NEW ZEALAND WOOL STRONGLY IN DEMAND IN LONDON

Gisborne Herald, Volume LXXVI, Issue 22951, 20 May 1949, Page 5

NEW ZEALAND WOOL STRONGLY IN DEMAND IN LONDON

(N.Z.P.A.—Reuter —Copyright.)

(10 a.m.) LONDON, May 19. The London wool sales were continued today when 17,700 bales were offered, including 7950 bales from New Zealand.

There was a large attendance of buyers and competition was widespread. The Continent showed greatly increased interest in all types of New Zealand wool and bought much more freely than last week. With the Home trade also operating on a large scale, prices were very firm on last week’s rates.

More shorn clips from the North Island sold well and good prices were paid for scoured offsorts offered on growers’ account. The clearance was satisfactory. SOLID CROSSBRED DEMAND With the Home trade still supplying the bulk of the demand the London wool sales continue on a steady keel, according to advice received in Gisborne today. New Zealand crossbreds are still firm, but some treated descriptions have a weakening tendency. The Bank of New South Wales has received the following progress report from its London office: —“Wool market remains steady on basis established last week. Home trade are still the principal operators. No quotable changes in prices have occurred.” From the London office of the Bank of New Zealand, the following advice has reached the produce department of the bank in New Zealand:—“Compared with last Friday, competition is more widespread. New Zealand greasy crossbreds are firm, but sliped wools are in buyers’ favour. Scoured wool of inferior grade is rather irregular.”