LONDON WOOL SALES

Press, Volume LXXXVI, Issue 26119, 23 May 1950, Page 6

LONDON WOOL SALES

SERIES CLOSE ON FIRM NOTE (N.Z. Press Association —Copyright) LONDON. May 19. The May series of the London wool sales closed on Friday on a very firm note, and there was an almost total clearance of 15.300 bales offered, including 7700 bales from New Zealand. A feature of the final sale was the price of 126 d per lb for five bales of scoured super halfbred combing hoggets from Lilydale Station at Fairlie. This wool was of 58’s to 60's quality and had been scoured by W. H. Cook and Sons. Bidding on it opened at HOd and. after a few seconds of animated competition it was knocked down to a Home trade buyer at the final bid of 126 d. All wools remained in persistent demand on both Home trade and Continental accounts. and the strength of the market throughout the series fully reflected the shortage of wool in relation to demand. Prices for many qualities are now’ dearer than ever before in the history of the trade, and the outlook remains favourable, provided that consumer resistance is not felt when to-day’s prices for raw material are later reflected in the retail price of clothing. Range of Prices The following range of sale room prices for New Zealand greasy wool is provided by the London branch of the Bank of New’

The following information has been received by the Union Bank by cable dated May 19, from its London office: “The London wool sales closed at the highest point and competition was general from all sections of the trade, although competition from clothing manufacturers was less in evidence. As compared with the opening Merinos were unchanged, halfbreds 10 per cent, dearer, fine crossbreds unchanged. and medium and coarse crossbreds and skirtings 5 per cent, dearer.”

TRADING CONDITIONS DIFFICULT EFFECT ON TOPS MARKET (Special Correspondent N.Z.P.A.) LONDON. May 22. Rising wool prices in the Dominions continue to make trading conditions in Britain extremely difficult, states the International Wool Secretariat special news service. The New Zealand wool marketing season finished with crossbreds at the season’s highest point and possibly the clearest sterling levels ever recorded, while Merinos in Australia and South Africa continue their upward course, with widespread competition for offerings which become progressively less plentiful. The Dominion wool market prices have outstripped the Bradford tops market by several pence per lb in many of the most popular qualities. Although Bradford tops quotations increased last week, the in-

crease would need to be even greater if it took full account of the rise in wool prices over the same period. Wool and tops prices have seldom been further out of line in this exceptional season. Considerable caution is apparent in all sections of the market, and some firms have withdrawn for the time being, rather than operate at ti e current high prices. Others arc restricting the scale of their activities, but large firms continue to operate on a substantial scale and Britain’s rate of wool consumption is still at the highest levels recorded since the war. There is Continental inquiry here for Schlumberger tops and for medium and lower crossbreds, but new business generally is in limited volume. Even at the present prices, there would be more business if quick delivery could be given, but the output is sold so far ahead tl.at few firms can give early delivery. Most wool consuming firms are prepared to draw on existing contracts for supplies rather than order new supplies at prices difficult to pass on in manufactured goods. Approximate tops quotations are:—7os. "A," 183 d per lb. and “B." 180 d; 64’s, “A." 178 d and "B.” 171 d; 60*s. super. 155 d; average. 150 d; 58’s. super, 123 d; average. 119 g; 56’s, super, 102 d; 50’s, 74d; 48 s. 73d; 46 s, 72d.

Zealand:— d. d. stg. stg. Good . . .. .. 86 to 88 Average .. .. .. 77 to 81 Fine Halfbred, 58’s-56/58's— Good .. .. .. 78 to 82 Average .. .. 74 to 77 Halfbred, 50/56’s-56’s — Good .. .. .. 59 to 62 Average .. .. .. 54J to 581 Fine Crossbred, 50's-48/50’s — Good .. .. .. 50J to 521 Average .. .. 49 to 50 Medium Crossbred, 46’s-46/48's-48’s— Good .. .. .. 50 to 511 Average .. 49 to 50 Fine Crossbred Hoggets, 50/54's— Good .. .. ..55 to 57 Average .. .. .. 52 to 54 Crossbred Lambs — Good .. ..541 to 56 • Average .. .. .. 50 to 54 First Crossbred Pieces— Good .. .. ..42 to 45 Average .. .. 40 to 42 Crossbred Bellies— Good .. .. 40 to 43 Average . . .. 38 to 40