WOOL STEADIER

Taranaki Daily News, 2 December 1933, Page 9

WOOL STEADIER

NEW PRICES MAINTAINED SLIGHT DROP IN LOW GRADES NAPIER BIDDING ANIMATED INDICATIONS FOR SEASON MARCH NEARLY DOUBLED By Telegraph—Press Association. Napier, Last Night. Prices which were the same as at Auckland for super grades and slightly down for lower grades resulted at the opening wool sale held at Napier to-day. The slight decrease in the . level which resulted was not altogether a surprise to most growers because Hawke’s Bay wool does not provide the same amount of fine halfbred wool but abounds in fine medium and coarse crossbreds. Prices may be said to be 95 to 100 per cent, better than they were at the March sale at the end of last selling season. Compared with the rates which ruled at the December sale for the Hawke’s Bay district values for average to good wools show an advance of 8d to 9d on 50/56’s, 8d to 9d on 48/50, 6d to 7d on 46/48, 3Jd to 44d on 44/46 and 3d to 4d on 40/44. ■ From the start of the sale it was evident the Continent would absorb a greater proportion of the Hawke’s Bay clip than at Auckland. Bradford was well represented amongst the ■ large bench of 70 buyers and bid steadily on all classes of wool. Buyers’ rates were not so elastic as at Auckland but bidding was steady and maintained throughout the sale. New Zealand mills purchased all classes of wool although they did not feature to any great extent in the buying. A feature of the bidding was the low starting prices, which advanced rapidly up to the buyers’ limits, some offerings starting .at 6d and finishing at Is and over. No spectacular prices were paid and it was evident that buyers’ were bidding low starting prices in the hope that they would be able to secure offerings at below market but no opportunities were missed and where bids failed to realise brokers’ valuations the offerings were passed in. Only a small percentage failed to reach the valuations, which in many cases were exceeded. Rises of id were common on good types Of wools.

The quality of the clip showed an improvement in the get-up and there was an improvement in the quality of the top lines, this being favourably commented upon by several buyers. The fact that there was less hairy wool included was also praised. No deterioration was noticed In the bulk of held-over wools and an anomaly existed in that some .held-over clips realised better prices than new wool from the same vendors.

It is pointed out that to-day’s sale gives a better indication of the season’s realisations in the coming season than Auckland did as the values to-day were more steady and in the opinion of several brokers represented a of the wool. A conservative estimate of the rise on March values was 90 to 95 per cent.,,this indicating that a return to normal prices will be on a more steady basis.

JThe official range of prices is not a’&ailable to-night as the brokers do not meet till to-morrow.