IMPROVED PROSPECTS

Ashburton Guardian, Volume 50, Issue 153, 10 April 1930, Page 5

IMPROVED PROSPECTS

MARKET FOR>INE WOOLS. CLOSE OF THE LONDON SALES. PRICEB ABOVE OPENING RATES. (United Press Association—Copyright.) (Received This Day, 12.25 p.m.) v LONDON, April 9. At the wool sales, 7459 bales were offered, including 1075 New Zealand and 605 reconditioned New Zealand. Approximately 2970 were sold. New Zealand greasy crossbred liti sold up to lid, with an average of 10id: Burnt Hill 10*d and 10Jd. The sales closed strongly with the highest prices of the series. Merinos experienced increasing competition from the Continent as the series proceeded All the finer .sorts of combings were fully 5' per cent, above the opening rates. Shabby and interior carbonising sorts were in strong request at from 5' to 10 per cent, advance. Scoureds met a strong market, which closed at a penny to twopence above the February closing prices. Crossbreds, both greasy and scoured, fully recovered the opening decline, and at the close were equal to the best February rates. Shpes also recovered, but not to quite the same extent. In lambs wools, merinos were about 5 per cent., and crossbreds about 10 per cent, above the opening rates. The totals sold were: Home trade 58,000, Continent 63,000, United States 3000, held over 6000. It is estimated that 56,000 Australian and 38,000 New Zealand were sold. H. Dawson and Sons, commenting on the outlook, state that the outstanding feature was the all-round indication of an improving demand for merinos. Wools arriving from Australia and South Africa were rapidly absorbed. The position of the supplies of fine wools is assuming a new perspective. The much-feared bogey of excessive stocks is not likely to cause any severe fright. It is now evident that the Australian market will be well cleared before the new clip can be available. This fact alone has done something to restore confidence. Altogether there is a much-improved demand and a good latter half-year for fine sorts is generally expected. Unfortunately the improvement in the market is overshadowed temporarily by the threatened stoppage of the Yorkshire mills.