DEMAND FOR WOOL

New Zealand Herald, Volume LXXI, Issue 21744, 8 March 1934, Page 10

DEMAND FOR WOOL

THIRD DUNEDIN SALE ANIMATED COMPETITION BETTER THAN ANTICIPATED GOOD CLEARANCE MADE [by telegraph—press association] DUNEDIN, Wednesday The third Dunedin wool sale of the season was held to-day, when the catalogues offered by the various brokers totalled 25,249 bales. The. condition of the wool was generally heavier than at the February sale, the offerings containing a number of station clips, which were shorn later. There was also a greater proportion of crossbred. Prior to the sale indications pointed to much lower values than those of last month, and the first signs of better prices were from London cablegrams which were received before the sale commenced. Those showed that London values were firmer than was anticipated. The better tone of the London market was immediately reflected in to-day's sale, which opened and continued throughout the day with more animated competition than was experienced at the February sale. All the purchasing countries were fully represented. The Continent was the chief buyer of fine fleece wool and of fine pieces, while Bradford lifted the bulk of the crossbred. Local mills also supported the market and purchased lots suitable for their trade. A limited quantity of halfbrcd and fine crossbred was secured by Japan. The market being firmer than was anticipated, brokers' values wore oxceoded, with the result that passings were not heavy, being only about 5 per cent of the total offering. These passings were mostly confined to coarse crossbrcds and were lots on which the growers had placed high reserves. Tfre well-known halfbrcd clip grown by Mr. 0. Mitchell, of Deep Stream, was offered at to-day's auction. His clip usually tops the Dunedin sales, being very light in condition and well grown, and to-day realised the top price of 251 d for five bales. The official range of prices was as follows, rates at the February sale also being given for purposes of comparison:—

February March Merino—• d d d d Super .. 19 to 20% 18% to 21 Average .. 17% to 18% 17 to 18% Inferior 16 to 17% ' 15% to 16% Fine Halfbred, 56-58 Extra super . to 28% to 25% Super . . 21% to 23%- 10 to 22 Average .. 19 to 21 17% to 19% Inferior . . 16 to 18 15 to 17 Medium Halfbred, 50-56 Super . . 21% to 22% 19% to 21% Average .. 18% to 20 17 to 19% Inferior . . 15% to 17% 15 to 16% Fine Crossbred, 48-50 Extra super . to 20 Super .. 16% to 18% 14% to 15% Average .. 13 to 15 11% to 13% Inferior 11% to 12% 10 to 11 Medium Crossbred, 4G-47 Super . . 12% to 14 11% to 13 Average .. 11 to 12 10 to 11% Inferior . . 10 to 10% 8% to 9% Crossbred, 44-46 — Super . . 10% to 12 9 to 11 Average ~ 9 to 10 7% to 8% Inferior . . 7% to 8% 6% to 7 Necks and Pieces— Halfbred:

Good to super 19 to 22% 16% to 19% Low to medium 14 to 17% 12% to 15 Crossbred: Good to super 14 to 16 10% to 13% Low to medium 7 to 9% to 9 Bellies— Halfbred:

Good to super 14 to 17 11 to 14% Low to medium 11% to 13% 8 to 10% Crossbred: Good .to super 9% to 11 8 t0.10% Low to medium 7 to 9 5% to 6% Crutchings— Medium to

good ... 9 to 12% 8 to 12% Low to medium 5 to 8% 5 to 7% Locks— Good to medium , . 5% to 8% 8 to 9% Low to medium 4 to 5 5% to 7

LONDON SALES OPEN KEEN GENERAL BIDDING DECLINE IN PRICES LONDON, March G The London wool sales opened to-day, when 7955 bales were offered, including 2554 from Now Zealand, and 3277 bales were sold. There was a moderate selection, and a large attendance of buyers, with keen general bidding. Continental buyers were the most active, with some Yorkshire support. Compared with Ebbruary closing rates, Merinos (greasy) are.s per cent down, scoureds par to 5 per cent lower, crossbreds, medium, 5 to 10 per cent lower, coarse 10 per cent lower, si i pes 10 per cent lower. No fine crossbreds were offered. A New Zealand crossbred lamb slipo clip sold as follows: Top price 18d, average 17$ d. The Yorkshire Post says the fall of 5 per cent in Merinos and fine crossbred will not create misgivings. An overwhelming body of opinion believes the position is fundamentally sound. Germans' activity is exacted to influence the sale, as they habitually pay much attention to wool offered in London, and also so far have bought less than usual in Australia.

The following rates were current at the close of the last London series:—• Greasy Merinos, 60-64's, 18Jd to 19£ d; ordinary, 60-64's to 16£ d to 17Jd; inferior, 60-64's, 13d to 14d; greasy halfbreds, 56's, 17Jd to 18Jd; 50-56 s, 14d to 15d; greasy crossbreds, 50's, lid to 12d; 48-50's, 10d to lid; 46-48's, 9d to 92d; 44-46's, BJd to 9£d; 40-44's, B£d to 9id; 36-40's, Bjd to Od. Private cablegrams have been received as follows: — The Bank of New Zealand: The sales have opened with fairly strong competition. Compared with tho close of last series, Merino and fine crossbreds are at par to £d per lb. lower, and medium and coarse crossbreds are 3d to Id lower.

Dalgety and Company, Limited:—The sales opened with a largo attendance of buyers. Competition was fairly animated, but rather irregular. The selection was mostly crossbreds. Withdrawals were fairly heavy. As compared with closing rates of last series, prices were: —Merino, par to id lower;, crossbred, fine, lower; crossbred, medium, id to 3d lower; crossbred, coarse, 3d lower: fine slipe, unchanged; other descriptions slipe, id to 3d lower; greasy lambs crossbred, unchanged. Tho New Zealand Loan and Mercantile Agency, Limited:—There was a full attendance at tho opening of the sales to-day. Competition of Homo and Continental buyers was fairly active. As compared with last sales' closing rates, prices are lower by id per lb. for greasy Merinos; id to Id for scoured crossbreds, medium greasy crossbreds, coarse and coarse greasy crossbreds and crossbred siipes. The opening catalogues were not representative.

MARKET IN SYDNEY HARDENING TENDENCY (Received March 7, 9.35 p.nl) SYDNEY, March 7 At tho Sydney wool sales to-day 11,6 I JB bales were.offered and 9767 were sold. Also 1331 bales were sold privately. Values for best free Merino descriptions showed a hardening tendency, prices for other sorts remaining fully firm. Chief support was from the Continent, Japan and Yorkshire. Greasy Merino sold to 28d.