WELLINGTON WOOL SALE

Nelson Evening Mail, Volume LVI, 24 November 1924, Page 3

WELLINGTON WOOL SALE

! Dalgety and Co., Ltd., report:— : As we wrote in the opening _ page of our last season's annual review that "Annus Mirabilis" was a fitting appela tion for the record of the 1923-1924 Dominion selling season; we'tan now go further and say that- the opening sale held here was svli more wonderful. Never in the history of the trade hare such wonderful eoli'd average prices •been recorded, and although a crowded bench of buyers occupied the benches, bidding was peculiarly enough restricted to a small section of those present. Certainly the quality and condition of tli« offering could be termed "par excellence," and we can never remember Hominy and Crossbred wools wools opening up at the first sale in such eondiTon ; the majority of the wools being of splendid colour, sound, well-grown, and very light in condition. Before the auction started it was rumoured that America was likely to be a strong buyer, and from the opening to the close Oi the series, the U.S.A. competition for the super wools will be something for growers and brokers to talk i\ml think about for many yearn to come. The squatters' dream of 24d per lb for crossbred wool has now . been realised, and the hop© of all growers is that the realisation may be of long duration. Wool after to-day's sale is high —dangerouslv high—and we do not wish •to appear or write as pessimists, but still a limit of high prices has to be reached, and a breaking point sooner or later will be recorded. America made the sale to-day. Bradford took very little wool. Germany, who last- year at the opening sale and then right throughout the season set a merry pace and bought largely, taking throughout the season 106,190 bales, bought to-day practically nothing. Japan was not in the market, but Franco was keenly interested in super bellies and pieces and also a few odd lots of fine quality fleece and secured a fair quantity of wood. Italy, was, buying, and took a few parcels of the small quan- , tity of the carding wools which were offering. Very few lots suitable for dominion wool mills were • catalogued, but any that .were were eagerly snapped up at prices above outside buyers. As the majority of the wools offered were stylish, well grown, sound and light in condition, America was, as previously stated, much interested and appeared to be buying all suitable lines' without limits. Unfortunately U.S.A. is a spasmodic buyer, in at one sale i and out at another, and their support, or lack of it, has created a good '.many anomalies which are difficult to explain to growers. ; Throughout the sale it was quite evident that many buying on the benches, were operating without limits, and some Bradford and Continental buyers who were tied down to limits left the"saleroom without securing, a bale. Buying without limits cannot continue for any length of time, and we incline to the opinion that when a fair quantity of wool has come on the market that buyers who at present have a free hand will later be tied down to what is considered a safe and reasonable limit. We see no reason why any serious fall in values should take place, but .at would be a brave person who would speculate in wool at to-day's prices. As compared with last November sale prices for crossbred fleece, wool ai'6 from 9d to lid per lb. higher. At- to-dav's sale it was seldom that anything under 20d liad to be/written for any class of crossbred fleece wool and for 'some' of the good clips wonderful averages were obtained. As an example, we sold on account of Mr J. E. Hewitt, Mangamaire, 8 bales stud Romney hogget wool at 29d pev lb, the gross return per bale (J pack) being £47 10s.' ' It is surprising how- some growers, even with the abnormal prices now ruling will insist on hampering bi-okers with excessive reserves. As much buying is being done in the benches without limits, such growers must have a super knowledge of future market prospects, and should be buyers instead of sellers It is interesting to quote' last sale London prices (10/10/24) with to-day's sales rates:

Fine crossbred, 48/SO good/super, Wellington, 29s to 30d; London, 26cl to 28 jd. Fine crossbred, 46/48, good/.super, to 29d; 24(1 to 25Ad. Crossbred, 44/46, good/super, 25d to 27d; 22d to 24d. Crossbred, 40/44, good/super, 22d to 25d ; 20Ad to 22d. Crossbred, 36/40, good/super, 21s to 23d; 19d to 20d. Ad tlie next London sales - open- on 25th instant it will bo interesting to! see if the rise there is as pronounced as at the sale held yesterday. ! . To-day’s sale will no doubt make it quite evident to growers generally that present dominion ruling rates aro good enough to seize and acquire as quickly as possible.