LONDON WOOL SALES

Press, Volume LXXXVII, Issue 26396, 14 April 1951, Page 8

LONDON WOOL SALES

DEMAND FOR FINER SORTS RESTRICTED (N.Z. Press Association-Copyright) LONDON, April 12. Prices for medium quality New Zealand crossbreds were generally firm on last Friday’s lower basis when the London wool sales were resumed to-4ay, states the London Committee of Woolbrokers. The supply position of these types grows progressively wqrse the longer the New Zealand dock strike continues. so that, although there Is considerable uncertainty regarding the future course of value*, firm* are compelled to remain in the market and to buy steadily. The offering comprised 13,400 bales, including 6600 bales from New Zealand. There was a good selection of crossbred clips from most districts of the North Island. Demand for wools of finer quality was more restricted, and prices for these types are still unsettled, being 7| to 10 per cent, cheaper than last Fri“fee sudden abstention of American | buyers from all wool markets has had its most severe effect on these finer types, and it is natural that the market for them should take some time to settle down, - Lambs’ Wool Decline* While all top-making wool sold well, demand tor the shorter types used in woollen spinning was poor. Firms in this section of the trade nave reduced their limits appreciably since last week, and, as a result, all skirtings were 10 to 15 ?er cent, cheaper, while lambs’ wool sufered a more severe decline. This development was reflected in prices for scoured crossbreds, of which were was a good selection, while the offering of sllpe* was Very largely neglected. No one here believes that the Americans will stay out of the market indefinitely or that ultimate American demand will be seriously below its previ-

ous high level. It is thought, however, th'<u when American buying is resumed it will be carried out in a much more rational and leas extravagant way than Mriier thl* year, and that it will therefore not do much more than help to stabilise the market at current levels. Although the market appears to be settling down, following the recent decline, it would be a gross exaggeration to suggest that confidence has been restored. Bank Report* Reporting on Thursday’s London wool sales the Bank of New Zealand’s London office says:— , “Buyers continue to display caution, but good competition was maintained for fleece wool. Compared with Friday last week, greasy hoggets and greasy fine crossbred are 7) per cent, lower; greasy medium crossbred to 8 per cent, lower, and irregular. Pricoe tor be*t lambs are 15 to 20 per cent, lower; pieces and bellies, 10 to 15 per cent, lower; scoured prices are 10 to 18 per cent, lower; and sllpes neglected.” Current quotations for wools of average condition (prices are given in sterling without deduction of any sort for freight, expenses, etc) are:—

National Bank of New Zealand.—"Buy- *• *•»* h s lta ? >t ,nd man y lot> were withdrawn. Bidding was erratic, with fine crossbreds 5 per cent, down: medium *f ne ?? Uy unehanfled; greasy skirtings and all scoured Crossbreds. 10 ,P* r ce“t. down; iambs' wool negiccted. Bank of New South Wales.—“ Combings and Merinos were Steady and crossbreds ly j p ?£ cent ' < *««Per: skirtings and scoureds, 10 per cent and 15 per cent, cheaper; slips*, io per cent, cheaper.**

Merino*— d. d 80/BW— Ordinary .. 178 to 183 Halfbred— 56/58's I. .. ISO to 15S 30/M‘s .. .. 132 to 138 Crossbred— 48/50's .. .. IM to 132 4S/«8( .. IM to 137 44/«'s .. in to IM Reports from other banks are lows:— as fol*