TRADE WOOL STOCKS

Otago Daily Times, Issue 26709, 2 March 1948, Page 5

TRADE WOOL STOCKS

HEAVY BUYING BY YORKSHIRE DEMAND ON DOMINION MARKETS N.Z.P.A. Special Correspondent Rec. 8 p.m. LONDON, Feb. 29. The top market this week is firm at recent levels, but for the first time in several weeks is not quoted dearer, even though current quotations are barely in line with wool replacement costs in the dominions, states the International Wool Secretariat special news service. A steadier tone in Bradford arises from cables from all the Dominion markets that, in Yorkshire style combing wools, previous buying limits are securing a little more wool. Yorkshire is buying heavily in all Dominion markets, as trade stocks of wool here are not heavy in consequence of the everincreasing rate of consumption. The trade will need to augment immediately the available supplies from London wool sales which open next week, and it is also learned that there are substantial foreign credits in London for use at these sales. The Joint Organisation announced that before June 30 it will offer from its stocks a further 200,000 bales in addition to the 525.000 bales already scheduled for disposal. This news is welcomed by traders here, who still have to build up working stocks for a period when Dominion markets will not be selling. The proportion of this further 200,000 bales to be offered in Britain and in Dominion markets is not yet known. Another step towards export freedom in British wool products is the wool control announcement that in June top export allocations to individual firms will be withdrawn, and all firms will have access to the quantity of tops available for export. This is made possible by a big increase in British top output, but the maximum will still have to be placed on the total available for export. A British wool trade delegation is to / visit various Continental European countries with a view to attracting more volunteer workers to British mills. The Government is urging the British wool textile industry to increase its output still further, and more labour is necessary to that end.