FRENZIED BIDDING

Wairarapa Times-Age, 10 January 1939, Page 3

FRENZIED BIDDING

AT WELLINGTON WOOL SALE PRICES GENERALLY EASIER. CLIPS NOT UP TO USUAL STANDARD. (By Telegraph—Press Association.) WELLINGTON. This Day. Excited bidding and keen buying at slightly lower prices than those of December were the principal features of the second Wellington wool sale of the 1938-39 season which was held yesterday. Great interest centred on this auction, which was the first of the New Zealand series since the Christmas and New Year vacation, and a fairly large gallery of farmers and other onlookers followed the proceedings closely. Recent predictions in the trade that Wellington prices would follow the lower trend seen in the South Island during lhe second half of last month were fulfilled. The market for crossbreds was easier than at Dunedin on December 20. but fine wools, of which there was only a limited quantity, sold on a par with that centre.

Compared with those ruling at the first Wellington sale on December 7, prices were generally from Jd to 3d lower, but the quality of the wool was not up to the usual standard and this was doubtless a factor in the market. Continental and Bradford buyers were the mainstays of the sale, particularly Continental, and it is stated that orders were filled on account of Japan. Passings were relatively small and a clearance of nearly 92 per cent was made at auction.

In view of the large quantity of wool available, the total offering had been increased from the original limit of 24,000 bales to approximately 27,600 bales. There was a completely full bench of buyers, representing every section of the trade. From the start competition was extremely vigorous at the reduced limits, and the sale proceeded at a fast pace. The auction was a hard one, the great eagerness of the buyers tending frequently to carry them ahead of the auctioneers. Bidding was very keen and well spread, and there was not the shadow of a doubt that the wool was wanted.

The sale was by far the noisiest seen and heard at Wellington for a long time. Buyers bid frenziedly and shouted themselves hoarse in their efforts to secure the wool. Frequently there were 10 to 12 buyers on their toes bawling their bids at the top of their voices. That the pace was hard was evident as a number of buyers shed coals and collars and ties for greater freedom of movement in their race for wool.

Nevertheless, it was clear that the most voracious buyers were working on definitely lower limits, and that prices all round were on a lower basis than those of the December sale at Wellington. Generally, prices were from Jd to 3d lower.

It is probable that the quality of the wool had a great deal to do with the wet weather, shearing was delayed and many clips were discoloured. Taking it all round, the wool was not up to the January sale standard in Wellington.

Growers generally were disposed to meet the market and a good clearance was made at auction. In view of the recent easing in the market, brokers’ valuations had been made on a conservative basis and, consequently, passings were not many. Of the total offering of 27,583 bales, 25,193, or 91.335 per cent, were sold at auction, and 2390 bales were passed in. As was the case at the previous sale, Continental buyers were extremely active and took a large weight of wool. Bradford gained good support and bought freely. Orders were also filled on account of the Japanese Government. Local buyers bought sparingly. The following official range of prices was issued by the Wellington Wool Brokers' Association, that for the first sale on December 7 being given for comparative purposes: —

Dec. <1 7. (I Jan. 9. d d Merino, G4/70. C0/G4: Extra super — — — — Super 11% io 12':, 12 lo 12'/, Average ... — io 10% 11 10 11% Inferior ... — — — 10% Fine halfbred. 56/58: Extra super — — — — Super 12% to 13% 11 Vi to 12 Average ... 11 V? to 12'1, 10% to 11 J/l Inferior ... — to 11'4 8%. to 10 Medium halfbred. 50/5G — Extra super — — — — Super 11% to 13 11 % tO 12% Average ... 10'A to 11% 10 to 11 Inferior ... 9% to 11 8% to 9-<4 Extra fine crossbred. 48/5C 1— Super 11 Vi to 14 1 4 10'i to 13% Average ... lO'A to 11’/, 9% to 10 % Inferior ... 9 to 10 ft to 9% Fine crossbred. 46/48: Super 11 % to 14'4 10 Vi to 13”., Average ... 10% to 11 9% to 11% Inferior ... 8 to 10 8 to 91/2 Medium crossbred. 44/46: Super 11 to 14% 10% io 13% Average ... 10 to 11'4 9% to 10”, Inferior ... 10 to 10% 8 to 9’4 Coarse crossbred. 40/44: Super 11% to 14'4 11 to 13 Average ... 10 to 11% 9% to 11 Inferior ... 7% to 9% 8'4. to 9’<» Low crossbred. 2G/40: Super 14”!, to 1.') 11% to 13% Average ... 10% to 11% 10% to 11% Inferior ... — — —— — Hoggets: Fine. 48/50 . 10% to 12% 8% lo 12 J /a Fine. 46/48 . 9 to 12 3% to 11'.., Med.. 44/46 . 10% to 11 9% to 11 Coarse. 40/44 11% to 14 3 4 — 10% Low. 36/40 . 11 to 15 11 Vi to 12 Lambs: Down 50/56 6 to 10".', — — Fine. 44/50 . 9 to 11 9% to 13% Med. 40/44 . — — 7% to 10 Seedv & ini. — — 6% to 8% Bellies and Pieces: Merino: Good to sup. — — 7’5 to O’.:, Low to med. — —- 9 Tlalfbred— Good to sup. — — — — Low to ined. — 8 — —— Crossbred — Good to sup. 7% to 10 8 to 10% Low to med. 4% to 8% 3%. to 7’2 Crutch ings: Med. to good 7% to 111 7% to 10 Inf ft seedy 5% to 7 4 to 8% Locks: Merino .... — — — 4 Halfbred ... — 4% to 4% Crossbred .. 4% to 5V C ■3% to 9%