BETTER TONE PREVAILS ON BRADFORD MARKET

Otago Daily Times, Issue 27018, 1 March 1949, Page 7

BETTER TONE PREVAILS ON BRADFORD MARKET

NZPA Special Correspondent Rec. 8 p.m. LONDON, Feb. 28. The firm close to the London wool sales and firm conditions in the dominion markets combined to create a somewhat better tone on the Bradford market last week, states the International Wool Secretariat special news service. Industry still regards the wool price level with caution but sees the best wools of the season rapidly disappearing and is conscious of the relatively light stocks here. Home business is in individual transactions of a relatively small volume, but large numbers are buying and the total is therefore substantial. An interesting development is the United States inquiry for Bradford tops. This is unusual and suggests an urgent American need which supports the opinion of the trade that America’s recent rate of dominion wool importation has been below the level of her normal requirements. Britain’s wool consumption maintains a high level of all qualities and types. The official figures show that her average weekly wool consumption last year was 15 per cent, higher than in 1947 and exceeded 12,000,0001 b per week in all types of wool and textile raw materials. The export demand for tops and yarns often exceeds the supply and expanding production has not yet reached its limit. Canada and the United States are becoming increasing important markets for partly as well as for fully manufactured goods. It is reliably reported that if the Joint Organisations’ selling programme for surplus wool is carried out to schedule during the next few months, its stocks next June will be to 1,750,000 bales, of which a large proportion will be inferior sorts. One of the strongest sustaining factors in the market is that good style wools of all kinds are barely equal to the demand and are a diminishing quantity in the Joint Organisation’s stocks.