VERY FIRM TONE.

Star (Christchurch), Volume XLIV, Issue 366, 7 March 1932, Page 1

VERY FIRM TONE.

The London Wool Sales Reviewed. BETTER THAN WAS EXPECTED. United Press Assn.—By Electric Telegraph—Copyright. (Received March 7, 9.30 a.m.) LONDON, March 6. Mr W. Devereux, in his report to the Australian woolgrowers, says that the opening London sales were better than was anticipated. Some irregularity had been apparent, but the week’s sales finished with a very firm tone and with keen general competition for all classes, all the better Merinos selling well up to late closing rates. More discrimination as regards quality was being shown and fine crossbreds were also keenly’ sought, medium and coarse descriptions meeting with good competition at opening rates. The more cheerful and optimistic tone in British financial circles had developed, but had not 3’et been materially reflected in the wool markets. Political uncertainties, the exchange restrictions and the tendency to watch the course of the London market had restricted operations prior to the sales. The volume of transactions in tops last week was reduced with some easing in prices. Trade in Belgium and France was quiet and the futures markets in Antwerp and Roi*baix were quiet and quotations were practically unchanged.