PASSINGS FREQUENT.

Star (Christchurch), Volume XLIV, Issue 365, 5 March 1932, Page 28 (Supplement)

PASSINGS FREQUENT.

Second Invercargill Wool Sale. PRICES EASIER. Per Press Association. INVERCARGILL, March 4. The second wool sale of the Invercargill series was held to-night when a record catalogue of 28,000 bales was offered to a representative bench of buyers. As anticipated there was a substantial drop compared with values ruling at the first sale in January, this being noticeable in practically all qualities offered. Prices receded in most classes by more than one half-penny. Values ruling were closely approximate to the level of January last year, when the great bulk of the Southland wool was sold at prices averaging about £5 per bale. Passings were very frequent and probably 40 per cent of the offering failed to change hands at auction, but it is believed that a considerable quantity of this will be sold privately overnight. The sale will continue until the early hours of the morning, but late indications are that a general hardening will "take place in the later catalogues. Competition appeared to be very keen from all sections, but within most restricted and rigid limits. No section could be singled out as securing any advantage and local buyers appeared to be taking very reasonable speculative risk in making purchases. Competition from this quarter helped the market fairly substantially.