SECOND WOOL SALE

Evening Star, Issue 21637, 5 February 1934, Page 12

SECOND WOOL SALE

HIGH PRICES MAINTAINED STRONG CONTINENTAL DEMAND HALF-BRED FLEECE UP SINGE DECEMBER At the December wool sale Dunedin had her first taste of the general spirit of optimism which has pervaded the dominion since wool prices took their sensational jump from a starvation level to a plane indicative of future prosperity. Consequently, when the second sale opened in Burns Hall at 9 o’clock this, morning, it was hardly to be expected that the same high pitch of excitement should prevail. It was in a spirit of quiet confidence rather than of excitement that the big crowd of farmers, representatives of stock and station agencies, and other people interested found their way into the building and monopolised all the seating accommodation. That the prevailing confidence was justified was soon proved, when the Continental buyers, who are in a position to take advantage of currency conditions, bid boldly and generously for most lines. This morning’s business carried out with the customary vociferous enthusiasm, made it certain that, speaking generally, the sale is firm on Invercargill prices. Japan was not conspicuous in the early stages but the Continental sectiqp of the lull bench of buyers bid heartily for the finer wool, including pieces, while Bradford, whose representatives were more spasmodic in their calls until later in the morning, went in for coarser wools as well. The local mills bought a fair quantity of the superfine clips. The average price for half-bred offerings was up from Id to l§d per lb on the December sale. The top prices of Messrs Stranoch, Morris, and Co. Ltd., who were first on the selling list, were 23jd for a good line of half-bred fleeces, 22Jd for some merino fleece,; and for half-bred pieces. The top price obtained during the earlier part of the morning was 25Jd for eight bales of super, half-bred hogget fleece sold by the New Zealand Loan and Mercantile Agency Co. Ltd. The National Mortgage and Agency Company Ltd., with a big catalogue of over 5,000 bales, found competition keen for all fine wool and the finer types of cross-bred, fine wool bellies and pieces also being in demand. In this sale the prevailing increase of a full Id lb for fine wool was secured. However, in keeping with the general trend of the bidding, medium or low quality cross-bred did not elicit such a good response, the reason being that this wool was sold in December oyer London parity, and that, as the last London sale did not move up, there is a movement afoot to bring about a readjustment in these lines. The National Mortgage’s top prices were 23|d for a line of half-bred ewe from the Matakanui district and also for superfine half-bred ewe wool from Gore. Some stylish cross-bred bin wool was bought by Japan at 22Jd lb, the price for the same produce at the last sale being 18id to 19d. lb. The passings this morning were mostly in the medium or low crossbred wool, the percentages varying between 6 and 9 per cent. An outstanding feature of the sale has been the manner in which good quality pieces have been swallowed up by" the Continental buyers. An offering of crutehings brought as much as 13id lb. Whether or not it was because of the heat or because of a diminution in the excitement which characterised the first sale, to-day’s bargaining progressed more slowly than in December, when an average of 450 lots an hour were disposed of, as against a little over 300 an hour this morning. CATALOGUE OF BALES. The catalogue of bales, _ with the names of the stock and station agencies ip the order of selling, was as follows : Bales. Stronach, Morris 2,237 Loan and Mercantile 2,481 National Mortgage 5,230 Wright, Stephenson ... ... 7,659 Dalgety ... 6,356 Otago Farmers 2,515 Donald Reid 3,860 Total 30,338 RANGE OF PRICES, The following, range of, to-day’s prices (covering the earlier stages of the sale) was supplied by the New Zealand Loan and Mercantile Agency Co. Ltd., the values of the . December sale - of last year being given for. comparison:— . , Feb., 1934. Dec., 1933. Merino—

Extra super. — to 22J to 22* Super. — to 20* 18 to 19* Average 18 to 183 16* to 173 Fine half-bred— Extra super. 24* to 25* — to 223 Super. 22 to 233 20 to 22 Average 19* to 21* 18 to 19* Inferior 173 to 19 15* to 17 Med. half-bred— Super. — to 22* 19 to 21* Average 19* to 21 17* to 183 Inferior 18 to 19 15 to 17 Coarser half-bred— Super. — to 21 Average ... 17* to 19* — Inferior — to 17 • Fine cross-bred— Super. — to 19* 16. to 17i Average 16 to 18* 14 to 154 Inferior 14 to 15* 12* to 133 Medium cross-bred— Super. — to 16 11 to 123 Average 11* to 14 9* to 103 Inferior 9* to 11 8. to 9 Coarse cross-bred— Super. — to 103 — Average 8* to 9* — • Inferior 7 to 8 Bellies and pieces— Half-bred, good , to super 16 to 21* 13 to 16* Low to medium 13 to 15 11 to 12f Cross-bred, good to super. 11 to 163 10 to 12 Low to med. 7 to 10* 7 to 93 Crutchings— Med. to good 63 to 9 9 to 12 Inf. and seedy 5 to 6* 5 to 8* Locks— Half-bred ... 8 to 9 — Cross-bred 6 to 7* —