Wool May Be Dearer In Bradford Market

Wanganui Chronicle, 2 November 1948, Page 5

Wool May Be Dearer In Bradford Market

(N.Z.P.A—Special Correspondent.) LONDON, Nov. 1 (Recd. 8 pm).— The Eradford market is responding slowly to reports of dearer wool in both Dominion and spot markets, states the International Wool Secretariat Special News Service. Average style Merino combing wool in Australia last week was at least 3d per clean pound dearer than the previous week, better style wools in Geelong being up more than that, and firmer reports also come from South Africa. The Liverpool sales opened with most wools fully 5 per cent, dearei than at the close of the London September sales, which makes spot wool relati\«?ly dearer than comparable types in the Dominions, and the keen spot demand is shares by a wide range of Home and Continental buyers. Wool in Liverpool is costing the equivalent of about 108 d for 64 s a tops, 105 d for 64’s B and 94d to 95d for 60’s super tops. British spinners and manufacturers will not yet pay these, but substantial business in Merino tops was placed last week in the Eradford top market at prices better than the lowest lately available. Firmer wool has convinced users of the need to buy, and some of the largest firms placed useful weights of tops under contract. Prices are below current wool costs but consuming interest has been reawakened. Some large topmakers have temporarily withdrawn their quotations, having sold as much as they can at the lately ruling lower prices. Firms open to do business are asking more money, though quotations still lag behind wool costs.

Approximate current quotations are 92d for 60’s super, about 99d for 64’s B, and 104 d to 1054 tor 64’s A.

Really big business is still lacking, but the market shows some response to firmer wool. All crossbreds are firm"at late rates, but these are less than current spot wool costs.

Discussions are proceeding between the authorities and the wool industry here on the possibility of granting greater freedom to United Kingdom wool top exports, which are present may be made only to hard currency countries. The trade urges that greater top export freedom would be an added incentive to production and enable United Kingdom importers to give greater support to Dominion wool markets.