LONDON WOOL SALES.

Press, Volume LVIII, Issue 17433, 19 April 1922, Page 8

LONDON WOOL SALES.

SLIGHT IMPBOVEMENT AND ACTIVE BIDDING.

L (FROM OUR OWN CORRESPONDENT.) j LONDON, March 9. Another series of London wool sales » opened this week. The end of the last 3 London sales on February 2nd found - prices distinctly easier than in the - middle of the series. Most of the rise P of 15 per cent. December was due to i Continental competition, which later s eased considerably. Bradford throughout had been unwilling to buy at the ' prices ruling, and there were lowor : values all round. The succeeding Liver- [ pool and Hull sales found the Continent j even quieter, and though Bradford i bought considerably, Liverpool values I generally were 5 to 1\ per cent, below i London, and Hull even more. Since ■ then a better tone seems to have conle * over tho 'market, and there are more " people wanting material.' The Antwerp 1 sale ten days ago was not as cheap as- " was expected,-and the sale of 5000 bales * of Government home-scoured damaged '' wools in Bradford in the same week * was decidedly strong, considering the ' character of the offerings. ' /•'Up to a few days ago-(writes the J special correspondent of the "Daily ! Telegraph") there was general talk of ' 64's wool being cheap enough this series \ in London to make good tops at 3s ' 9d. but there are too many people 1 needing material for prices soon to reach that level. One large firm alone is said to require 3000 or 4000 bales. 1 Although America bought very little at the last London sales, she paid big prices; and confined opei-ations almost entirely to _ superfine merinos. During ' most of this year America and Japan ' have been active buyers in Australia, ! and while Japanese competition in London is not exacted, it is known that 1 America is none too well stocked with ' merino wools, and that sooner or later considerable operations may be expected. It America seriously enters the London market during the present series, as seems probable, the decline in values will be distinctly less than was expected a week or two ago. Of the offerings of about 222,000 bales, probably 45,000 will be greasy merino combing, for which there is a good demand, owing chiefly to the very large hosiery consumption. The woollen trade does not seem to revive as quickly _as the worsted industry, but the business passing in cloths demanding merino lambs and low clothing crossbreds is enough to maintain-firm prices in these styles. In Government wools alone there will be 12.000 bales of Australian crossbred combing and 18.000 bales New Zealand in private sales. In these circumstances it will be surprising if crossbreds exceed last sale's rates though on the first day they sold distinctly better ■ than at . "~ ?be Government will continue its offerings of.greasy wools taken over from Cape farmers. ; • Crossbred in' Demand. ' On the opening day of the sale, prices were generally firmer than had been expected, and there were a few American orders, in addition toia good demand from home, spinners. The best wools were, par to 5 per cent, below the close of the last London sales, average sorts 5 to 7J per cent., and very faulty greasies 10 per cent. All sections—Continental, Home, and American—operated very ' cautiously, but there were very few withdrawals. Not many scoured merinos were offered,; but the good ones were 5 to 7J per cent, easier. Faiilties were firm. The hiarket.for free lambs' wool of all qualities was Very strong, and shows no decline. Very few sliped or scoured crossbreds were catalogued, But in greasy wools about 5 per cent, will cover *all ' the decline, except in come-backs, which are 10 .to 124 per cent, cheaper '■<■ ■ Yesterday,., the 1 second day of the sale, buyers were again m largetendance, and the good selections of merino and crossbred catalogued induced, active bidding from the Home and Continental sections at prices frequently showing 5 per cent, improvement especially for greasy crossbred S etie % , The l^ ge "PPfr of crossbred wool from New Zealand attracted much attention from Yorkshire and otter Home- consumers, the greasy ' qualifies, which were principally me- ' SwV™i]. oW s£ S^ 8 from oW to lMd; the best of the htlfbred ! elipe lambs realised I6d, and some choTa scoured combing merinos 4ld, with pieces from the same elm a t 38* d per ' pound The offerings included 6176 ' bales, from New v Zealand. '

NELSON APPLES IN LONDON.

(special to "the PRESS.") Th« w~, t - NELSON .April la Westmoreland's apples, the first sent from Nelson to London this season, were placed on tie market last week. Informationi has I een received by the Nelson branch of the-New Zealand Farmers' .Co-operative Association, which handled ihe Westmoreland's consignments,' that the apples realised as follows: Dun.n'B, 17s to 20s; Cox's Orange, 21s. 80s (brand unknown), 245, 275; Worcester Pearmains, 17s 6d, 225. The Nelson branch is advised that bitter pit m causing a difference, and eome allowances to buyers is possible.

NEW NICKEL SILVER

The discovery of the new metal describe* as a non-ferrous alloy, "virtu," the nearest approach to stainless nickel silver vet evolved has created a considerable situ- in the metalurgicul world in Britain. The town clerk of Sheffield" and other prominent people have received scores of aiMilications from potential buyers in all parts of the country. *■«*«> ui The new material dispenses with electroplating, does tarnish, and is considerably less Than, half the cost of stainless steel ware. " ere now proceeding in ithe steel worts whether the discovery can be applied for engineering ' purposes. Exhaustive tests have proved that the material can be cold rolled or cast. The inventors are hoping to prove that it can also be forged or hot.rolled like steel, in wWch case it could be applied to a hundred and one- uses in constructional trades, a s, for ;nstaoce, turbine blades, agricultural machinery parts, and motor-car fittings, which are particularly liab'e to corrosion through' exposure. " "

TRADE IN POULTRY WITH* HAWAII.

(special to "the press.") . • , , AVCKh£XD, April 18. A Merchant who recently returned from Honolulu states that there is every prospect for good trade for New Zealand poultryat Hawaii if the opportunity is taken. ■ He had tried to interest New Zeaknders. in the- matter, but. owing to the high prices obtainable, for eggs at the present time, and the correspondingly high price for chickwheat, there did not appear to be a suitable opportunity as yet for making the best of the proposal. Ho had, however, made enquiries in Victoria and had succeeded in. exporting a quantity of frozen poultry from Victoria, and it had brought good prices from the American residents and others, comparing very favourably with the high-clas3 birds from California. He had also exported turkeys, ducks, broilers and capons, and all had brought satisfactory prices. Large ouantities were consumed during the year at Hawaii owing to the hot climate, and particularly at holiday time. With the exception of the months of February and March, he believed- that & steady trade could be done.. There was also a good demand for eggs at Honolulu, -which brought' ar*y thing from 40 cents a dozen to 1 dollar 25 cents, according, to season.

LOAN OVEE-SUBSCEIBED.

(special to "the pbess.") ■■ ' . ■ DTJNEDHT, April 18. The Otago Harbour Board's loan of £153,600 ba* bees over-subscribed.