ENGLISH WOOL LETTER.

Press, Volume L, Issue 14909, 6 March 1914, Page 3

ENGLISH WOOL LETTER.

CROSSBREDS SELLING BETTER

(S-ECIA-LY mil-TEN* FOTt "'TJ-5 PRESS.") LONDON, January 23.

I have to chronicle another good week's business in Coleman street, and as I write this the curtain is about to fall upon the first series of sales. Tho past week has shown a full maintenance of the improved tone and better prices which obtained towards the end of the previous week, each day's sale since writing last having been marked by excellent competition, although no higher prices can bo chronicled. In these days, when there is so much bearish talk, and so much to make one feel that distributing and consuming centres aro much out of joint, it is some satisfaction to know that wool has remained firm and intact in Coleman street, tho auctions finishing with prices at the highest point, particularly merinos. I might cay in passing that the finish is totally different from what wo saw in December. Then almost everything fell to pieces, buyers often making bids a full penny below the actual market value of the raw material. This procedure has been reversed a hundred times during the past ten days 4 and for all crossbred lots that were then withdrawn Jd to Id more has been usually paid, buyers being glad to get the wools at the price. That just about shows the actual state of the market, and although the majority put down the improvement in crossbreds as being due solely to a very short supply, there have existed wants that had to be covered, and all the last New Zealand clip has now been shifted into tho hands of consumers ready for tha arrival of the new wools. As one surveys the week's business, one is compelled to note that there has not been a single slack night, every day's catalogues being cleared in a remarkable way. On no single day havo the withdrawals amounted to 5 per cent., a clear proof of the improvement which has come over the market. Ono of the most satisfactory features of the auctions has been tne good, all-round competition, although there have been times when wo should have welcomed more on the part of France. Still, the series are finishing with prices at the top notch, and buyers are leaving for home feeling that after all wool remains top dog. MERINOS SELLING BETTER. One of the most pleasing features of the recent auctions has been the increased call for merinos, both competition and price exceeding general expectations. There is no disguising the fact that the opening was a little disappointing, and it was quite evident the first nignt of tho series that not a few had got the "cold shivers." One loading American buyer made the statement that so far as they were concerned, they had still "cold feet," and although they were going to purchase some reasonable amounts of wool, anybody expecting big things would be disappointed. The amount of wool purchased during the past fortnight on American account confirms this statement, and although as I write this the actual figures are not published, I do not expect United States purchases to exceed 4000 bales. Selling brokers assert that there is to-day great difficulty in ascertaining what America, is now actually buying, and all Tne buying brokers are being asked to make a candid statement of the amount of wool destined for Atlantic ports. Still. United States purchases are of themselves a little disappointing from a quantity standpoint. At the same time, she has extended her purchases, and bought this series merinos, both greasy and scoured, Capes, greasy,and scoured crossbreds, slipes, and, above all Punt a Arenas wools. This means that they are going back with a very nice assortment of wools to show to their various clients, and we believe this is the forerunner of distinctly larger purchases at the next auctions. Bnt to return to merinos. I cannot report any further advance in values, but the improvement has been well maintained. Many importers will have it that average, good, and s"P merinos are no more than 2* to cent dearer, but on the whole they more often than not show the latter improvement. I cannot see the heavy, wasty wools much more than par, particularly Swan River grease and heavy faulty wools from South Australia and New South Wales. At the same time, very good figures have been paid, which certainly show a sensible improvement on last sales* closing rates. Many clips have had a second and third portion catalogued, which show up distinctly more favourably than the prices made in December, . clear proof that the market is better. Various views are expressed over seoureds. but here, too, better orices have been made than towards the close of December. As a matter of fact, pood wools have sold the best all through the auctions, and at the close they may be called, on an avernce, _d better for creasy, and .d to Id for seoureds. In other words, merinos have practically pot back to the standard of values «een during the first three days of the November-December series. PROOF THAT CROSSBREDS ARE DEARER. Crossbreds, no doubt, have benefited considerably on account of the short supply. The market has been active enough, and competition excellent, but I feel confident that had there been the usual 30.000 to 40,000 bales of "new clip" New Zealand crossbreds to hand, as we usually see at a January series of sales, prices would have shown no improvement. However, good halfbreds as well as medium crossbreds have often moved up Id per lb. and even coarse crossbreds have frequently appreciated _d. I cannot see slipes making any more money, and scoured crossbreds are no more than firm. I give below a few examples of lots of New Zealand crossbreds that were withdrawn from the December series, and the reader will see below the improvement made when the same lots have been CDtnlos-ued this week in Coleman street: — Price bid. Sold. Dec. Jan. Description. Series. Series. Greasy. Mark. Bales, d. d. Super 3-bred, H JHK'Wine Cup 43 11. 12 Super j-bred H JHK/Wine Cup 42 11. 12 Super 3-bred, JHK/ Wine Cup 36 11 12 Super 3-bred, JHK/ Wine Cup 36 11 12 Super 1-bred, OT/Moa Flat ... 14 121 13. _-bred combing, N. Abbotsford ... 7 12 12. J-bred combing, A Abbotsford ... 4 11 122 lst-bred combing, Dclmain ... 10 ,11. 12. lst-bred combing, Greenvale ... 12 11. 12. l-bred. Ball in Tri/ RW 6 10. 12 A fine x-bred hoggets, 18/ Redan 4 11 11.