100,000 Bales Sold From Stockpile

Press, Volume CVIII, Issue 31864, 17 December 1968, Page 1

100,000 Bales Sold From Stockpile

(New Zealand Press Association) INVERCARGILL, Dec. 16. The offering of 4265 bales from the Wool Commission’s stockpile at Invercargill today raised the number of bales sold by the commission this season to more than 100,000.

The commission' was forced to bid on 15 to 20 per cent of its offering at reserve prices, noticeably lower today than at the November sale in Invercargill.

the commission’s general manager, Mr H. L. M. Peirse, said today. The stockpile now totalled about '588,000 bales, Mr Peirse said.

the poorer styles of fleece wool were more in line with buy-in levels. Mr Peirse said that the policy in setting the reserves on stockpile offerings was to be sensible. “We don’t want to set reserves that allow wool to be given away,” he said.

The two-year-old stockpiled fleece wool, much of it from tender late-season clips, sold today at prices similar to those for new-season lots. However, returns for most of the better fleece wool appeared to- be about 5c per lb below the pre-devaluation prices at which- the commission bought the wool in under its 30c average floor in 1966-67. :> ; Prices for oddments and

However, most lots were sold to the trade at auction and some of the few passed to the commission are likely to be sold in post-sale negotiations.

A small offering from the stockpile was to come under the hammer at Auckland on Friday, to complete the preChristmas disposal programme, he Said. Asked what the policywould be at the big autumn sales, Mr Peirse said the new season-wool would again take priority. Wool from the stockpile would be offered if it was thought that the current clip would not be too badly affected, and if it was thought that the market was sufficiently strong. “We are assessing the situation day by day, and selling as opportunists,” he said. “What we are most happy with is that the stockpile has stored well and is fetching prices in line with those for the new season’s clip.”

The total of more than 100,000 bales sold included wool disposed of in London,