WOOL VERY FIRM

New Zealand Herald, Volume LXXIV, Issue 22619, 6 January 1937, Page 5

WOOL VERY FIRM

SYDNEY COMPETITION JAPAN AND CONTINENT AMERICA ALSO OPERATES (Received January 5, 10.35 p.m.) SYDNEY, Jan. 5 The wool sales were continued today. A total of 12,135-bales was offered and 11,775 were sold, including 1465 privately. Compared with yesterday's levels, the best descriptions ruled in sellers' favour and average sorts were from par to 5 per cent higher. Competition was keen from Japan and the Continent, with good support from Yorkshire and occasionally from America. Greasy Merino made 305tl per lb. BRADFORD MARKET NO MERINO QUOTATIONS LONDON, Jan. •; Bradford topmakers have complete!.withdrawn their Merino quotations. Private cablegrams suggest that Australian sale prices are the cause. Sixtyfours cost 40d to 41d. Business is at a standstill until the situation has been fully considered. SOUTH CANTERBURY CHEQUE DISTRIBUTION OF £393,528 [bt TELEGRAPH —FP.ESS association] TIMARU, Tuesday Woolgrowors in South Canterbury received a handsome cheque for wool sold at the first sale in December, the total amount being £'393,528. The average price a pound was 3 G.7cl, and the average a bale was £2l 15s 4d. WOOLLEN TRADE BUSIEST FOR 10 YEARS MANUFACTURERS' INGENUITY The busiest period for 10 years has been experienced by the English woollen manukfacturing trade, according to a report issued by Winchcombe, Carson, Limited, of Sydney. At midNovember the number of hands unemployed in the West Biding, Yorkshire. was the smallest seen since 192 G. Jn Bradford the number of combers employed was slightly less than a month before, but that development arose from a satisfactory cause front the wool-selling standpoint. Supplies of raw material for combing were not sufficient for requirements. Arrivals of wool have since rectified the position, but the occurrence is an indication of the strong statistical situation of the sheep's staple. Yorkshire was in the van in leading the world's manufacturing industry from the depression, and its practically consistent activity lias been one of the most important factors in preserving confidence in prices this season. Millmen in Great Britain have good reason for their attitude. Trade has not only been gratifying, but millmen have been earning satisfactory profits and paying up preference dividend arrears., the distribution of which had been prevented by financial difficulties for some years.

While Australia's concern is for woolgrowers io earn satisfactory profits, it is also desirable that manufacturers who buy the wool should also experience reasonable earnings, the report continues. If they do so, they are encouraged to buy further supplies of the staple, but if losses are made nervousness is born and wool prices suSer. The improvement in millmen's monetary results is largely due to the absence of marked downward variation in wool values since March, 1935. Higher wool values have caused manufacturers, who must definitely work to a price with their goods, to exercise their ingenuity. In England fabrics have been turned out the warp of which is wool of 64/70's quality, but the weft which runs across it is of 50's medium crossbred. Other combinations have also been made. Their utilisation is partially responsible for the improvement in prices for crosslinks which has been registered. It also has enabled Merinos to retain their value, which they could not if trade was definitely checked owing to high costs.