LONDON WOOL SALES.

Dominion, Volume 1, Issue 293, 4 September 1908, Page 10

LONDON WOOL SALES.

•-* GOOD AMERICAN DEMAND AT HIGHER PRICES. ' SOME SPLENDID CATALOGUES: (PROM OUR SPECIAL CORRESPONDENT.) London, July 24, 1908. Another week lias passed witli no abatement in the better demand for wools which developed towards the end of last week, and tho series are making very good progress. On all hands the raw material is being called for, and anything of decent character and growth is selling well. It is surprising what demand there is for wool, considering the poor reports coming to hand, from consuming ccntres, and' insteadof the call slackening there is a keenness in the bids and a persistency on tho'part of buyers which .is very' significant. Neither is this' spirit of inquiry; confined to ono section, but all aliko aro following up their values with de-' termination to get wool if it comes at anything like a reasonable price. The home trade is,' no doubt, operating on tho largest -scale, but for all that' tho Continent is keon on all classes of merino, while America has set. a grand pace and outstripped everybody else in taking greasy medium crossbreds. This really is tho surprise of the series, but more on this subject later on. i Tho character of tho offerings has been good, each day's salo bringing out some splendid catalogues. No complaint whatever can bo offered on the score of poor wools being put up, it being a pleasure to see importers, growers' agehts, and financial institutions willing to moot fiio market. ■ The merinos ■ have been splendid, some of Australia's ; best clips being submitted. This no doubt has helped much to bring out the best buying power of the market, the call for good combing and clothing wool boing very good. America has not bought a great quantity of morinos,. purchasing crossbreds on a much more liberal scale. Tho Continent has been the most active in this particular, and but for the splendid support of Germany merinos would not havo sold as they have. Some Bradford topmakers havo been forced into tho market, and this has given much staying power to good combing wools. Lambs are scarce, and soiling very well, oftentimes being -Jd. to Id. more than in May. There is also a good call for faulty scoureds at about (d. over May. The .-ndttftico is certainly . most" on greasy medium merinos, the vory best only being par to Jd. dearer, while on wools worth last series round 9d. to lid. the rise is Jd. to id. .

THE' CROSSBRED OFFERINGS. The offerings of crossbreds has been both largo and good, and all qualities have sold splendidly. Here American competition has been felt in ,an altogether unexpected manner, growers, of course, benefiting. United States buyers have shown onco mora ono of their peculiarities, and concentrated a good deal of attention on medium crossbreds. Tho result is that good 44's to 48's wools, which were selling last series round 7d. to 7Jd., havo inado this week flsd. to 10d.; that is, whore the wools have been suitable for America.- It is otherwise whero the wools are not good enough for the United States. /Then prices drop down to tho level of Bradford, which,means not more than, a penny advance.. Neither fine nor coarse crossbreds are selling like medium wools, the advanco on 36's to 40V and 50's to 56's not being moro than Jd. Then tho sensible rise in medium is caused almost entirely by the action of one buyer, and directly he'gots filled up, there is certain to be a set back to tho more reasonable level which is being determined by the goneral buying of Yorkshire and tho Continent. Crossbreds aro therefore in better favour as a rule, and it is to be hoped they will continue to sell at the improved level of' tho past week. Another loading feature has been the cataloguing of many important Tasmanian clips, some of the'very best wools grown in the island being offered this week. Up to 16d. was paid last Tuesday, tho wools being of splendid character and growth. It is many years since we saw such a large supply in ono week, due mostly to these wools boing' withdrawn at Launceston aud Hobart, whero growers would not nccept the prices then bid.i The majority must have lost 2d. per .lb. by not selling at home when they had the chance. Some complaints wore heard at tho tendency several clips showed towards strong, starey, fluffy staple ends, the wools not being as carefully bred as they used to- bo. This is a serious complaint, and more is likely to be heard of' it. What does it mean? Have leading stud sheep breeders abandoned all regard for uniformity of quality, and gone in for producing sheep so wrinkly that the folds are going to show 20 per cent, reduction in. quality to other parts of the fleece? Several clips showed distinctly less character and breed, the wools being worse in many important particulars. Whatever the cause,' it is to be hoped that tho remedy will soon bo applied,' for deterioration liere is a very serious matter.

HOME MARKETS QUIET, BUT FIRM. Bradford has now had time to thoroughly digest the situation in London, and is fully alivo to what is proceeding tbere. Many topmakers and spinners have returned, and stato that there is no harmony between the two centres, thero being nothing in Worstedopolis to support the higher values in Coloman Street. The only practical outcome so- far has been tile raising by topmakers of their quotations, though some say that they can buy at what were asking prices on the ove of the sales. Users from this district are operating in London to cover past contracts move than anything else, and this is vory largely responsible for the upward move in Coleman Street. Thero is no bulk business doing, the turnover being strictly confined to a few insignificant sales which in the aggregate do not amount to much. Bradford users seo no justification for any advance, and are eontont to let things tako their own course, preferring to wait developments. There would be some incentive to operate if spinners could obtain yarn orders, but the offers from abroad are at such prices that they cannot be entertained unless a man is willing to faco a direct loss. Most topmakers aro to-day asking 23Jd. for super 60's, and a penny more for 61's, but vory few sales are taking place. Forties have boon dragged up to lid., though many state they could still buy at less if they would take, deliveries. However, there is no attempt at forcing- the pace, users being satisfied to let matter stake their own course. Yarn spinners admit to having plenty of orders on their books, but they cannot obtain delivery particulars, hence short, time is boing continued. There arc still shipments boing made lo America, mostly of English wools, and these in the classes' which they favour arc commanding a shade more money. A good many looms aro standing, anil several commission woolcombers are only running during the. (lav. Mohair remains r|iiiet. and unchanged. Even the low prices for the raw material are not bringing out much new business, though most spinners are running full time on old contracts. Business generally is disappointing, the turnover is limited to simply supplying pressing needs, and wore money is difficult to tuolu.