AT HIGHEST POINT

Otago Daily Times, Issue 26792, 8 June 1948, Page 5

AT HIGHEST POINT

LONDON WOOL SALES EXCEPTIONAL DEMAND FOR * MERINO TOPS BRITAIN AND FRANCE ACTIVE N.Z.P.A. Special Correspondent Rec. 8 p.m. LONDON, June 7. With Dominion wool markets firmer again and London wool sales concluding this wee-end _at the highest point, of the series, the Bradford top market is dearer once more, and an increasing number of firms find themselves unable to quote, states the International Wool Secretariat special news service. There is relatively a considerable gap between the cost_ of merino combing wool at auction and the prices asked for corresponding tops. Fast as the latter have moved forward in recent weeks, they fail to keep pace with the wool. If Bradford tops were quoted to-day strictly in line with current wool costs, the former would be several pence per pound more than is generally quoted. Ih the spot market —as in the Dominions—Russia. Poland and other eastern European countries are buying at prices which other countries find it difficult to equal, but both Bradford and Frahce are very active in'London this week and are buying merino combing wools at much the highest prices seen this season. Both Australian and South African merino combings, with any pretensions to style and quality are eagerly sought and there is no doubt that delayed Australian arrivals resulting from labour troubles at the Commonwealth ports—are one reason why competition for spot wool is so keen. It is doubtful if Yorkshire has ever been so lightly stocked in good combing wools at this stage of the year when warehouses should be well-filled to bridge the period before the new clip wools can begin to arrive. Yorkshire has bought more merino wool this season than for many years past, but emphasis is still on merino wool and the surprising feature is that the big rise so far seen in these sorts has not yet diverted more demand to crossbred qualities. Yorkshire still has substantial merino wool requirements to fill and commercial information here encourages the belief that the United States may shortly find it necessary to display more interest in imported merino wools for the purposes of her defence programme. It is difficult to quote the Bradford top market in clearly defined prices this week, as individual quotations vary according to whether firms hold cheaper bought wool from which they can offer to sell tops. Generally, top quotations are unchanged compared with last week.