THE WOOL MARKET

Otago Daily Times, Issue 23686, 19 December 1938, Page 7

THE WOOL MARKET

FIRST DUNEDIN SALE TOTAL OF 24,273 BALES PROSPECTS FOR TO-MORROW Although wool values on the average could not be described as high at the moment, the market is far from unsatisfactory, and the prospects for the first Dunedin sale of the season to-morrow are encouraging. Since the opening of selling in Australia the market has improved slowly but steadily as a result of added confidence, and the early sales in New Zealand in November and to date this month have been characterised by a brisk demand and a good inquiry for crossbreds, which make a large proportion of the New Zealand clip and comprise a very considerable percentage of the wools sold in this centre. At to-morrow's auction there will be an offering of 24,273 bales, the catalogued clips covering a wide range of descriptions with a fair proportion of the strongei wools Which have supplanted fine wools in most of the manufacturing countries, The Otago clip this year is in very fair condition, despite a certain tenderness due to weathering earlier in the season, and the apoearance of the wool is expected to appeal to the majority of buyers The valuing of the clips in the various stores of the seven selling agents has been engaging the attention of buvere for the past few days. No doubt the usual problem of whether to sell or not to sell will be worrying many growers when the auction opens to-morrow morning, but most of them will probably be prepared to meet the market at the rates which ruled last year. Just on 24,000 bales were offered at the first sale in Dunedin last year and 97 per cent, of the offering was sold under the hammer, the top price of 22Jd being also the peak figure for the Dominion. The average price per bale was £l7 Is 6d and per pound 12.77 d, The level of values ruling at this sale last year was never equalled in Dunedin at the suceeding sales, and those growers who met the market had every reason to congratulate themselves on selling at the earliest opportunity.

Order of Sale The order of sale, with the number of bales in each catalogue, is as follows: Bales. Dalgety and Co., Ltd. :, .. 4685 Stronach, Morris and Co., Ltd. 1790 Otago Farmers' Co-op. Assn. of *New Zealand, Ltd. .. 1650 National Mortgage and Agency Company of N.Z., Ltd." .. 3709 Wright, Stephenson and Co., Ltd 6442 Donald Reid and Co., Ltd. .. 3890 N.Z. Loan and Mercantile Agency Co., Ltd., 2107 Total 24,273