FIRM WOOL MARKET

New Zealand Herald, Volume LXXI, Issue 21758, 24 March 1934, Page 12

FIRM WOOL MARKET

VALUES AT NAPIER PARITY WITH WELLINGTON OFFERING NOT UP TO STANDARD [BY TELEGRAPH —OWN CORRESPONDENT] NAPIER. Friday Prices which were firm for good sorts and on a par, to slightly easier' for shabby and inferior lines comp'arcd with the February rates were obtained at the fourth Napier wool sale held to-day. Compared with the latest Wellington rates, values were on a full parity on a quality basis. The entry comprised 23,470 bales, of which a number were withdrawn prior to the sale. Generally, if the condition of- the offering is taken into account, prices were fully firm on the last Napier sale, with the exception of lambs and skirtings. There were a large number of back-country clips, late shorn and carrying a large amount of condition. Seedy wools were also in evidence, and there was a proportion of hetd-over ■clips. There was a fair offering of lambs' wool, although the best of this class was sold at the January and February sales. In respect of lambs' wool, two buyers expressed disappointment with the quality offering, stating it was hardly up to the standard usually expected at the March sale.

Demand for Fine Sorts With coarser wools much in evidence halfbred wools were featured in fair quantities, and up to 17£ d per lb. was' realised for this class. Competition was keenest for the finer wools, and the disparity in price between the finest wools in the offering and the coarsor types of back-country clips was most noticeable. Shabby and inferior wools in some cases sold a. shade easier than at Wellington. The highest price, 17Jd, was obtained for nine balps of binned Southdown and for eight bales of halfbred hoggets. The same price was later obtained for nine bales of Southdown. A line of 13 bales of halfbred B.made 16d. Lambs made up to lojd, while the best price for necks was 14d. Slipe pieces failed to command the keen competition shown for these lots at the February sale, with the result that • there was easing in values. A top line of extra fine AA crossbred brought 163 d, after most exciting competition. lots were in much greater evidence than usual, but in most cases the quality ranged from only low to medium, and with high reserves the market was not well met. Buyers Refuse to Bid

The opening catalogues met with a good sale,' making most satisfactory clearances, but in later offerings growers evidently had a higher idea of values, with the result that passings were heavy. In one case when a big clip was offered the first lot was sold, after which followed five passings. Buyers then refused to bid for the remaining lots, calling to the auctioneer to pass the clips. At a later stage, when a number of;scoured lines were being offered and there was .again a succession of passings, the buyers refused to bid, with the result that eight lots had to be passed to reach the next clip. When the next lot brought 12$ d a buyer asked, "Is that sold?" When advised it was t his purchase, there was a chorus of applause from the benches. In clips where reserves' were evidently above the market, buyers showed little .interest.

In the opinion of one broker, to-day's sale was quite satisfactory. He considered that when prices in London and Buenos Aires were taken into account growers here had nothing to complain about.

Competition was well spread, with Bradford operators active. Germany was in the market for pieces and Continental fleece wools. France was also a. good buyer for pieces, and ono operator in three consecutive lots purchased over 160 bales. Japan bid eagerly on lots which suited her requirements.

Over the whole catalogue passings were approximately 13 per cent, but by the time buyers left the town it was anticipated that fully 90 per cent of the total offering would bo sold.