WOOL DOWN

Evening Post, Volume CVIII, Issue 137, 6 December 1929, Page 13

WOOL DOWN

FALLS A FULL PENNY

INDIFFERENT QUALITY A FACTOR

It is evident at the wool sales proceeding at tho Town Hall to-day as "The Post" goes to press that district woolgrowcrs ■' cheques for December are going to bo far less than they looked for. The sale opened precisely at 9 a.m. with a full and representative bench of buyers, who appeared to want the wool, but at prices much below its owners' valuation. With monotonous iteration, that depressing word "Pass!" was uttered by the auctioneer

as lot after lot failed to reach the reserve. It appeared to onlookers as if the buyers, wanted tho wool, but could not afford to pay the price set upon it. Knowing tho tendency for wool to bo rushed into the December, January, and February sales throughout the Dominion, the New Zealand Wool Committee 'fixed, a limit of 27,000 bales to bo offered in Wellington to-day. That limit was short of the actual offering by lather under 5000 bales; even so. the competition was not such as to encourage the idea that the limit was conservative.

As the sale continued from the first catalogues offered it became clear that the fall on the November market for most lines was about Id per pound, but coarse wools were rather less affected by the decline.

It has to bo explained that the wool offered was not .is good as that sent iii at the Wellington December sale of last year; in fact, it was described by one authority as shabby, ill-nourished and thin in staple, and lacking in lustre, and hogget wool, almost without Gxecpt'on, was tender and wasty.

OFFICIAL COMMENT. Mr. J. B. Moodie, chairman of the Wellington Wool Brokors '■ Association speaking when about ■ half the catalogues had been gone through, said: "The tone of the market is anything but bright." It was very soon recognised that the limits held by Bradford and Continental buyers :\vere considerably below those that were current at tho Wellington sale on 14th November last, with which tho New.Zealand season opened. It was anticipated that depreciation in values as compared with.those ruling last November, would be recorded, but the .fall;at-the time of speaking was. heavier tliau expected.- '

The offering. for ; a- December sale was rather disappointing, the wool, being thin, off: colour, and rather badly grown. The quantity of superfine wools, which is generally a feature of the December sale, was very limited, but when any good line came before buyers sound prices were obtained, a number being secured for the United States trade. The demand for the coarser styles of crossbred was comparatively good, and any good bright lines of 3G's44:'s qualities brought forth very keen competition, and prices paid for this style of wool were in many eases higher than for those paid for 46's-50's. Mr. Moodie added: This style of wool is becoming a very seareo commodity." For the small quantities of merinos offering there was a very limited inquiry, the few lots sold halfway through the sale were bringing from 11-Jd to 12Jd; a few special lines made from 13d to 13kl.

Halfbreds were not particularly competed for, but tho quality of wool offering early in the sale could only be described as medium. The best price offering for fine half bred 56's-58'swas lod for a line- from the Marlboroueh district.

At the low range of prices offering as the sales proceeded, Bradford was an the market, taking fair quantities, and German buyers were also operating fairly freely; The American trade had a few orders to fill for wool suitable to its-requirements.-" All classes of ''skirting made fair market, Prance and Germany being the principal operators. - ; - Mr. Hoodie remarked that passing was fairly heavy as the sale proceeded" but he haa no doubt, he said, that many of the best lots will be disposed or by private treaty. About 30 per cent, of the wool offered nas been passed in.