RAW MATERIALS

Evening Post, Volume CXXVI, Issue 99, 24 October 1938, Page 12

RAW MATERIALS

By Telegraph—Press Association—Copyright . . LONDON, October 22. ■ Friday's closing prices for the following raw materials were as follows, those for October 14 being shown in parentheses:—•■ Cotton: Liverpool quotations, good American middling, spot 5.19 d a lb <5.24 d); November delivery, 4.84 d a lb <4.91 d).

Rubber: Para, 8d a lb (same); plantation smoked ribbed sheet, B|d a lb (8 17-32 d).

.Jute: October-November shipment, Indian jute, Dundee quotation,. £19 17s 6d a ton (£l9 lls 3d).

■ Copra: October-November shipment, sun-dried, South. Sea, to London or Rotterdam, £9 5s a ton (same): smoke/, to Marseilles or Genoa, £9 5s a ton (same); plantation, Rabaul to London or Rotterdam, £10 5s a ton (same).

Linseed oil: £24 5s a ton (£24 10s) Turpentine: 33s 6d a cwt (32s 9d).

WOOL SITUATION

CROSSBRED DEMAND

TRADE MORE CONFIDENT

By Telegraph—Press Association —Copyright LONDON, October 22.

The wool trade is more confident owing to its steadiness, compared with last year's fall of prices in the autumn. Merino tops, which crossbreds formerly overshadowed, are meeting better demand on home and export account.

Winchcombe, Carson, Ltd., Sydney, s report October 18 as follows: —Evidence " of the demand for wool is supplied by the fact that since the season started . 268,265 bales have been sold on the ' Sydney market. Prices have not been I on a gratifying basis, but they have shown stability under unusually dis--1 turbing world conditions. The sheep's staple is still wanted despite the quantity of artificial fibres produced. Officially South African wool production this season is estimated to be about 850,000 bales. We have received advices from our African correspondents stating that they consider the forecast of the clip to be too high. They express the opinion that the early estimate made of the clip totalling 730,000 bales will be improved upon because pastoral conditions have, brightened in • many areas, but the increase will not total 50,000 bales. At mid-September the best parts of the South African wool producing districts were not too favourably situated for pastures. The unsold stocks at African ports on June 30 were only 27,000 bales. A few years ago, South Africa produced over 1,000,000 bales. Merino wool will not be plentiful this season with the limited clips of Australia and South Africa. STOCKS IN YORKSHIRE. Yorkshire demand has latterly brightened. Consumption has been fairly satisfactory at the mills, and topmakers apparently are not of the. opinion that the raw material will cheapen, as they have maintained a firm attitude in regard to prices for their products. At the close of August the quantity of wool oh hand at the Yorkshire railway and canal depots was 68,000,0001b, being 16,000,0001b more than a year before, but 4,000,0001b less than at the similar date of 1936. Those figur.es are regarded as supplying an indication of stocks held at the English mills. Though trade in Great Britain has not been gratifying during the past year, stocks have not accumulated. An improving tendency for exports of wool fabrics has been noticeable during recent months. They had previously been steadily declining. Ke-armament efforts are likely to create a strong demand for crossbreds. Supplies of crossbreds have not appreciably increased during the past ten years. The production of merinos has received a check this season in Australia and in South Africa since 1932-33. But prior to those periods, the quantity of merino-grown showed . substantial expansion. COARSE WOOLS SCARCE. South America and New Zealand are the largest exporters of crossbreds. The combined clips of those countries are larger than ten years ago, but the increase has not been great and the trend has been towards fineness of quality. Ten years ago a difference of 4d to 6d per lb existed between the prices of 50's medium crossbred Bradford tops and 46's coarse crossbred. The margin between the two classes is now £d, and has not been more than Id for two years. That is an indication of the relative scarcity of coarse types. Cotton, metals, and other commodities, as well as wool, have latterly been in better demand. That general improvement .gives, added soundness to the wool position and a good inquiry, appears probable, /but indications do not point to a marked rise in prices.