WOOL ADVANCES

New Zealand Herald, Volume LXXII, Issue 22010, 17 January 1935, Page 10

WOOL ADVANCES

LONDON SALES OPEN RISE OF 5 TO 10 PER CENT CROSSBREDS MAKfc MOST GAIN ANIMATED COMPETITION Prices realised at the opening of the January series of London wool sales on Tuesday rose • by from 5 per cent to 10 per cent, or id to Id per lb., on the closing rates last year. A feature of the sales was the strong general competition. A Press Association message sent from London on Tuesday states that 8526 bales were offered, including 3455 New Zealand. About 7464 bales of Australian and New Zealand were sold.. A fairly good selection was available. There was a large attendance, including some German buyers. Animated Home and Continental competition rulckl. Comparison with November Compared with November closing rates greasy Merinos were generally 5 per cent dearer; scoureds, 5 per cent; greasy crossbreds, fine, 5 per cent, and occasionally 10 per cent; coarse, 5 per cent; slipes, par to 5 per cent. A New Zealand greas.v crossbred clip, "JMN/Papa," realised 10Jd top price and lOjd average; a halfbred lamb slipe clip, "Belfast," 13Jd and 12|d. The range of prices at the close of the November series was: —Greasy Merinos, 60-64's, lOd to IOJd per lb.; ordinary, 60-64's, BJd to 9sd; inferior, 60-64's, 7Jd to 8d; greasy halfbreds, 56's, 9sd to.lOjd; 50-56's, BJd to 9d; greasy crossbreds, 50's, 7-id to 8d; 48-50's, 7d to 7Jd; 46-48's, 6Jd to 6Jd; 44-46's, 6d to 6id; 40-44's, 5Jd to 6d; 36-40's, 5Jd to 5Jd. Previous January Sales Prices per lb. realised at the opening of the January London fcales in the last three years compare as follows: Jan. Jan. Jan. 1933 1 1934 1935 ddd d d d Merino VA-12% 14%—20% 8 —ll Halfbred .. Fine xbred .. s'X V/, ll'A-15 6 s / 9 Med. xbred. . . 5 —5% 0% —11 6 Coarse xbred 5 —5 Vi !) —lO 5% The results more than bear out the price forecasts made early this month, indicating that the wool market shows consistent improvement. At the opening series in 1934 prices rose by i 0 to 25 per cent, but this advance was phenomenal and it is now generally admitted in the trade that prices in the 1933-34 season were unduly high. The result was a reaction in values and it was not until last month that the beginnings of an upward movement again appeared. Heartening confirmation is given of the reports that wool is needed in the manufacturing centres and participation by Germany is evident. Although Merinos were expected to show the greatest improvement, actually fine crossbreds made the most gain. A continued demand for crossbred wools should do much to stimulate competition in the New Zealand market.

REPORTS OF BROKERS ACTIVE TRADE DEMAND The following private cablegrams regarding the London wool sales have been received: — Bank of New Zealand.—The sales opened with strong competition. There was a large attendance of buyers and an active demand in all branches of the trade. Compared with the close of last series, Merinos are id, fine crossbreds id to Id, medium and coarse crossbreds |d to id per lb higher. New Zealand Loan and Mercantile Agency Company, Limited. —There was a fullattendance at the opening of the sales, competition by Continental buyers being slow. Prices, as compared with the close of the preceding series, ruled in sellers' favour for Merino scoured. Crossbred scoured was unchanged. The opening catalogues were fairly representative. As compared with the closing rates at the last sales prices are higher id lb. for crossbred slipe, medium and coarse greasy crossbred, and greasy Merino, higher id to Id per lb. for fine greasy crossbred. Daigety and Company, Limited. —The sales opened with a large attendance, active and animated competition, and a good selection. The home trade was the principal operator. There was a fair demand from the Continent, Germany buying sparingly. As compared with tho closing rates of the last series, greasy Merino is id to Jd higher, scoured Merino unchanged; Greasy halfbreds, id to 3d higher; greasy crossbred, fine, Jd to Id higher. The greatest advance is in good crossbred; medium and coarse, id to id higher; scoured crossbred is unchanged; slipes, id to id higher. FIRM SYDNEY MARKET STRONG COMPETITION (Received January 16. 10.45 p.m.) SYDNEY, Jan 16 * At the Sydney wool sales to-day 11,693 bales were offered and 10,865 were soid; also 539 bales were disposed of privately. There was very strong competition from Japan,. Yorkshire and the Continent. The market was firm at the previous day's rates. Greasy Merino sold to 16-Jd. The average price of the wool sold in Sydney last week was £l2 2s 8d a bale, or 9.7 d a lb. \ _______———______ NEW ZEALAND SEASON WANGANUI, SALE TO-DAY The first Wanganui wool sale of tho season will be held to-day. Tho catalogue limit is 28,000 bales, but it is expected 26,000 bales will be offered. The catalogues for the third Wellington sale, which will bo held on February 13, have already closed, the wool in store being more than sufficient to fill the allocation of 28,000 bales. TRADE IN BRITAIN INCREASE IN MANUFACTURES Expansion in the quantity of woollen and worsted fabrics exported is a most satisfactory feature of Great Britain's trade during the first 10 months of last year. The shipments totalled 87,149,000 square yards, an increase of 8,595,000 square yards compared with the similar period of " 1933 and 18,264,000 square yards more than in 1932. Shipments of tops, however, decreased by 4,103,0001b. t0.34,211,0001b., but increases Ave re shown in, oxports of worsted and woollen yarn, flannel and blankets. Tho decrease in shipments of tops was largely due to the restriction on imports into Germany, that country usually being Yorkshire's largest buyers of those semi-manufactures. The increase in shipments of most English mill manufactures is in contrast to the reduction shown by all other countries except Japan, and combined with a healthy turnover in the home trade denotes a bulky consumption of the raw material at the United Kingdom establishments.