WOOL MARKET

Hawke's Bay Tribune, Volume XXIV, Issue 82, 19 March 1934, Page 7

WOOL MARKET

THE WELLINGTON SALE Somewhat Weaker Tone RESTRICTED LIMITS (By Telegraph—Press Association.) WELLINGTON, March 19The fourth Wellington wool sale of the season opened to-day with the first catalogue of 6,780 bales. A weaker tone was apparent in the market as compared with February. Passings were all too frequent. For wools required there was strong competition, but at restricted limits. It was obvious that many growers thought the market was stronger than it actually was. The business tone showed it to be a market that may be described as irregular. There was a full bench of buyers. Bradford and the Continent were active, and Japan was a valuable supporter. Some of the brokers sold 90 per cent, of their offerings under the hammer. Cabled information, from London generally indicated that while the demand for finger wools on the whole was well sustained interest in lower-quali-ties was not so keen, as at New Zealand sale s a month ago. Towards noon it was apparent that fine crossbreds were holding their own, but medium to low crossbreds were about Jd to Jd per pound easier on February values, and coarse wools a Id down. Bellies and pieces, in very strong demand in February, were also id to jd cheaper. Lambs’ wool showed a fall of about Id. Competition was brisk and prices very satisfactory, even though often below sellers’ anticipations. IMPROVEMENT IN LONDON Better Tone at Bradford (Beceived 19, 11.30 a.m.) LONDON, March 18. Mr. W. P. Devereux, Australian representative on the Wool Committee, reports that with the curtailment of the series there is a slightly better tone at Bradford. The sales in London closed with an improved tendency. There was some recovery from the prices current last week. The quantity carried over, however, was larger than anticipated, due to the reluctance of holders, who anticipate higher prices for small quantities at the April series. Merino tope at Bradford were appreiably dearer, and quotations for fine crossbred tops were firm with not much change. Medium and low Merino yarns were unchanged, with very little new business. Crossbred yarns were a shade firmer. Tha French trade is very quiet, also German trade, the financial strain of earlier purchases affecting all centres.