“WOOL PRICES TOO HIGH”

Press, Volume LXXXIV, Issue 25447, 19 March 1948, Page 10

“WOOL PRICES TOO HIGH”

LACK OF AMERICAN BUYING EXPLAINED (N.Z. Press Association—Copyright) NEW YORK, March 16. The Boston correspondent of the “Wall Street Journal” says American woollen goods makers have been buying little wool from New* Zealand and Australia in recent months because the prices have been too high. Manufacturers will willingly use this material when there is no price disadvantage in doing so, and if the cost is right they expect to re-enter the market when present supplies are exhausted. Three factors are significant in appraising to-day’s wool situation. First the requirements of American mills are fulfilled to the end of June; second, the American 1948 clip is expected to be the smallest for 24 years; and, third, the sustained retail demand for woollen goods may force American mills to buy the New Zealand and Australian staple, but manufacturers are now waiting to see what happens in the next few weeks. MORE THAN £47 A BALE AVERAGE FOR SECOND LOCAL SALE The Christchurch Woolbrokers’ Association advise that the following are the particulars of greasy wool sold at the main wool sale of the season, held in Christchurch on February 18: Number of bales sold: 30,344 for the six woolbroking firms in- Christchurch. Net weight: 9,812,2681 b. o Average price a bale: £471 3s l.lTOd. Average price per lb: 35.368 d. CEYLON TEA MARKET (N.Z. Press Association—Copyright) COLOMBO, March 17. The market at to-day’s Ceylon tea sales was generally unchanged, although medium and good brokens were slightly dearer. Offerings totalled 4,720,0001 b. Prices realised were: High-grown broken orange pekoes, 196 cents per lb; good medium broken orange pekoes, 178; medium liquoring broken orange pekoes, 164, and low medium broken orange pekoes, 146 cents.