Upward Movements In Price of Wool

Chronicle (Levin), 3 February 1948, Page 7

Upward Movements In Price of Wool

'LONDON, Pcb. 2. In oue of tlie most decisive upward piovements for several years at Bradford, the Merino top xnarket is following Dominion wool markets to new liigh levels, states tlie International Wool Becretariat special news service. Australian ' and South Afriean Merino eonibing wool in the Dominion market showed a substantial price increase in the past week.]jy a.niounts varying from 3d to 4d per clean pound and Merino tops in Bradford increased approximatelv (5d per pound over the 'same period*. Obtainable top prices are closelv in line with replacement costs in the Dominion wool markets and ' a'j fairly substantial turnover in tops ist being done at prices a shilling a pound, niore than a fortnight ago. Buch a rate of advance is utiequalled for many years. Crossbred tops sliow relatively smaller advances. Clolliiug vvools generally show little advance coni]>ared with eonibing yools. The market provides no evideuee that the Prench or any other currencv uneertainty is a material lnfluence in the current rise in good stvle eonibing wool and tops. The latter increase is believed solelv prompted by insiatent trade needs of good style Merinos, coupled witli autlieutic reports of none too plentiful supplios at the soui'ce. Russia, Polaiul and most other continental European countries, Britain and America are all buving the best availabie types of .Merino and crossbred coiubings in London and the joint organisation has increased' the Liverpool sale oll'erings uext week by 5000 bales of Australian comebacks aiid line erossbreds and Ne\V Zeaiand inediuni crossbred combings. This is additional to a furtlier 7000 bales of greasy Merino combings previously announeed for this sale.