40 Per Cent Decline for Wool

Hawke's Bay Herald-Tribune, Volume 81, Issue 56, 29 November 1937, Page 9

40 Per Cent Decline for Wool

-Press Aaaociation.)

AUCKLAND SALE Only One-Third of Entry Sells at Auction £14 A BALE REALISED

(By Telegraph-

AUCKLAND, Last Night. 1 A substantial decline in prices occurred at the first New Zealand wool salo of the 1937-38 soason, which was holdin Auckland on Saturday. Values dropped aboufc 40 per cent. compared with those xuling at the first sale last year. The reserves were not reached in the majority of cases, and only 30 to 35 per cent. of the total offering of 25,000 bales was sold at auction. The estimated return is about £14 per bale. Though prices fell so steeply, compared with the rates of a year before, , most growers were pleasantly surprised that the drop was not even greater. Tho activity of Continental buyers, repre* senting pfcincipally French and Belgian interests, and the demand of local mills for super halfbred lines,- saved the day. I There was a marlced absence of Japanj ese competition, which dominated the first sale last year and was largely responsible for the phenomenal prices. The top price offered was 17d, foi several lots of fine halfbred wool, which were passed at this figure. Pasisngs were exceptionaily frequent, and the majority of bids fell substantially short of the reserves, though a proportion oi growers sold later by privato treaty. The estimated average on the lower range of prices is lOd per 1b., compared with 14.225d per lb. and £20 10s 6d per bale at the opening sale last year, and 8.27d per lb. and £12 2s per bale at the beginning of the 1935-36 season. The official repor't states: There was an offering of 25,000 bales, and approximately 30 to 35 per cent. was sold at: auction, competition being fair within restricted limits. The Continent was the principal buyer, with local mills competing for super halfbred lines. Hogget wools were shorter and finerthan usual, being thus particularly suitable for Continental requirements,! ■ but did not command the usual pre-'-mium. The sale proved better than the brokers had at first anticipated, due to n the operations of Continental buyers. Compared with last season 's opening sale, prices generally show a reduction iof about 40 per cent., although some lines show a still greater drop. * The range of prices was as follows, November, 1936, prices being shown for comparison and the 1937 prices being shown first: —

Nov. 1937 Nov. 1936 d. d. d. d. Southdown — A 11 to 12 19-1 to 20J B 95 to 10$ 16$ to 19 Halfbred, 56/58— Extra super 15 to 16 — Super — to 15 23$ to 26 Average 13 to 11$ 19 to 23 Halfbred, 60/56— Super 13 to 14 17 to 18$ Average 11$ to 12$ 15 to 16-2 Inferior 10 to *11 — Extra fine crossbred, 48/50 — Super 11 to 12 16$ to 18 Average 10$ to 11 15 to 16$ Inferior 9 to 10 — Fine crossbred, 46/48 — Super 10$. to 10$ 16 to 17 Average 9$ to 10 14$ to 15$ Inferior 8 to 9 — Medium crossbred, 44/46 — Super 10 to 10$ 16 to 17 Average 9 to 9$ 13$ to 15$ ' Inferior 8 to 9 — - Coarse crossbred, 40/44 — : Super 10 to 10$ 15 to 16 I Average 9$ to 9$ 13$ to 14$ I Inferior 8$ to 9 — I Strong crossbred, 36/40 — 1 Super. 10 to 10$ 14 to 15 Average 9$ to 9$ 12$ to 13$ Inferior 8$ to 9 — ;Hoggets — • " 52/56 11 to 11$ — 50/56 ;10 to 11 17$ to 20$ 48/50 9$ to 10$ 15$ to 17 ' 46/48 9$ to 10$ 14 to 16 Lambs, Down — Crossbred — 12 to 13$ Fino — 14 to 15$ Medium — 12$ to 13$ Seedy & inferior — 6 to 10 Bellies and pieces — Crossbred: Good to super 7$ to 8$ 11 to 12$ Low to med. 6 to 7$ 9 to 10$ Halfbred: 8 to 9$ 15 to 17 Crutehings — Med. to good 7 to 9 11 to 12$ Inf. to seedy 5 to 6$ 9$ to 11 Locks — Crossbred . 4$ to 5$ 6 to SJ