LONDON WOOL SALES

Otago Daily Times, Issue 27389, 15 May 1950, Page 5

LONDON WOOL SALES

Widespread Competition PRICES CONTINUE TO ADVANCE NZPA—Copyright* ' LONDON, May 12. Prices continued to advance under widespread competition when the Lon-‘ don wool sales were resumed on Thursday and Friday this week. There was almost a 100 per cent, clearance of the 29,000 bales offered, including 12,000 bales from New Zealand. Although the selection was generally of average style, both the Continent and home trade competed strongly on crossbreds throughout the whole range of qualities. Halfbreds from the South Island were scarce, and it was here that values advanced most sharply, being often 10 per cent, above last week’s opening rates. , Some exceptional prices were paid, among which the most remarkable was 81d for 22 bales of only average style 56’s quality yielding 66 per cent. This lot was bought by a Bradford firm. The bulk of the offering, however, was in medium quality crossbreds, prices for which hardened steadily and closed fully 5 per cent, above last week's level. Skirtings were in particularly strong demand for the home trade, and French' buyers bid keenly for all lots of good style lambs. Among scoured crossbreds offered were several consignments of offsorts from Hawke’s Bay clips shipped to London on growers’ account. Clothi ing manufacturers competed strongly for these wools,' and it was noted that* many lots of shorter and stronger types were bought for the carpet and rug trade. Prices at the start were firm on last week’s basis, but thereafter they hardened steadily and closed up to 5 per cent, dearer. There was a large offering of slipes, which were in good demand, especially in the case of longer halfbred and fine crossbred lambs, which were often bought for combing on the Continent. Prices for these types advanced by 5 per cent., the best being 77d, while shorter wools of less attractive style were firm. In summing up, the committee of London wool brokers reports that it has become increasingly clear that some Continental countries, among which France is the most important, hold even a lower margin of stocks than the home trade. Now that the selling season in New Zealand is ending, these countries are turning more than ever to the spot market in order to meet their requirements, and since more than six months must pass before the next main selling season begins, the outlook for future sales is very promising.