SECOND WOOL SALE

Southland Times, Issue 22833, 6 March 1936, Page 8

SECOND WOOL SALE

BIG CATALOGUE FOR THIS EVENING PRICES SHOULD BE VERY FIRM There will be a full bench of buyers when the second Invercargill wool sale opens in the Civic Theatre at 7 o’clock this evening, representatives of British, American, Continental, Japanese, German, and New Zealand firms having arrived on Wednesday evening. It should be a good sale, although there is not the slightest reason for any expectations of sensational values. There has been nothing in the overseas situation or in the trend of the market in New Zealand to suggest any easing from the values that have been ruling at northern fixtures, and brokers’ opinions are that prices will be firm, at least. The first Invercargill sale was a highly satisfactory one, but growers have soon become accustomed to the better values ruling this season, and possibly there is a tendency to put too high a reserve on their clips for sales to be made. That has been found the experience in the north, one writer remarking recently that wool-growers “still hold ideas.” There have been no marked increases in values throughout the series, and that is one of its most satisfactory features. The market is a very firm one, and that growers generally appreciate the improvement is shown by the fact that clearances everywhere have been very good. There was an exceedingly small percentage of passings at the first Invercargill sale, and it is expected that after this evening’s sale there will be very little wool held in Southland.

The catalogue is a satisfactory one, the total offering being 25,233 bales, compared with 22,000 bales at the second sale last year and 26,000 bales at the first sale this season. The wool has opened up in attractive condition. The practice of binning has developed in the last few years, and again for this sale brokers have had increased numbers of applications for inclusion in this method of selling. It has meant still greater activity in the stores, which have been working at top pressure for long hours* since the wool began to come in. Influence Of War Rumours.

Christchurch sales do not provide a fair comparison with Invercargill fixtures because of the difference in the wool offered, but it is interesting to notice that under pressure of Continental buying, prices at the third sale there rose by :'d to Id a pound compared with the previous Christchurch sale and other recent New Zealand fixtures. France secured a big proportion of the fine wools. Germany was in the market to a marked extent, and there was also some buying on Japanese account, although perhaps not to the extent that would have been the case but for the abnormal domestic conditions existing in that country. Bradford bought in moderate quantities only, and American competition was less noticeable than at the previous sale. The prices realized there could be based more on the prospect of a further rise because of possible war preparations than on a calculation of the present prospect of manufacturing at a profit. The Sydney sales have disclosed a consistent hardening over the past three months for Merinos, and Bradford advices show that the slight slackening in crossbreds a month ago has been fully recovered. Certainly there was much keener competition for crossbred wool at Christchurch this week than at the earlier sales, the improved values for this class at the recent northern auctions being maintained. Practically all classes shared in the firming, which was a pleasing feature. The offering for this evening is headed by a catalogue of 6355 bales, followed by one of 6002 bales. The order of the sale with the offerings of the respective firms is as follows:— Bales. Dalgety and Co., Ltd. 2210 Wright, Stephenson and Co., Ltd. 6002 Henderson and Co., Ltd. 644 J. R. Mills and Son, Ltd. 1337 Southland Farmers’ Co-op. Association, Ltd. 6355 J. E. Watson and Co., Ltd. 1082 J. G. Ward and Co., Ltd. 2469 National Mortgage and Agency Co. of New Zealand, Ltd. 3276 New Zealand Loan and Mercantile Agency Co., Ltd. 1858 Total 25,233 The realizations for last year’s sales were £164,478 0/7 and £99,195 16/3—a total of £263,673 16/10. That of the first sale this season was £309,873 3/4 which must be considered very satisfactory in view of the high prices in 1934. The realization this evening should be about £300,000. In 1934, a total of £713,493 8/2 came to Southland, the sales yielding £476,044 16/— and £237,448 12/2 respectively. SYDNEY MARKET FIRM GOOD GENERAL COMPETITION. (United Press Assn.—Telegraph Copyright.) (Rec. 11.25 p.m.) Sydney, March 5. At the wool sales 12,883 bales were offered and 11,753 were sold, also 986 privately. There was good general competition, Japanese, Yorkshire and German operators being particularly active. Prices for all descriptions were firm at yesterday’s rates. Greasy Merino made up to 243 d.