WOOL VALUES IN AUSTRALIA

Press, Volume XCII, Issue 27750, 30 August 1955, Page 11

WOOL VALUES IN AUSTRALIA

Lower Bids Received At First Sale

(Rec. 11 p.m.) SYDNEY, August 29. Wool prices dropped from 5 to 10 per cent on last season’s figures at the opening of the 1955-56 selling season in Sydney today.

The slump in prices had been expected as the result of recent credit restrictions in Britain. It was expected that these restrictions would tie the hands of the Bradford group of buyers, who form the backbone of the competition at most Australian sales.

However, some quarters said that a more stabilised level could be expected later in the week. Great interest had been centred on today’s opening. Australia has a record offering of 4,016.000 bales, tnd, with the carry-over from last season, nearly 4,100,000 bales will be offered. Trade circles said today that an early interest shown by the United States was extremely welcome. Competition was animated today, but bidding was confined mainly to West European countries. Compared with the closing rates for last season, at Brisbane in June, values for finer quality Merino were up to S per cent, lower today, and broad quality wools were from 5 to 10 per cent lower, and more heavily burred wools showed a greater decline. There was a limited offering of comebacks and crossbreds, and they ruled up to 74 per cent, lower. Of the 16,055 bales offered, 15,308 were sold.