NEW ZEALAND WOOL SALES

Dominion, Volume 20, Issue 41, 12 November 1926, Page 7

NEW ZEALAND WOOL SALES

OPENING AT WELLINGTON THE PROSPECTS The wool selling season’ in the Dominion will begin at 9 a.in...cn Monday in the Wellington Town Hall, and much to the surprise of a good many people ■the offering will greatly exceed that of November last year, it was thought that the wet weather would 1 ave tetarded shearing, but the growers have taken advantage of every hour of < unshine, and the result will be teen cn Monday. . . The quantities to be "dfered by the several brokers and the > rder of the sale are as under> ’ . Bales. N.Z. Farmers’ Bist. Co bOO Wairarapa Farmers ......... ...-•• 600 Abraham and Williams .nd - Stephenson and Co. 1750 Dalgety and Co 1800 Murray, Roberts and Co. ■ nd i . Johnston and Co. 1700 Levin and Co •• 100 N.Z. Loan and Mercantile j I’oo

■ V 10,650 At the opening sale last year the quantity offered was 9811 bales,’ so that it .will be seen that there is a substantia increase this year. It tliould be stated that the above figures ire approximate only, and it is believed that when the catalogues are circulated that the actual offering will approximate-to 12,000 bales. According to reports, this years • lip, and this refers to wool grown in the Wairarapa, Pahiatua, Manawatu and Marlborough districts md marketed in ■Wellington, is well’ grown <.nd in good condition and light in grease, and a great deal better than the clips of iast season. A full attendance of buyers is expected, with the possibility of two or three additions to .last .’ear’s total A fair number of the buyers are already in the city., and practically all who intend to be present at the opening stale will be here fo-morrow. Trend of the Market. It is impossible to get any ’ndication of.the trend of the market. Selling brokers profess ignorance ■nd buyers are not parting with any information. In recent weeks Bradford has been wailing about dull trade, the miners’ strike and foreign competition, ind certainly the top market has not shown any buoyancy. Bradford may be content to, do a hand-to-inouth business, nicking rp such lots as appear cheap. The Continental buyers were the principal operators at the London sales and were responsible for holding ,p 'the market. America is an uncertain factor, although the Americans have heen doing a little buying in the Commonwealth. It is generally agreed that wool 'is wanted, but the demand will depend upon the run of prices. If reserves are on a reasonable basis a fair business will be done. The bogey of wool substitutes has disappeared, and in its place one may expect to see cotton urged as a reason for cheaper wool. Cotton is selling to-day at below the pre-war level and the cheapness of cotton must react on wool. It is a factor that is certain to be given considerable prominence by the buyers. ■ Last Season’s Realisations. At the opening sale in Wellington last year the prices realised exceeded ■ expectations, for they were ilaimed to be fully 10 per cent, above London parity. The buoyancy of the market was mainly due to the operations of Continental buyers. . The Americans. also bought somewhat freely and helped to push up prices. At this sale average quality fine crossbreds made 141 d., medium crossbreds 13Jd., coarse crossbreds 12|d;, and low crossbreds 12d. Brokers, however, are not likely to base their -aluations on the price ruling last November, but rather on the March or closing sale of the series, when fine crossbreds averaged 13d., medium crossbreds 12Jd.. coarse crossbreds lljd., and low crossbreds Hid. After all, the determination of prices rests with the. buyers. What is the wool worth to them under existing conditions? That is the determining factor, and the actual trend of the market will not be known until, say, about 10 o’clock on Monday morning, when several lots have been sold and the buyers have shown their hands.