WOOL PRICES FALL AT THE DUNEDIN SALE

Wanganui Chronicle, 14 April 1949, Page 5

WOOL PRICES FALL AT THE DUNEDIN SALE

LACK OF COMPETITION DUNEDIN, Last Night (P.A.)— ESubstantially lower prices were paid lor all classes of wool at the fourth auction of the 1948-49 season, held at Dunedin today. The greatest decline was in Corriedale and Merino wool, values receding by up to 25 per cent, on the previous sale in Dunedin last February. The entry of better class wools was was not as high today, nor was the quality quite equal to February’s offering. At the February sale local mills were keen buyers of all better class wools, and were forced to go to high values in competition with Continental and Russian buying. At today's auction Russia was completely out of the market. Coarse wools, in many cases, had poor competition and inferior lots were ditlicult to sell. Oddments, such as coarse pieces and locks were extremely difficult to quit. The sale was generally erratic. It began at. 8 a.m. and continued until a late hour tonight. Prices, on the whole, were lower than at Christchurch and Timaru recently. Passings, which have been rare at late sales, were much in evidence today. The sale was particularly slow, on the average of about 275 lots an hour throughout the day. The total offering was 30,000 bales, all new season’s wool, and in this were some high Country clips. Most of the wool opened up fairly well, although probably showing more condition and dry yolk. Many lots went to the only bidder and at any time there were not more than three or four competitors, The auctioneers had not the easy task of former sales, and at times today found it difficult to interest buyers. Quality had to be exceptionally good to reach the 50d mark. The greater bulk of the better class wools were sold well below this figure. Values for these wools, declined from 6d to lOd per lb., while medium crossbred lines suffers while medium crossbred lines suffered to an extent of 3d to 6d. Continental buyers were not operating today with anything like the freedom of the preceding sales, while local mills were in the market only at odd times, and then only for strictly suitable lots. Practically all the Dominion mills have filled their requirements for the season and are npw buying only what particularly attracts their attention. An interesting comparison was available from a clip of Corriedale, the top lot of which at the corresponding sale last year brought 55d and the top lot of which today made only 40d. The only difference in the wool was that probably a little more condition was shown in this year’s clip, which was of possibly longer staple. ' The top price for the day was secured by Mr. John Wilson, of Lauder, for three bales of A.A. fine halfbred at 63d, and he also obtained 62d for 14 bales of A fine halfbred. Mr. C. E. McCone, of Otekaike, sold five bales of A line halfbred at 61Sd. Prompt date for the sale will be at midday on May 2.