THE WOOL SALES

Timaru Herald, Volume CV, Issue 16082, 2 October 1916, Page 3

THE WOOL SALES

THE JULY SERIES. The produce circular of the Bank' of'New Zealand, dated London, 31st July, in its report on the July wool soles, sa<ys: — the iifth series of sales commenced herd on lltli inst., and terminated on < 28th inst., tho quantities available and catalogued being as fo.lows viz.: net available, 109,400 bales; oataloguod, I 105,1/1 bales: and 12,5000 bales were] bought m and not offered. Of these ' totals New Zealands wore 59,300 I 52.347 —9,300 bales.

Of tho total quantity sold 90,000 bales were taken for Home consumption and 7,000 bales for foreign account, mostlv for France and Prussia. During the interval prices of merino tops, and to a lesser extent, fine crossbreds, continued to advance, though , there .was some irregularity in the quotations. Other qualities were rather affected, by the Government action in regard to the home clip, and quotations were rather easier. 'there was the usual representative gathering of the Home trade, who were, as in previous sales, the principal operators, as well as a sprinkling of foreign ouyers, and competition all round was fairly satisfactory, if at times rather slow. The opening results were much in accordance with expectations, merinos, owing Jo scarcity of this class of staple, beirg 7-\ to 10 per cent, dearer during the first week. Towards the end of the -■•eond week, however, the- demand ''■ased perceptibly, and the earlier -extreme rates were nor. forthcoming, Inutile decline was oniy s'ight, and at tho close all good-conditioned wools were 5 i-j 7.'- and inferior sorts 5 per cent, dearer than the previous sales. i Crossbreds have been somewhat disI .ip;>o : nfcin<r, particularly coarse, shabby descriptions, which sokl with considerable irregu'arity, and were often neg'ottrci, although at the close a rather better tone was noticeable. With the exception of the, finest grades, which shewed no change, the market opened 5 per cent, lower. As the sale? progressed, the finer qualities lost ground, to the extent- of 5 to 7J- per , .-er.'f , from which they never recovered, ! medium and coarse descriptions at the j eloso being generally 7J to 10 per cent. ; below the level of last sales. Greasy I J«'inibs wool was generally lower with seedy lots very irregular. Slipes and scoured crossbreds have- met a ready market, fine qualities being practically unchanged, hut medium and coarse varieties were fully 5 per cent, cheaper. For the time being it looks as if va'ues had touched high-water mark both in merinos and crossbreds, and present prices should satisfy growers. An abnormal consumption and scarcity of supplies appear to warrant tho high prices for merinos, which may possibV obtain for some time yet, as it will bo (awards the end of the year before ihere can possibly be any weight of new clip merinos available for actual consumption. The decline in crossbreds is icrnerally attributed to the action of 1110 Government in regard to the Home clip. Buyers are uncertain about the inture, and frel that they must be prepared to meet the keener competition of the lower-nrifcd English wools, which many are reckoning coming on tho market. In view of the cost or handling. however, it remains to be seen whether they wil! ultimately be much cheaper than the rates now current for colonial wools of similar quality. Here, we may state, that the prices fixed In' tho Government for Home grown wools are those current during June-July, 1914, plus 3o per cent.