BRIGHT WOOL

Evening Post, Volume CXI, Issue 69, 23 March 1931, Page 12

BRIGHT WOOL

YOEKSHIKE LEADS. WAY

LONDON AND DOMINION

• • ' ;--{Rec;ei"ved'. 23vd March, 10. a.ni.) . . .-' V;;d r -.; :-&:yC • LONDON, 22nd March. ■.; -5 Devereux> the Australian wool growers' '■-.representative in -England, ' re- . ports' that, great •■animation ; exists iri. the : ;;.Trpol<market. ~';•'•'... . .. ; "•■■-, ■ ■'■"•,' ':■ '■ J.Prices; : fpr' all ' descriptions'. of \ wool 'are ■"well; maintained,' and .British buyers', cpn■:,;.tinue.';to"je.adHheiW'ay.;"'.i.- : ;.\ :'. ~ /!^:; t;'V--'iThJere';iß''9iiVincrease"in'-.Cbn.tinental;;c6Tn-.. '. ■ ■petitibh,'.1 •■Belgium; }aud ■■ Germany 'each ;s?curhigVa share.iri the offerings.•;";>,■ ' /Withdrawals are. negligible; . ;[':;''M^ '"'■' There:are:inmiours-current of ipossibili-; •ties that';the Budget may, include':the imposition ,of-, an import: duty on manuf ac-. tur'e'd; • goods." for '-revenue purposes.! • .-11116-, suggestion; although it is considered, some- ' what doubtful,, combined -.with increasing •activity^'inithe trade" of '.Yorkshire .maim-: ■p factyreKj J is.v"stiinula.tiiig British buyers.; .1 , ■ ' The strong position i continues to''affect • the 'Bradford tops market; Meriiio crossbred'ton^l have again advanced, aiid business iis'being '•■ done on -the increased -.prices 'as,a:result' of the strong wool market;'A : cheerful '.tone prevails. . ' . ■-~;-. :-•..-..■ i ■■/ ■■■ Prjceslof tops in Germany-have improved, and considerable; Bales of ineriiio and_ crossbred :have ; been made.''•;,. Belgian .rer" sports are fairly satisfactory,''and tops are ■ moving freely. The Antwerp futures, mar- -. kef is" active, ■• and;,-■quotations" have adVjvanced'for tops. France-hasalso 'advanced Tio, the same extent as-other; centres, and good: advances have been made. >T, he Eoiibaix .futures market is.active,at;ah advance : of•:<!>■■ per:cent;, in prices.;. ■;■;." : '■■: ';■<' ' / .•;•:

In-a cabled report, made at the beginning of last week, Mr. Devereux advised that the London wool sales continued to show keen animation, opening rates being well sustained. There was increased competition from the Continent, though Yorkshire buyers predominated. _ Although in excess of general expectations, the advance in prices had given great confidence to Home and Continental manufacturers. Yorkshire topmakers have done considerable business 'at further increased merino prices, at -which spinners are reluctantly operating. Combers' output is being taken up freely. Substantial business in crossbred tops is passing 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 are at present not disposed to pay the full advances. The position on the Continent is much the same. The advance in wool inspired confidence, but political and economic factors have made German traders cautious. Fairly'large quantities of tops yarn, were sold at advanced prices, but 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.