WOOL PRICES

Otago Daily Times, Issue 27079, 13 May 1949, Page 8

WOOL PRICES

FURTHER DECLINE FINAL CHRISTCHURCH SALE FALL ESPECIALLY MARKED IN FiNE GRADES Daily Times Special Service CHRISTCHURCH, May 12. Wool prices tell again at the fourth and final Christchurch sale to-aay. The decline was noticeable in every grade of wool, but the most maricea decrease was snown in the better sorts of fine wool, especially merino, of which the entry was neither big nor up to the quality of previous sales. The top price for the sale was paid for both Corriedaie and halfbrea wool, and this was a long way short of the prices for comparable wool at the last sale in March. . An assessment of the real fall in values is aimcult because the ottering generally was not to be compared in quality with that at the sale earlier in the season. Nevertheless, a comparison of the actual prices showed a drop in fine wools of from 8d to Is and as much' as 2s in some isolatea cases. Brokers said that some wool which might have been expected to bring 60d or more in March was hard to sell at 45d to-day. Coarser wool values declined by up to 6d a pound, and rough * oddments were frequently passed when no bids could be obtained. It is a long time since there have been single figure bids at a Christchurch sale, but to-day bids of 7d 8d and 9d were not infrequent, and one lot of six bales of stained crutchings was passed to the Joint Organisation at 4|d. The demand for merinos was described by brokers as “sticky," and they particularly missed the usually keen competition from local mills, most of whom had already filled their requirements. . , . . The offering of 20,212 bales included 2923 bales of stock wool, and this was completely cleared at prices regarded as generally satisfactory. The offering included a larger entry than usual from the Chatham Islands, the West Coast and Banks Peninsula, and there were some 1500 bales of lambs’ wool The quality was up to the average for a fourth Christchurch sale, but included a few clips well above average quality from properties which sheared late because of the difficulty of getting shearers. Much of the wool was heavy in condition, yolk stained and dusty but free from serious fault Early in the sale it was evident that buyers were in no mood for brisk competitive bidding on most lines. Many were obviously not interested in anything outside one or two lines, and some of the smaller buyers who have attended previous sales were absent to-day. Passings were less than 10 per cent., and for about 20 lots no bid could be obtained. The Joint Organisation entered into the sale for the first time this season, but bought only one lot, the cheapest of the sale.