WOOL TOPS INQUIRY

Otago Daily Times, Issue 26822, 13 July 1948, Page 5

WOOL TOPS INQUIRY

RECORD OUTPUT EXPECTED BRADFORD MARKET FIRM N.Z.P.A. Special Correspondent Rec. 10 p.m. LONDON, July 12. A bigger inquiry for wool tops occurred last week following production instructions for the period ending in October, coupled with the export yarn rations and the intimation that cloth export allocations will be issued shortly, Manufacturers are now planning the output for the next six months and are seeking to cover in tops and yarns a volume of production which is expected to reach record levels, states the International Wool Secretariat Special News Service. The price factor assumes increasing importance in planning the export trade, and the slightly easier close to the Australian wool marketing season is causing spinners and manufacturers to offer lower prices for tops. Big weights of crossbred tops from New Zealand were sold for export last week at prices showing little margin in the wool bought to-day. Current merino prices are now diverting more attention to crossbred wools, and for the first time for several months it is probable that new business is more plentiful in fine and medium crossbred tops than in merinos. The home trade cloth price ceilings are compelling the partial substitution of fine crossbreds for merinos and certain sections of the Continental demand appear to be swinging away from the expensive finer wools. The latter are in such short supply, however, and they are holding their position on scarcity alone, for several leading Bradford topmakers are unable to quote in merino tops, as they have sold to the full extent of their wool stocks and can accept new business only to be delivered out of next season’s wools. Those able to quote out of the current season’s purchases have modified their quotations in line with the Australian closing values and ask approximately—Seventies, super 130 d, average 125 d: 64’s, (a) 122 d, (b) 116 d; 60’s, super 99d; 58’s, super 74d; 56's, 58d; 50’s, 37d; 48's, 36d; 46’s, 35d.