Widespread World Buying Of Wool

Chronicle (Levin), 1 November 1949, Page 5

Widespread World Buying Of Wool

Received Monday, 7 p.m. LONDON, Oct. 31. Wool prices in the Dominion and British markets last week registered a further advance under the weight of widespread world buying, states the International Wool Beeretariat Special News Service. High quality Australian wool offered in Geelong attracted animated bidding, from a widely representative bench of buyers which included Enited States, Russia, Britain, AustfUlian loeal mills, Continental Europe and Japan. A prominent bidder on certain highest grade wools was Italy who uses them for her export trade in high-class luxury goods. Buying on Japanese aecount assnnies new signifieance on Tokio reports that the authorities there have removed "floor" prices on Japanese exports, this being ealculated to improve Japan 's effeetiveness as a wool textile exporter and inferentially augment her woolbuying capacity. At the Liverpool wool saies most qualities of merino and crossbred wool advanced 5 to 71 per cent compared with the last London saies which closed three weeks ago. Spot market wools cost Gd to 8d per 1b in tops more than the current Bradford quotations for the eombed article. British manufacturers do not like the present sterling prices of raw materials, but -reeognise they are nevertheless reasonable in terms of dollars and that the aggregate demand for wool has been increased because of its relative cheapuess to dollar buyers. British houses therefore refuse to take chanees on the future and cover in raw material all business as they enter contracts. Bradford market top quotations are approximatelv: 70 's "A" 126d, 70 's "B" 121d, 64 's "A" 117d, 64 's "B" 113d, 60 's super, 103d, 60 's average lOOd, 58 's super 90d, 58 's average 88d, 56 's super 76d, 56 's average 73d, 50 's 51d, 48 's 49d, 46 'a 48d.