FALL IN VALUES

Otago Daily Times, Issue 23428, 17 February 1938, Page 12

FALL IN VALUES

WELLINGTON WOOL SALE SHARP DROP m HALFBREDS CROSSBREDS ALSO DECLINE POOR QUALITY OF OFFERING (Per United Press Association) WELLINGTON, Feb. 161. Forebodings of a decline in prices were realised at the third Wellington wool sale of the 1937-38 season to-day. Some brokers considered that crossbreds were about on a par with the Dunedin rates of last week, but that halfbreds were definitely easier. Compared with the prices realised at the second sale in Wellington on January 10, to-day’s prices were lower by a full IJd to 2d for crossbreds and 2d to 3d for halfbreds. Lambs’ wool, skirtings, pieces and crutchings also showed a decline.

The total offering catalogued for the sale was 27,289 bales, but heavy eleventh hour withdrawals reduced this quantity to just over 26,000 bales. The bulk of the offering consisted of average to good topmaking crossbreds. There were a few good halfbreds and merinos, and a small supply of lambs! wool was forward.

There was a fully representative bench of buyers, of whom Bradford and the Continent and representatives of the local mills were the most active. Some orders were filled for Canada and the United States, and one broker reported that some business was done also on Russian account. France competed strongly with the local mills for lambs’ wool. So far as could be ascertained Japan was not in the mai. ■ ket. If any buying was done on her account it was of small extent. The sale was erratic at times, but generally bidding was vigorous within rigidly lower limits. Many growers had set reserves above the current market rates, with the result that passings were heavy and in some catalogues monotonously frequent. t ~ The offering was not up to the standard of the February sale at Wellington and the quality generally was very disappointing. From the outset it was plain that prices were well below the level of the January sale at Wellington. Double figures were relatively infrequent and the greater part of the crossbreds sold at from 8d to 9gd, there being many “runs” of ninepenny top bids. Generally, it can be said that most crossbreds were from IJd to 2d below the January level at Wellington. Halfbreds, of which there was not a wide selection, were fully 2d lower, and for average sorts the fall was as much as 3d. Hoggets’ wool was down Id tq Ud and lambs’ wool and bellies and pieces were lower by from Id to ISd. , , The highest price for halfbreds was 13d, which was paid for a line of 15 bales of A ewes. Another lot of 19 bales of A A ewes in the same clip was sold at The highest prices paid for super lines of all classes of crossbreds were from lOd to lUd. Average grades of fine crossbreds made generally from BAd to 9id, a few lines of 46/48’s touching lOd. Lambs’ wool sold at from lid to 14Jd, as against ll|d to L6i|d last month, and medium to fine hoggets at from 9Jd to 10§d, compared with 9|d to 13? d last month. Of the total of just over 261,000 bales put up for auction 25 per cent, was passed in, some being disposed of later by private treaty.

Range of Prices The official range of prices was as follows, January’s prices being shown for comparative purposes;—

THE DRAFT ALLOWANCE PROPOSAL FOR ABOLITION STRONG PROTEST BY BRADFORD (Peb United Press Association! WELLINGTON, Feb. 16. Mr Herbert Hill, president of the New Zealand Wool Buyers’ Association, has received the following cable message, dated February 10, from the British Wool Federation, Bradford:— “A fully attended meeting to-day unanimously passed a motion that this meeting consisting of coloniai wool importers and buyers, having considered the contemplated legisla live action which is being taken to change the terms on which wool shall be sold in future in the dominions by the abolition of the draft allowance, desires to protest most

emphatically against any change being made in the existing conditions without the full concurrence of the buyers’ organisations. Failing such agreement and the fullest consultation between the buying and selling organisations, we agree to take whatever action this federation considers necessary to protect and maintain the interests of our members in this matter.”

January. February. 9 d. d. d. d. Merino 64/70. 60/64’s — Average 12J to 134 11 to 12 Inferior — to 12 9 to 101 Fine halfbred. 50/58’s13 Super .. .. 13J to 153 111 to Average 12 to 13i 104 to 11 Inferior 94 to 113 9 to 10 Medium halfbred , 50/56’s— Super 121- to 15 103 to in Average 114 to 121 93 to 104 Inferior 104 to 11 8 to 91 Extra fine crossbred, 48/5Qs — Super .. 114 to 15 10 to 111 Average 104 to 111 83 to 93 Inferior 81 to 10 71 to 81 Fine crossbred. 46/48’sSuper .. 113 to 15 104 to in' Average 101 to 111 83 to 10 Inferior 81 to 101 7 to 8 2 Medium crossbred, 44/46’s— in Super .. 12 to 15 10 to Average 101 to 111 83 to 93 Inferior 8$ to 101 , 40/44’s— 71 to 81 Coarse crossbred 111 Super .. .. 111 to 15 10 to Average 10* to 113 83 to 93 Inferior 94 to 101 — to 81 Low crossbred, 36/40’s— 121 Super .. 12 to 81 — Average — to 101 to 10 Hogget91 Super, 48/50's 93 to 133 10 103 Fine, 46/48’s 10 to 121 94 to 104 Medium 44/46’s — — to 104 Lambs — HI Down, 50/56's — to 133 Fine, 44/50's Ill to 16,1 11 to 141 Seedy and 61 10 inferior 83 to 12 to Bellies,and pieces— Merino, good 91 to super .. 91 to 124 to 101 Merino, low to medium 8 to 10 64 to 9 Halfbred, good 10 to super .. 31 to 12J 83 to Halfbred, low 63 81 to medium 74 to 9 to Crossbred, good 74 9 to super .. 81 to 11 to Crossbred, low to medium 61 to 83 4 to 74 Crutchings— Medium to good 61 to 111 63 to 10 Inferior and 74 seedy 51 to 81 4 to Locks — 41 61 Merino — to 64 to Halfbred 41 to 64 4 to 51 Crossbred 51 to 73 41 to 51