BRADFORD TOP MARKET

Otago Daily Times, Issue 27391, 17 May 1950, Page 9

BRADFORD TOP MARKET

Almost At Standstill

ADJUSTMENT TO NEW BASIS NZPA Special Correspondent Rec. 7 p.m. LONDON, May 15. With Australian merino combing wool commanding some of the highest prices ever recorded at Commonwealth auctions, including a further substantial advance this week, the Bradford top market has been brought almost to a standstill until traders can effect an adjustment to the new basis, states the International Wool Secretariat special news service. South African merinos are substantially in line with Australian sorts, and New Zealand medium crossbreds are already at the highest prices ever known. Most Yorkshire importers have bought much less than their desired quantities of wool in Australia this week, having been largely outbid by Continental and hard currency countries. Some buying brokers here have had to advance their quotations by as much as Gd per clean lb on certain days, and the rise in wool has completely outstripped the top market's ability to follow’ for the time being. Many large topmakers have withdrawn from the top market until a clearer assessment of the position is possible. Others quote protectively, but it is not easy to depict,the basis of the quotations, as few firm prices for merino tops. are offering. Average 64's tops quoted at 154 d per lb a week ago are nearer 165 d to 166 d today, and 64's, "A” quality are 170 d. or rather more according to style. Even these prices would be higher if quoted fully in line with current prices for Dominion w’ool. There is a tense atmosphere on the Bradford w’ool exchange, although everyone recognises the strong statistical position of wool. The misgivings are on the score of public resistance to comparable prices for manufactured goods, and although some time must elapse before these can be felt in the retail trade spinners and manufacturers show a reluctance to buy intermediate wool products at the prices now dictated by wool costs. Official figures show that the United Kingdom wool textile industry's consumption of reclaimed wool and non-wool fibres in March last was the largest since the war. Medium crossbred tops from New Zealand wool show a further advance this week, corresponding to the dearer wool at the Wanganui and Napier auctions, and 50's tops are now quoted around 73d.