WOOL PRICES RISE

Manawatu Standard, Volume L, Issue 114, 10 April 1930, Page 8

WOOL PRICES RISE

SALES IN LONDON. DEMAND FOR CROSSBRED. (United Press Association—By Electric Telegraph—Copyright.) Received April 10, 12.45 p.m. LONDON, April 9. At the wool sales 7459 bales were offered, including 1075 New Zealand and 605 reconditioned New Zealand. Approximately 2970 bales were sold. New Zealand greasy crossbred Titi realised lid and 10}d; Burnt Hill, 10$d and 10Jd. The snles closed strongly with the highest prices of the series. Merinos experienced increasing competition from the Continent as the series proceeded. All finer sorts and combings were fully five per cent, above tne opening rates’. Shabby and inferior carbonising sorts were in strong request at five to 10 per cent, advance. Scoureds met a strong market, which closed Id to 2d above the February closing prices. Crossbreds, both greasy and scoured, fully recovered the opening decline, and at the close were equal to the best February rates. _ Slipes also recovered, but not to quite the same extent. Lambs and merinos were about five per cent, and crossbreds about 10 per cent, above the opening rates. The totals sold wero: Homo trade. 58,000; Continent, 63,000; United States, 3000; held over, 61,000. The estimated total of Australian sold was 56,000 and of New Zealand 38,000. BOGEY OF EXCESSIVE STOCKS. NOT LIKELY TO CAUSE SEVERE FRIGHT. Received April 10. 12.50 p.m. , LONDON,. April 9. Messrs H. Dawson and Sons, commenting on the wool outlook, state: “The outstanding feature, of tho sale was the all round indication of an improving demand for merinos. Wools arriving from and South Africa" were rapidly absorbed. The position of the supplies of fine wools is assuming a new perspective. The much feared bogey of excessive stocks is not likely to cause any severe fright. It is *now evident that the Australian market will be well cleared before the new clip can be available. This fact alone lias done something to restore confidence. Altogether there is a much improved demand and a good latter half-year for the fine sorts is generally expected. Unfortunately, the improvement in the market is overshadowed temporarily by the threatened stoppage in Yorkshire.”