WOOL POSITION

Hokitika Guardian, 4 May 1931, Page 6

WOOL POSITION

United Press Association—By Electric Telegraph.—Copyright.] (Received 10.5 a.m.) LONDON, May 2.

Devereux, representative of .Australian Wool 'Growers Council reports the March sales have shown signs of weakness in the European wool markets, creating a lack of confidence, with operators somewhat nervous. The opening of the London wool sales wn s looked forward as a testing ground oi tile conditions. The result a** far as merinos arc concerned proves that many pessimistic opinions expressed were unjustified, the opening, rates showing very little decline compared with the close of March, whilst in crossbreds whore the statistical position is less strong, the decline was as much as anticipated and reflects weaker conditions recently experienced in manufacturing centres of New Zealand and markets. Since the opening selection, merino lias improved, good competition 'being, experienced and confidence is .returning.

Crossbreds whilst experiencing good Yorkshire and Continental demand remain unchanged at a reduced level. Withdrawals.. which were, negligible were largely confined to a few highly limited wools, mostly bought for exchange purpo s es. In many countries which T recently visited most of the topmaking establishments were very busily employed and in the spinning and weaving industries most of the mills are fairly well employed. Stocks are not excessive. Some labour trouble * s threatening the textile iiulusti y 1,1 Franco owing to wage reductions, hut an actual stoppage may go avoided. Nevertheless the tone at Bradford is cheerful. Some fine merino topmnkers increased their quotations. Crossbred tops prices are unchanged. Merino yarns are experiencing a quiet: market and prices are slightly reduced.