SYDNEY WOOL SALE

Press, Volume XCVIII, Issue 28792, 13 January 1959, Page 15

SYDNEY WOOL SALE

Heavy Buying By Eastern Europe

(N.Z. Press Association—Copyright) SYDNEY, January 12. Heavy buying by one operator —believed to have a substantial order for Jugoslavia—had a steadying effect on the Sydney wool market today at the opening sales of the second half of the 1958-59 season. The firm lifted more than 25 per cent, of the first hundred lots of greasy Merino offered and at one period had bought 14 of 20 successive lots. The market, at an early stage, showed a slight improvement for well grown wools, b_it other descriptions, although irregular at times, generally were unchanged on last year’s closing rates. The only sound competition for the buyer for Eastern European interests came from two United Kingdom operators and, at times, Japan. Japanese bidding, an outstanding animated feature for many months, was relatively quiet. As the sale progressed the broader quality better-styled Merino wools became from par to 2i per cent dearer than at tbe close of the December sales. These were the types eagerly bought by the East European interests. Other types of Merino fleece and skirtings as well as crossbred and comeback woolc sold at firm levels. The offering of 15,359 bales was drawn mainly from the Southern Tablelands, South Western Slopes, Monaro, Central Tablelands, Central Western Plains and the Far West wool growing areas of New South Wales. A total of 15,301 bales were cleared. The wool was in fair condition with medium vegetable fault, but showed the effects of the dry season Approximately 2867 bales of comebacks and crossbreds were offered. Crossbred prices:— Good 60’s, 54d. Good 58’s, 52d. Good 60/64’s, 57Jd.