PROCEEDS OF TWO SALES

Dominion, Volume 31, Issue 142, 12 March 1938, Page 12

PROCEEDS OF TWO SALES

Big Drop On Last Ye?.r By Telegraph - I're.-s As.-oeiation Invercargill, March 11. The reduction in wool prices this -easou is reflected in the realisations for tlie two Invercargill sales, which <ho v a drop of more than a third on laM year’s peak prices, with the quautny sold this year slightly greater than in the previous season. The estimate of the value ot wool sold to-day is £273.090. bringing rhe total income of the province from worn sold at auction in the city to £01?,090 compared with the £958,705 received from two sales last year. The total quantity of wool offered at the two sales this season slightly exceeded 15.000 bales, but. in spite of an increase of 1000 bales in the quantity sold this season, growers' revenue shows a reduction of £340.105. The average 'price received a bale this season is approximately £l3/7/0. compared with £2LO/2 last year.

To-day’s prices were distinctly higher than those at the first sale of the season a mouth ago. the average price a pound being about a halfpenny belter. The improvement was particularly noticeable in coarser grades of -.root, which were very firm in eompiiiisoo with finer wools. The -trout: demand for coarse wool is generally attributed in the trade to fear of war in Europe, it being a normal tendency in war time for coarse wools to be in keen demand, with a lesser demand for tine tool. The present state of the markei suggests that fine wool is more altr.- .ive for speculation as being more Ek’ ..• t<> harden in value than coarse wool