LONDON WOOL SALE

Press, Volume LXXXVII, Issue 26397, 16 April 1951, Page 8

LONDON WOOL SALE

BETTER DEMAND FOR CROSSBRED (N.Z. Press Association—Copyright) (Rec. 7 p.m.) LONDON, April 13. An increased demand for crossbreds suitable for topmaking was a feature of to-day’s London wool sales, and the tone of the market Improved. The home trade demand was persistent, supported by a useful French inquiry for these types, which hardened and often) were 2‘,i per cent, dearer than yesterday. There was again a poor selection of Australian Merinos and fine crossbreds, which sold well at unchanged rates, but slipes were neglected and were nominally 25 per cent, lower than last week. Today's catalogue was 13,768 bales, of which 11,600 were sold. New Zealand submitted 5939 bales and Australia 6648 bales. The Committee of London Wool Brokers reports that the market for New Zealand greasy crossbreds showed a distinct improvement. A large quantity, mostly from Gisborne and the East Coast, attracted the best competition of the series. A more clearly defined basis of values has now been established and topmakers are buying these types with greater confidence. Although no ijeflnite advance can be quoted, prices hardened against the buyer and the previous irregularities disapoeared. In contrast to the demand for fleece wools, alnfost all of which are used in top-making and. which were practically all sold, there was again a poor demand tor skirtings and lambs, which are shorter and are, therefore, used in woollen spinning. Although these types attracted rather more competition than yesterday, bidding on them did not compare with the competition for fleece Wools. Scoured crossbreds also proved difficult to sell. MARKET IN SOUTH AFRICA DOWN (N.Z. Press Association—Copyright) (Rec. 8 p.m.) CAPE TOWN, April 13. More than half the wool offered for sale at Port Elizabeth to-day remained in warehouses, because nobody offered a high enough price. It was the second successive week when the>e was no sale o'. more than 2500 bales of Merino wool. It was withdrawn without a bid being reached

Medium and short wools, which dropped by 15 per cent, last week, were down another 15 to 20 per cent, to-day.