LONDON WOOL SALES. COMPARISON IN VALUES.

Otago Witness, Issue 2722, 16 May 1906, Page 7

LONDON WOOL SALES.

COMPARISON IN VALUES.

(Fhom Odr Special Cobrespoxdext.)

BRADFORD, March 30. A SPLENDID FINISH.

The March series foi the present year form, I believe, a record for tho present generation of wooluien, no single member of the trade that 1 can hear tell of being able to remember such a radical advance as has taken place this year. Looked at from any standpoint, it is really wonderful, and tho more the actual situation is analysed ihe more astounding the actual factd become. Right up tv die very finish buyers continued to compete with great freedom; compel uion was of the highest order, and instead of the'-e being any hesitation, users called for more. These colonial growers who have been fortunate enough to strike tho recent series must have Jono extremely well, and not a few must, now be sorry that they did not realise in London. The highest prices have been made for crossbreds. three out of every foui bale*, now selling well over Is per Jb, the majority realising for tho best parts of the fleece 13d to 16d. One Bradford importer who bought pretty heavily in New Zealand is commonly reported as making between £4 and £5 y<?r bale profit — not a bad thing. It certainly is a time for great rejoicing from tho growers' standpoint, but users are feeling rather keenly the extreme tension of tl"e market. Personally, 1 cannot see how current prices can give way, for everything is fast disappearing and going into consumption. Upon this bed-rock foundation the whole fabric rests, current prices being solely determined by the great call there is for alt classes of raw material. It is well worth repeating, as I havo frequently said, that mon have under-estimated the increased consumption that is proceeding, machinery being well able to absorb the whole weight of increased supplies. The March series has demonstrated more fclian anything flse the excellent trade conditions which obtain among manufacturers, and there is every probability of the May series coining round to find the trade in as responsive a mood as *it recently has been. The present may bo looked upon as unique from every standpoint, Mar^h never before finding prices on so hic?h a level as they are to-clav, while rrossbreds are dearer than for the past 25 years. Even in the boom year of 1899 values were nothing like what they aro to-day. a sood super bOs top being worth in March of that v-ear 23d, whereas to-day tho price i* 28d ; 40's boinsr -worth 12d, against today's price of 17^d.

The best evidence of improving markets are the higher rates which site being made, and, compared with the closing rato« of +! o pievious seriee, the following table shows the changes made: — Australasian Wools. Merino pease — wiper <!<! to Id dearer good average ... Id <• „ faulty Id „ „ „ infer, pcs <ft Iks... Id „ I „ „ liiuh-, snper ... Id „ „ „ „ medium ... Id to lid „ „ „ „ inferior ... Jd'o Id „ „ scoured super Id „ „ „ gor.d average ... IJir „ „ „ inferior ]Jd „ ! „ „ fauHypcsA Icks Id to Ud „ Crossbred crease, ftn« Id to lid „ „ „ uieiium ... lid „ „ „ roarre IJ<l „ „ faulty pcs & Iks Id „ i " „ lamb,' H<\ „ scoured fine Id „ „ „ coarse IJd „ „ sliped fine Id „ „ „ coarse IJd •> South African Wools. Grease Combing . Id »• „ bhort clothing Id to M „ Fleece-washed Jd to Id „ Snow-white super li'j „ „ medium 'H • < „ faulty Id In speaking of the outlook Me=srs H. Dawson and Co. say that "the series just clceed has been ma iked by a more eager demand and higher rates than had been anticipated. Few. if any, had credited the situation with such strength and such possibilities. "The industry has again to face a further decisive advance in. values. Merinos are rapidly nearing the 1899 level, while crossbreds are probably higher than ever known by the present generation of buyers. Whatever result these higher prices may have ou trade — and the natural effect of enhanced values to check business must not be overlooked — it is satisfactory to know that, up to now the primary cause of the appreciation ia found in the increased consumption and in legitimate de~nand. Naturally, everybody thinks of the hvge colonial ; purchases made for direct forwarding, which cannot yet have been consumed. Theee aie, however, being quickly absorbed, i and the large orders which German and Yorkshire spinners have taken for forward deliveries mean that the imports are mostly earmarked for the contracts taken. France alone ie perhaps possessed of any material surDlusase of stocks in merinos.

"In crc^sbreds there has been a remarkable revival of demand in all the centres, and the situation appears still stronger than at the opening of the series. Tho nature and extent of the support from tLe United Sftates was problematical until a,fe.w.~ days ago, -but the latest cablo^dvices indicate that an active demand is likely to be • felt during the present season for medium and fine crossbreds. • If this is Verified the position in crossbreds is secured, as" there is a decided revival of inquiry in the home and Continental markets. "The level of prices i 3 a high one, and' there is alway3 danger attached to high values. Excepting this consideration, it 'is difficult to find anything in the situation which is not of a distinctly encouraging character. Of course, it must be expected that quieter periods will follow without the rush of business experienced latterly. "Reports from Queensland and New South Wales convey information of unusually heavy rainfalls, practically assuring a splendid clip for next seaaon." Tho total deliveries to the trade, including transit wools and direct imports. -~~- pare as follows: —

The deliveries show already a total increase of 184,000 bales— viz., 168,000 balei Australasian and 16,000 bales Caße.

Sold by Messrs Buxton, Ronald, aud CoMarch 21.— Otaio: Greasy--16 bales A halfbred W 16d, 25 B do 16J<I, 25 do 16d, 16 C do 16<1, 11 A three-quarterbred H 15£ d. 37 do W lGd 10 do E told, 19 B do W 15d, .14 A seven-eighths bred H 15d, 26 do E lod, 16 do crossbred 14S, 32 A do E 14d, 20" do 12Jd*. 2 Leicester lljd, 11 halfbred- bellies 12Jd, 3 three-quarterbred do 11 id, 7 crossbred do E lid. These lacked nothing, and buyers, too, appreciated' everything. It was in excellent order, and sold like fury. JH over Raukawa-: Greasy— Bß A halfbred 16Jd, 4B do 15Jd, 18 do 16d.- 3 do lid, 74 A three-quarterbred 16d, 17 B do 153, 5 A crossbred" 13Jd, 8 first halfbred pieces 14Jd, 4 crossbred do 13Jd, 17 dc 12d, 10 do bellies Hid, 18 first do lambs 14d. 8 second do 12Ad. Capital wools, compelling competition. They lacked nothing, and buyers appreciated the opportunity to purchase them. Sold by Messrs Jacomb, Son, and C 0.,, March 22.— Three logs Grease — 33 bales first combing 13Jd, 21 second do 13d, 8 first clothing 12Jd, 9 first pieces lljd, 21 do halfbred 15Jd, 13 second do 14id, 10 first three-quarterbred lGid, 34 do lojd, 8~ second do 14Jd. 9 second do 14d. 9 first crossbred 14.\d. 28 do 15d, 13 second do 13? d, 4 do 12Jd, 3 first halfbred pieces 13Jd. 17 do" three-quarterbred do 13d. These wer* good wools, al! sections competing for them. Sold by Messrs Charles Balme and Co., same day AHR over Tunanui . Grease — 14 bales A crossbred combing 15d, 17 B do 14d, 1 D do 13d. 3 AA do Mid, 30 A do 15Jd, 54 B io Hid, 20 C &o 13d, 27 M do- 12Jd, 4 R do 12id. 13 Ado lambs 13 Jd, 8B do 13|<5, 9 second do lUd, 13 first do pieces lid, 4 second do lOd, 12 do bellies lid, 4 do locks 6Jd. First class in style and condition, th« wools being well suited to meet to-day's requirements J. Hall : Grease — 25 super half-hrt-d combing 17d, 1C do 15Jd, 35 first do 16£ct, 17 do 15d, 26 second do 16d. 10 first crossbreo do l£sd, 21 'lo lod, 7 do 14£ d, second do 15Jd. 16 Jo Ud, 6 first halfbred pieces 15d, 8 seconq

So 14d, 6 do 13d, 2 first crossbred do 13Jd, 9 eecond do 12Jd, 4 do lid, 10 haJfbred bellies I2|d, 4 crossbred do lid. I think this was the highest price made this series, and takes the "blue ribbon." J. & D. : Grease — 3 £«per A. combing lid, 26 do 10a, 5 C do lOd, 47 Buper halfbred do 14d, 107 do 13£ d, 14 do 13d, 11 second do 12Jd, 19 do 12d, 15 crossbred do Md, 73 do 13Sd, 83 do 12£ d, 28- second do Hid, % halfbred pieces lOd, 8 do bellies 9£d. Good ger.eral-purpo&e wools throughout. Diamond ever EE: Grease — 1 first combing 13|d,.4.d0 133, 3 do 12d, 4 R=da flld) *17 quarterbred flo 151 d, 25 do 14Jd, 58 first fcalfbred do 16d, 19 do 15d, 77 second do 15d, 15 do Hd, 6 do I3*d, 4 R do 13d, 32 first three-quarterbred combing 15d. 29 do 15§d, 58 do 14£ d, 49 do I4d, 39 secon-1 do 13Jd, 10 do 13d, 43 do 12£ d, % do I2d, 19 first seven-eighths bred do 14d, *2 do 13d. 4 second do 131 d, 22 do 12Jd, 4 Lincoln 13d, 4 do 12|d, 13 Hi do 12d, 9 first halfbred pieces 12Jd, 7 do three-quarterbred do Hid, 9 do HJd, 5 balfbred bellies 12d, 6 Ihree-quarterbrecl do lOJd. These were all >ight, the wools being exceedingly well grown, and sold like fury. Tukituki: Grease — 7 first *Trossbred combing 16d, 21 B do 15Jd, 31 C to 14£ d 9 A second do 14d, 19 B do 13d, 25 BB do 13d, 9 B do 13d, 19 do 12Jd, 32 do pieces 12d, 30 do lOJd. A perfect lot of crossbred wool, and highly creditable to the owners. Sold by Messrs Buxton, Ronald, and Co., )larch 24. — Diamond over Centrewood: Greasy i— 6 bales A. lxalfbxea X3id, 6 do 1-4*<J, XO do IBjd, 10 do 14d, 7 do 13§d, 8 three-quarterbred I3|d, 6 AA crossbred 13d, 19 do withdrawn, 12 I3id. 29 JBB do 12£ a, 5 do 12d, 10 do pieces 9d7/ These were very -decent, but more Short' and* wasty than* the clip.- £till ihey sold freely enough. ( A VERY FIRM MARKET.

The market in Bradford- continues to wear an exceedingly firm aspect, and the tone is very good indeed." It cannot be said - that London -is altogether reflected, prices actually realised not being equivalent to- Coleman street . parity. There is no doubt less doing than there was, but it is not to be expected after the business of the past month to find users as keen as they were. It simply amounts to this, that fresh transactions are not taking place bo freely, and I don't think, that tpproakers are 50 very keen about selling much more than they have done. Consumption is telling its tale, and all arrivals »re being readily absorbed. Many topnakers have sold forward for four months, and deliveries will have to be made on a rather extensive scale. This simply means that wool will be required for many months to , come ; .■ hence the future is practically, aeeured. London compelled all sellers to put Tip their quotations on an equivalent with the cost of raw wool, but these prices cannot yet be made. I can buy to-day a good standard super 60' s top at 2s 3£«, and a 40's at rrjd, though topmakers are asking a halfpenny more. If the market experiences another wave of buying, there •is no doubt that values will .be lifted tiigher, but it is very questionable if it is .policy to further push things up. The ultimate fabric buyer is already assuming a very angry attitude, and they are uot running to place orders like they were. Perhaps with . time they will digest the new factors which are operating, and see that to-day's rates are resting entirely on a consumptive basis. Wool everywhere is wanted, and this is highly gratifying to •the holder of the raw material, who seems determined to make the best of his golden opportunity. Same spinners have not jot covered all their requirements, but it seems as if circumstances will compel them to do bo at no distant date. Stronger faith is expressed in merinos than coarse crossbreds, *nd no doubt the latter are at a somewhat dangerous level. Direct importers are doing uncommonly well, and some are selling their wool in preference to combing. All English wools have naturally felt the •benefit -of the increased demand for colonial crossbreds, and prices are now remarkably high. Good bright lustre wools are very 'ecarce, and these are feeling the benefit of the increased call for mohair. This article is now enjoying considerable act'vity, an f l a big turnover has been effected. Some large export yarn orders have teen placed, and prices are better.

[ome consumption Continental consnmptiop .merican consumptior . Bales 351,000 704.00 C 50,000 19Jj. Bales. 322,00 ft 537,000 62,000 1,105,000 921.000