LONDON WOOL SALES NEXT WEEK

Press, Volume XCIV, Issue 28013, 6 July 1956, Page 17

LONDON WOOL SALES NEXT WEEK

N.Z. OFFERING OF 8300 BALES (New Zealand Press Association) WELLINGTON, July 5. Nearly half the quantity of New Zealand greasy wool to be offered at the next series of London wool sales on Wednesday, July 11, will consist of wool drawn from the United Kingdom stockpile. Cabled advice received by the Bank of New Zealand from its London office today states that New Zealand will be represented by 8300 bales of greasy wool, of which 4000 bales will come from the British stockpile, which is being cleared gradually. New Zealand’s total offering will be 25.000 bales for this series, the balance consisting of 13.500 bales of slipe and 3200 bales of scoured. Australia will sell 10,600 bales and the balance will be made up of clips from South Africa, the Falkland Islands, and Punta Arenas.

The spot demand for merino wool at the moment is very strong in London. Quotations are higher and the trade expects keen competition. The crossbred market, though not so active, appears to be steady both for greasy and scoured, and it is anticipated that the relatively small quantity available at the coming sales will be absorbed without difficulty.