ADVANCE IN PRICES

Otago Daily Times, Issue 26703, 24 February 1948, Page 6

ADVANCE IN PRICES

Strong Competition from Overseas • t DUNEDIN WOOL SALE Although the New Zealand record price for. greasy wool of 64id, established at the December auction in Dunedin, was not approached at the third sale of the season at this centre yesterday, values exceeded expectations and practically every class of wool was in keen demand. Bradford and Continental buyers were bidding particularly freely, but the inquiry generally was widely spread. Practically the entire catalogue of 30,000 bales of new wool and 450 bales of Joint Organisation stock was cleared. Ewe wools of crossbred quality predominated, with a small offering of hogget. Very few lots were passed and the share left to the Joint Organisation was nil. Competition was mainly from overseas with the local mills somewhat quieter although still in the market for super lots. No super lots were forward comparable with those at the December sale, and it is difficult to find a basis for comparison of the values of this class of wool. Most other classes, however, met with stronger competition—including bellies and pieces—and prices showed a decided improvement, the greatest appreciation being in the fine crossbred lines.

The shearing season in Otago has been particularly favourable, and the wool has come into the stores more rapidly this year than for a number of seasons. A fair proportion of the offering yesterday was from the high country, but the greater bulk was mainly of lower country and farmers’ wools.

Bidding was animated from the, beginning of the sale, and continued so througnout. After the slow bidding of the preceding auctions, the briskness of this sale was more noticeable. The clips forward fell somewhat short of the standard of those at the last two sales, but little fault could actually be found with the quality. The season has been favourable for the growth of wool, although in some, clips offered yesterday there was evidence of *yolk stain. The winter in Otago was dry, and dust was showing in some of the offerings-

Among the. top prices were:— J. C. Sanders, Little Valley, Alexandra, four bales of Merino at 59d. “ Craigroy,” four bales of super Merino hogget at 583 - ” c. Huddleston. Omakau, three bales of superfine halfbred at 58|d. J. Isbister, Moa Flat, six bales of fine halfbred at 57d. A full bench of buyers participated, and there was a good attendance of the public throughout the day. _ The auction was once again held in the Burns Hall, Burlington street, after the temporary departure to the Orphans’ Club Hall in King street for the two previous sales. The auction yesterday began at 8 a.m. and concluded after 9 pm.