RISE IN WOOL.

Timaru Herald, Volume CXXXIV, Issue 18833, 23 March 1931, Page 8

RISE IN WOOL.

Eager Sale In Wellington. MARKET PROSPECTS BRIGHT Twopence per pound average over the whole catalogue is a conservative estimate of the advance in Wellington wool prices on Friday. Comparison is made with rates current at the last sales held there on 13th February, when values were very low following the fall in the overseas wool market. The February Wellington sale, however, was an improvement on that held in January by id to id, bringing the price back to December level. The sale opened with a catalogue approaching 3000 bales, and of a compre hegisive character. There was an eager atmosphere in the hall, and it very soon became apparent to everyone that buyers really wanted the wool, and were bidding right up to their limits for it; not only that, but the buying was well spread, with the important exception of the Yorkshire section. Continental competition was exceedingly keen, and Japan was prominent in the sale for super wools, with France determined to get lambs’ wool. Buying for United States requirements was also a feature of the sales.

It is estimated that the advance all over represents fully £3 per bale more than the prices obtained in February, and that the recent welcome advance in the average prices at the Invercargill sale was exceeded by a full halfpenny per pound. As the aggregate catalogue offered consisted of 20,166 bales—and practically no wool was passed in—tne Wellington wool cheque for March will be roughly £60,050 more than seemed likely early in the month.

Growers were out to sell. That was patent to everyone in the room, with the final result that from 98 to 99 per cent, of the catalogues was sold under the hammer. It would be safe to say that practically all the wool offered was or will be disposed of. The chairman of the Brokers’ Association remarked that “certain wools which Japan was able to buy in the South were still required for that country, but buyers’ limits for it had been increased. “It was most noticeable, too, that Bradford business was of comparatively small dimensions., but Continental limits were obviously considerably ahead of those fixed for the February sales. There was a sensational rise in the prices for bellies and pieces, and this was attributable to the animated competition that came from the French section of the trade to-day. Analysing prices (so far as they have gone) it would appear that Wellington values to-day are considerably ahead of London parity. The offering was composed mainly of crossbreds, these wools being generally good to super topmaking sorts, and therr were a number of the lines that could be classed as super. Offering? o' halfbreds and merinos were small and hardly sufficient, in point of fact, to give a reliable range of prices for them. For any super lines of halfbreds Japan appeared to hold limits well ahead of any other competitors at the sale. I would say that it is only to be hoped that the phenomenal advance in prices to-day will not prove to be a mere flash in the pan. Remembering that always Bradford is a mainstay and the largest buyer of our crossbreds, which by far constitute the bulk of the wool produced In New Zealand, it may be as well to note that when Continental and Japanse requirements are filled. Bradford may come in and current prices may slightly ease.” The chairman estimated (and that roughly) that the average price per bale of wool sold would be £lO, in contrast with £7, per bale for the February sale average. Compared with those ruling at the February sale prices advanced as follows: d. d. Halfbred 2 to 2J Superfine crossbreds at least 3 Fine crossbreds 2 to 24 Medium crossbreds 2 to 2j Coarse crossbreds 2 to 2j Inferior crossbreds 14 to 2 Hoggets and lambs 2 to 3 Bellies and pieces ... 1£ to Invercargill prices were exceeded by id to 3d. Some growers who refused to let their wool go at the low prices offered earlier in the season had good reason to be pleased at the turn in prices. In one case a line of superfine halfbred, passed in at the December sale at 7fd, sold for 12c. A fairly large lot of halfbred passed at 7d in December made 10. id. Some oellies and necks for which s id was refused earlier, sold for BJd. Following is the official range of PHOeS ' RANGE OF PRICES. Following is the range of prices, together with that of the previr is sale: Mch 20 Feb 13

<i. d. d. d. Merino 64-70. 60-64— Average .... 84 to 9i 6 to 8 Inferior 74 to 8 — Fine half-bred, 56 58— Super 10* to 12 —■ Average 8 to 10 53 to 71 Inferior .... 6* to 74 45 to 54 Medium half-bred, 50-56 — Super 105 to Hi — Average .... 75 to 9 55 to 7 1-5 Inferior .... 6 to 71 4 to 5 Corriedale — Super - vO 11 — Average .... 85 to 92 51 to 61 Extra fine cross-bred, 48-50 — Extra super 105 to 12 — Super 82 to 10 6 3-5 to 8 Average .... 75 to 85 54 to 64 Inferior 64 to 7 4 to 55 Fine cross-bred, 46-48— Extra super .. 10 to 115 — Super 82 to 92 65 to 74 Average 7 to 85 43 to 61 Inferior 6 to 7 31 to 41 Medium cross-bred, 44-46 — Super 85 to 94 64 to 74 Average .... 7 to 84 45 to 64 Inferior 55 to 62 3 to 4 Coarse cross-bred, 40-44— Super 8 to 94 6 to 7 Average 6 to 73 41 to 53 Inferior 5 to 53 3 to 4 Low cross-bred, 36 -40— Super 75 to 72 — to 55 Average .... 6 to 74 4 to 5 Inferior .... 5 to 52 3 to 32 Hoggets— 48-50 74 to 104 5 to 74 Fine 46-48 .. 7 to 9 5 to 7 Med. 44-46 .. 7 to 81 44 to 64 Coarse 40-44 .. — — to 53 Lambs— Down 50-56 .. 8 to 111 — to 7 Fine 7 to 124 62 to 74 Med. 40-44 ... 61 to 8 — to 44 Seedy and inf. (all grades) 23 to 51 14 to 32 Bellies and pieces— Cross-bred Good to super 5£ to 75 3 to 5 Low to med. . 4 to 5 14 to 3 Crutchings— Med. to good 41 to 61 2 3-5 to 4 Seedy and inf. 13 to 4 11 to 24 Locks— Cross-bred 1 to 2 1 to 2 Wanganui sells to-day with an offering of between 18,000 and 20,000 bales; Auckland should have 20,000 bales to offer next Friday.