SECOND WOOL SALE

Dominion, Volume 27, Issue 59, 2 December 1933, Page 8

SECOND WOOL SALE

Prices Paid at Napier LOWER GRADES EASE Super Lines Maintain Rise CONTINENT BUYS HEAVILY By Telegraph.—Press Association. , Hastings, December 1. Prices, which were slightly down in level on Auckland for lower grades and on a par in super grades, resulted at the opening wool sale held 'at Napier to-day. The slight decrease in the level which resulted was not altogether a surprise to most growers, due to the fact that Hawke’s Bay wool does not provide the same amount of fine half-bred wool, but abounds in fine medium and coarse crossbreds. Taken on a whole, the prices may be said to be 95 to 100 per cent, better than they were at the March sale at* the eud of last selling season. Compared with the rates which were ruling nt the hist December sale for the Hawke’s Bay district, values on average to good wools show an advance of 8d to 9d on 50/56’s. Sd to 9d on 48/50’s, 6d ,to 7d on 46/4S’s, 3ld to 4Jd on 44/46's. and 3d to 4d on 40/44's. Bidding Steady. Right from the start of the sale it was evident that the Continent was going to absorb a greater proportion of the Hawke’s Bay clip than at Auckland. Bradford was well represented among a large bench of buyers and bid steadily on all classes of wool. Buyers’ rates were not so elastic as at Auckland, but the bidding was steady and maintained throughout the course of the, sale. New Zealand mills purchased all‘classes of wool, although they did not feature to any great extent in the buying. A feature of the bidding was the low starting prices, which advanced rapidly up to buyers’ limits, some offerings starting at 6d and finishing at 1/- and over. No spectacular prices were paid and it was evident that buyers were bidding low starting prices in the hope that they would be able to secure the offerings at below market rates, but no opportunities were missed, and, wcher bids failed to realise brokers’ valuations, offerings were passed in. Only a small percentage failed to reach the valuations, which in many cases were exceeded. .Rises of 4d were common on good types of wool. Improved Qualify. The quality of the clip showed an improvement in get-up and in quality of top lines, this being favourably commented upon by several buyers. The fact that there was less hairy wool included was also praised. No (’Vterioration was noticed in the bulk of held-over wools, and an anomaly existed in that some held-ovtr clips realised better prices than new woo] from the same vendors.

It was pointed out that to-day’s sale gives a better indication of realisations in the coming season than the Auckland one, as values to-day were more steady and, in the opinion of several brokers, represented a truer state of the wool market. A conservative estimate of the rise on March values was 90 to 95 per cent., this indicating that the return to normal prices will be on a more steady basis. The official range of prices was not available to-night owing to the fact that the brokers do not meet until to-morrow.