Era Of Fancy Wool Prices Over?

Gisborne Herald, Volume LXXVI, Issue 22948, 17 May 1949, Page 3

Era Of Fancy Wool Prices Over?

The drop in prices of fine wool at Christchurch by from Cd to lOd a lb is the most serious recession the wool market has suffered in New Zealand this season, and it does suggest that the days of fancy wool prices are over—for the present at any rate, reports the Wellington Post. The coarse wool market, with which Wellington and other North Island centres are chiefly concerned, has shown a much more gradual decline, and this latest movement will close the very wide gap that lias existed between crossbred and fine wool values for the last two seasons. That some recession was due has been apparent for some time. Fine wool prices reached such a high level at Home that British topmakers found themselves unable to • recoup their prices, and there was inevitably an easing in the demand for the expensive wools. This in time was reflected back to the sources of supply, and during the last two months local markets have reacted to it.

At Timaru in January the fabulous price of over 7s a lb was paid for Merino wool, and at the last Christchurch sale, in February, similar wool made 83d. At that sale good to super Merino was officially quoted at 59d to G9d a lb with average 38d to 48d; at last week’s sale the official quotations for super Merino were 40d to 47jd and for average 28d to 33d. These prices apply only to a small proportion of the offering, of course. The coarser the grades of wool, the lower becomes the disparity. For instance, good Corricdale and halfbrcd wool of a 50/5G count, which is a common Canterbury product, brought from 38d to 40d, which was 8d to lOd below the Febraury rates: the average 50/sG’s were only 3d to 4d below February, while medium crossbred wool of average quality sold from 17d to 19jd, as against 19d to 21d in February.