OVERSEAS WOOL MARKET

Press, Volume LXXXIV, Issue 25581, 24 August 1948, Page 6

OVERSEAS WOOL MARKET

OUTLOOK CONSIDERED FAVOURABLE (N.Z. Press Association—Copyright) LONDON, August 23. The relative shortage of good-style Merino wool hvas begun to make itself felt in Europe as all countries await the opening of the Dominion marketing seasons, states the International Wool Secretariat special news service. There has been inquiry from British tmd Continental firms for spot wool in Bradford and London, and merchants with stocks for disposal are selling, at prices showing an improvement on last season’s closing prices in Australia and South Africa. Bradford is carrying substantial wool supplies, but practically all is needed to fulfill contracts already entered into for tops and yarns, and there is little com-mercially-held wool for disposal. This foreshadows a strong opening for the Dominion selling seasons. The outlook for the Continental demand is also good in many cases, but is likely to be governed by financial resources which may dictate the need to buy the maximum possible weight of wool with a given amount of finance. This would favour average style and inferior A Note of Caution

The Bradford market is unusually active for the between seasons period. Woollen manufacturers Ire buying scoured carbonised and. slip wools in reasonable volume from merchant stockists, and there is a keen demand for any Australian or South African combing Merinos fop private disposal. There Is also a market for tops, if quick delivery can be given, with inquiry chiefly on Australian 58’s and 60’s, and New Zealand 56*s, all of which are increasingly sought as subr stitutes for Merinos in those sections of production where lower qualities can be introduced. A note of caution is sounded

by the undoubted consumer resistance to wool manufactured goods at prices based on current Merino wool costs. This resistance is particularly notable from America although it is pointed out here that the post-war increase in Dominion Merino wool prices is relatively less than American cotton.

MINING Associated Gold Dredges (N.Z.), Ltd.— For the week ended August 21, the Atarau dredge recovered 60 ounces from 34,222 yards in 1291 dredging hours.