WOOL SHORTAGE
EXCEPTIONAL DEMAND FOR SPOT SUPPLIES (Special Correspondent N.Z.P.A.) LONDON, January 24. Wool users in Britain are much impressed by the British Wool Federation leader's statement that the world wool supply outlook will become more difficult as Joint Organisation stocks of Dominion wool and the American Commodity Credit Corporation's stocks of American domestic wool both dwindle to unimportant proportions, says the International Wool Secretariat special news service. He estimates that wool production must increase by 27 per cent, to balance the current rate of consumption.
The strength of the wool position is readily acknowledged here, but consuming firms will not buy more than they need at the current prices. These prices are resulting m one of the most lightlystocked positions known for many years,
and account for an exceptional demand for spot wool. Many firms will pay a sharp premium for wool available at short notice to augment any short delivery in primary market purchases. The London wool sales opening this week will be the largest for many years, with a total offering of 1,037,000 bales, spread over a period of four weeks. Most of the offering will be Joint Organisation wool. Top market quotations this week are substantially unchanged, but prices of medium crossbred qualities are against buyers.
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Bibliographic details
Press, Volume LXXXV, Issue 25713, 27 January 1949, Page 6
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210WOOL SHORTAGE Press, Volume LXXXV, Issue 25713, 27 January 1949, Page 6
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