AUSTRALIAN WOOL SALES

Press, Volume XCVII, Issue 28491, 22 January 1958, Page 15

AUSTRALIAN WOOL SALES

Higher Prizes At Geelong (N.Z. Press Association —Copyright) MELBOURNE, January 21. Strong general competition took prices to higher levels than last week at the Geelong wool sales today. Of the 15,000 bales offered 98 per cent, were cleared. Good spinners in the 64/70’s range were fully 2} per cent, dearer and fine crossbreds were 2J to 5 per cent, up on Melbourne’s closing levels. Chief buyers were the Continent and Japan, with good support from the United Kingdom and local mills. Prices Included: Super 58/60’s, 88d per lb, super 56's 82d, super 50’s, 74d, good 50’s, 68d. West German Bank Rate Now 3i p.c. (NJ$. Press Association—Copy ng nt * FRANKFURT, January 17. The West German Central Banking Council, governing body of the Federal Bank, yesterday decided to lower the bank rate from 4 to 3J per cent, as from today. This is the fourth successive reduction by the Federal Bank, following a series of increases up to May 19, 1956, when the rate was fixed at 5J per cent. The last previous cut was* from 4J to 4 per cent on September 19, 1957. Banking sources said the decision had been expected for some time, because of abundance in the West German money market and three successive lowerings of the Treasury bill rate.