WOOL ADVANCES

New Zealand Herald, Volume LXXIV, Issue 22685, 24 March 1937, Page 14

WOOL ADVANCES

GREAT DUNEDIN SALE

HIGH CROSSBRED RISE

THREEPENCE OX FEBRUARY

GROSS RETURN .£750.000

[by TELHGRArn —OWN fOKRESPONDENT] DUXFDIX. Tuesday

Witli crossbred wool realising up to 23d a pound and a top price of 26' t d which ivas paid for two lots of fine half bred, Dunodin to-dav experienced the best sale of the New Zealand season to date and Otago woo!growers had the benefit of the highest level of values since the booin period of 192-1-25. A total of 30,700 bales was offered to a full bench of buyers representing all consuming countries.

The auction was brisk and eventful throughout. Large quantities of wool were purchased on behalf of Japan and America, and Continental operators also bought freely, but one of the major factors in the healthy condition of the market was the eager activity of Bradford, whose representatives seemed determined to make up for the time lost at previous sales when their "careless" buying was the subject of general comment.

It is estimated that the average price per pound to-day was 17d, making a mean price a bale of approximately £24. This should result in a gross return to Otago woolgrowers of about £750,000, bringing the total proceeds from the three auctions held this season to a sum in excess of £2,000.000. Brisk Competition The buying benches were packed when the sale commenced at 9 a.m. and from the outset it was obvious that the demand would be brisker than was the case at the previous sale. Bradford interests were first to set the pace, but both France and Germany were keen competitors and a lot of wool was being purchased on Japanese account. Selling was at the rate of about 450 lots an hour, which is fast work, and values were early established at such a level that passings were negligible.

In many instances brokers' valuations were exceeded, sometimes by as much as 4d and od a pound. There was a great deal of crossbred wool, which last year fetched no more than 8d or 9d a pound, which to-day sold at 18d and higher; in fact, it may be said that comparatively little crossbred brought less than while the best reached the extraordinary price of 23d.

It is more than a decade since the margin between prices for fine and crossbred descriptions of wool was so slight. Fine wools recovered some of the ground lost at the previous sale, but they are still cheaper than they were at the opening auction in December, in spite of to-day's advance of about Id a pound. Crossbreds were dearer hy from 2d to 3d a pound for ordinary kinds and by even more for good fine sorts. Bellies and pieces shared in the general improvement. Japanese and Bradford Buying

Japan was a big factor in the brisk inquiry for higher-priced wools, but local mills were less active than they were earlier in the season. One of the features of the sale was the keen competition between Bradford operators, two or three of whom were generally left to fight out the final farthinc among themselves. It was noticeable also that they frequently spurned the humble farthing and sent the price bounding upward with quickfire halfpenny ami even penny bids. In other cases the issue was put beyond all doubt by single bids of lSd and 19d for crossbred lots which brooked no opposition.

A sequence of 20 lots selected at random from the largest catalogue of the sale shows the widespread nature of the demand. In ten minutes an auctioneer knocked down wool to Bradford. Japanese, French, American. German. Belgian and local buyers and throughnut the sale the diversity of distribution was the same. One Yorkshire buyer and one Qf the keenest operators of the day, who was buying for Bradford and Japan, added purchases for China to hiday's activities. Prices Get Dearer It was expected that the 25id which was secured in the opening catalogue of the sale would be the top price .of the day, but in the next catalogue that price was equalled with four bales of superfine Corriedale ewe. In the afternoon competition was as brisk as ever and certain classes of wool were dearer still. The actual top price of 26id was secured for three bales of super halfbred and later the same price was realised for six bales of fine halfbred. The top price for crossbreds was 23d for two lots of hogget wool. Range of Prices The following is the range of prices compared with the rates ruling at the February sale:— March February d d d d Merino. 64-70, 60-64 — Extra super . to 21% to 23% Super .. 19% to 23% IS% to 21% Average .. IS to 19% 17 to IS Inferior . . 17 to 17 3 , 16 to 16% Fine halfbred, SS, 56-SS, of>— Extra super . to 26 1 4 24 to 20% Super .. 21% to 23% 21 %to 231.. Average .. 19% to 20% is to 21 Inferior . . 17% to ISM, I<i to 17 Medium halfbred. 50-5(5, 50— Extra super 20 to 22 1 j 21% to 22V, Super . . 20 to 22% 20% to 21 Average .. IS% to 19% 17% to 19% Inferior .. 17% to IS 10 to 16% Extra fine crossbred, 4S-50— F.xtra super . Super . . 22 to 23 IS% to 19 Average .. 19% to 20% 17 to IS Inferior . . IS% to 19 15% to 16% Fine crossbred, 46-4S — Super . . 20% to 21% •Vveratre .. to 19% Inferior 17 to IS Medium crossbred, 44-46 — Extra super . Super .. IS% to 20% 15% to IG% Average . . 17% to IS% 14% to 15% Interior . . 10% to 17% 14 to 14% Bellies, Pieces and Necks (to-day's prices). —Merino, good to super: Pieces, 17% d to 20d: bellies, 13% d to 15% d. Merino, low to medium: Pieces. 1 Id to 15% d; bellies, 12% d to 13% d. Halfbred, good to super: Pieces, IS%d to 22% d; bellies. 15% d to 10% d Halfbred. low to medium: Pieces, 15% d to 16% d; bellies, 13% d to 15% d. Crossbred, good to super: Pieces, 15% d to l'j%d; bellies, 13d to 15% d. Crossbred, low to medium: Pieces. 13d to 15% d: bellies, 12d to 12% d. Crutchings (to-day's prices).—Medium to good, ltd to lU%d; inferior and seedy, 11 %d to 13d. Locks (to-days prices).—Merino, S%l to 10d; halfbred, Slid to 10d; crossbred. S%d to 9%(1.

NEXT WELLINGTON SALE ALTERATION IX DATE The final Wellington wool sale of the season will be held on April 3, according to an announcement by the Wellington Woolbrokers' Association. I'he sale scheduled lor April -4 has been cancelled owing to insufficient quantities of wool being available.