JAPANESE WOOL BUYING

Press, Issue 29236, 21 June 1960, Page 19

JAPANESE WOOL BUYING

Great Activity At Sydney

(N.Z. Press Association—Copyright)

SYDNEY, June 20.

Japanese buyers today made one of their biggest “onslaughts” at Sydney wool sales. In the first hour, they bought practically 80 per cent, of the lots offered in the main Merino salesroom, and their buying showed no signs of easing. Several individual Japanese buying houses shared the main business. They bid against their colleagues as though relative values did not matter.

It was only the Japanese activity that kept early values fully firm, compared with Brisbane levels, last week. Next to Japan, in the market, but “a long way back,” came the Continent and the United Kingdom, followed by several Australian mills for selected types. Little Russian Buying

There was little sign of Russian interest, but it is understood a ship for the Iron Curtain countries already is full and will sail this week. All types of wool, including comeback and crossbreds, were quoted at firm levels, but some of the skirtings and inferior types were relatively dearer. Some 2500 bales of crossbreds went forward. Today’s values for so late in the season are considered exceptionally good. Melbourne Prices Firm

Ninety-five per cent, of the 12,050 bales offered were cleared at the Melbourne wool sales today, the Melbourne Woolbrokers’ Association reported. The market for Merinos showed some irregularity with any change in the buyers’ favour, while comebacks, crossbreds, sold on last week’s closing rates. Principal buyers were Japan and the Continent with good support, from United Kingdom and local mills.

Dental, Medical Dividend.—Directors of Dental and Medical Supply Company, Ltd;, are recommending an increase from 12} per cent, to 15 per cent, in the annual dividend. The dividend is payable on July 21. —(P.A.)

Christchurch Press.—Proposals to make a one-for-four bonus issue and to subdivide the £5 shares into £1 units were approved by shareholders of the Christchurch Press Company Ltd., yesterday.