RISE IN WOOL

New Zealand Herald, Volume LXXIII, Issue 22580, 19 November 1936, Page 12

RISE IN WOOL

LONDON SALES OPEN CROSSBREDS ADVANCE VALUE l'P THREEPENCE BRIGHTER LOCAL PROSPECT Expectations of a strong market for wool were fully realised when the November series of London sales, which opened on Tuesday, showed a very definite upward movement in prices. There was an active Home and Continental demand. The results are regarded as a most favourable portent for the New Zealand selling season, which will open in Auckland on November 2S, and it is anticipated that the grower should receive a full 3d per lb. more than last year. A Press Association message sent from London on Tuesday states that the. wool sales opened with strong general competition. Merinos showed a 10 per cent advnnco and crossbreds were higher by 15 per cent. A total of 8220 bales was offered, including 3579 bales of New Zealand, and 7806 bales were sold. There was a good selection which met with strong competition, the Home trade and the Continent being the chief buyers. Prices generally ruled 10 to 20 per cent dearer than the closing prices at the last series. Sales included New Zealand slipe halfbrcd lambs, "Gear," top price, 20Jd per lb.; average, 19jd. Comparison of Values Quotations for good average condition wool at tho close of the last London sales at the end of September were: —Merino, good to super, 16d to 18d; low to medium, 12d to 15} d; halfbred, 56-58, good to super, 14Jd to 16Jd» l°w to medium, lid to 14d; halfbred, 50-56, good to super, 11 Jd to 13d; low to medium, 9}d to lid; fine crossbred, 48-50, good to super, 10Jd to lid; low to medium, 9d to lOd; fine crossbred, 46-48, good to super, lOd to lOJd; low to medium, 8-Jd to 9£d; crossbred, 44-46, good to super, to 10Jd; crossbred, 44-46, low to medium, BJd to 9£d; crossbred, 40-44, good to super, 9Jd to lOd; crossbred, 40-44, low to medium, BJd to 9Jd; coarse crossbred, 36-40, good to super, BJd to 9id; medium to good, B}cl to 9d. Pricey per lb. at the opening of the November series of London sales in the past three years compare as follows: — 1034 1935 11)36 d d d d d d Merino 7 t / a -11 , / 3 12 • 17% as -20 Finexbred 0%- BVi SVi-lO 12 -13 3 / Med. xbred O - 6% 7Vi- 8% 11%-12% Co'rsMtbr'd 5% • 6 7y 4 - V/t 11* a»l2/i "The rise is slightly more than wasexpected, although a good increase was anticipated," said Mr. B. J. Marquet, chairman of the Auckland Woolbrokers' Association, yesterday. "Prospects for the Auckland sale are particularly bright and values should be 3d per lb. higher than last year. Of course, the increase of 15 per cent in crossbreds is calculated on the closing rates last year and values have been steadil.v advancing since then. It would be harmful if prices rose much more, as a serious reaction might set in. Also it would open the way for competition from the artificial fibre. What is wanted is a stable market." Activity o! Market The following private cablegrams, dated November 17, have been received: Bank of New Zealand. —The wool Bales have opened with strong competition and a large attendance of buyers. The market ia very active. New Zealand Merinos are not represented. Compared with the close of the last series, all kinds of greasy crossbreds are 2sd to 3d higher. Dalgety and Company, Limited.—Tho wool sales opened with a large attendance. Competition was animated and general. There was an average selection. As compared with the closing rates of the last series greasy Merino is l|d to 2d per lb. higher; scoured Merino, scoured half bred, 2d to 2Jd higher. These quotations are nominal, as practically no New Zealand was offered. Greasy crossbred and scoured crossbred were 2Jd to 3d per lb. higher; fine slipes, 2d to 2Jd higher; slipes, medium and coarse, 2Jd to 3d higher. New Zealand Loan and Mercantile Agency Company, Limited.—There was a full attendance at the opening of the wool sales, competition by home and Continental buyers being spirited. The opening catalogues were representative. As compared with the closing rates at the last sales prices are higher by 2d to 2}d per lb. for scoured Merino, super and greasy Merino; higher by 2Jd to 3d per lb. for crossbred slipe, fine and coarse scoured crossbred, and greasy crossbred; higher by 3d to 4d per lb. for scoured Merino inferior.

AUCTIONS AT SYDNEY LATE RATES MAINTAINED (Received November 18, 30.15 p.m.) SYDNEY, Nov. 18 At the Sydney wool sales to-day 12,266 bales were offered and 11,522 were sold. Also J072 bales were sold privatelv. Full late rates were forthcoming for all better descriptions _of fleece and skirtings, although a little irregularity was noticeable for average types and faulty sorts. Greasy Merino sold to 29d.