THE WOOL SALE.

Southland Times, Issue 14632, 24 January 1911, Page 5

THE WOOL SALE.

FALL IN PRICES LOCAL SAVE SITUATION. Yesterday’s wool sale at Invercargill (the second of the series) was attended as anticipated with another decline in prices. Whilst December values had ruled on an average Id per lb lower than the previous December, crossbred varieties (which are the principal product of Southland) yesterday ranged at least Id per lb below last month’s rates. Compared, however, with the prices obtaining in January of last year growers have to be content with about 3d per lb less for their wool, which of course must be regarded as a distinct loss of income to farmers, more especially as yesterday’s sale saw most of their season’s produce plaxed on the market. The lack of American competition had a decided bearing on yesterday’s results, more particularly in regard to hogget wool, for, whilst in January last Americans were eager bidders, they were yesterday conspicuous by their absence although it was understood that one or two agents bought a few lots on their behalf. At the same time the principal cause of the decline yesterday was the report received from London of a falling market, by which buyers naturally had to be guided. Taking it all-round, however, rates vyere fully up to the Dunedin standard of Thursday last, and in many cases better, the class of wool submitted being much the same in both centres. That the wool was inferior in quality to that of last season was freely admitted by glowers as it lacked lustre by being earthy, biddy-bids and fern also deteriorating the value of station clips as a consequence of the weeds ripening earlier than usual.

Of the 13,860 bales catalogued, 122 were not forthcoming and thus 13,738 (a record for Southland) were actually offered. Of these no less than 3196 were "passed in,” the reserves not being reached, although some were subsequently disposed of by private treaty at the “passed in” rate. The greater part of the withdrawn lots were station clips and their owners expressed their determination to consign to London and to chance ihe market there rather than to accept the bids made yesterday. Although buyers were as numerous as in December at no time was competition very animated yesterday, the only occasion on which Inc was imparted into the proceedings being when there was competition lor some of the better lots. The local buyers, Messrs Kingsiauu Bros, and .-iiiuerauii, LOfcjOiuer wiui Messrs I-Cirk and Co., and ihe other Southland leiimougers, saved the market Irom being more iuu than it was, me first named arm especially buying extensively. Bel-m-s aim pieces, me big prices for which v»ere Uie great te.iture ot the December stue, went back witii a bump, quite Zd pv,r ib mos ueuig given yesterday than mst mourn. Hogget wool averaged from oh u to extra good selling up to Ira, wulist ewe-wool averaged (“Ad to 6‘„ii, a lew lots selling up to 10 fed ■„uu interior ranging down to 6d. interior wools suaerea the greatest drop, ror the riner grade wools Continental men were lire largest buyers, but Messrs Murray, Roberts and Co., or Dunedin, puicauoed a xuirly large quantity for Dominion manufacture, in every variety, however, it is probable that a good deal of speculative buying took place on the chance ox an improved market at no distant date.

.-v year ago Is iy 2 d. was the top price (viz., lor halfbrecl wool and in two instances fur hogget wool), prices in the \ iciuuy 01 is (.under and over) being uuny common.

lestciaay IIA/jd was the best price iorliicoining, Che A.Z. Doan Company securing mat ngure lor Jit D. A. Cameron, oi icoKu.nai, ior oil bums ox Ist conibmgs Mured wool. The highest price given for crossbred hogget \\ uoi was nu, outamed by .Messrs j. G. Warn aim co., ior 1-t bales tended lor Mr J. Boyle, oi Heddon busn, ana by Messrs M right, Stephenson ana co., ior 1 bams, submitted on benalf of me taxers. oi Mr j. Holms deed. (Waiinahaka). teeicn lots of crossbred hogget wool went at 10 Md, viz., by the southland farmers’ Co-operative Association, 4 bales lor Messrs A. and K. McDonald (Browns), 111 bales for Messrs Willson Bios, tlieudon Bush), and 5 bales lor Mr a as. ileming (Heudon music; by .Messrs J. K. Imuan and Co., S bales tor Mrs A. C. Kay (Balfour); by the .National Mortgage Company, 4 bales for .Mr John Brown (Isla Bank); and by Messrs Henderson and Co., 3 bales ior Mr J, Bock (Waino) and 5 bales lur Mr B. Kyan (Orel!).

10 was the Coy price for crossbred owe wool, Messrs J. H. Mills and Son yelling that figure on behalf of Mr J. n. Keith twin ton) for 9 bales. For other varieties the N.Z. Loan Company securcu lid for 22 bales of rst combings febred wool for Mr D. A. Cameron tNokomai); .Messrs Wright, Stephenson and Co. made lid for 4 bales of Komuey hogget wool and for 7 bales of Romney owe wool for Mr T. L. Barnhill tOastlerock), and for 7 bales of Romney hogget wool for the Excrs. of Mr J. Holms deceased (Waimahaka), together with for 3 bales of Romney wool for Mr F. R. Wright, Walmahaka; and the National -Mortgage Company obtained XUecd for 7 bales of fine crossbred for Mr Feter Laing tDipton).

The National Mortgage Company had the credit of submitting the heaviest catalogue, viz., 3335 bales, and they also secured the best average of sales by only "passing in” 513 bales. Despite the big entry the auctioneers performed their tasks in smart style and the proceeuings opening at 9 a.m. lasted just 7 hours exclusive of the luncheon hour adjournment, the last lot being ouered at 5 p.m. Bidding was somewhat dull at the start, but improved as the sale progressed, thanks as already stated to local buyers coming prominently into the held of competition. Falls in value are indicated by (for example) clips of crossbred hogget and crossbred ewe wool making 10 : ; 4 d and lUbid as against 12%, d and 12d respectively last January. Several growers also realised to their cost their short-sighted policy in not accepting the -passed in” bids at the December sale. Tiie following table gives a few instances of these depreciations, viz.:

The average prices ruling yesterday, as also last month, and at the January sales of !It 10 and find), are given in the following tables, vis:.:—

MR KILL’S OPINION. Asked after the conclusion of tlie sale for liis views. Mr Walter Hill (tlie President of the Wool Buyers’ Association) informed a “Southland Times" reporter Unit he considered Unit values wore fully in accord with tlie tune of the English market. Buyers, lie said, could not exceed the instructions they received from England, and a falling market had consequently brought values down by about Id per 11) as compared with last month’s sale in Invercargill. Wool, he added, was a product which was necessarily guided in its sale by the rise and [all of the English market, and it was unfortunate for Soiuhlander.s that December rales could not be maintained.

A GROWER’S VIEWS. A leading Southland farmer, in conversation with a "Southland Times” representative, remarked that the reduced prices would be severely felt in some cases. It was no joke, he said, to experience a loss of from 2fed to 3d per lb as it meant a considerable diminution in their year’s income. However, they would come up smiling again and look forward to better times. Some of them had been hard hit and a friend of his, who a month ago refused an average of 9d for his wool, had been unable to get more than an average of 7d and that on a big clip. The only consoling feature to his mind was that although they had to put up with a big drop as compared with last year yet prices still were up to the average of recent years. A PROPHETIC FORECAST. In view of the disappointing sale yesterday, it is interesting to record the fact that as far hack as last autumn a Southland agriculturist in th.e columns of the "Southland Times” predicted a fall in wool for the 1910-11 sales. He It was who first furnished the Information (which he had reqeived by private advice) of the Americans unloading and re-selling the wool, which they bought a year ago, and he anticipated their absence from competition in the current series of sales. The New Zealand Loan and Mercantile Agency Company, Limited, has received the following cablegram from London house, under date 21st inst.: — Sheepskins have declined fed per lb since last sales for combing merino sheepskins, clothing descriptions of sheepskins short and shorn sheepskins, crossbred lambskins, %d for crossbred combing sheepskins. Sales progress firmly. Little American demand for crossbred wool.

6 hales Passed in Dec. 9 cl Accep. Y’sday Sd 3 halos "S'/fecl 7 lid 21 halos 9 14 d Sd Vi ales 10 U<1 9 lid 3 hales 8 “4 cl 8 14 d ■i halos ltd S Vi cl 9 halos 9 V.1 d Slid r, halos 9 vi d Slid 7 halos 9 cl

January, 1911. Sup. to Good. Good to Mod. Mod. to Inf. .Merino (few) £»l a to S?4 — Ilalibn-il (few) IFo to id IOVj to 8 Fine (,lnl 10% to ID Ola to M2 7 ; :-i to 7 Strong do, 9 to 3 b to 7 6’a to 5 December, 1910. Sup. to Good. Good to Mod. Med. to Inf. Merino (few) 11 to 10U Ilalfbred (few) 11 li to 10 10 to 0 Fine o’ud (do) 11?* to lOVa 10U to 9 SVz to 7 Strong do. 10 to 0 9 to S V?i to 7 January, 1910. Sup. to Good. Good to Mod. Med. to Inf. Morino 10 1 4, to 61,3 — Hillfhi-ed 13>4 to 12 11", to 10% lO'.z to 9’f. Fine <’hd do. do. do. Strong do. 1- to 11 10% to 10 Ov* to 8>/a January? 1909. Sup. to Good. Gc »nd to Med. Med. to Inf. Muriiio 3% to S 71v* to 7 Halibred 10 to 3>,2 8 to 7li Fine Cbd Ilia to 10 9% to s IV- to GVi* Strong do. Id to 9 S>, 2 lo 7 Wi to 41*