WOOL MARKET

Evening Star, Issue 18503, 10 December 1923, Page 6

WOOL MARKET

IMPROVED POSITION IN BRITAIN.

SPURT IN CROSS-BREDS,

Press Association—By Telegraph—Copyright

LONDON, December 8.

Reviewing the wool position, Messrs H. Dawson and Co. say that the- market has experienced a great sentimental change. The confidence so long lacking has returned, probably due to the rapid depletion of “Bawra” stocks and also the growing demand for cheaper goods for the export trade. In tho poorer countries of Europe food and cheap, warm clothing are prime necessities, and Die latter is now being called for. Coarser goods have not been popular for those who could afford fine goods, but tho long-expected spurt in cheaper, durable materials seems to he developing happily. Tho West Biding of Yorkshire can supply them, and cross-bred wools, along with wastes, aro likely to find a better demand.

Tho position of merinos is more difficult to define, as it varies greatly at various consuming centres. The home trade cannot follow the colonial ruling prioes at present. Tops in Bradford aro still neglected, and prices offered by spinners and manufacturers are considerably below colonial rates, which makes forward business Impracticable. Tho accumulation of old stocks, however, is being sensibly reduced, and a slightly more hopeful tone prevails. Activity in Yorkshire is almost entirely confined to cross-breds, while merino combing mills aro still mostly idle. In fact, raw material alone at present is enjoying an appreciation in values. The danger 5 lest_ there should be over-speculation and rapid advances in cross-breds should p'-ovo untenable.— A. and N.Z. G-iblc.

PRICES HIGH AT WELLINGTON,

[Pee United Press Association.]

WELLINGTON, December 9,

The wool sales were continued on Saturday, the buyers being representative of all markets—Bradford, Boston, France, Germany, Belgium, Japan, and also New Zealand woollen manufacturers. Tho public, which packed the gallery', took a great interest m the proceedings. As the sales proceeded it was noticed that the growers' ideas of values in many cases were beyond tho limit of the buyers, liberal as they were, but there has been a boom so far as wool is concerned for the past few weeks, and the sharp rise shown in the market in London at tie November and December sales, followed by the results of the last Wellington, Wanganui, and Napier series, only deepened that feeling. As compared with last November, prices for low crossbreds were lid per lb better, lambs Id to l£d advance, and superfine and medium Romneys Id advance. Generally the sales show a full Igd advance, on November prices.

The wool was light in condition, and fairly free from seed. Local manufacturers were carried along in the rush for wool, and had to fall into line with tho high rates ruling. .