WOOL SALES

Hokitika Guardian, 5 March 1932, Page 3

WOOL SALES

RECORD CATALOGUE

SUBSTANTIAL DROP IN PRICES,

INVERCARGILL, March 4

The second wool sale of the Invercargill series was held to-night, when a record catalogue of 28,000 bales was offered to a representative bench of buyers.' As anticipated there was a substantial drop, compared with values ruling in the first, sale in January last, enis oeing noticeable in practically all qualities offered. Prices receded in most classes, to more than a halfpenny. Values ruling were closely approximate to the level of January last year, when the great bulk of Southland ' woo] was sold at prices averaging about £5 per bale. Passings were very frequent, and probably 40 per cent, of the offering failed to change hands at auction, but it is believed that a considerable quantity of this will be sold privately overnight. The sale will be continuing until the early hours of the morning but late indications are that a general hardening will take place in the later catalogues. Competition appeared to be very keen from all sections, but within most restricted and rigid limits. No section could be singled out as securing any advantage, and local buyers appeared to be taking very rer«sonaole speculative risk in making purchases, and competition from this quarter helped the market fairly substantially. No range of prices was available before midnight.