PRICES LOWER

New Zealand Times, Volume L, Issue 11454, 26 February 1923, Page 6

PRICES LOWER

WELLINGTON WOOL SALES GLOOMY OPENING, BUT SPIRITED ENDING. QUALITY BELOW PAR. The fourth Wellington wool sale ot the season, which opened at the Town liall on F riday evening, was continued on Saturday morning, and concluded just after one o’clock. The principal fact disclosed is that there has been a fall in prices, and the range is more in conformity with London parity. Previous February sales had no doubt prepared the way for the belief that January figures would not be maintained, if only for the reason that America has been figuring less strongly in certain lines, although they still appear to be in the market for good Romneys suitable for their particular trade. The benches were hardly as full as they were on Friday, but this was probably duo to the fact that about naif of the catalogue had been sold, and some of the buyers had fulfilled their main orders. There were some present who thought America was there simply to “pick eyes” out of the market, as they described it. Bradford was operating for coarse wools, while France was in the bidding for fine lambs’ wool and pieces. There is reason to believe that prior to February the brokers bad been valuing at above London parity, and that when this became apparent a fall was bound to come, and farmers who were in town, recognising this, reduced their reserves accordingly. Those who remained in the country and were not fully alive to the position, held on to their reserves, and this would seem to be a good reason for the large passings that were noticeable in the earlier part of the sale. GLOOM CLEARED AWAY. The gloomy feeling which marked the opening of the 6ale cleared away as progress was made, and competition was as strong at the end, if not stronger. than at the beginning, as the last catalogue made a good clearance and bidding showed more spirit than at any other time during the sale. For any lines in which there was any quality suitable for America, that country was a keen buyer at prices showing very little difference on January sales. Bradford and the Continent were biding on a lower range of levels than in January of Id to 14d for the bulk of the crossbreds, and France and local mills were searching for lamhs’ and paying last sales prices for besi qualities. DIFFERENCE IN QUALITY. Inferior wools did not seem to suffer so very much, as German buyers were picking them up at within striking distance of last sale prioea. Generally, although there may have been some disappointment amongst the growers at the prices realised, they do not seen to have taken sufficiently into account the difference in the quality of the wool between December and January sales and the February sale. A lot cf the wool is later shorn and inferior, and cannot be expected to bring the same prices as earner shorn wools. The sale has gone through at a drop of possibly Id to 14d, and not 2d, as was indicated in the earlier stages of the sale, and this cannot be considered altogether unsatisfactory, seeing the grave uncertainty that is felt in England as to Continental affairs. , So far as merinos are concerned, the quality was a mere bagatelle and nothing like the quality shown in the January catalogue, and it is difficult to give any reliable quotation as to the change in the market. The bulk of the best wools is going to America. Bradford was the* largest buyer, but Belgium and Germany were taking quite a fair quantity. Taken all round, the sale wae just about on a par with the December sale or a shade Letter, and compared with London quite satisfactory, and probably still a little above London level. The passings amount to about 30 per cent. Range of prices and wool brokers’ accounts of sales will be found under a separate beading.