FALL IN PRICES

Hokitika Guardian, 14 February 1929, Page 2

FALL IN PRICES

N.Z. WOOL MARKET. CHRISTCHURCH SALE. (By Telegraph—Per Press Association.) CHRISTCHURCH, Feb. 12. The third Christchurch wool sale of the season was commenced to-night at 7.30, and adjourned at eleven till nine o’clock to-morrow morning. To-night 8,400 bales of a total catalogue! of 24,031 were offered. There was a full bench of buyers in attendance. The sale was not long in progress until it was plainly apparent that there was pronounced easing on values prevailing at last Christchurch sale in January. For better grades of halfbred Corrieda!,e values ranged a full lid to ljd a !h lower; for coarse crossbred and pieces about id to lid lower; and for fine crossbred about Id'lower. Merino apparently was not wanted, and the clips offered, compared with the January sale, showed a drop of over 3d a lb. All wools above a 56 count .failed to hold Timaru values, but the rates at the latter sale were maintained in other classes, with the competition considerably freer. In making a comparison with the January sale, some allowance lias to be made for the much heavier 'condition of to-day’s catalogue. The heavy rains during the shearing season were responsible for a general lowering of standard and an increased quantity of cotted wool.

The top price of the sale was 22d for two lots of Corriedale and one of halfbred. It was only in occasional cases 21d was exceeded. Compared with the January sale, the top prices were as follows: Merino 20id (23Jd in January), Corriedale • 22d (26d), halfbred 22d (24£d), three-quarterbred 181-tl (20R1) crossbred lG'id (1.73 d), pieces 20Jd (22-1), crossbred pieces 104 d (12-jd) locks 10,id (13id), -bellies 14Jd (17d), crutchings llid (14d). Allowance should be made in this comparison for the heavier condition of the wool. The buying points were much more widely spread than at January sale. The drop in prices apparently permitted Bradford 'operations to a much freer extent, and a fair proportion of -the wool went their *ay. The Continent, however, again appeared to be'the main outlet, 'and the bulk of the coarse wool and pieces was purchased by Continental representatvies. The better class fine wools were successfully competed for by local mills. The passings over the first two 'catalogues aggregated about 1000 bales, or about 12 per cent of the offering.

POOR DEMAND FOR MERINOS CHRISTCHURCH, Feb. 13. The third - Christchurch' wool sale ■was continued to-day. A feature was the poor demand for'merinos, of which a large clip of 253 bales was passed entirely, after,the first few lots failed to reach the sellers expectations. Prices for merinos dropped about 3d, compared with the January sale here. Values at the recent Timaru sale were the basis for other classes of wool, which were down 14d to 14d on the January sale, the New Zealand competition not being keen, except tor super wools. The Bradford buyers were more active than previously, and the Continental biddera were keen. SYDNEY WOOL MARKET. SYDNEY, Feb. 14. At the wool sales to-day, 10,987 bales were sold. There was strong competition and the market was firm at yesterday’s levels. Greasy merino sold to 354 d.