British Market Looks at Wool Sales

Chronicle (Levin), 8 September 1948, Page 7

British Market Looks at Wool Sales

t Ji Received Tuesday, 7 p.m. LONDON, Sept. 6. The st/ong opening of the Australian wool marketing season in Sydney and 'Adelaide this week, confirms expectations of Yorkshire wool firms who foresee that today tlie Australian level oi prices will be endorsed at the first South African saies this weekend and at the London saies later this month, states the Intemational Wool Secretari'at special n^ws' service. There is general . satisf actioh here, however, thai Ihe first premium. values in Australia eaused b'y 'fbiay at best" orders, have already given "place to a more stable basis caleulated to promote confidence among^ users. Forced buying affords 110 real basis for confidence and Bradford has - more confidence , in today 's prices which have disearded a little of the premiupi apparpnt at the opening salo Even -so, Yorkshire buyers calcujate today 's prices are slightly higher than the Australian closing rates last June and the London closing rates in July. On today 's prices, Merino eombing wool is at the highest level' sinee the war and Broadford top market quotations are likewise. Most topmakers withdrew theii quotations early this week pending fuller information on the Australian opening prices but now "Bradford combed tops from Australian wool are at prices Id to 4d per pound above those lately ruling, according to the quality of tlie toi) in question." Representative quotations are: — 70 's, super 130d; average, 125d; 64 's (A) 120d; 64 's (B) 115d; 60 's, lOOd to lOld; 58 's, super 75d; 56 's, 58d. Others unchanged. While there ifi lindoubted consumer resistance to iyierino tops at 10s per pound, it i's 'pointed oUt in Yorkshire that current Doniinion wool prices are sustained largely by British buying and that extended Gontinental, American oi other overseas buying is a reasonable expectation for the near future. The British .wool importing trades take a good view of the outlook for good style eombing wool and foreshadow increased trade attention for faulty wools as the season proeeeds. Owing to the urgency of the need, the trade attaches utmost importance to shipping facilities which may well have an indireet influence on prices importers can alford to bid. The South African market is likely to enjoy a good United Kingdom demand owing to tht Union being geographically well placed to offer fairly qtiick delivery.