BETTER WOOL PRICES

New Zealand Herald, Volume LXXI, Issue 21924, 6 October 1934, Page 9

BETTER WOOL PRICES

MELBOURNE SALES BUOYANCY OF MARKET JAPAN AND FRANCE BUYING MELBOURNE. Oct. Ji In another buoyant market in Melbourne to-day wool prices showed a further strong advance. Prices for most Merino fleece, comebacks, fine crossbreds and all skirtings rose fully 5 per cerit, and all other descriptions, including lambs, were firm at late rates. There was exceptional buying support from Japan and France. The highest prico of the day was 15£ d a lb. for Merino wool. The sales were adjourned until Monday. BRISBANE VALUES UP AVERAGE OF 5 PER CENT COMPETITION KEEN BRISBANE, Oct. 5 The Brisbane wool sales concluded today with competition keen and Japan giving very strong support. The slight improvement in prices was maintained and the sales closed with values generally 5 per cent higher than at the ingLONDON MARKET OUTLOOK ENCOURAGING . GERMAN HOUSES BUYING LONDON, Oct. 4 In commenting on the wool outlook Messrs. Dawson and Sons say: " A surprising feature of the London wool sales was that several German houses shared in buying. The only explanation seems to be that Germany's need of wool is so apparent that it encourages speculative operators because of the early possibility of the door being more widely opened. "The new tone in the past 10 days indicates regained confidence and the industry can be justifiably encouraged by the prospecti; for the coming season. In fact there is an ample supply available, values are low and money is cheap."

The following additional private cablegrams dealing with the close of the London wool sales on Wednesday have been received:— New Zealand Loan and Mercantile Agency Company, Limited: —The wool sales closed firmly. Competition on French account was fairly active. Home buyers were the principal operators. As compared with the closing rates at the last sales, prices are about the same for coarse and medium scoured crossbred; higher par to id per lb. for medium and coarse greasy crossbred, coarse and medium crossbred slipe; lower £d to Id per lb. for lambs, Merino and crossbred, fine crossbred slipe, greasy Merino medium, fine scoured crossbred, and greasy Merino inferior; lower Id to ljd per lb. for greasy Merino super, scoured Merino inferior; lower 2d to 2Jd per lb. for scoured Merino medium; lower 2Jd to 3d per lb. for scoured Merino super; Id per lb. less for fine greasy crossbred. Quotations for good average New Zealand fleece wool greasy:—s6's to 58's, lOd to IHd per lb.; 56's, 9Jd to lid; 50's, 8d to 9d; 48's to 50's, 7£d to 9d; 48's, 7d to 8d; 46's to 48's, 6§d to 8d; 46's, 6Jd to 7d; 44's to 46's, 6d to 7d; 40's to 44's, o£d to 6sd; 40's, 5Jd to 6sd. H. Irwell and Company, London:— The Wool sales closed firm with prices 2J to 5 per cent higher as compared with the opening rates. The following is the range of prices:—sß's, 10Jd: 56's, lOd; 50's, B]d; 48's, 7£d; 46's, 44's, 6d. UNCERTAIN OUTLOOK POSITION ON CONTINENT STOCKS BECOMING LOW The uncertainty of the future facing growers of wool in Australia and New Zealand as a result of the unwillingness on the part of overseas countries, particularly on the Continent, to create indebtedness abroad, was referred to by Sir George Fairbairn, a prominent Melbourne grazier, who passed through Auckland yesterday. Sir George, who is accompanied by Lady Fairbairn, is a passenger on the Monterey on his return to Australia, after a five months' visit to England and the United States. At the present time, said Sir George, there was a marked tendency overseas for countries to attempt to live within themselves. Wool was required, but there was a reluctance to enter into any financial obligation which its purchase would necessitate. How long that attitude would remain was difficult to determine. What was.certain was that stocks of wool held in England and on the Continent were running low, and would soon have to be replenished. Apart from the financial position of the countries overseas, and that did not apply with the same effect to England, where conditions were definitely improving, an important factor in the hesitation of buyers was the present high rate of exchange ruling in Australia and New Zealand. Acting as a tariff, the exchange was having the effect of impeding the purchase of wool. Growers of wool in the Dominions, in Sir George's opinion, did not have a great deal to fear from the production of artificial wool, to the perfection of which Germany was devoting much attention. A specimen that he had seen consisted half of natural wool and half of vegetable matter. While natural wool was apparently a necessary component, the finished product did not have the same lasting quality of natural wool, ns the vegetable content, lie though, would have a tendency to perish.

SOUTH AFRICAN FLEECE MARKET IMPROVEMENT , ■ , ■ , i CAPETOWN. Oct. 4 There is every indication that the South African wool market has taken a definite turn for the better, and that the recent improved limits are not merely spasmodic. It is evident that there aro more than sufficient orders to absorb the offerings. BRADFORD TOPS A HARDENING TENDENCY LONDON, Oct. 4 The Bradford tops market is firm with a hardening tendency and there is a fair amount of business. Following are to-day's quotations and those for the three previous weeks: — Sept. 13 Sept. 20 Sept. 27 Oct. 4 Per lb. Per lb. Per lb. Per lb. d d d d Seventies .. 28 27% 27% 27% Sixty-fours .. 26 25% 25% 26 Sixties . . 24 23 23% 24 Fifty-sixes .-. 20 19% 19% 19% Fifties .. 15 14 14 14 Forty-sizes ..11 11 11 . It Forties .. 10 9% 9 A 9A