London Sales Bring Substantial Price Rise

Chronicle (Levin), 20 January 1948, Page 8

London Sales Bring Substantial Price Rise

. — • - 11 " Seceived Monday, 7 p.m. LONDON, Jan, 19. . A f.eature of the United Kingdom wool market this' weelc is the rfiappearxnce of substantial Russian buying at' fche London saies. This is made pos.sible'! under the new Anglo-Soviet trade -reaty which gives Russia speeial. faeilities for imying wool. As these pilrchases are tied up with reciproeai trade arrangements between the two eouncries, the Kussian wool demand centres on the London market.

Russia has bought wool intermittentiy sinee the war ceased but the AngloSoviet agree.ment.paves the way for an expansion of this buying and traders expect it to develop substantially. Itussian requirements are eoniined to a limited range of the better types ot iiree eombing woois, especially Mennos. Fears that the Eussian buying might be mnducted by Government authorities on eaeh side, are dispelled by the faet ;hat the Itussian representatives were opirating in the sale rooms. With Bradford buying- strongiy for

tne home and overseas trade, Contin* ental buyers active and Ameriea competing for good style woois, the London saies this week were very brisk. Ausfcrali'an and South African greas'y Merinos were fully 10 per cent. dearer than at the last London saies, making London probably the dearest wool inarket in tl.e world today. Australian line croLsbreds and eomebacks were 10 to 121 per tent, above the last London saies and scoured fleeee woois shared a similar ineiaase. Inferior scoureds were up 5 per cent. New Zealand halfbreds showed an ad'vance of 10 per "cent. on the last London saies and New Zealand line erossbreds 5 per cent. New Zealand medium woois have not yet been testea but slipes iullv. In vievv of the strong Merino demand, Joint Organisation has increased its offering of greasy hlerino combings by a few tliousand bales. The Bradforu top market is (irnVer in sympathy witk the strong London opecing. Improved prices olitainable for tops and yams and a continued heavv consumption .is a bright feuture of the Yorkshire trade situation.