LONDON WOOL SALES

Otago Daily Times, Issue 27568, 9 December 1950, Page 5

LONDON WOOL SALES

Competition At Strongest Point DOMINION WELL REPRESENTED NZPA Special Correspondent Rec. 8 p.m. LONDON, Dec. 8. The Committee of London Wool Brokers reports that competition was at its strongest point of the series when the London wool sales were resumed today, and the offering of 15.093 bales, which included 4836 bales from New Zealand, was fully cleared. All grades were in particularly strong demand, and the market was probably influenced by the fact that auctions this week present the trade with the last opportunity for acquiring spot supplies until the next sales in London open near the end of January. The home trade was again the principal buyer, especially of crossbreds, in spite of the fact .that they have bought relatively small quantities at the sales in New Zealand. Strong support was forthcoming from the Continent, especially France, Belgium and Germany, while there were strong rumours that a considerable amount of the best Australian merino wool on offer was taken for Eastern Europe. Greasy crossbreds throughout the whole range of qualities from 46's to 58’s were 2£ per cent, dearer than at the end of last ‘week, and some early-shorn clips from both the North and South Islands sold exceedingly well. Among the best prices were 124 d for 11 bales of fleece of 50’s quality of excellent style from a well-known Rangitikei station, and 125£d for fine crossbreds branded*Cß from Invercargill. All skirtings realised high prices, and once again greasy crutchings encountered most intense demand, a lot of five bales from Gisborne selling at 963 d. while no less than 106fd was paid for seven bales from Wellington. Today’s rates confirm that there is a net premium for crossbreds on this market of no less than 6d per lb in the grease, and manufacturers are clearly anxious to obtain these first offerings of the New Zealand clip to reach Europe. The demand for scoured crossbreds was equally strong, and fleece wools were 2J per cent, dearer than last week, while shorter types used in the woollen trade were a full 5 per cent, dearer. Several lots of the former sold at around 155 d, while pieces fetched up to 146 d and crutchings to 142 d. Most of the offering in this section was from the North Island, and the prices realised emphasise the advantage to growers of scouring such wools as have been discoloured as the result of recent prolonged rains. Slipes were again sought after by all sections >of the trade, while prices for crossbred lambs were firm. Those for all other grades gained 5 to 71 per cent, over last week’s rates. The offering was not of such good style as last week and consisted mostly of wool suitable for the woollen trade, which has recently enjoyed a considerable boom in commercial sales as well as in obtaining important contracts on Government account.