50 PER CENT. DROP

Evening Star, Issue 22817, 27 November 1937, Page 16

50 PER CENT. DROP

FIRST WOOL SALE BULK OF FIRST CATALOGUE PASSED STILL ABOVE DEPRESSION RATES [Per United Press Association.] AUCKLAND, November 27. “ Sorry, gentlemen. Thanks for your offers. Glad to see you again in January.” . „ , This epitomises the attitude of Auckland woolbrokers to buyers at the first of the season’s wool sales in the Town Hall to-day. Of the first catalogue fully 75 per cent, was passed unsold, a complete contrast with the scene of a year ago, when a full clearance was made at prices showing a 50 to 60 per cent. rise. To-day there was a tense atmosphere as buyers, brokers, and spectators assembled. The buying bench of 70 was the biggest yet assembled at an Auckland sale, and spectators filled the gallery to overflowing. Everyone seemed prepared for the fall of prices, but there was apparent reluctance to face the music. An entirely new level of prices was being created, and with the world’s market in topsy-turvy state everyone was in the dark as to how values would go. BETTER THAN FEARED. Quite early it became apparent that the sale was proceeding better than many had feared. The Continent came in brightly from the start, and although there was hesitation in regard to occasional lots most elicited keen bidding, albeit at prices below the vendors’ reserves. Of the first catalogue about 25 per cent, was sold, and the balance will be treated for privately or await the January sale. Values in the opening catalogue appeared to show a 50 per cent, drop on last November, but oven at that reduction they were well above the rates ruling in the depression years.

The first catalogue of 566 bales was dealt with in less than an hour.

Auckland’s clip came forward in excellent condition, very much finer than last year, many lines being over 50’s quality, and this accounted for the special interest shown by the Continental buyers. Prices were fully 50 per cent, down on the first catalogue last November, but better than expected. But for the Continental bidding it would have been a dull sale. There was a large percentage of hogget wool, which was very fine, and practically all was carding wool, deep hogget being practically non-existent in the offering. KEEN BIDDING AT LOWER LEVEL. The total catalogue was 25,000 bales. At the luncheon adjournment the market had shown no alteration from the rates ruling earlier. The bidding was still keen at the lower levels, and brokers were passing about 75 per cent, of the offerings. Prices were as follow: Super half-bred and Corriedale, up to 16d per lb. Hoggets—so-52, lOd to 10|d j 48-50, 9Jd to 10 Jd; 48-46, 9d to lOd. Lambs, 8d to 124 d. Crutchings, 6Jd to 9d. Bellies and pieces, 6id to 81d. Locks and pieces, 4d to 5Jd. As each catalogue was disposed of negotiations were commenced by the brokers with the farmers who were in attendance, and some satisfactory deals were reported.