Report on London Wool Sales

Chronicle (Levin), 20 July 1948, Page 3

Report on London Wool Sales

■ ■ ■ ^ 0 - Reeeived Monday, 7 p.m. LONDON, July 19.' "With London the only pointer to world wool values now that the Dominion markets are temporarily closed for two weeks, the London wool saies opened last week at which 125,009 bales are being olfered, states the International YVood' Secrbtariat special news service. ' The -mUrket was somewhat hesitant following the slightly easiet close in 'Australia. Compared wdth last London saies in Junej good Merinos were par to 5 per. cent. cheaper, average and f aulty- types were about 10 pei- 'eeiitv down and short' inferior types occasionally more than 10 per cent. Fine and mediuid cross■breds were about ' 5 per cent. cheaper. Even so, all types 'were relatively dearer- than " the prices: at • which the Dominion seasons closed. This ease is not attributed to the end of the Australian wool subsidy and its possible influence on the future piice levol but to the price resistance which wool consuming trades kere and on the Continent, meet when selling their products. It is also possible that Continental political uncertainties niay be causing more caution in foreign wool buying. Cliief buyers were Bradford, France, Holland, Belgium and Switzcrland. A little was boiight for Bussia and Poland but America, Gennany and Czeclioslovakia appeared to be out of the market. A noticeable trend in most Continental buying, was towards .lower qualities, this being espeoially notable in French^ buying. Considering the , various uncertain factors now prevailing, Friday's sale was better than most people cxpectod as it more than ■••onfi.rmed Dominion' closing rates. Some, scoured wools commanded prices equal to the best of recent weeks. The Bradford top market was very quiet last week while awaiting a detailed London verdict on wool values. Quotations remained unclianged and topmakers are refusing lower offers which some consumers offer as these are not warranted by wool costs. A firni finish to the Londou wool salos would be cxpected to bring out much business both in Yorkshire and on Ihe Continent.