LONDON WOOL SALES.

Dominion, Volume 1, Issue 301, 14 September 1908, Page 10

LONDON WOOL SALES.

PRICES WEAKER. MARKET ANYTHING BUT CONFIDENT. (FKOII OUIt SrECIAL CORRESPONDENT.) London, July 31. The week's work in Coleman Street has again been characterised by considerable activity, though there lias been decided evidence that values are weaker. 1 never thought, that the buying strength of the first two weeks—good as it was—could maintain the keen pace to the finish, there being signs of weakness in crossbreds towards the end of last week. Monday's sale settled the point outright, withdrawals being heavy both in merinos and crossbred?. Alter a fortnight's hard work, many Yorkshire buyers went home for the week-end, consequently Inst Monday's sale was rather thinly attended. Everything, to my mind, went the turn cheaper, with the exception of a few special lots of grease merinos, Continental buyers still purchasing theso nt good figures. All through the series buyers have filled their orders with considerable freedom, but when the pressure was over tliey settled down to buy wool at more or less reasonable values. This was especially bo with the Americans, for directly the "one-man show" was over, medium crossbreds declined a full penny. It was practically the bidding of one buyer and his taking every lot of medium crossbreds that led other Americans to force his hand by "trotting" him, and directly his wants were supplied they lowered their values considerably. Throughout thß week tlis catalogues have been very big ones, somo good, straight lines being submitted. There bos also been offered a lot of odds and ends, speculators' lots, and these have not sold so freely as last week. Practically speaking, merinos have lost 5 per cent., with the exception of good average straight lots of combing grease, but faulty lots, whether grease or scoured, aro not now making any more than March parity. Crossbreds have continued to bulk heavily, and these too have experienced, perhaps, most of the reaction. Fine qualities have seldom made moro than full March parity, medium and coarse appreciating the most the first fortnight. All through the week mediums have been fetching a penny less for American sorts; while regular Bradford topmakers' wools lmvo sold at Jd. to id. less than last week. Withdrawals have been more numerous, though competition has continued good. IMPURITIES IN WOOL. At the end of last week tho full committee dealing with the vexed question of vegetable matter in wool met at Dalgety's unices, and, although not much practical business resulted, wo saw liow tilings actually stood. -Nothing ' really tangible can be now expected until 100 new bales, which are being tested ou Brie Brie and Caramut Stations, in Victoria, come to London filled with wool. Theso two new bales are simply a paper-lined one, and an ordinary jute one made by a London firm of spinners, which so far has mot with-the approval of the committee. What this body want to find is a jute bale with a perfectly clean inside, but so far not n deal of success has attended their efforts, 'l'he one at present being tested is certainly a very good one, but somo think it is too much like canvas, and'will not carry as it should do. The chairman favours a trial of juto bales' which have been singed, but I am afraid that the fibre will break loose when the wool comes to be packed and friction is again brought to bear on tho inside. - ■, A Melbourne woolman who attended expressed the candid opinion that a good deal of the mischief was causcd, not by the wool bale itself, but by the rough usage and the cutting open in the wool lofts in London. There is no doubt that the treatment there could be sensibly ameliorated. The more bales aro cut open tho moro the edges are liable, to fray. At the same time the committee pointed.out thattheir chief concern Has to find a bale with a perfectly smooth inside, so that tho myriads of loose bits of fibre could not rub off on to tho wool. Long bits of string can be seen and pickcd out by the sorter, and if these get into a blend, then it is absolute carelessness. In other words, if topmakers will only, be moro careful in sorting, and a smooth insido can be got, then it is certain that tho jute evil can be entirely abolished. The Melbourne gentleman present advocated the' adoption of wool being shown in London like it is in Australia. In London every bale of a lot is shown, whereas in Australia only a portion of a lot is exhibited. Then ho contended that if Goldsbrough, Mort and Co.'s latest method for fastening on the top of tho bale was adopted it would do. away with cutting altogether, but I hardly. think that the committee is as .jet prepared to go so far until it can find the.new jute bale that is wanted. LOWERING PRICES. London and Bradford will not tie up at all, and the situation in the premier consuming contro is depressing. These aro not exaggerated words, but a plain, unvarnished statement of actual facts. AH through the current series of sales Bradford has remained as callous and indifferent as possible, and the effect of the briskness of Coleman Street upon Worstedopolis is absolutely nil. All through the. serips. there has been increasing scepticism concerning the standing of' the raw material as revealed in London, users here determining not to take Coleman Street as any criterion in deciding their actions. There is no question of a doubt about every quality being worse .to-day than a fortnight ago, ana the reported weakness in London has had the effect of causing an all-round reduction of Jd. per lb. both in merinos and crossbreds. Tho 23Jd. which topmakers wero asking in self-defence for thensuper 60's has been reduced to 23d., and IOJd. will buy any quantity of good standard 40's tops. The missing link continued to be the pronounced slackness of trade, business everywhere being decidedly jiuiet. It is really surprising what a spirit of indifference prevails to 1 all.outsido factors, and the free American buying oi the past few weeks looks like fizzling out. Only a continuance of export demand can prevent things from becoming cheaper, and the immediate fuluro is being looked forward to with some misgiving. Tho only business passing is for very small quantities, no spinner buying any bulk whatever. Thero seems to be about this centre no encouraging feature whatever, trade everywhere being remarkably (juiet, and the short time worked by the men is increasing. Crossbreds seem to be in a ivorso position than merinos, even the briskness of the first fortnight in London bringing out no increase of yarn contracts. Reports from Germany aro still very unsatisfactory, there being offers made which, if accepted, would only mcun a decided loss to spinners. Thero is anything but a- confident feeling in the market, many fearing further weakness with the holidays approaching. In merinos there is a fair weight of yarns being spun, but stocks are accumulating, particularly in whites, and somo rocent contracts accepted show that spinning margins havo entirely gone. Mohair is marking time, although more speculative purchases have been made both at Constantinople and tho Cape at practically the lowest prices yet accepted. Yarn spinners complain bitterly at the absence of trade.