RISE IN WOOL

Hokitika Guardian, 16 March 1931, Page 3

RISE IN WOOL

IN .EUROPEAN MARKETS. tUnited Press Association-—By Electric Telegraph—Uopyrgfft. j LONDON, March M. Mr Devereiix reports that the London wool sales continue to he k.en and animated. The opening rates arc being well sustained, with increased competition from the Con Lint lit, though that of Yorkshire predominates. Although it is excels of the general expectations, the advance in prices lias greatly added to the confidence of the Home and Continental manufacturers.

The Yorkshire top-makers have done considerable business and there lias been thus a further increase in the Merino prices, at- which reluctant spinners are operating. The combers’ output is being taken up freely. There in a substantial business in crossbred tops at higher prices. The .spinners are finding it difficult to obtain supplies based on the tops’ advance, but tlie-ir trade is a minor factor. Crossbred yard quotations are higher, and some business is doing, but the manufacturers at present are not disposed to pay the full advances. The wool position on the Continent, is much the same. The advance in wool lias inspired confidence there, but political anti economic factors have to he considered. The German traders arc cautious. A fairly large quantity of tops and yarn luiis been sold at advanced prices, but the stocks of yarn and raw wool are relatively greater on the Continent than in Britain. Hence there is a reluctance to follow the prices to the same extent.