WOOL MARKET

Evening Star, Issue 21974, 9 March 1935, Page 12

WOOL MARKET

DUNEDIN'S THIRD SALE PRICES BETTER THAN ANTICIPATED SLIGHT DECLINE ON LAST SALE Though indications for the third Dunedin wool sale of the present season, which opened in Burns Hall this morning, did not give great hope of a very encouraging market, prices at the opening were better than was generally anticipated, this being largely due to the fact that the selection of wool and its quality appealed to buyers in a greater degree than at recent sales. There was a comparatively large proportion of fine wool offering, this being m rather heavier condition than at the February sale in Dunedin, but the selection of half-breds was very suitable for Continental buyers, who appeared to have better limits than at recent sales, a fact probably accounted for by the improvement in the stabilisation of the market for sterling. The great bulk of the clips offered to-day were station clips and later-shorn fine wool. The offerings by the various selling firms totalled 24,662 bales, the first catalogue being put under the hammer by Messrs Dalgety and Co. Ltd. In a little over one hour the company’s auctioneer had disposed of over 600 lots. About 7 i per cent, of this catalogue was passed in on account of reserves being considerably higher than market values, . Growers and brokers were prepared for a substantial drop in half-breds as compared with the last Dunedin sale, but, while there was a slight decline in prices, the market was better than was anticipated. In the first catalogue half-breds, with the exception of those suitable for mills, wore sold at id lower than in February. There was not the same keen competition from the local mills for super, lots, and these, compared with the rates at the February sale, were about Id lower. Cross-breds did not seem to be affected to the same degree, and the drop there was about id compared with the February rates. There was a strong demand for pieces within strictly defined limits, and prices for these were affected in the same way as fleeces, and were slightly down in Competition was well distributed at the opening auction. The French buyers were bidding keenly, but Germany and Japan appeared to be on the market for small orders only. Bradford buyers were active, and luted a big proportion of the offerings in both fine wools and other lots. . The top price at the opening sale by Messrs .Dalgety and Co. was 14d for super, combing merino ewe. _ l?or super, fine half-bred the top price of 13$d was obtained. It was anticipated that those prices would be exceeded m some instances in later sales. The .National Mortgage and Agency Company offered over 4,000 bales in the second auction, and the top prices recorded above were not exceeded m their offering, rates generally being maintained as at the opening.