London Report On Wool Prospects

Chronicle (Levin), 10 August 1948, Page 5

London Report On Wool Prospects

Received Alondav, 7 p.m. LOXDOX, August 9. ExpeMations of a strong opening n. ihe Ausiralian wooi marketing season later thia month, is, causing Bradford topiuakers to liold quotations jirmiy desx>ite the temporary quiet spell ;u new business, states the Internationa.1 A'ool Secretariat special news service. Fnsold wool stocks in trade hands are iight aud the London September sal .is nrrnish the oniv opportunity of a stoek replenishment from sirot sources before ■.he Dominion new clip wools begin lo irrive towards the year end. Present . ndieations are all Europe will'be eager .or wool when the new season auctiors .onunence in the Dominion markets and iltliougli there is eonsumer resistam e i-o present prices, topmakers and spi luers refuse to sell in anticipation of xnything cheaper. The tendency, xf anytliing, is for cjuotations to harden especially in Australian fine crossbreus and. comebacks which are increasingiy in demand as substitutes for 64 's and tiner Alerinos, in cases where substitulion is uossible.

The temporary suspension of United Xingdom export licences for Meriim topi; is diverting the demand to tops combed iu Germany on British gccouiif. l'liese are selling . r;ipplly for direot shipiuent to foreign destinations aua more British firms are seeking combiug t'acilities in Germany. The Britihh utilisation of surplus combing cajiacity '.n Germany makes a useful contribution to Britain 's vast wool consumpiion. being additional 10,000,000 lbs cleau weight of wool which Britain processes Aveekly on United Kingdo.il nachinery. ' Eurtlier activity xvas reported this week in woollen trade wools from^rad three Dominions. After a quiet spyl.1 .he Home rnills are buying substantiaJ weiglits from mercliants' stocks in -ii* ou red and carbonised sorts and New •iealand slipes. Enqrhasis is on goud i ■ityle wools, but average sorts have their customers. This movement paves .he wav for further stocking up by merchants at the New Zealand crutcning saies aud the next London saies. Prices at this week's Wellington sale are regarded as satisfactory, being relatively higher than obtainable prie.-s jior Xew Zealand tops. Approximate top quotations are: — 70 's: super 126d, average 119d. 64 ;s: A's 118d, B's 114d. 60 's: super 99d to lOOd. 5 8's: super 74d to 75d. 56 's: 58d. 50 ;s: 36d. 45 's: 35d. 56 ;s: 34d.