THE WOOL MARKET

Hawke's Bay Tribune, Volume XXII, Issue 271, 31 October 1932, Page 7

THE WOOL MARKET

DEMAND FOR TOPS STIMULATED. (United Presi Association—By CableCopyright.) (Received 31, 10.30 a.m.) 1 London, Oct. 30. Mr Devereux, Australian representative on the Wool Committee, reports that the depreciation in sterling has stimulated the demand for tops at Bradford for export. This, combined with the improvement in the overseas raw wool markets due to the same rtasqn, caused Bradford Menno topmakers tn advance quotations. There is a hardening tendency with a moderate amount of new business Fine crossbred tops are rather firm. Merino, low descriptions, are steady, but there is not much business. The Merino yarn position is unchanged and ruling quotations aro maintained. Crossbred yarns are unchanged and there is not much business. Sales of tops in Germany are only moderate and prices are unchanged. The knitting and hosiery trades are fairly well employed. The weaving trade is diminishing and export is very poor. The “Daily Telegraph’s” special West Riding correspondent says that employers and employees declare unjustified the scepticism of the value of Ottawa to the worsted and woollen trades as expressed by Mr Holdsworth in the House of Commons on October 26. Last year’s duties considerably benefitted the trade at Bradford and Huddersfield despite the dumping of foreign cloth just before the duties were imposed. The new duties will enable Yorkshire manufacturers to meet their foreign rivals on competitive terms. Much of the dumped cloths have already been re-exported. The home trade has improved and exports are reviving. The latter are now only checked by the currency restrictions in Eastern Europe and South America.