WOOL RISES FIVE PER CENT

Timaru Herald, Volume CXXXVII, Issue 19640, 7 November 1933, Page 7

WOOL RISES FIVE PER CENT

FIRMER MARKETS IN SYDNEY JAPANESE PURCHASES IN SOUTH AMERICA United Press Association—By Electric Telegraph—Copyright (Received November 6, 10.0 p.m.) SYDNEY, November 6. At the wool sales to-day, 13,635 bales were offered, and 13,313 were sold, as well as 1,505 privately in a very animated market, with all the best features of the closing auctions last week, in evidence. Values showed a further advance of 5 per cent. Greasy merinos made 273 d per lb., which is a record this season, and was obtained for four bales from Blandford. RISING MARKET IN SOUTH AMERICA. BIG DEMAND BY JAPANESE.

United Press Association—By Electric Telegraph—Copyright (Received November 6, 10.25 p.m.) NEW YORK, November 5. The Buenos Aires correspondent of the “New York Times” states that the heavy increase of Japanese purchases of wool is noted here, and in the Uruguay, which is assumed to be a retaliation against Australia, due to Britain’s restricting Japan’s textiles imports. This buying has forced the prices of fine crossbreds up 40 per cent, above last year’s levels. Japanese buyers are taking almost exclusively fine crossbreds and are competing actively for the possession of each new offering in the local market. In some cases they are purchasing on the hoof, before the sheep are clipped. One purchase consists of 3,000,0001 b of wool, and other large ones have been recorded in the past fortnight. Japanese buying has forced the local mills to bid prices up. Fine wool is now priced at an equivalent to 25 cents to 30 cents per lb, ordinary quality fine wool at 18 cents to 21 cents, good quality medium crossbreds cents to 16 cents, coarse crossbreds 9 cents.