LONDON WOOL SALES.

Dominion, Volume 2, Issue 449, 6 March 1909, Page 3

LONDON WOOL SALES.

I ANOTHER UPWARD MOVE. (FEOM OUE SPECIAL CORRESrONDEIJT.) London, January 22j 190 D. After another brief recess hero we aro again toiling and moiling among the wool lofts of the Metropolis, nnd then sitting broiling in a hot sale rooai till 8 p.m. at night. It is no easy task spending a full fortnight in london, nnd unless a man's heart is in the job he had better stop at home. After over 20 years' experience one begins to think that use is second nature, and when all is said and done anything connected with wool suits the writer down to the ground. The beginning of any series of wool Eales seems, as it were, the opening of a new chapter, and this is all the more so when the present is the first 6eries of the new year. The usual contingent of buyers left the various manufacturing centres last Monday afternoon to be in readiness for the opening, and on Tuesday morning one met with familiar' face 3 from the Continent and America. A fairly confident note was expressed by one and all as we went round valuing, and while nobody talked very big, still most people looked for another upward move. Thi3, no doubt, was the direct outcome of what ia3 taken place during the interval, and now London is being looked to to second the profress chronicled in manufacturing districts both at Home and abroad. Perhaps I cannot do bettor as showing how things have advanced since the close of the last series than by setting forth the course of top prices during the vacation:— Dec. Dec. Jan. 12. 17 19. 70's colonial tops ... ... 25J 25* 25J M's colonial tops 24 231 241 60's colonial tops, super ... 23J 23 231 60's colonial tops, ordinary ... 22J 22 221 56V colonial tops \s] jg jgi 50's colonial tops lsj 15 jgi f'a colonial tops 131 13 134 .40 s colonial tops ... ~.. nj jj j2 36's colonial tops mi 10 m 32's colonial tops 10 gj jqj QUANTITIES AVAILABLE. The quantities available show distinctly the free movement of wool supplies, and there are unmistakable signs that the present clip from both Australia and South Africa is movinc much more rapidly than last year. This no doubt is. due in a large measure to the absence of any black commercial cloud, such as enveloped the wool trade a year ago all arrivals being dealt with as they come to hand Ine quantity available is a trifle- larger than last year, but 14,000' bales is no great weight when the entire trade is on the spot ready for buying. In the following table many points of direct interest come out to both growers and buyers. In the first instance, there is shown the gross arrivals, also the quantity forwarded direct to manufacturng areas, then the net wools remaining for sale, and in the last column the quantity of New Zealand, which are practically all crossbrcds, and which hob to make up the net arrvals:-

Gross Forwarded Net New • arrivals, direct, quantity. Zealand. Year. Bales. Bales. Bales. Bales. 1909 ... ... 347,000 157,000 201,000 45400 1908 355,300 181,000 IS7 000 38 000 1907 ' 275,000 125,000 155.000 37 COO I'JOo 235,000 89,000 147000 29 000 1901 • 190,000 58,000 137000 Sa'sofl 803 -216 000 SO.'OOO HI M 0 ffijm "Of 211,000. 62,500 193 000 59 700 .1001 250.000.. le.ooo '339,000 70,000 *133,000 bales were carried forward from the December series, 1900, to the January series, '•I'' lß point to observe in the above table is that direct imports have grown remarkably last during the last few years, clearly showing that more wool ia being bought at the centres of production, the same going forward to consuming areas without touching Coleman Street, as used to' be the case. A GOOD START.. Last Tuesday the first series began, a very .arge number of buyers having turned up, , both tne nome, Continental, and American trades being fully represented. The catalogues for t,ie opening day were ninch better than usual, and. while • there were no superior clips included, ( the selection was above the average ironi the very start, competition was ve"ry Keen, and the sale had not been long in operation before it was plain to be seen that all sections were ready for buying. The Home trade naturally led the van in crossbreds, but in merinos the Continent no doubt did the most. Splendid support came'from all sides but anything sound, lone in staple, and shafty sold by far the best. The merinos catalogued came from New South Wales, West Australia, and Queensland, and America bought some nice lots. When compared with the close of the last series the following changes were seen:— Good greasy merinos, par to 5 per cent, dearer. ,^ Ordinary greasy merinos, par. Good scoured merinos, fully par. Average scoured merinos, par. Pine greasy crossbred, par to 5 per cent, dearer. Medium greasy crossbred, 5 per cent, dearer. Coarse greasy crossbred, 5 to 7J per cent, dearer. Sliped orossbred, par to 5 per cent, dearer. Lambs' wool, 5 per cent, dearer. Greasy capes, par. ■ Scoured capes, par to 5 per. cent, dearer. The opening results were just about what were expected. Some professed disappointment t at fine wools* not making a more decided upward move, but when all is said and done the initial results are good. Since the opening the sales have made firstclass progress, and if anything competition has I broadened, and prices are certainly in sellers' favour. America is fairly active, and all other [sections of the trade are operating freely. There is'a good call for shafty combing wools, but faulty sorts are not making any more than they did last December. Scoured wools are selling well, but are not making any higher prices. What undoubtedly is the most satisfactory feature is the good, all-round competition, and all classes of wool are selling well. THE OUTLOOK. Messrs. H. Dawson and Co., in speaking about the outlook, say: The reports from almost all centres have indicated strong inquiry and hardening values during recent weeks, in both tops and wool. This has been due more to the scarcity of raw material than to a corresponding improvement in yarns or cloths at the manufacturing end of the industry. The Home markets, as also those of U.S.A., have been well cleared of stocks in raw wool, ai,d in consequence our material occupies a re.markably strong position. Continental consumers are comparatively better provided with colonial importations, but U.S.A. and the Homo trade will. need to operate freely. Buyers will meet a better supply of merinos thsin had been expected, and the largo available offerings at the present series serve to steady values and to prevent undue inflation. Machinery is. now better employed than has been the case during the past sii months, and altogether the prospects are hopeful, although the actual state of trade hardly yet justifies a further advance. It needs to be remembered that Yorkshire has only just begun to respond to the current rates of the last London series. The steady maintenance of values to-day should give general satisfaction, and will do much to assure confidence and security to the best interests of tho industry. The values ; of crossbreds have again ehown a decided appreciation. The scarcity of greasy wools in consuming centres has been almost acute during the past few weeks. Homo topmakcrs are hungry for all sorts, while large orders in medium sorts are reported, to be on our market for U.S.A. account, so that tho advance made to-day will probably fully justify itself. The stocks of tops in German combing, mills have not increased during December, and at the end of the year the quantities were as under:— . •• ■ • Merinos ... ■ 3,007,000 kilos ' Crossbreds 5,315,000 kilos