BRITISH WOOL SALES OPEN

Press, Volume LXXXVI, Issue 26221, 19 September 1950, Page 9

BRITISH WOOL SALES OPEN

PRICES 50 PER CENT. UP ON LAST SEASON (Special Correspondent N.Z.P.A,) _ LONDON, Sept. 18. The opening British wool sale of the season took place at Bradford last week, , with prices more than 50 per cent, above last season's close, thus bringing them into line with current Dominion market prices, says the International Wool Secretariat’s Special News Service. Most wool was acquired by Continental and other overseas countries, and Yorkshire bought very little. It is doubtful if Yorkshire has ever bought less Dominion or home-grown wool at any previous season's opening sale. Average 64’s Merino tops have sold at Bradford this week at 240 d per lb, but there is still no general basis Of quotations for Merino tops. There is interest in fine crossbred tops, some of which are needed for defence contracts, but prices for the latter are relatively below to-day’s wool costs. Medium crossbred tops are moving against buyers, and are now quoted about 120 d for 50’s, carded quality. NEW WOOLBUYING COMPANY OFFICE TO BE OPENED IN CHRISTCHURCH A new wool-buying organisation, with offices in Christchurch, will commence business in New Zealand at the opening of the next season in November. To form the organisation, Mr P. W. d’A. Stewart, who farmed in North Canterbury before the war, returned to Christchurch recently. Mr Stewart served in the Air Force during the war, and in 1946 he was awarded a bursary to study the wool trade in Bradford. He trained with various top-mak-ing firms in Bradford for three years and gained practical experience by attending the London and Liverpool wool sales.. For the last 18 months he has been buying at the English' sales for J. S. Brooksbank and Company, Ltd. The new New Zealand organisation, L. R. Dale and Company, Ltd., will reoresent Brooksbank and Company, but will also act as brokers for other markets. The firm of Brooksbank is one of the best known in the English wool trade. Established in the eighteenth century, the company makes tops and also, acts as merchants and brokers for the English trade. _„ A s a co -director in the new company, Mr Stewart will have Mr D. A. Buchanan, of Christchurch.