EASING IN VALUES

King Country Chronicle, Volume XXXI, Issue 4954, 11 February 1937, Page 4

EASING IN VALUES

DUNEDIN WOOL SALE. COARSE CROSSBRED FIRM. Owing to a noticeable restriction of Japanese activity at the second Dunedin wool sale of the 1936-37 season yesterday, Otago woolgrowers had to accept lower rates than those which obtained at the first auction in that centre in December of last year. All fine wools were definitely easier, Merinos by as much as 9d a pound and halfbreds and crossbreds by from Id to 2d a pound; in fact it may be said that everything from a 48-50 count upward was cheaper yesterday than it was a month ago. At the same time the sale was a remarkably good one. Had the same level of values been established at the first sale of the season growers would have been more than delighted. Any disappointing aspects the sale may possess exist only by comparison with the December auction, when an almost unnatural stimulus was given to buying by the whirlwind tactics of Japanese operators, who secured no less than one-third of the total offering of over 30,000 bales. A total of 30,300 bales was offered and there was a fair clearance, although passings were greater than at the previous sale. Medium and coarser crossbreds and pieces sold well under keen competition and alone of all the wools offered remained firm at ruling rates and in some instances showed an increase.

From the outset it was apparent that the pace would be set by Continental buyers, with local mills coming in vigorously for super lots, which were denied them at the December sale by Japanese importunity. Merinos did not appear to be wanted very badly, and halfbreds and fine crossbreds also attracted less than the usual inquiry.