LONDON WOOL SALES

Nelson Evening Mail, Volume LXI, 9 May 1927, Page 6

LONDON WOOL SALES

FAVOURABLE TRADE COMMENT

(By Electric Telegraph—Copyright) (Australian <& N.Z. Cable Association)

LONDON, 7th May

The wool sales are proceeding satisfactorily. Prices seem established at a basis of par to 5 per cent decline compared with last, sales, and most people in the trade expect values toi remain about this level.

According to a, well-informed Bradford correspondent the outstanding, fact of the position is /that the 'sales made no detrimental impression upon the Bradford market. Louijon rules for raw material are siill relatively dearer than late quotations for tops. As there is no wool available at the prices which justify a decline in quotations for tops, ihese have been firmly maintained. Since the auctions opened there has been an improvement in bidding and a strong impression exists that- the sale will close at the best point of the series. It is not improbable that the auctions will provide an incentive required to bring out new business in taps yarns, which volume of current inquiry indicates is in the background.

M essrs E. Buxton and Co., Limited, advise having received the following cablegram from their London agents, Messrs Sanderson, Murray and Elder Limited, under date Bth inst:—"Sales continue; tone of market improved. Greasy merino, market shows a hardening tendency; scoured merino, except inferior descriptions, advanced 5 per cent; crossbred greasy fine and coarse, market firm; crossbred greasy medium, market irregular; crossbred scoured, market shows a hardening tendency.”