THE LONDON SALES

Evening Post, Volume CXII, Issue 11, 13 July 1931, Page 12

THE LONDON SALES

3TRONG COMPETITION

LONDON, 10th July.

Offerings at the wool sales to-day were 6398 bales, including 3278 New Zealand. Abour SSSO were sold.

Thera was a good selection of superstyle merinos, and a ]argc supply of slipes. Strong competition was displayed m all feections at full late rates. New Zealand greasy crossbred "Arua sold at 6Ud to 6d. Mr. W. P.- Devereux, representative in London of Australian wool growers, reports that although the French Government's; acceptance of the United- States proposals were known before the opening of the July London wool sales, the benefit arising from this was counteracted largely by the protracted nature of the negotiations and the consequent increasingly difficult financial position in Germany, together with, the partial continuance of the textile strike in France, and the possibilities of labour troubles in Yorkshire. '. . , , ~ The position was not improved by the announcement • that the losses of the North. German Combine Spinning Company and subsidiary concerns were infinitely greater than were disclosed by the balance-sheet issued at the end of last year. , In all the circumstances the opening decline in the. yalues of sales generally is considered less unfavourable than might have been expected, since the opening competition, although still largely dominated by Yorkshire, has rather improved, and now includes some demand by both French and German buyers.

The values sho\v little or no change compared with the opening. •

Messrs. Murray, Roberts and Co., Ltd., are in receipt of the following wool market cablegram from their London agents, dated Btb. July:—"lmproved general competition; greasy wool all descriptions, market shows a hardening tendency. Compared with last London sale's closing rates scoured Merino medium to good declined 5 per cent; scoured. Merino inferior declined 10 per cent. Quotations with April Bales' closing rates in pai-entheses, are as follows:—New Zealand Merino, . 60/64's, yielding 48 per cent., none (fl%d); halfbred, 56's, yielding 60 per cent., 9d (9d); superfine crossbred 50's yielding 65 per oent., 7%d (7%d); medium crossbred, 44/ 46's prep., yielding 74 per cent., 6%d (6%d); medium crossbred, 44/46's carding, yielding 72 per cent., 6d (6%d); ; coarse crossbred, 40/44's, yielding 73 per cent., 5%d (6%d); low crossbred, 36/40's, yield-] ing 75 per cent., 5%d (none)." INDUSTRIAL OUTLOOK.

The dispute between employers and operatives at the French manufacturing centres of Eoubaix and Turcoing has been settled, but difficulty of a similar kind is exjJeoted in Yorkshire. With the French dispute out of the way, activity in the jliills should -assist in keeping consumption of the staple up to the mark. France did not stop buying wool during the strike, but the dispute rendered the future somewhat uncertain. The renewal ,o£ Manufacturing is likely to encourage confidence throughout her industry.

Messrs. Winchcombe, Carson, Sydney," point out that when the July series of London sales close, no wool auctions.'will fake place until the new Australian'sea&>n opens on 31st August. The respite from purchasing should result in the ■world's stocks of wopl ; decreasing and making consumers eager to obtain law material when the new season opens. "We <io not expect a marked advance in values, but we see no reason why at last the current range of values should not be maintained." . -~..• . ' .