LONDON WOOL SALES

Dominion, Volume 1, Issue 202, 20 May 1908, Page 10

LONDON WOOL SALES

FINISH OF A POOR SERIES. BETTER TONE AT THE CLOSE. (from our spkciai, correspondent.) London, April 3, 1508. Yesterday the March series of London wool sales came to a finish, buyers being glad to ,go home. During the past lveek a much better buying spirit developed, the closing week boing by far the best of the series. It is really surprising what can bo dono when the trade meets" with a little confidence, and- with selling brokers knocking off five days, several fresh faces put in an appearance last Monday. All through this week Coleman Street /Wool Exchange has presented an air of business, and, instead of half-filled benches, as was the case last week, the room has been well filled. Evidently ivith the serious fall in prices, many firms have thought it time to begin to buy, consequently operations have been conducted on a much more liberal scale. It might be interesting to readers to 'know what the. withdrawals have been for four successive nights, and the following just about shows what has been taking pldco. Last Friday 3000 bales were . taken in, Saturday 2800, Monday' 1800, and Tuesday 500 bales. This shows .conclusively that with more men in a frame for buying, withdrawals soon fall to normal dimensions,. and. both on "Wednesday and last night the improvement was well maintained. If . the .same conditions as seen this week had prevailed during the two previous weeks, then the March sories would not have been anything lilie so depressing as we have seen. . '

Crossbreds have'benefited the most by the improvement in the market, and both medium and coarse qualities .have sold at 3d. per lb. more than last week. Bradford buyers, who have, taken the bulk, have not sat listless and inoperative as they did, but the catalogues have been cleared, with much mere freedom. Even Germany has bought on a, very much larger scale, • and, generally speaking, the finish is much firmer and better than JJio opening. And there was much room for it. Consignments of wool which have been sent to London show heavy losses, and New- Zealand growers especially must,be sick at the prices, which their clips have made. This is the worst stroke of oad luck/ which has befallen the .pastoralists. of the world, as well as importers, since 1900, and losses up to £1 per bale are known as the result of buying abroad at high prices, and the owner having to realise in London this series. ! -

PROSPECTS FOR MAX SALES. . Merinos are, if , anything, in sellers' favour as the series finish. Very good clean scoureds have now and again fetched id. more than last week, but I fail to see the improvement' in merinos that there is in crossbreds. Of course, medium and coarse qualities were selling frequently at 2|d. to 3d. below the best January rates,'-and the id. recovery is but.'the natural outcome of more present, and a. feeling that prices cannot now fall much further. Good coarse crossbreds liavo only to fall a good. 1-Jd. per lb. to see them back at the low water' mark of November, 1901, and stocks are not 25 per cent, what they were at that time. Of course,' the turn of the tide camo with the South African War, but wool stocks nowhere are laigo or even normal; - consequently thore is about as much likelihood of to-day's rates being maintained in crossbreds as there is for a further fall. Selling brokers in London seem disposed to carry forward considerable quantities to July and September, and in that way help to maintain prices. ' !

The quantity available for tho series was 201,000 bales. Of these, the Home trade has absorbed 72,000 bales, the Continent .45,000, and America 4000,, leaving about 80,000 balesto bo carried'forward. This is rather a serious quantity, and'it is a question as to how. this woight of wool is going to affect consuming markets. My own view is that this visible sign of so much, wool in' stock is liko proclaiming from the house-tops that nobody need fear a shortage, and it is just a question if it will not further depress prices. ..It looks as if there 'will be for the May series some-' thing like . 250,000 bales available, but it is not to be supposed that selling brokers will bring all this wool into the catalogues. From what I am told; it is their intention to distribute this and other arrivals ovor the next three series, and so give tho trade time to digest and get over all tnese dear Colonial purchases. >All recognise that at present it is futile gorging the trade with large supplies, and if tho trade" is given time to turn -round,- then something better can be expected. Between now and the May series thero is room- for much to happen. AVhat nobody wants to see is failures, although this week in Bradford, ono well-known English dealer lias put himsfclf away by taking poison. Moro than anything else the consumptive ond of the trade' wants a breathing space,, and then there should bo some recovery. In America no improvement can bo expected for some time to come, until more is known as to who the next President' is going to be, but the fact of curtailing production shows that the best preparation possible is being made for the turn of the tide. In other departments of Amorica's commercial life there are unmistakable signs of recovery, and once let textile markets feel the impetus, and the recovery will be sharp and effective.

. A COMPARISON. ' When compared with the close of the January series, the following changes liavo taken place:— ' ; . d. d. Good greasy combing merinos ... 1 to 1J lower. Medium greasy combing merinos ' 11 „ Inferior greasy merinos 2 .„ Scoured faulty merinos 21 to 3 „ Greasy fine crossbrcd 1 „ .Greasy medium crossbred ... >... 2 „ Greasy coarse crossbred ... ... 2 to 2} „ Fine sliped crossbred 1 to 1£ „ Coarse slipe crossbred 2, to 2| „ Greasy Cape combing Ito 1J „. Scoured Cape ... 1 to lj- „ The above is the • worst "pill" that growers have had to swallow for the past seven years, and wool is now back to very reasonable' figures, especially crossbreds. What is' mostly wanted is a return of conlidonco accompanied with fresh orders, and then there would soon be a revival all round the markot. Last Wednesday the full Committee dealing with the big question of vegetable fibre in wool met in London, but I purpose dealing with this subject very full in my next week's letter. Tho changes suggested are only experimental ones, they will be very limited, and will not cover "more than 100 to 150 bales of next season's ■ Australian wool. This business is moving very slowly, and before anything further can be done thorough tests' will have' to be applied in Australia itself. DETAILED REPORTS, , '■ Sold by Messrs. Thomas and Cook, March 25:—H in flag, greasy, 57 Ist' crossbred, 5Jd.; 14 2nd do., 5Jd.; 6 do., 5Jd.; 36 Ist Lincoln, 5Jd.; 6 do. B do;, 5Jd.; 9 2nd do., 5d.; 13 Ist do.. pieces, l^d.; 13 do. medium, 5d.; 10 do. bellies, 4d.; 8 scoured do. locks. 7Jd. These prices are very little, and about half what, they would have fetched a year ago. Good 40's wool, rather heavy, and taken by Bradford. • ',' : Sold' by Messrs. Buxton, Ronald and Co., March 2G:—Humming Bee:' Greasy, 40 B crossbred, 9-1(1.; 21 do. do., 9d.; 25 do. do., B!jd.; 1G C do., 63<1.; 9 D do., 5Jd.; 9 E do., G|d.; 15 do. do., SJd.; 3 do. necks, Old.; 13 Ist do. picces, 5Jd.; 8 do. bellies, 4Sd.; 2 2nd do: pieces, 4Jd.; 15 Ist do. lambs, SJd. This is a wellknown clip of first-class character, very good growth, well classod, and in good average condition. Poukawa/C: Greasy, 29 halfbred, 13d.; 11 threo-quarterbred, Did.; 11 do., Bd.; 28 crossbred withdrawn; 25 Lincoln withdrawn; 7 halfbred pieces, Bd.; 2 do', do., withdrawn; 4 do. bellies, 5!d.; 3 do. pieces, withdrawn; ! 6 do. bellies,- withdrawn; 9 Lincoln pieces, 4}d.j 8 halfbred lambs, 71d.; 5 2nd do. do., GJd; 10 Ist crossbred do., 7}d.; 4 2nd do do., Gd.; 4 Ist Lincoln do., withdrawn. This is one of New Zealand's best clips, tlieWst lot going to America. Well grown, and first-class Vools. Triangle/CJN: Greasy, 21 B' crossbrcd, 7d. 58 C do., 6d.; 8 do., Sid.; 7 Ist. do. pieces, id.; G do. bellies, 4s<l.; 4 do. looks, 2Jd.; 11 2nd do. lambs, withdrawn. Good 40's to 46's quality, well grown, sound, shafty, and in good average condition. Sold by Messrs. Charles Balmo and Co., March 27:—Waihuka: Greasy, 3 .A crossbred combing, withdrawn; 18 do. do., 51d.; 5 B do. do., fijd.j 52 do. do., sjd.; 55 do. do., 51d.; 58 C do. do., 7id.; 5 D do. do., 5.U1.; 15 "do. do., 5d.; 13 M do do., fid.; 12 A do. la'mbs, withdrawn; 4 B do. do., did.; G do. pieces, withdrawn; 18 B do. do., withdrawn; 24 slipe do. combing, withdrawn. Hero we had somo nice lots, ranging from 3G's to 4G's quality, and tho pity is that higher prices wore not forthcoming. Tauros: Greasy, 11 AA crossbred combine 12d.; 2S A do. do., 9!d.; 23 B do. do., 7J a d. ■ 12 C do. do,, 7d.; 4 D do. do., 51d.; 22 Ist. do' pieces, withdrawn; 6 do. do., 43d.; 16 do. bellies, withdrawn; 7 do. locks, 6!d.j 4 Ist do. crutchings, 7Jd. A very good clip, 40's to 50's quality, the first lot, I thought, boing taken for America. Sound, well grown, nicely classed, and went mostly to Bradford.

Sold by Messrs. Buxton, Ronaldi&nd Co., March 30:—ESC: Greasy, 11! A crossbred, 10d.; 39 B do., SJd.; 3S do. do., 7!d.; G5 C do., 7-Jd.i fi F do., 63d.; 7 E do., Gd.;"27,D do., 53d.; 14 Ist do. pieces, 5d.; 3 2nd do. do., 4d.; 15 do. bellies, 4£d.; 20 Ist do. lambs, Sid.; 18 2nd do. do., 6d. A very good clip of well-grown, useful, stylish wool", and sold readily, though at poor prices. litu: 1 - Greasy, 76 "B crossbrcd, SUi.; 9 do. do., Bd.; 56 C do., Sd.; 67 do. do., 8!d.; 30 do. do., 7d.; 15 do. do., 7Ad.; 1-L do. do., 7id.; s|do. do., BJd.; 5 do. do", 6Jd.; 25 E.do., 63d.; 38 F do., 6\d.; 12 do. do., Gjd.; D do., GJd.; 14 Ist.-do. pieces, 5d.; 21 B do., sid. j 7 do. do., 4}d.; 20 Ist do. lambs, B}d.; 19 do. do., Bd.; 11 2nd do. do., 7d.; 18 3rd do. do., s|d. ; slipe, 14 Ist. crossbred lambs skin', BSd.; 5 2nd. do. do., 5Jd.; 4 pelts, G),d. This is a big, bulky, well-grown clip, which always sells well on 'Bradford account. It showed firstclass characteristics, and ought to have made more money. 1

MARKED WEAKNESS IN PRICES. Bradford throughout the past week has been utterly demoralised, and at times a very panicy feeling has prevailed.' Every quality has fallen considerably, no trade is doing, and everything is more or less nominal. The following tabl'o shows the course of prices during the past month :— Slav. 6.' Mar. 20. Apl. 3 Description. , d. d.' d. Lincoln hogs ... - 101- 10 9J Lincoln wethers 9$ 9i 9i Nortlv hogs ... 12 lli llj North wethers 10i . 10J 10 Yorkshire hogs lli 114 11 Yorkshire wethers 10i . ■ 10J 10 Halfbred hogs Hi lli H Halfbred wethers 10S 10| 10 Kent wethers 10i 10i 10 Eastern Counties Down tegs 12 llj lli Eastern Counties Down owes 11l lli 11 Irish hogs, super 12 < lli \ 11 Irish wethers, super ... 11J 11 10} Pick' Shropshire hogs ... 12i llf lli Pick Shropshire wethers ... '112 Hi lli Southdown tegs 14V' 14| 14j Southdown ewes 14 14 131Wiltshire' Down tegs ... 13Jr 13j 13 Wiltshire Down owes ... 13 13 12} Cheviot bogs, super... i.. 11 11 10$ Scotch- Blackfnced 7i 6£ 6 Turkey average mohair ... 17 17 17 Cape firsts mohair . ... 13 13 13 70's ■ Colonial tops ... ... 27 ! 25i 25 G4's Colonial tops 25i 25 24 60's Colonial tops, super ... 25 24 23 56's Colonial tops ... ... 214 20 19i 50's Colonial tops 17 lGi 1G 46's Colonial tops ' 13i 12i 11 40's Colonial .tops lli , 10.J '9i 36's Colonial tops ... /... 11 10. .9 / 32's Colonial tops 10J 10 9 40's English tops ... ... >13 12J 11J