BUYING OF WOOL

New Zealand Herald, Volume LXXVI, Issue 23272, 15 February 1939, Page 9

BUYING OF WOOL

CONTINENTAL ACTIVITY EXPANDING -CONSUMPTION MILLS WELL EMPLOYED With the absence of any. marked buying from Japan and America, the Continent has been the of the market during ,the present New Zealand wool-selling season. The. view that the increased purchasing has been supported by expanding consumption is expressed by inchcombe, Carson, Limited, woolbrokers, Sydney, in its latest report. The Continent also has been buying freely in Australia and elsewhere. During the first half of the. current season over 755,000 bales, or 50 per cent, of the wool exported from the Commonwealth went, to the Continent. In South Africa, similar activity has been recorded. From July to November, 77 per cent of the African shipments were to the Continent.

It may be considered that the raw material was bought extensively because of the risk of war, and the wisdom of having; stocks, adds the report. In Germany, however, and to a lesser extent France, stocks of wool and tops were previously below normal. The German mills have been well employed, and since the devaluation of the franc the French establishments have shown increased activity, rendering a greater need for the raw material. Devaluation of the, franc has produced results unfavourable to Yorkshire. It has enabled France to export larger quantities of goods to the United Kingdom. A duty of 20 per cent exists on woollen textiles entering • Great Britain, but during the 11 months ended November British imports of French woollens were 1,550,000 square yards, being 947,000 more, than a .year before. •>

During the .period, English exports of woollens and worsteds to France declined by 856,000 square yards. The' British Fell mongers' Association is making an effort to get an import duty on fellmongcrcd wool. Owing to the effects of the franc devaluation, English fell mongers have found themselves unable to compete with the products of the fellmongering establishments at Mazamet, France. t SYDNEY MARKET FIRM FINE WOOLS DEARER (Received February 14, 9 p.m.) SYDNEY, Feb. 14 ,7\ At the wool sales to-day, 10,739 bales were'offered and 10,280 bales were sold, , 43'J privately. Fine wools showing length met with a particularly keen demand, especially from Yorkshire and Germany, prices for these' showing an 2 appreciation of 5 j>er cent. Greasy Merino made per lb.