SYDNEY WOOL PRICES

Poverty Bay Herald, Volume LX, Issue 18180, 30 August 1933, Page 7

SYDNEY WOOL PRICES

RISE MAINTAINED HARDENING TENDENCY GOOD CLEARANCES (Eloc. Tel. Copyright—United Press Assn.) SYDNEY, Aug. 29. At the wool sales 12,472 bales were offered, of which 12,204 were sold and 6036 bales were disposed of privately. Tho improved levels established on Monday were fully maintained to-day, and there was a hardening tendency for best fleece wools, with more general competition. Excellent clearances were made. Greasy merino sold to 21d. The average price for greasy yesterday was £ls 16s 6d a bale, or 11.8 d per lb.

LONDON OPINION OUTLOOK GOOD (Received August 30, noon.) LONDON, Aug. 29. Newspapers give prominence to the rise in wool prices, at, Sydney;. Commenting oil the)Sydney, .wool advance, the Yorkshire 'Post’ says that Bradford is in urgent need of good warp combings, of which the early offerings at Sydney were limited. More than one firm sent out buying limits ot 33d in tops and failed to obtain supplies. Others allowed unfettered buying for a limited number of bales. Whether Bedford will be able to support the current values after the urgent requirements have been met remains to be seen, though some would not be surprised to seo a cost basis of 3s for 64’s before the season is. much older.

The Financial News says “Such sharp rises are uncommon. How far Bradford buyers are, prepared to pay so much more for raw material remains to be seen, though those left should not complain that, they had no warning by the increased itrade in wool t extiles that heartened Yorkshire manufacturers. The rise should bring more consumers into the market, and the outlook for the London sales later should be good.” The ■ Morning Post says: —“News from Sydney points to a further advance. There is an active demand for winter suitings. The Yorkshire output. of tops and yarns recently has been readily absorbed on Home and foreign account and prices were higher at Bradford last week.”

WOOL WEEK CAMPAIGN FOREIGN NATIONS START MELBOURNE, Aug. 23. Indications that the, publicity given to Wool Week, an Australian movement, has caused oyerseas nations to plan similar movements, was given at a meeting of the Wool Week committee. The chairman, Mr.. E. Jowctt, said the three wool weeks held here had increased the consumption of wool by 50,000 bales. Recently a French wool buyer, representing an organisation with headquarters at Roubaix and Turcoing—perhaps the largest wool-buying concern in the world—called on him, and asked l'or information about Wool Week. The Frenchman explained that his firm was impressed with the possibilities of the idea, and hoped to use it in France. Australian press accounts of Wool Week had been read in France with the greatest interest. Requests for information had also been received from Great Britain with a view of stimulating the consumption of wool there, and it was possible a wool week would be arranged for one of the large wool manufacturing towns like Bradford, Leeds or Leicester. He received letters day after dav from persons interested in Wool Week, and the press was to be thanked for its magnificent help. In the course of the meeting reference was made to the increased popularity of the new woollen ties. It was stated that the leading public schools of Tasmania and the Tasmanian Education Department were keenly interested in woollen ties.

WOOL MARKET AID ; LARGER CONSUMPTION SMALLER SUPPLIES SYDNEY, August 9. Messrs. Winchcombe, Carson, Limited, report: “The degree to which the wool market has eased is au indication of the special fillip which inflation in the United States boosted prices. When the dollar was descending in value, those with funds in America were investing their money in goods in preference to leaving them in a depreciating currency. The dollar has of late improved in value and that extra buying has ceased. From a statistical point of view wool is just as strongly entrenched as it was in midJuly. A heavy consumption of merinos and tlje finer crossbreds proceeded last year. As employment has improved in Great Britain and Europe, the likelihood exists that goods will be more freely purchased during the ensuing 12 months. The easing in prices from the extreme level experienced, therefore, does not lead us to change our opinion that the new clip will realise appreciably imE roved average rates oh the general asis of results secured for the past season’s wool. POSITION IN AMERICA ' “If the efforts of the United States Government are successful in reviving industry in that country, a good regain in orders for the staple should be seen from that quarter. The American authorities are,, confident that they will succeed. That, however, remains to be seen. The clip in the States this season is estimated to be over 100,000 bales less than it was two years ago. From January to April last consumption of wool in America was 7 per cent, greater than in the similar months of 1932, and turnover in later months showed a further increase. During the past season* the American imports of wool were abnormally low. From September to the end of March only 99,700 bales were imported, the quantity being less than half the total a year before. Increased purchases in June and July would swell the total, but supplies of the staple in the States are below the usual level. If mill activity is maintained in volume approaching recent figures, greater -purchasing will be seen for that quarter. v A HOPEFUL SIGN “A hopeful sign in regard to trade generally is furnished by England’s exports of fabrics. Most of the European countries in May took larger quantities of woollens and a similar development was noticeable in sales to South America, Africa and New Zealand. That is an indication of improvement in purchasing power in oversea markets, and confirms the opinion expressed abroad that the long delayed recovery in foreign trade has at last commenced to develop. Despite failure to achieve definite revision of tariffs. and exchange hindrances at the London Economic Conference, it was agreed that general reduction is imperative. That attitude is a welcome change from . the self-contained policy which has beep noticeable for some years, and gives hope that action will be taken to free business from its curbing hindrances.

“There is no cause to expect a falling off in the requirements of any of Australia’s w’ool customers. Japan, Yorkshire, the Continent, and probably America are likely to buy extensively. The reduced supplies of raw material must have a strengthening effect on bidding unless some unexpected development occurs to check trade.”