PRICES FOR FINER WOOLS DROP IN FINAL SALE

Press, Volume CVIII, Issue 31676, 11 May 1968, Page 18

PRICES FOR FINER WOOLS DROP IN FINAL SALE

Values at the final sale of the Christchurch wool-selling season yesterday were well below those at the previous sale here in March.

The weakest point of the sale was in the finer wool section, which has generally had the best of the market this season. Prices for all classes of fine wool were sharply back on those at the March sale, the drop being most pronounced for the medium and stronger qualities.

The latter wools were as much asßc to 9c per lb cheaper, and finer qualities eased up to 5c to 6c.

From the outset, it was obvious that there was a new level of values for finer wools, a relatively light weight of wool selling in the 40c to 50c range, which was common at earlier sales.

The weakness of the market for finer wools was clearly demonstrated when the Wool Commission offered about 3800 bales of its stock wools. These were mainly halfbred fleece and skirtings. On a number of occasions trade offers for the fleece did not come up to the commission’s reserve and the wool had to be passed back to the commission again. At times the commission's reserve was as much as 7c or 8c ahead of offers. But there was a good sale for the skirtings among the stock wools, and it is understood that these returned the commission a good profit. Most Sold Some 70 per cent of the stock wools offered found buyers in the sale room, but

the fleece wools, in particular, met a rather more difficult sale as the day progressed, and of the last selection of stock wools put up move than 40 per cent was passed back to the commission. However, more of these wools may be sold in the 48 hours after the sale where offers are ic ahead of the reserves.

Compared with the most reeent flne-wool sale at Ttmaru, the market for halfbred wools was quoted as being 7i to 121 per cent cheaper. The better style medium to strong wools showed the greatest easing, largely because of lack of Japanese competition. There was only a smaU weight of Merino wool on offer, and the pick of it still brought good prices, a choice Mid-Canterbury offering selling to Mic. Crossbred wools predominated In the selection, and although these wools actually sold better than at the last sale at Napier, they were still well behind Christchurch rates in March. The decline was between 3c and 5c per lb. However, the market. In comparison with Napier rates, was inclined in sellers' favour tor medium and fine crossbred, stronger crossbred, secondshear, and first lambs being about 2i per cent dearer and skirtings fully 34 per cent dearer.

In spite of the weakness of the market, there was still a relatively good -clearance, and

In thi. re.peet, the •»!. w»« superior to that of a year ago, which was described as the most dismal of a series of depressed sales last season. On that occasion more than 17,000 bales were passed to the Wool Commission and the trade.

- Likely Average Price However, the average price for yesterday's sale, at an estimated 22c to 23c per lb, is likely to be about 5.5 c below the average for last May, and about 6.5 per cent behind the average for March this year. Compared with a year ago, the finer halfbred wools were much on a par but medium halfbreds were about 2c to 4c cheaper, and stronger halfbreds back about 7c to 11c. The fine and medium crossbreds were trailing last year's returns by 6c to 7c per lb, the stronger qualities showing even a bigger margin.

The average to good line halfbred wool sold mainly between 39c and 45c per lb, medium qualities between 36c and 39c, and stronger wools from 26c to 35c.

The finer crossbred wools were traded mainly between 26c and 30c, with medium bringing from 24c to 26c, and coarser qualities from 20c to 22c.

Lambs' wool, second-shear wool and skirtings of all types were trailing late Christchurch rates. Fine lambs' wool realised mainly 19c to 34c. coarser bringing 20c to 31e. The finer second-shear wools were selling between 20c and 30c, with coarser qualities at 21c to 26c. For fine-wool necks prices were mainly from 25c to 39c, with coarser necks bringing from 16c to 25c: flne-wool pieces 17c to 33c, and coarser pieces 13c to 20c; fine-wool bellies 15c -to 30c, and coarse bellies 12c to 18c; flne-wool crutchlngs from 10c to 19c, and eoarse crutchInes from 10c to 23c. The offering of 26,518 bales, tn 3217 lots, was drawn mainly from Canterbury and Marlborough. with a sizeable representation of Nelson and West Coast wools.

The selection was generally of only average quality, as ts to be expected at an end-of-season sale, but an exception was the lambs’ wool, which was generally very well grown. The sale was protracted, continuing until 6.45 p m., but competition was fairly widespread. Continental interests, Bradford and local mills providing the main competition. Leading Prices The Tlnwald Merino breeder, J. G. Hood, again featured in the Merino section, with five bales of super Merino warp st 601 a lb. Binned wool in the catalogue of Dalgety and New Zealand Loan, Ltd. brought to 57}c for three bales, and 56c was paid for six bales, also of super Merino warp, from Summerlands Company. Blenheim. These vendors also had 16 bales at 544 c. Halfbred wool realised to 56fc for five bales in the binned entry of the National Mortgage and Agency Company, Ltd. Another 14 bales of strong wool offered by the Wool Commission out of its stockpile sold tor 53tc, and the Mount Somers Estate (Mount Somers), sold 11 bales at 51c. One of the best sales of Corriedale wool was made at 51c by R. B. Johnston (Walpukurau), for 17 bales. Mr Johnston has been selling his Corriedale wool through the Christchurch auctions for a number of years. For seven bales, the Wool Commission also received 50c a lb. Three - quarterbred wool brought to 43fc for five bales of hogget wool, also from the stockpile of the Wool Commission. Another five bales of commission wool realised 381 c, and M. V. Poff (Methven) sold five bales at 37c.

Extra fine crossbred bogget wool, offered on account of the commission, brought to 43ic for eight bales. Another eight bales of commission wool sold for 39Jc. Among leading sales made undir growers' brands were seven bales from C. L. Pope (Norwood), which brought 37c, and 17 bales from the same vendor at 36ic. J. M. Le Comte (Weedons), sold four bales of Romney hogget wool at 36c. Crossbred lambs’ wool made

to 32c for three bales in the binned entry of the New Zealand Farmers’ Co-operative Association, and C. R. and M. W. Pllbrow (Horrelvllla), sold four bales at 314 c. For second-shear crossbred wool the New Zealand Farmers' Co-operative Asoeclatlon was

paid 29ie for four bales of - binned wool. Sales at 27c were made by A. :J. Morries (Ashburton), for five bales, and by W. i B. Clarkson (Kaikoura), for six bales, and D. W. Knight (Rakala), had six bales which i brought 26c. Mr Clarkson also had four bales of Perendale i wool which made 26|c. Fine-wool lambs' wool brought 1 to 37c tor elx bales of halfbred i

wool from J. D. Stewart (Rangiora). A. C. Ranby (Cheviot), also had five bales of Corriedale wool which brought 35c, and Ashton Farm (Ashburton) sold seven bales of 'Polwarth wool at 34fc. Down cross lamb's wool sold to 35c for three bales In the blns of the New Zealand Farmers’ Co-operative Association.

Detail! of catalogue! In order of sale were:— New Zealand Farmers’ Co-operative Association 'of Canterbury, Ltd .. ' 3825 Dalgety and New Zealand Loan, LtdB34l National Mortgage and Agency Company, Ltd .. .. 7581 Pyne, Gould, Guinness Ltd ». 5771 Total .. 28,518