WANGANUI WOOL SALE

Wanganui Chronicle, 22 February 1947, Page 4

WANGANUI WOOL SALE

GOOD DEAL OF CLIP TAKEN BY JOINT ORGANISATION Up to 40 per cent, of the 34.642 bales of wool offered at the Wan. ganui wool sale yesterday will go to the Joint Organisation as the prices bid failed to reach the reserves set. When the exact figures arc compiled they will show a high percentage of passing, which is not exactly unexpected as wool has been coming forward in plentiful supplies and buyers could afford to be choosey. Tight limits, mostly near the reserve figures, were put on greasy wool of which 30,962 bales were offered; greater range existed for slipe and scoured wool; and for lambs’ wool the sky appeared to be the limit. Wool badly got up or at all inferior was neglected, buyers having plenty of strong wool to pick from. Bellies, pieces, necks, and crutchings met with only a moderate demand. In refreshing contrast to the not over spirited bidding which greeted most lots was the demand for lambs’ wool, the price running up to 27Sd for one first class line. Several other lots went better than the 2s mark. Sometimes seven buyers participated in the scramble for these better class offerings, and the prices realised evok. ed whistles of amazement from the disinterested buyers. Scoured wool was in demand, because the scouring works have their hands full and would not be able to handle untreated wool if it was bought. For this reason buyers were prepared to pay up to 3d premium for scoured wool so that they could have a supply to go direct to the manufacturers.

British and Continental buyers again dominated the scene, but local and other New Zealand interests took an active pari, in proceedings when lines suitable for their requirements were offered.

The sate showed that more wool is coming forward than can be absorbed immediately, and that wool has to be of good quality and well prepared if it is to attract the interest of buyers. The principal individual acquisition was that of the Joint Organisation, which has been established to function in just such circumstances as these. The J.O. valuers place a reserve on all offerings, and if bids fail to run up to this figure the Organisation buys it to prevent a fall off in values. Conversely, when wool is in short supply the Organisation releases part of its holding to build up the catalogue. In this manner prices are stabilised within the range of what is considered their true value and not by fluctuating circumstances. Buyers’ limits for greasy fleece wool were fairly close to the J.O. reserves which ranged up to 18id. The largest catalogue that Wanganui has seen for some time 34,642 bales, were offered. Of these 30,942 were current season’s greasy wool, 1200 bales of scoured, and 2500 of slipe. The sale started briskly, the first 100 lots being dispatched in 15 minutes. Bidding was brisk during the early stages and as interest fell off the pace quickened, being occasionally highlighted as particularly good lots came b tore the buyers. The auctioneers did their job efficiently with the result that the sale was concluded about an hcur earlier than originally anticipated. The sale started at two o’clock, continued, with a rushed adjournment for afternoon tea, until six o’clock, resuming shortly after seven o’clock. The sale was finished just be. fore 10 p.m. Parties of school children visited the the sale throughout vhe afternoon. The excitement, noise, and wild gesticulations which are essential to every wool sale proved of high entertainment value, but the fact was not lost sight of that being performed on the stage was one of the most important financial transactions in this country, and that the more excitement, noise, and gesticulations there were the happf.sr it made the pro. ducers. The general public showed their interest also, and there was a steady flow of spectators in the gallery, particularly in the early part of the evening.