DUNEDIN WOOL SALE

Dominion, Volume 23, Issue 75, 21 December 1929, Page 12

DUNEDIN WOOL SALE

TIMARU PRICES FULLY MAINTAINED LIMITED DEMAND By Telegraph.—Press Association. Dunedin, December 20. The first wool sale in Dunedin this season took place to-day, when 20,122 bales were offered. A total of 22,007 bales was submitted at the corresponding sale last year. There was the usual full bench of buyers, although it was noticeable that local speculators were practically absent. The wool opened up, considering the season, in fair condition, but as a whole it was not in as good order as last year, due doubtless to the snowfalls in winter and the dry spring followed by very showery shearing weather. The market, as was expected, showed a serious drop in values, and until the sale came on few growers realised how great had been the fall. The terrific losses amongst woollen manufacturers and wool traders throughout the world leading, apart from other circumstances in the financial world not connected with the wool trade to financial stringency, has cramped operations and destroyed confideuce. Coupled with, these troubles the growth of the demand for artificial textiles, the production of which is now estimated to be equal per annum to 3,000,000 bales of wool, has had a depressing effect on the wool trade. Consequently those interested are not surprised at the fall in values, but few expected it to be so severe, and many fear the pendulum is beginning to swing too far over towards the buyers’ side. Certainly bearing in niind costs of everything pertaining to wool growing, including rates, rents, interest and taxation, one feels that even now the average of prices paid is down to, if not below, the costs of production. Efforts are being made to steady up the market by extending the season and limiting the offerings, but this suggestion has not, according to cablegrams, met with a sympathetic response from Bradford. Bidding Spread. The bididng to-day was fairly well spread, although, as usual, Bradford buyers took the bulk, but fair quantities were taken for the Continent, particularly, pieces. and bellies, and probably a small quantity for America. A buyer for Russia was operating, and his bidding was particularly useful in fine halfbreds. On the whole prices can be quoted as fully up to the basis of the sale in Timaru on December 16, with a tendency towards sellers’ favour, but it seemed to many that the quantity marketed was rather more than buyers had orders for. London prices at the moment are no better than those here, and the tendency there from reports received seems to be downwards. Following is the range of values compared with the December sale in 1928: — The official range of prices is as follow: Dec., 1928. Dec., 1929.

d. d. d. d. Merino, 64/70, 00/64 k Super 19} to 25} 13 to 15} Average 18 to 19 11 to 12} Inferior 16 to 17} 9 to 10} Fine half bred, 58, 56/58, 56: Extra super .. ——• 16 Super 21} to 25 13 to 15 Average 19 to 21 11} to 12} Inferior 17 to 18} 10} to 11} Medium halfbred, 50/56, 50: Super 20 to 22} 13} to 15} Average ...... 17 to 19| 111 to 12} Tnfprinr 18 10} to 11} Coarser half bred, 48/50: Super 19} to 22 11} to 14 Average 17 to 19 10} to 11 Tnfprinr 18 to 17 9 to 9} Fine crossbred, 46/48: Super 18} to 20 11 to 12 Average 17 to 18 10 to 10} Inferior 15 to 16} 8} to 9} Medium crossbred, 44/46: Super 16} to 18 10}to 11 Average 15 to 16 9 to 10 Inferior 13 to 14} 8} to 9 Bellies and pieces: Merino— Good to super . 17 to 19 11 to 12{ Low to medium 14 to 16 8 to 10} Halfbred— Good to super . 19 to 21} 10} to 12$ Low to medium 15 to 18 7} to 10 Crossbred — Good to super . 17 to 21 8} to lOi Low to medium 14 to 16} 6 to 8 Crutchings— Medium to good 11 to 13} 7 to 9 Inf. and seedy 7 to 10} 4 to Locks 7 to 11 8 to 6