LONDON WOOL SALES

Press, Volume XC, Issue 27397, 9 July 1954, Page 14

LONDON WOOL SALES

OPENING OF FINAL SERIES EXCELLENT COMPETITION FOR SCOUREDS (NZ. Press Association—Copyright) m LONDON, July 7. The Committee of London Woolbrokers and the London Agency of the New Zealand Wool Commission state in a joint report that 11,174 bales were catalogued for today’s opening of the final series of the London wool sales in the 1953-54 season. Of this total 8150 bales were from New Zealand, of which no less than 66,011 comprised slipe. Only 664 -bales were in grease, and 890 of scoureas were available. A. large selection of slipe is usual at this stage of the year and the majority of the consignments were drawn from March production, although a small weight pulled in February was also available. A considerable quantity of both lambs and sheep were of combing length and attracted good competition from Bradford topmakers, supported in some instances by Continental bidding. Best styles sold especially well at prices very firm on- the basil, ruling at the end of May and there \vas scarcely any change in prices for average styles. Shorter descriptions suitable only for woollen spinning were not in the same demand, but bidding for them tended to improve as the sale progressed. The offering of scoureds included many small consignments of a clearing-up nature from growers in Hawke’s Bay and Canterbury, and these wools attracted some of the best bidding of the day from both the Home trade and the Continent, with the result that prices for medium qualities were against the buyer. Occasionally, however, some of the finer quality oddments of only average style moved in buyers’ favour.

Greasy crossbreds were in very poor supply and the offering was barely sufficient to permit quotations to be established. Most of these wools went to the Home trade whose stocks of crossbreds are known to be particularly low and of poor selection. No weakening whatever in values was noticeable.

Australian greasy comebacks and fine crossbreds were also in small supply and sold very strongly to the Home trade at prices which showed a distinct movement dn sellers’ favour, those of mainly 58’s quality from Victoria being 5 per cent, above May closing rates. Greasy Merinos were represented principally by consignments from the north-* ern districts of Western Australia, with some from New South Wales and South Africa. Competition for Australian descriptions was very slow and reflected the state of affairs ruling in Bradford. Very little new business has been placed in Merino qualities on the tpps market for some time past, and since the arrivals from overseas are adequate to cover existing commitments, ’few buyers seem prepared to add to their stocks. Consequently the demand was weak and this was accentuated by an almost total lack of Continental interest. Where sales were made prices were generally 5 to 7J per cent, cheaper than May, but the larger part of the offering was withdrawn. South African clips were mostly of medium length and sold rather more freely, especially short wools, prices for which seemed dear in comparison with those for longer grades.