PRICES FIRM

Dominion, Volume 32, Issue 147, 17 March 1939, Page 10

PRICES FIRM

Third Dunedin Wool Sale FINER TYPES SOUGHT Encouraging Improvement In Inquiry By Telegraph—Press Association. DUNEDIN, March 16. The third wool sale of the season in Dunedin today, at which 27,266 bales were offered, disclosed a market firm on late rates, not only in this centre but elsewhere, with an encouraging improvement in the inquiry for finer types of wool, which comprise the bulk of production in Otago.

There was much stronger competition for fine wools than experienced so far this season, though the majority of buyers were operating within very strict limits. In fact, the demand for liner descriptions of wool was so keen that even medium and inferior sorts shared in the hardening.

Fortunately tire international situation, which had earlier left little or no impression on the March series of sales iu London, which opened on Tuesday, exerted a negligible influence on today’s auction. With an estimated average price a pound today of about 9Jd., or a little over £l3 a bale, gross proceeds from the sale should be about £338,000, irrespective of receipts from sales by private treaty of passed in lots subsequent to auction. The total for the three Dunedin sales to date should therefore be just on the £1,000,000 mark.

The Duuedin Woolbrokers’ Association’s official report is as follows: The third Dunedin wool sale was held today, when catalogues totalling 27,218 bales were offered. The selection generally was of better standard than the offering of February 8. A good many clips showed the effect of the unfavourable weather in the winter and early spring, being thin and inclined to tenderness. Dry yolk was also more prevalent and showed up to a greater extent than usual through most of the clips. Keen Competition. Competition was very keen and more spread than at previous sales held here. Botin Bradford and the Continent were operating freely, but their limits were strictly ' defined. Local mills continued to be keen buyers for choice lots suitable to their requirements. Support was given by Germany, but Japan’s buying strength appeared to be very limited. In comparison with the previous Dunedin sale oh February 8, good types of merino were firm, but heavyconditioned lots of this quality did not attract the same attention. Better types of halfbreds were unchanged and average and inferior types firmer. Fine crossbreds sold on a par with February rates, but ordinary- crossbeds showed very little variation,, with the exception of hoggets, Which were dearer. The demand for skirtings was good, and in some cases prices were higher for finer grades, but there did not appear to be the usual buying orders for crutchings, which can be quoted cheaper. Growers met the market exceptionally well and passings were limited and confined only to lots where growers’ reserves were excessive.

Top price realized for the sale was 153 d. for three bales of superfine combing merino grown by Mr. James Freeland, Morrisons, and 17 bales of super combing merino hogget grown by J. Preston and Son, Longlands, realized 15Jd.

Range of Prices. The range of prices was: — Feb. S. Mar. 16. <]. <l. <l. <l.

REVIVED INTEREST IN FINE WOOLS Mare Attention Commanded VALUES GENERALLY ENHANCED Dominion Special Service. DUNEDIN, March 16. One of the most attractive features of today’s wool sale was undoubtedly the revival of interest in fine wools, which commanded more general attention than has been the case at either of the previous sales in Dunedin. Unfortunately buying limits were very rigid, a fact which had this virtue, however, that it forced operators to bid more freely for medium fine wools and even inferior lots, thus enhancing values generally and going a long way toward adjusting the relative prices of fine and coarse wools. The Continent set a brisk pace from the outset, but Bradford operators were generally disposed not only to follow biit to call their own tune also,

with the result that competition was exceptionally well spread. Germany was noticeably in the market, but France and Belgium were the most prominent Continental representatives. There was also some buying on American account, with occasional flashes of interest on the part of Japanese representatives. It was encouraging also to note the activity of local mills. It was thought that the import restrictions and the possibility of the development of local textile industries would have created increased buying strength in this quarter at the previous Dunedin sale, but local operators did not exert the expected influence on the market. Toda v, however, all Sohtb Island mills were in the market strongly for finer wools suited to their requirements.

Though the general selection ot wools offered was better than at the February sale, there were comparatively few of the extra special lots which commanded particular attention, at the carlier sale. Most of the offering showed good quality, but some of the Central Otago clips and also lines from southern districts showed signsof severe weathering. A point on quality of which growers might well take notice was the general eagerness of buyers for reclassed and binned wools. When these lots were reached in every catalogue bidding' became very brisk and the general level of values improved. The importance of this consideration was apparent in the ease of one or two clips, part of which was station-classed find a small proportion binned. The binned wool definitely made the better pr. i ‘ , °

Merino— Extra super ... 144 to IS 11} Super 12 f to 14 12 to 14 .Average 104 to 12 10 to 11} 0J Inferior 94 to 101 to Fine Halfbred, 56/58 — Extra super ... — 131 14 pe r 12 to 11 It! J to Average 10} to 11} 11 12 Inferior 9 to 10} !)1 to 101 Medium Half bred, 50/56Extra super ... to 13 A L’i in to r.'l 12 to 12? ]<>} to 114 10} to 11} I ii fnrinr S4 to 10 9 to 10} Fine Crossbred, -18/50 — Extra super ... 13 lit 9} to 13 A 1 _ A Super to l-'i 1j I to 12 J Average ...... to 11 • ’ i to 11 Inferior Si 4(1/to 9* SA to 0} Medium Crossbreds, 48— 10} to Super Hi to 12 12 Average ...... 9 A to 10} 94 to 10 A Inferior S to Oi 8 to Oi Crossbred, 44/46 — 10.1 .Super 104 to 114 to 114 Average 9} to 10} 94 to 10 Tnfnrinr SA to 0} SI to 0i Merino Necks and Pieces — to A 104 to 12 A to 124 Low to medium 7* to 10 s to 10 Halfbred Necks and Pieces Extra super 10 U to ) 12 10} 10 to 111 (food to super .. s 10 S1to 10 Low to medium 1 1 to 7A b’.l to 7} Crossbred Necks am J Pieces — 9 to 10| to 10} AverAge 71 t 0 6} 7} to T nferior ..«•••• t, to ■ 1 to Crutchings— Medium to good .» to 45 t 0 4 to to 4: £ Crutchings, Crossbred—■ Medium to good b* to $A 6 to 8 4 to 4 to Locks— 4 to 4} to 54 Halfbred 4 to .71 to 4} Crossbred t>. £ to 4 A to