FOG INTERVENES

Evening Post, Volume CXVII, Issue 21, 25 January 1934, Page 14

FOG INTERVENES

RETURN OF CONFIDENCE

United Press Association —By Electric Tele' graph—Copyright.

(Received January 25, 10.30 a.m.) LONDON, January 24. The wool sales were postponed today cm account of the fog. ■ Wright, Stephenson, and Co., Ltd., and Abraham and Williams ate in receipt of cabled advice from their London house regarding the London wool sales reading as follows: — " "Wool sales continued. The market remains active arid competition is animated. We quote the following average realisations:—Greasy halfbred 50/56's, yielding 68 per cent.. 13% d per lb; 'thrceqiiarterbred 48/30's, 74 per cent., 12d; fine crossbred 46/48's, 75 per cent., 99id; medium crossbred 44/4G's, '75 per ;cent., 9% df crossbred lambs 46/50's, 75 per cent., 14d.i ;• Sliped.prices,, 7Ms-~ per. cent;-.'lower. Australian merino prices 5 per cent, lower. No wool sales today on account of fog." TRADE IMPROVEMENT. Jacomb, Hoare, and C 0.,, London, in Reviewing the wool market, as at December 6, observed that "the,gradually returning confidence which has been noticeable during recent months was once again'clearly marked in the wool sale rooiri, and throughout the series (November-Decembefr) all descriptions of wool have been bid for at full value;' So far as can be estimated at present, the, improvement in price levels is m,uch more due,to this returning confidence, and^the resultant improvement in trade,;' than .to any .expected shortage in. supplies of raierino descriptions. Substantial shortages are; estimated as being certain to show themselves in the production both, in Australia and South Africa, and possibly it may yet be found that the full volume of these shortages has not been discounted. The most welcome feature of the series is the further substantial advance in prices for medium arid coarse, crossbreds, which are now very nearly reaching once more a level of value which will return some margin of profit -to .growers." - ; ; PRICES COMPARED. Dalgety and Co.'s comments on the series above mentioned are dated London^ December 8, and refer to "the vicissitudes of the wool market being strongly exemplified when a comparison is made between prices today and those ruling at this time last year. Take one or two examples of Bradford tops. On December 8, 1932, 64's warp were quoted at 23d and average 64's at 22% d. Today's prices are 36d and 35d. Then turn to crossbreds—46's' average last year were 9%d, today the quotation is 13% d. The rise in the market, can perhaps be more easily appreciated when we take the actual prices of wool in Australia realised at the public sales. In the month of November, 1932, greasy wool averaged 8.53 d per lb and £11 3s 3d per bale in Australian currency. For the month of November this year the averages/were 15.92 d per lb and £20 4s lid per bale. WOOL NOW PAYABLE. , "The .level now reached must once more make wool growing a payable proposition, at any rate for the producers of fine wools. After'the recent' lean years we can only hope that these pi-ices will continue, and it- certainly looks as if they should, when one considers the shortage of the Australian and South African clips, to say nothing of those of New Zealand and Argentine. New Zealand growers will still find plenty of room for improvement in the prices of medium and low crossbreds, and as the level for the finer wools rises we should expect to see the lower grades also improving. \ "A very satisfactory feature of todny as regards the Home trade is that machinery continues to be well employed. In fact, it is reported that most of the trade unions in the wool textile industry advise an insufficiency of operatives'available'for employment, and it is said that there is an actual insufficiency of weavers and menders, in several Yorkshire towns. This is an extraordinary state of affairs, but it serves to show hon busy the .wool trade is." t