FIRM WOOL PRICES

New Zealand Herald, Volume LXXIII, Issue 22475, 20 July 1936, Page 5

FIRM WOOL PRICES

CLOSE OF LONDON SALES ACTIVE TONE MAINTAINED SUPPORT FROM RUSSIA The active competition which has narked the July series of London wool ales was maintained at the close on 'Yiday. A feature of the series was the lemand for crossbreds, and medium and :ourse sorts were again higher than .lie closing rates in May. Best Merinos old well, both greasy and scoured sorts .honing an increase on the May closing igures. A Press Association message sent rom London 011 Friday states that on ;ho closing day 11,296 bales were iflered, including 5272 New Zealand. A ;otal of 9894 bales were sold.' In. a noderate selection there was keen competition and a good clearance was :fleeted. New Zealand slipe halfbred ambs "TBS/Canterbury" realised 17d, :op price, and .lod average. Throughout the series 83,600 bales ivere offered and 72,000 bales w : ere sold, l'lie homo trade bought 42,000 and the Continent 30,000, and 45,000 bales were licld over, of which 37,000 were not offered. The total New Zealand sales ivere approximately 35,000 bales and of Australian 27,000 bales. A few days before the sales commenced a noticeable improvement was recorded throughout the trade. Consequently strong competition, especially home and German, resulted in a higher opening level than jvas anticipated. Later Russian competition so stimulated the market that an upward movoment in some cases resulted, the selection being fully representative. Greasy Merinos, which opened par to 5 per cent lower, finished 5 per. cent higher; short faulty styles were barely 5 per cent lower than the last series; good scoured sorts, which were favoured by the Russians, were 5 per cent higher; short faulty were almost at par; fine crossbreds sold throughout at a 5 per cent decline; medium and coarse fluctuated, but with the withdrawal of Russian buying finished from par to 5 per cent above the May prices. Quotations for good average condition at the close of the May series were:—Greasy Merino, super, 60 to 64, 17d to 17-id'per lb.; ordinary, 60 to 64, 14£ dto loicl; inferior, 60 to 64, 12d to 12Jd; halfbreds, 56 to 58, 13Jd to 14d; 56, 12d to 13d; 50 to 56, 10Ad to lid; crossbreds, 50, 95d to lOd; 48 to 50, B}d to 9d; 46 to 48, 81d to BJd; 44 to 46, Bid to Bjd; 40 to 44, 84d to BJd; 36 to 40, to Bjd. Prices per lb. at the close of the July sales in the past two years compare a.« follows:

1035 1036 d d d A Merino .. 11 to 16 11% to 17% Haltbred .. 0% to 12 10% to 13% Fine xbred .. 7% to 9% 0 to 10 Med. xbred .. 7 to 7% S% to 0% Coarse xbred . a 3 /, to 7 S% to HVi PRIVATE CABLEGRAMS The following private cablegrams, dated July 17 1 Gave been received: — Bank of iSe\v Zealand. —The sales have closed firm for all kinds of- wool. Current quotations for good average conditions: Greasy Merinos, super,' 60 to 64, 17d to 17id per lb.; ordinary, (JO to 64, 14d to lod; inferior, 60 to 64, II Jd to 12d; halfbreds, 56 to 58, 13d to 13Ad; 56's, lljd to 12d; 50 to 56, 10} d to crossbreds, 50, 9Jd to 10d; 48 to 50, 9Jd to 9|d; 46 to 48. !)d to 9Jd; 44 to 46, B|d to 9jd; 40 to 44, BJd to 9id; 36 to 40, B|d to 9Jd. Dalgety and Company, Limited. —The sales closed active, with brisk competition, but not at the highest pointof the market when Russia was buying very freely. The home trade were thn principal operators. There was good support from the Continent. As compared with the closing rates of last series:—Greasy Merino, par to id higher; scoured, par to Id higher; greasy halfbred, par to id lower; scoured, unchanged; greasy crossbred, line, unchanged; medium and coarse, Jd to ad higher; scoured crossbred, fine, par to Id lower; medium and coarse, par to Jd lower; slipes, Jd to £d lower; greasy lambs, Jd to Id lower. Following is the range of prices:—Merino, good to super, 16d to 18Jd; low to medium, 12d to 15Jd; halfbred, 56 Ikj 58, good to super, 14d to 16Jd; low to medium, 10jd to 13Jd; halfbred, 50 to 56, good to super, IOJd to 12Jd; low, to medium, BJd to 10id; fine crossbred, 48 to 50, good to super, 9Jd to 10Jd; low to medium, 8d to 9d; fine crossbred, 46 to 48, good to super, 9d to 10d: low to medium, 7jjd to crdssbrecl, 44 to 46, good to super, 9d to 9Jd; low to medium, 7Jd to Bjd; crossbred, 40 to 44, good to super, Bjd to 9£d; low to medium, 7Jd to Bjd; coarse crossbred, 36 to 40, good to super, Bjd to 9d; medium to good, 7jd to Bjd. New Zealand Loan and Mercantile Agencv Company, Limited.—The sales opened weakly, but closed strongly. Home buyers are the principal operators. Competition on French account is fairly active. Russia is operating. As compared with last sales closing rates, prices are lower by par to Jd j>er lb. for greasy Merino inferior, lambs and Merino, scoured Merino inferior and fine greasy crossbred. Lower by id to Id per lb. for crossbred lambs and coarse crossbred slipe. Lower by Id per lb. for medium and fine crossbred slipe. Higher by par to id per lb. for scoured Merino super. Higher by id per lb. for greasy Merino super. Higher by Jd to Id per lb. for medium and coarse greasy crossbred.

A HEALTHIER ATMOSPHERE — 'J KEEN CONTINENTAL BUYING (Received July 10, 7.15 p.m.) LONDON, July 18 Commenting on the wool sales. H. Dawson, Sons and Company, Limited, state: —"The market .was dominated by Russian and German operators. The home trade was startled by the prices paid for crossbreds. Although the statistical position is exceptionally sound, tiio future level of prices is not bound up with Japan's action in the autumn; while her total takings from the world's clips may be less, the offerings should ultimately be absorbed in view of tho real need for raw material by Russia. Germany and Italy. - "Nevertheless the marketing of tha new clip, in view of the financial hindrances, should be carried out cautiously. It was noticeable toward the end of the sales that advances brought out orders from many quarters which otherwise had shown little interest. This indicates a demand which proves that manufacturers have orders on their books which they have hitherto preferred to leave uncovered in the hope of lower values. "No doubt a healthier atmosphere exists as a result of the improved market and good clearances. The usually difficult holiday period should be faced confidently, and without fear of severe shocks and fluctuations." Tho Yorkshire Observer points out that an unusual feature of the sales has been the continental bidding on. top lines of Merinos. SOUTH AMERICAN FLEECE IMPORTATION BY JAPAN KOBE, July 17 The Domei news agency states that owing to the restriction of imports by Australia. Japanese merchants have planned to import 150,000 bales of South American wool in addition to contracts already totalling 140,000 bales. Seven 10,000-ton freighters have been chartered to carry tho wool.