KEEN PURCHASING

Dominion, Volume 24, Issue 145, 16 March 1931, Page 9

KEEN PURCHASING

London Wool Market CONFIDENCE INSPIRED Prices Well Maintained CONTINENTAL DEMAND By Telegraph—Press Association —Copyright. (Rec. March 15, 5.5 p.m.) London, March 14. The Loudon wool sales continue with animation, reports a leading wool authority. Opening rates have been well sustained, with increased competition from the Continent, though Yorkshire predominates. Although in excess of general expectations, the advance in prices has greatly added to the confidence at Home. Continental manufacturers and Yorkshire topmakers have done considerable business at the further increased merino prices at which reluctant spinners are operating. Combers’ output is being taken up freely. There is substantial business in crossbred tops at higher prices. Spinners are finding it difficult to obtain supplies based on the tops advance, but their minor crossbred yarn quotations .are higher. Some business is doing, but manufacturers at present are not disposed to pay the full advance. The position on the Continent is much the same. The advance in wool has inspired confidence, but political and economic factors have made German traders cautious. A fairly large quantity of tops yarn has sold at advanced prices, but the stocks of yarn and raw wool are relatively. greater on the Continent than in Britain, hence the reluctance to follow prices to the same extent.