JAPANESE WOOL IMPORTS

Press, Volume XCIV, Issue 28157, 21 December 1956, Page 19

JAPANESE WOOL IMPORTS

SHARP INCREASE PLANNED (N.Z. Press Association—Copyright) TOKYO, December 19 The Japanese Ministry of Trade said today it was discussing a plan to increase sharply Japan's wool imports this winter to meet a growing domestic demand for woollen goods. The Ministry said most of the increased imports, which might amount to 350,000 bales, would come from Australia and other ‘ sterling area nations.

The Japanese Government had allocated foreign exchange for imports of 400,000 bales of raw wool under the import budget for the October-March period. The amount was purposely small because the Japanese Government wanted to use raw wool imports as a bargaining point in the JapaneseAustralian trade talks, which had been held in Canberra since November, the Ministry said. It was previously thought that additional imports of between 100,000 bales and 200.000 bales would be sufficient to meet the present demand for raw wool in Japan, the Ministry said. More recently, however, it was found that additional imports of about 350,000 bales might be required in view of active sales of woollen goods which had caused prices to rise. The Ministry said the final decision on the size of the additional imports would be made probably next week.

CROSSBRED WOOL FUTURES

The recently-established market for crossbred wool futures in London has opened quietly. Advice received by the Bank of New Zealand from its London office states that the market has struggled to establish itself, but speculators have been too busy with Merinos to lend more than scant support to the new contract. Prices on the whole have reflected the movement in the older fine wool market, but for the most part sellers and buyers have remained well separated, with only sporadic transactions. Crossbred tops quotations (based on standard Bradford 50’s) are: January, buyers 864 d. sellers 94d; July 83’d. 834 d: October 82d, 83d; March. 1958, Bld, 83d. HAWKE’S BAY WOOL REALISATION (New Zealand Press Association) NAPIER, December 20. The gross realisation of the Hawke’s Bay and East Coast wool sold at the November sale in Napier was £3,181.636 —an increase of £497,852 over the gross realisation for the November sale last year. In all phases of the sale last month tne returns for wool showed a marked increase over last year. Yet the average price per lb last month was 53.039 J. compared with 45.2106 d last year. The bale price average was £74 2s 0.34 d, compared with £62 15s 0.164 d last’ year. At last month’s sale a total of 42,929 bales of greasy wool was sold, compared with 42,769 bales in 1955.

Personal. — Mr Charles Berger was recently appointed general manager for Lewis Berger and Sons (N.Z.), Ltd. Mr Berger, who is 48, is a sixth generation direct descendant of Lewis Berger, who founded the company in 1760. He joined the London company in 1930 and. was. for some years, a director of the Scottish factory and two associate companies in the group, after which he became group export manager.

Small Australian Wheat Crop.—Australia’s 1956-57 wheat harvest will total 126,600,000 bushels, the lowest in 10 years, the Commonwealth Statistical Bureau estimates. An estimated 7,800,000 acres were sown to wheat compared with 10,200.000 the previous year. Production will be 68,800,000 bushels, or 35 per cent., below the 1955-56 harvest, the bureau says.— N.Z.P.A., Canberra,. December 20. j