LONDON WOOL SALES

Otago Daily Times, Issue 27082, 17 May 1949, Page 5

LONDON WOOL SALES

* REASSURING LEAD TO DOMINIONS HIGHER PRICE RANGE NZPA Special Correspondent Rec. 9 p.m. LONDON, May 16.The London wool sales, when they opened on May 12, gave a reassuring lead on the dominion spot wool position, says the International Wool Secretariat Special News Service. By producing relatively firmer conditions and somewhat better prices than now rule in the dominions London did something to offset the shock to confidence caused by the recent price slip, especially in merinos, in the dominion markets. The buying limits which will acquire wool in the dominions will not buy wool in London to-day, for although London prices are down compared with the last London sales in early April they remain relatively dearer than dominion prices. Compared' with the last London sales the closing prices in the present series opened with warp .merino combings 5 per cent, cheaper and average style greasy combings 5 to 10 per cent, cheaper, while comeback and fine crossfireds were 7| to 10 per cent, down and greasy medium crossbred combings par to 5 per cent. down. Scoured merinos were 5 per cent, cheaper in the best type and 7§ to 10 per cent, lower in inferior types. The price decline in. slipes range from 5 per cent, in the best types to 10 per cent, in shabby sorts, and most scoured clothing wools were per cent, easier. These prices are relatively dearer than the current prices for comparable types in th_e Dominion markets. There is good home and foreign competition in London, with Yorkshire taking most of the offerings, but the Continent is giving excellent support and acquiring a useful proportion. France shows an unexpected degree of activity, and Belgium, Switzerland and Scandinavia ’are all buying, but Germany is quiet and the United States not operating. "