Report On London Wool Market

Chronicle (Levin), 12 October 1948, Page 5

Report On London Wool Market

(N.Z.P.A.-

— Reuter.

. Covvriaht)

Reeeived Mondav, 7 p.m. LOXDOX, Oct. 11. Top quotations in tiie Bradford market continue to ad.just themselves to tlie lov.*r prices of Morino eombing wools reported from Domiuion niarkets botli 111 Australia and Houth Afriea, states the Jnternational Wool Secretariat speeial news service. An exeeptional price dispariiy is seen at tlie moinent. between eombing wools in tlie Doniinion niarkets and in London. Wliile waiting ' for the liew season 's Doniinion elips to i begin to arrive, British and Contiuental j users have paid prices i'or spot wool [ sometiines a shilling a pound and even more in exress of prices siniultaneously | being ]>aid toi comparable sorts in the ; Doniinion markets. This is a teinporar_\ j pheiiomenon occasioned by the re!ative! shortage of sjiot wool and does not i ail'ect tlie fact that world users are i tliiuking of i'uture Marino prices at levels somewhat lower than those ml- 1 ing in recent weeks. The London spot niarket closed 10 : per cent. lower than July saies in Australian and South Af rican noble eombing Merinos and 5 per cent. down in shorter French coinbing otypes. Crossbred coinbing wools were fully firm aud Marino clothing wools were 5 per cent. down but crossbred clothing types were .j per cent. up. Marino top (quotations toiiay are around 103d to J04d for 04 's (Ai and S'.sd for 6-L's (_B) for January delivery and soine firms would aceept h'ss for February but quotations are i.igher for goods required before the ;i'iir end as these Lave to be made t:oin spot wool. There is scareely ( lioiigh business te- test quotations in Merinos although there are indieationa that substantial business is waiting to j be done when buyers consider price j staTdity is reached. .j M eaii while crossbreds present the] inost active feature of the niarket. ] Recent Iv announced modest increases in permitted selling prices of utility wool doths f'jr the British honie niarket. are calcuiated to force manufae- . turers m to line crossbreds as substi-j tutes tor Merinos in several directions j anu the British woollen industry is imying Xow Zealand clothing types in fair voluiue and at lirm to hardening j pri-es. When the London saies closed i !ast, weekend, Xew Zealand clothing crossbreds were the only types to record an advance over the previous sal. s in Tuly. (Vossbred topmakers are experiencing a fairly good demand but there is ditlieulty in niaking better jirices.