WOOL MARKET

Wairarapa Times-Age, 21 November 1938, Page 3

WOOL MARKET

LONDON SALES GOOD DEMAND EXPECTED By Telegraph—Press Association —Copyright. LONDON, November 19. There are expectations of a good demand at the London wool sales opening on Tuesday. Recent substantial business in merino tops has lightened stocks at Bradford, though it is not generally considered that prices will advance. On the contrary, medium and low crossbreds may be 5 per cent higher. SALE AT AUCKLAND PROSPECTS FOR SATURDAY By Telegraph—Press Association —Copyright. AUCKLAND, November 20.

Though at one stage it seemed that there would be little possibility of the limit of 24,000 bales for the first Auckland wool sale next Saturday being reached, there is now no doubt of catalogues being filled. As a result of recent fine weather ’in the country, shearing has advanced so rapidly that last week city wool stores worked at considerable pressure to cope with the flood of wool which arrived. Prospects for the sale are obscured by rather more factors than has been the case for some years, due principally to the unstable international situation. However, the chairman of the Auckland Woolbrokers Association, Mr B. J. Marquet, considers that the sale will be better than the first Auckland sale last year. “At least,” he said, on Saturday, “I think it will be as good. We will have a better’ idea for forming judgment after the opening of the London wool sales on Tuesday, but in the meantime I am optimistic about the. results next Saturday.” Japan is the chief enigma. If this country bought with increased freedom the success of the New Zealand wool season would be practically assured, but the effects of the war in China and of the Japanese international trade position have to be taken into account. As a result of these and other factors, Auckland brokers are waiting for the sale to obtain a lead for the rest of the season. Though many topmakers in Bradford are holding considerable stocks of wool which they have refused to sell forward, as is the custom when lower prices are expected, supplies of raw material are no more than normal in Great Britain. As a result, though industrial uneasiness as a result of the international situation cannot be overlooked, purchases from this quarter should be up to usual. In addition, if defence preparations are maintained, large quantities of crossbred wools will probably be bought this season to provide for army uniforms. In the past New Zealand has always been able to rely upon the generous proportion of crossbred supplies obtained by the United Kingdom and, though Australian growers have recently been producing more crossbred than formerly, this country’s crossbred wools are expected to meet with general British inquiry at the coming series of sales.