchings in this sale It is not easy to calculate a likely average price for the day. but the flgure could bo between about 22 cents and 24 cent* a lb. This would be a drop of about is per cent on last year’s opening Christchurch sal* when fine wools were still selling very well indeed with little making under about 41 cents and these wools frequently aeUing at better than 50 cants. Th* slid* in coarser wool values was starting then. Compared with last season's August sale, halfbred and Corriedale wools looked to be 8 cents te 12 cents per lb cheaper yesterday, with the margin being widest at th* coarser end of th* scale. Crossbreds were showing a decline of between * cent* and more than 13 cents, with the drop here being leaet marked for the coarsest wools. In relation to the last Christchurch sale in May both the flne and coarser wools look* to b* back about 4 cant* to * cant* per lb. Th* finer crutchings were alao showing a fall of 10 cent* to 13 cents on laat August, and the coarser qualities were bick by 8 cents to 11 cents. Among th* necks, bellies and pieces, necks in particular were showing a massive decline on a year ago. Littl* Over 80 Cent* A* at Tlmaru last week only a relatively light weight of wool med* mere then 40 cents per lb. Fine helfbred end Corriedale wool* sold mainly from 38 cents, to 40 cente, with medium

qualities at is cents to St cents and stronger wools at SO cents to 35 cents. The finer crossbreds ranged in the main from 38 cents to 31 cents, medium qualities from 26 cents to 28 cents and stronger sorts from 34 cents to to 3? cents.

Halfbred and Corriedale crutchings sold between about 8 cents and 19 cents and crossbred crutchings between 10 cents and 25 cents.

Most second-shear crossbred wool sold from 24 cents to 28 cents.

Fine wool necks ranged from 16 cents to 33 cents with coarser qualities at 13 cents to 28 cents: flne wool pieces at IT cents to 28 cents and coarser pieces at 14 cents to 21 cents; and line wool bellies at 14 cents to 25 cents and coarser bellies at 11 cents to 20 cents.

Th* offering for the sale was drawn from Canterbury, Marlborough, the West Coast and Chatham Islands. Almost a half consisted of new heason’s fleece. After th* dry condition* test autumn and winter It was carrying mor* dust and ther* was an absenc* ot colour and it was considered to be not Sult* so well grown as usual, rutchings were also considered to be shorter and brokers have reported that ther* is some room for improvement tn th* preparation ot growers’ lines.

Leading Prices Th* highest price of th* day was 48c for the** bale* ot super fin* halfbred wool in th* binned entry ot Pyn*. Gould, Guinness Ltd. Binned wool in ths earns catalogue, also halfbred, brought 45c for nine bale*. Th* National Mortgage and Agency realised 44c for live bale* of binned flne baltbrod. Among th* best sale* mad* under growers’ brands were 11 bales from A. F. S. Rutherford (Cuiverdon) at 43c, nin* bale* from the Cashmere Estate (Christchurch) at 43|c, and seven bales from L. D. and D. D. Davie* (Cheviot), at 42}c. R. G. Macdonald (Blyth* Valley) had on* ot the best sales ot Corriodals wool with six bale* of hogget miking 47fc. Th* same vendor realised 46|c

for ,11 bale* of Corrledalo swo wool. For four bale* p. lo Cron {’’“'“••us) received 44|c. R. E. McFadden (Cheviot) had an»‘b*r •,‘Sbt bale* at 43|c and •ales ot 43ic wore made by K. A. Adam* (Blyth* Valley) with six bales, R. E. Hiatt (Culverdsn) with -10 bales, and M: R. r. or W* r Croce) with M r Adam* also had fo“J balsa of hogget wool at For Marino wool T. M. F. Taylor (Hororata) received 43tc for 14, bales of clothing wool. Binned wool offered by Pyne, Gould. ? uln "‘ , « “»d* «o 132 c for . four bales. « ?.S? , b , .ii®“ a,ia> •» ,w ■ „f r <>"b r *d wool realised to ! 37|c for seven bales from Brabourne J"? (Soargill). Th* sold four bale* *t *Hc, and . 35»e was paid for five bole* . of hogget wool in the binned entry of the New Zealand Farmer* Co-operative Association. • Sales at 34c were made by L. p. and D. D. Davies tor nine bales, and by R. and C. Dennie (Glenroy) tor tv* bales. Second-jhear crossbred wool sold to 30e for four bales of binned wool tn the catalogue of th* National Mortgage and Agency Company. Ltd.

Seuthdswn Wool Southdown wool realised to 411 c for 16 bale* ot binned wool offered by Dalgety and New Zea- •• land Loan, Ltd. Second-shear halfbred wool brought to 301 c tor four bales of binned wool from th* catalogue of Pyne. Gould. Gulnnee* Ltd. and another two bale* ot wool from th* same arm realised 30c. Halfbred crutchings ranged • up to 30»c for 12 bales of lamb*’ • crutchings offered by National • «“<f Agency Company. . Lw - bales of halfbrsd . crutchings among the binned wool of Dalgety and New Zealand Loan sold for 23c and one of the best sales under a - growers' own brand was that of • Mendip Hills station (Pern- • asses) with nine bales at l*fc. • U- ,W. and R. D. Ensor ‘ (Cheviot) had three bale* of ! Corriedale crutchings which sold tor 33c a pound. For four bale* L R. Forrester (Hawarden) received isle, end L. C. Early (Hororata) received l*e for eight bales. Crossbred crutchings realised * to 25c for six bale* among th* * "various" entyrles of pyns, J Gould, Guinness Ltd. For three bales of binned wool, National Mortgage and Agency realised 231 c, and on* of th* best sales mad* under a grower’s brand was that of C. H. Gallagher (Ashburton), who had tour bale* which mad* 32c. Details of catalogues in order ot sal* were:—

Pyne, Gould, Guinness Ltd 6,581 National Mortgage and Agency Company, Ltd. 4.517 New Zealand Farmer* Cooperative Association 2,30* Dalgety and New Zealand Loan, Ltd. .. 9,122