LONDON WOOL SALES

Press, Volume LXXXIV, Issue 25551, 20 July 1948, Page 6

LONDON WOOL SALES

REVIEW OF OPENING DAY (Special Correspondent N.Z.P.A.) LONDON, July 19. With London the only pointer to world wool values, now that the Dominion markets are temporarily closed, the London wool sales, at which 125,000 bales will be offered, opened last week. According to the International Wool Secretariat special news service, the market was somewhat hesitant, after the slightly easier close in Australia and, compared with the last London sales in June, good merinos were par to 5 per cent, cheaper; average and faulty types about 10 per cent, down; and short, inferior types occasionally more than 10 per cent. Fine and medium crossbreds were about 5 per cent, cheaper. Even so, all types were relatively dearer than the prices at which the Dominion seasons closed. This easing is not attributed to the end of the Australian wool subsidy and its possible influence on the future price level, but to the price resistance which wool consuming trades here and on the Continent meet when selling their products. It is also possible that Continental political uncertainties may be causing more caution in foreign wool buying. Continent Favours Lower Qualities The chief buyers were Bradford, France, Holland, Belgium, and Switzerland. A little was bought for Russia and Poland, but America, Germany, and Czechoslovakia appeared to be out of the market. A noticeable trend In most Continental buying was towards the lower qualities, this being especially notable in French buying. Considering the various uncertain factors now prevailing, Friday’s sale was better than most people expected, as it more than confirmed Dominion closing rates. Some scoured wools commanded prices equal to the best of recent weeks. The Bradford tops market was very quiet last week while awaiting the detailed London verdict on wool values. Quotations remain unchanged, and topmakers are refusing lower offers which some consumers offer, as these are not warranted by wool costs. A* firm finish to London wool sales would be expected to bring out much business both in Yorkshire and on the Continent. LONDON STOQK EXCHANGE SENSITIVE TO BERLIN SITUATION (N.Z. Press Association—Copyright) LONDON, July 18. The Berlin situation overhung the London Stock Exchange this week, during which the volume of business reached its lowest level for the last three years, states Reuter’s financial correspondent. , The Russian reply to the Western Allies’ Notes came as a cold douche and caused prices to be marked lower as a precaution. In these very sensitive markets, there is unlikely to be any improvement in prices or trade until there is a favourable turn in Berlin. STOCK SALES “The Press” Special Service PLEASANT POINT TIMARU, July 19. Competition was steady to firm for the 50 head of fat cattle offered at to-day’s sale. Values were:— Fat Steers.—Best, £2O to £22 17s 6d; fat steers, medium £l7 to £l9 17s 6d, light £l4 to £’6 17s 6d; fat cows, best £l4 12s 6d to £l7 7s 6d, medium £ll to £l3 7s 6d, light £8 to £lO 7s 6d; best fat heifers, £l4 17s 6d to £l6 17s 6d; other fat heifers, £lO to £l3 17s 6d. The two full races of fat sheep comprised quite a number of excellent pens of prime wethers. Competition was keen throughout, with values showing a definite firming tendency. A keen demand for breedmg ewes was noticeable in the store sheep pens. Prices ranged as follows: Extra prime heavy wethers, 75s to 80s Id; prime heavy wethers. 68s to 745; medium fat wethers, 58s to 64s lOd; fat wethers, light 48s to 565, inferior 39s 6d to 455; prime maiden ewes, 50s to 60s Id; prime ewes, 48s to 58s lOd; medium fat ewes. 38s to 455; fat ewes, light 33s to 36s 6d. inferior 27s to 32s 4d. Store Sheep.—Good four-tooth breeding ewes, 59s 3d; good four and five-vear breeding ewes, 455; full-mouth breeding ewes, 28s 6d; wether hoggets, to 355; medium ewe hoggets, to 38s. N.Z. OVERSEAS TRADE In tabulated figures for New Zealand’s overseas trade, published yesterday, the balance between exports and imports was shown as excess of imports. The column should have been headed excess of exports.