WOOL MARKET

Wanganui Chronicle, 8 June 1948, Page 5

WOOL MARKET

LONDON SALES ENDING ON FIRM NOTE BUT DISPARITY BETWEEN PRICES AT AUCTION AND FOR TOPS. Recd. 8.10 p.m. London, June 7. "With Dominion wool markets firmer again and the London wool sales concluding this week-end at the highest point of the series, the Bradford top market is dearer once more, and an increasing number of firms find themselves unable to quote,” states the International Wool Secretariat special news service. "There is relatively a considerable gap between the cost of Merino combing wool at auction and the prices asked for corresponding tops. As fast as the latter have moved forward in receat weeks they fail to keep pace with wool. If Bradford tops were quoted today strictly in line with current wool costs, the former would be several pence per pound more than is generally quoted.

“In the spot market—as in the Dominions—Russia, Poland and other east European countries are buying at prices which other countries find it difficult to equal, but both Bradford and France are very active in London this week, and are buying Merino combing wools at much the highest prices seen this season.

Both Australian and South African Merino combings with any pretensions to style and quality are eagerly sought, and there is no doubt that delayed Australian arrival* —resulting from labour troubles at Commonwealth ports—are one reason why competition for spot wool Is so keen. It is doubtful if Yorkshire has ever been so lightly stocked in good combing wools at this stage of the year, when warehouses should be well filled to bridge the period before new clip wools can begin to arrive. Yorkshire has bought more Merino wool this season than for many years past, but emphasis is still on Merino wool, and a surprising feature is that the big rise so far seen in these sorts has not yet diverted more demand to crossbred qualities. Yorkshire still has substantia! Merino wool requirements to fill and commercial information here encourages a belief that the United States may shortly find it necssary to display more interest in imported Merino wool for purposes for her defence programme.

It is difficult to quote the Bradford top market in clearly defined prices this week, as individual quotations vary according to whether the firms hold cheaper bought wool from which they can offer to sell tops. Generally, top quotations are unchanged compared with last week.