OUTLOOK FOR WOOL

Otago Daily Times, Issue 21362, 16 June 1931, Page 7

OUTLOOK FOR WOOL

DISCOURAGING REPORTS YORKSHIRE MARKET QUIET (United Press Association.)/' (By Electric Telegraph—Copyright.) 'LONDON, June 14. Mr Devereux (the Australian wool growers’ representative) reports that advices from the manufacturing centres continue to be very discouraging. In Yorkshire the market is quiet. Top makers are receiving more bids for merino tops than those recently experienced, but they are on a reduced basis, and as most sellers are disinclined to reduce prices still further little business results. There is very little new business in crossbred tops. The prices are in buyers’ favour. For yarns there is practically no business in merino counts. Crossbred yarns, however, continue in sellers’ favour. In the north of France the textile strike continues, and business is at a standstill. It was announced that the mills would shortly be reopened to give the employees an opportunity of returning to work at the reduced rates. The financial, political and economic conditions in Germany are curtailing operations in raw and semi-manufac-tured wools, and in the sale of manufactured goods. A policy of strict hand-to-mouth buying is being pursued by all sections. The futures markets show downward tendencies. CONFERENCE IN MELBOURNE. MELBOURNE, June 15. (Received June 1(5, at 1.40 a.m.) Preparations for the Empire Wool Conference, which will'begin next week, are now being made by the Australian Woolgrowers’ Council, which opened its annual convention to-day. The council unhesitatingly reaffirmed its decision to oppose any plan for the fixing of wool prices, and it was further decided that the council should keep in touch with the London market and endeavour to arrange allocations in such a manner that large quantities of wool will not be offered in and Australia simultaneously. 'lt was resolved to try to obtain substantial reductions in freights and to wait upon the Prime Minister to get relief from the high costs of production by lowering the tariff and taxation.