WOOL SALES.

Hokitika Guardian, 19 November 1925, Page 4

WOOL SALES.

A SUCCESSFUL OPENING. WELLINGTON, November 10. Tile first sale of the 1925-20 season was held to-day. There was a large attendance of buyers, several representatives of overseas firms not before directly represented here being on the benches. The United Kingdom, United States, Germany. France, Belgium, Italy, Canada and Japan and Dominion mills, fellmongers and scourers were all well represented.

Broken weather had retarded shearing somewhat but the offering was 10,013 bales, or 2790 bales more than the corresponding sale last year. There was, however, a quantity of last year’s wool showing in all cataolguos, which more than accounted ior the increase. The new clip shows signs of a cheek late in the winter. The staple of hogget woo! is short and inclined to he tender. There is a general lack olgrowth in the staple which will make the yield per sheep of this district lrom Jlh to 21b less than last year. On the other Hand, the wool is soft and finer m quality and light in condition. Whilst bidding was good and above expectations, it was noticeable that several big operating houses from Bradford were practically silent. Confidence in the stability of the market can only he felt when these large customers are in the field again, and growers will welcome their return t) act ivitv. The prices realised all through were very satisfactory, and in advance of Condon September parity. Despite the non-operation of the houses mentioned, several representatives from Bradford were in the market and bought fair quantities. The Continent were securing many top-making wools which usua 11v go to Bradford. America was

pushing quietly and paid excellent prices for any suitable wools, but discarded any showing signs of tender-

iioss. Growers generally seemed prepared to meet the position compared with the sale on -Milnh 27 hist. The following are the ii’.oeeineiits : .Merinos 2.1»1 to .'hi nor 11) down. ilalt-hreds 2Jtl to *1(1 down. Fine cross-hreds (4G\s-JS\s) M to od down. Medium cross-brodn (44 , 5-40 , *\) IJd to •Ijjd down. Coarse cros.s-breds MO’s-ff’s) 3d to-hi down. Cow < ross-hreils i.'lfi’s-JO's) 2.1 to 3Jd down. Lambs Id to oil down. Bellies and pieces ltd to 2}d down. Cocks Id to l; down. Merinos were taken l.y Bradford and Leal mills and sold up to 21.91 for the luerage and 23;,' for super.

1 lall'-hreds were taken by France, Bradford and local mills. 1 lie top price ranged from 191,d to 20,Jd for supers and ld;,'d to 19(1 for average. Fine c oss-bred Ki’s-ls’s. All superquality was apparently taken by America, many parcels reaching 17i;d and sonic extra nice quality bringing more. The average grade went largely to the Continent at from I.‘l’d ft) l.djd.

.Meditim cross-hretls li’s-Ki’s were divided helween America. Bradford and the Continent. The range of super was I !;'|'il to li'ijd and the average Kid to I I 91.

Coarse cre.-s-brcds Ill's-IBs. America took some of the best, lots, lint the bulk fell to Bradford and the Continent. Super prices Were 1291 to Mill, average llifd to 13Id. Caiiih’s wool was all last season’s shearing, and was not representative. It was competed for by France, Ifradlerd io| local mills, and realised up to I’ : ld for the hot. Bellies and locks were competed strongly for by several sections from the Continent and good to super crossbred pieces realised from llild to 1 old and low to medium from (l.Jd to 10;{«1.

rectors reported that the cash requirements had been very heavy, more especially of the necessity for financing large current contracts. While hoping that the protits for the twelve months to the end of December next will not be less than for the pas fewt years, the board considered it essential to conserve the company's resources. Li view of the position disclosed in the last annual report of Illingworth, Morris, and Co., and the fall in wool %dues, the passing of the dividend on the 7 per cent ciunnative preference shares due on September 30th was expected. At the end of May fast there was a profit and loss deficiency of £129,127, and difficult, trading conditions have prevailed during the prevuus s:x months. No ordinary share dividend had been paid since 1922-23. when 10 per cent was distributed.