THE WOOL MARKET

Evening Post, Volume CXXIV, Issue 70, 20 September 1937, Page 12

THE WOOL MARKET

OUTLOOK OBSCURE

PRICES FAVOUR BUYERS

(By Telegraph—Press Assn.—Copyright.) (Received September 20, 9.30 a.m.) LONDON, September 19. The London September scries of wool sales has not turned out as most of those engaged in the industry had thought.

Merinos are firmer in value but crossbreds are lower than was expected. Material bought in London, it is understood, is intended chiefly to cover maturing contracts, hence the current London sales prices are not reflected in Bradford, where quotations are based upon those ruling in Australia. The outlook, even. for the near future, is obscure owing to the European and Far Eastern situations. Moreover, the declining French franc adds yet another complication.

The fall in the value of the raw material has naturally deterred buyers, but it is believed that a good volume of business is waiting to be placed directly users can feel assured of steady values.

Everyone in the trade is showing extreme caution as to committing themselves to forward transactions. The feeling is growing in Bradford trade circles that Japan will concentrate on the purchase of crossbreds as wool suitable for uniforms and needed for the Sino-Japanese military operations.

The Bank of New South Wales has received from its London office a cablegram dated September 17 as follows:— London wool sales.—Competition for all good style wools continues good and prices have been maintained. Inferior descriptions are irregular and often in buyers' favour.