TIMARU WOOL SALE

Poverty Bay Herald, Volume LV, Issue 17179, 8 February 1930, Page 14

TIMARU WOOL SALE

PRICES HARDEN SLIGHTLY 80 PER CENT. OF OFFERING SOLD (Far Press Association.) , TIMARU, last night. The second .South. Canterbury wool sale of the season was held this afternoon, when 14,439 bales .were offered, compared, with 22,470 bales at the corresponding sale laSt year. The decrease in the offering may be attributed to wet weather delaying the shearing, and to some growers holding their wool in the meantime,, in consequence of the weak market and the lpw prices offering. Generally speaking, the offering was not up to the. usual standard, the unseasonable weather resulting in a large portion of the wool being tender. Super lots were really, few and far between. A full bench of buyers bidded spiritedly, but did. nqt appear to be prepared to exceed their limits. Compared with the , Dunedin sale on Wednesday, prices for merino were a penny ' dearer, haifbfeds were a halfpenny to three farthings dearer, and three-quarter and crossbreds a halfpenny dearer. Piece wools elicited keen competition from Continental buyers, and were about a penny dearer. Fully 80 per cent, of the wool was sold at auction, the bulk going to the Continent, though Bradford and the Dominion mills.competed-keenly for suitable lots. Range of prices Merino: Extra super, up to 14d; super, 11Ad to 13d; average, lOd to lid.; inferior, 8d to 9jfd. Half bred: Super, 12d to 13jd ; average, lOd to lid; inferior, 7fd to 9|d. Three-quarter bred: Super, 9d to lid ; average, 7|d to B|d; inferior. 6d to 7d. Fine crossbred; Super, lOd to lid; average, to 9^d; inferior, 7d to Bpl. Medium crossbred : Super, 9d to lOd; average, to B^d; inferior, 6M to 744. Bellies and pieces: Merino, good to super Bjd to lOd, low to medium 7d to 8]<1; halfhred, good to super 8d to lOjd, low to medium 6d to 73d; tliree-quarter-ljred, good to super 6d to Bjd, low to medium 4d to sd. THE RISE IN LONDON confidence RETURNING The recent increase in the price for wool on tjie London market was referred to by Sir Emmanuel Hoyle, managing director of Joseph Hoyle ami Son, Ltd., one of the largest woollen manufacturing firms in England, as a definite sign of returning confidence. A cablegram, deted February' 3, received from London, was referred to by Sir Eimngmiol, who is in Auckland. This was to the effect that the wool sales were continuing with much improved spirit. Merinos were generally .5 per cent, higher. Crossbred was very firm and a change if any was in favor'of sellers. “ As T'stated previously, all the mar-

kct needs is confidence, the scouting of pessimism and total cessation of attempts to enforce fictitious values,'' Sir r.iiwn;: uuol said. "I have no doubt that if Australia had not withdrawn offerings at the start of the season ami destroyed the confidence of the market prices would not'have dropped as far as they have done. Wool will right itself when it is allowed to come fully on to the market and when prices can he adjusted to suit actual mid not artificial conditions." "The increase in prices for merino wools on the London market amounts to about a penny a pound and l should say it lias been brought about by the activities of Yorkshire buyers. 1 can ■definitely state that Yorkshire will buy wool if it feels that it is at a price in keeping with the market conditions. Yorkshire manufacturers at present have not sufficient money to speculate in wool and there is no likelihood that this advance in prices is only speculative. It is indicative of the general tone of the market. "The dealers, I take it, feel that the New Zealand grower realises the position and is selling his wool freely at the best prices he can obtain and is not; withholding offerings from sale. Had there been extensive withdrawals this advance would never have occurred as nothing is calculated to destroy confidence so much as attempts to regulate prices in an artificial manner. 1 If New Zealand growers continue to produce good wool and to put it freely | on the market a gradual increase in prices should also continue. Of course, wool will not reach the inflated figure of boom days, but it will reach a sound economic price acceptable to , both growers and buyers."