NEW ZEALAND WOOL.

Press, Volume LXVI, Issue 13904, 1 December 1910, Page 5

NEW ZEALAND WOOL.

* THE FIFTH SERIES OF LONDON SALES. A DISAPPOINTING TIME FOR GROWERS. (srECIAXLT WRITTEN TOR i: THE PRESS.") BRADFORD, October 21. I feci exceedingly sorry that circumstances compel mc to writ* on this occasion very much contrary to my general disposition, for it is indeed anything but pleasant to have to report disappointment connected with the sale of New Zealand produce at the London auctions. It really is a case of once more the unexpected happening, but I do not think London should be blamed in the least. Other outside factors seemingly have been at work, especially in Australia, which re-acted upon Coleman street in a very significant way, and but for the decided weakness at Adelaide, Melbourne, and Sydney, crossbred wools at the fifth series of London sales would never have declined as the end drew near. It will be remembered that all through this year, at least since last January, crossbred wool has experienced a somewhat uphill fight, due in a large measure to the slackness on the part of America, together with some sagging markets in Bradford. This may seem strange to tho general reader in view ot tho excellent manufacturing conditions which have obtained throughout the' West Riding of Yorkshire, but the boom lately has been in merinos, crossbred .spinners, while brisk, not enjoying the same excellent timo as those handling GO's and over. I said last February, when I saw America backing down, that there was trouble ahead, and thoso who bought woo] in New Zealand last season have known that to their sorrow. It will be remembered that during August very satisfactory conditions sprang up on Bradford Exchange, everything indicating a better time ahead. Prices for coarse and medium crossbred tops generally appreciated a penny per lb, this leading to very sanguine expectations respecting the Sep-tember-October series. At the opening, an advance of _d to Id per lb was seen both in medium and coarse qualities, the improvement being most perceptible in the latter. Everything went well until the end of the' first week, when a sudden change came over tho market, which led to a sharp set-back in values. What was the cause of it? That very week saw the opening of the weekly sales in Sydney, Adelaide also beginning two days after London. From both centres "came tho news of a 10 per cent, decline in merinos, the result being that confidence was shaken, and instantly buyers had instructions to lower their limits. What else could they do, when they knew that wool was distinctly cheaper in Australia than in Coleman street. I am confident that London would have continued intact to the very finish if the weakness had not been advised from the colonies, and values were bound to relapse in face of thia intelligence. Then, again, tho quantity from New Zealand was above an average for a September series. Altogether 73,000 bales were available, the supply being sensibly augmented by a good few thousand balea sent on from Yorkshire for re-sale. These woois were what had been bought in New Zealland by Bradford importers, re-cased, and got ready for export across the Atlantic. Month after month these firms have waited for American buyers to turn up, as thoy havo done in former years, but unfortunately they have not done so, and with the outlook on American 'account being so poor, the owners resolved to try and realise the same in Coleman street. This "Yds a feature which nobody liked, and helped somewhat to shake confidence. Tho bulk of the wools were not sold. Tho first week of the series, values remained practically intact, but the second week saw a radical change take place, 3900 bales being taken in on the Monday night. This at once made everybody prick their ears, and tho wet blanket continued to the end of the series. Tho result was that the whole of the first week's improvement was lost, and at the finish prices were still about on a level with July. Slipes were plentiful, and they sold very well, except sheep sorts, these being a good _d cheaper. Some 8300 bales of New Zealand wools have been carried forward to the November series, and these will be easily disposed of. CROSSBREDS STEADY. The position of crossbreds does not shpw much alteration. Consumption is very well maintained; in fact, spinners aro as hard pressed for delivery as ever, and thoy seem unable to cope with the demands which are being put upon them. That really is the secret ot the present standing of the raw material, and so long as they continue to bo run as they are, prices cannot possibly decline further. Whether or no our large importers of crossbreds will manipulate; markets remains to be seen, but at present supplies are steady, and fairly firm. It is possible to buy an average 40's prepared top as low as 14;Jd, one fairly big importer offering to take that price to-day, but that is an exception, 14$ d and 14 _d being nearer the mark. There is yet no development in regard to selling forward, although one or two firms have accepted 14d for 40's prepared, and 15_d for 46's. The news to hand this week from Buenos Ayros shows that prices there aro sensibly above this market, and value will have to either come down, or else go up at this centre. Good 40's crossbred wool is quoted at 13_d c.i.f., Liverpool, which means at least lo.d in the top in Bradford, but such a price is altogether out of the question. A little more is reported as having been done in 46's carded, but cO's to oti's somewhat drag_ and this is rather surprising. At the yarn end of the trade, quotations are very steady, and spinners, being so well covered, are not even quoting less for next year. They seem content to go on as they are, statins candidly that when they can buy tops at Jo'wer figures, then, and only then, will they be prepared to accept lower prices. Without a shadow of a doubt the yarn spinners of the West Riding hold the key to the present wool situation, and they certainly have hnd a very prosperous time during this year. The feeling in regard to the future of crossbreds is a trifle more hopeful than even a fortnight ago. and tho opening of the sales in New Zealand is being awaited with considerable interest.