WOOL MARKET

Evening Post, Volume CXXIII, Issue 50, 1 March 1937, Page 12

WOOL MARKET

LONDON TOMORROW

PROSPECTS IMPROVE

United Press Association—By Electric Teltgrapu—Copyright. LONDON, February 28. The offerings at' the London wool sales have been the smallest for probably 50 years, and there have been only nine selling days. It is understood the third series, scheduled for April 26, may last only a fortnight, owing "to the Coronation. The smallness of the offerings indicates that the urgent demand has compelled users to buy in the Dominions instead of awaiting supplies. London and Bradford need all qualities of crossbreds, especially medium and low. Russia and Germany are an uncertain factor. France, like Great | Britain, is now receiving wool purchased in Australia earlier in the season. ' , The market opinion inclines to the view that merinos will open unchanged, and that fine crossbred will decline 5 per cent. The "Economist's survey states that the trade considers that, despite the seasonal decline in January, the general' trend of business remains upward.

Additions in the productive capacity by re-equipment and modernisation of existing plant are proceeding apace. Consumers are not seriously alarmed at the increase in prices of raw materials and partly-finished articles. There is no scarcity of labour.

Dalgety and Co., Ltd., have received a cable message from their London office advising that the outlook for the March wool sales in London has improved for all descriptions. A message received by the Bank of New Zealand from its London office dated February 19 stated that prospects for next series of sales, commencing tomorrow, were doubtful. Prices for merinos were then generally expected to decline id to Id, fine crossbreds hd to Id, and medium and coarse crossbreds id per lb.