SURPLUS WOOL STOCKS

Otago Daily Times, Issue 26703, 24 February 1948, Page 5

SURPLUS WOOL STOCKS

DOMINION HOLDINGS REDUCED CURRENT CUPS IN DEMAND N.Z.P.A. Special Correspondent Rec. 9 p.m. LONDON, Feb. 23. The wool trade in Britain is impressed by the Joint Organisation’s stock statement showing that the remaining war-time surplus stocks of Dominion wool are reduced to nearly one-third of their original, states the International Wool Secretariat Special News Service. It is especially noted that the remaining surplus of good style greasy -merino combing wools in both Australia and South Africa are reduced to comparatively small proportions, and that the bulk supplies of merino combings are now of inferior sorts or French combing types. The supply position in relation to demand has given added strength to merino wools of noble combing types, and the importing trades realise that they must look largely to current clip wools for their future requirements. The top market here is strong following a firm close to the Sydney wool sales and reported good clearances in South Africa. The importing trades here are lightly stocked in relation to the machinery needs of the coming month, and still need to buy if they are to avoid idle machinery after the primary markets close ,at the end of the season. The general disposition here is to buy wool on the strength of the supply position alone, especially in view of reports that further credits to certain Continental European countries will be available for use at the next London wool sales in March. The new business in tops is taking place at the highest prices for many years, and, although the spinners are not buying large weights, there is a considerable volume of turnover in the aggregation of small weights. Merino top quotations are still relatively below replacement costs, but show a general advance of Id' a lb on last week.

Representative quotations are:— Seventies, super 110 d, average 104 d; 64’s, (a), lOld to- 102d,' (b). 97d to 98d; 60’s,'super 42id; 48’s, 39id.