WOOL MARKET IN BRITAIN

Press, Volume XCVI, Issue 28434, 14 November 1957, Page 19

WOOL MARKET IN BRITAIN

The high cost of credit in Britain at the moment is a potent factor in the wool market, and the trade is finding it a severe handicap, states the latest market survey of the London office of the Bank of New Zealand.

“This particularly the case on the woollen side of the industry, which is not so well employed as topmakers and worsted spinners. The recent decline in values on the London spot market was therefore more or less expected, particularly for woollen trade descriptions such as greasy oddments. locks and crutchings, as well as all scoureds and the bulk of the slipe wool. Scoureds closed at the recent sales 2J to 5 per cent, cheaper and slipes 5 to 10 per cent. down. “Competition for most combing wools has remained reasonably good. In fact finer qualities of New Zealand greasy crossbreds have continued to sell well, in some cases at fully firm prices, but there has been a pronounced easing in medium qualities. “The current series of North Island sales will have a bearing on the future of the spot market, and until the primary market is better defined the outlook is still obscure in London. “The offering at this month’s London auctions is expected to be good both in quantity and quality, with a useful weight of South Island pre-lamb clips and a better representation of North Island crossbreds.”