WOOL SALES AT DUNEDIN

Taranaki Daily News, 21 December 1929, Page 9

WOOL SALES AT DUNEDIN

LOWER RANGE OF VALUES. REASONS FOR DEPRESSION. By Telegraph.—Press Association. Dunedin, Last Night. The first wool sale in Dunedin this season took place to-day, when 20,122 bales were offered. A total of 22,567 bales was submitted at the corresponding sale last year. There was the usual full bench of buyers, though it was noticeable that local speculators were practically absent'. The wool opened in fair. condition, considering the season, but as a whole it was not in as a-ood order as last year, due, doubtless, to the snowfalls in the winter and the dry spring, followed by very showery shearing weather. The market, as was expected, showed a serious drop in values, and until the sale came on few growers realised how great had been the fall. Heavy losses amongst woollen manufacturers and wool traders throughout the world, apart from other circumstances in the financial world not connected with the wool trade, have cramped operations and shaken confidence. Coupled with these troubles, the growth of the demand for artificial textiles, the production of which is now estimated to be equal per annum to 3,000,000 bales of wool, has had a depressing effect on the wool trade.

Those interested are not surprised at the fall in values, but few expected it to be bo severe, and many fear the pendulum is beginning to swing too far over towards the buyers’ side. Certainly at present prices, and bearing in mind the costs of everything pertaining to wool-growing, including rates, rent, interest and taxation, it is felt that even now the average of prices paid is down to. if not below, the costs of production. Efforts are being made to steady the market by extending the season and limiting offerings, but this suggestion has not, according to cables, met with a sympathetic response from Bradford. Bidding to-day, was fairly well spread although°as usual Bradford buyers took the bulk, but fair quantities were taken for the Continent, particularly pieces and bellies, and probably a small quantity foi” America. A buyer for Russia was operating, and his bidding was particularly useful in fine halfbreds. On the whole prices can be quoted as fully up to the basis of the sale in Timaru, with a tendency towards sellers’ favour, but it seemed to many that the quantity marketed was rather more than the buyers had orders for. London prices at the moment are no better than those here, and the tendency there seems to be downwards. Following is the range of values, com-

pared with the December sale in 1928: — 1928. 1929. Merino. 64/70, 60/64 — d. d. d. d. . Super .... 19} to 25} 13 to 15} Average .... 18 to 19 11 to 124 Inferior .... 16 to 174 9 to 104 Fine half bred, 58, 56/58, 56— Extra super . — — —- to 16 Super 214 to 25 13 to 15 Average .... 19 to. 21 114 to 12} Inferior .... 17 to 18} 104 to 11} Medium halfbred, 50/56, 50 — Super 20 to 224 13} to 15} Average .... 17 to 194 Hi to 12} Inferior .... 16 to 17 104 to 114 Coarser halfbred, 48/50 — Super 194 to 22 114 to 14 Average ... 17 to 19 10} to 11 Inferior .... 16 to 17 9 to 9} Fine crossbred, 46/48 — Super 184 to 20 11 to 12 Average .... 17 to 18 10 to 10} Inferior .... 15 to 164 8} to 9} Medium crossbred, 44/46 — Super 164 to 18 10} to 11 Average ... 15 to 16 9 to 10 Inferior .... 13 to 14} 8} to 9 Bellies and Pieces. Merino— Good to super 17 to 19 11 to 12} Low to med. 14 to 16 8 to 104 Half bred— Good to super 19 to 21} 104 to 12} Low to med. 15 to 18 7} to 10 Crossbred— Good to super 17 to 21 84 to 104 Low to med. 14 to 16} 6 to 8 Crutchings— Med. to good 11 to 13} 7 to 9 Inferior - seedy 7 to 10} 4 ■ r .to 6} Locks 7 to 11 3 to 6