LONDON WOOL SALES.

Dominion, Volume 2, Issue 467, 27 March 1909, Page 7

LONDON WOOL SALES.

A. PtBM FINISH. CPEOM OT7B SrECIAIi CORBESrONDENT.)

Bradford, February 12, ]909,

Coleman Street Wool Exchango is again quiet, the first 6ories having como lo a finish. Practically no ehango was seen as tho series drew to an end, all tho sound features remaining intact. Tho finish was an exceedingly nrmiono, wool selling in a vcrv freo and vigorous way. In past letters I havo so clcarlv outlned tho full courso of tho market that f don't think I can do better than bring tho series o a finuih by giving tho export opinion of a leading firm of woolbrokers. Messrs. Charlem Jlnlmc and Co. say in their circular, "the atyJ lieipalions of an improvement in trado whici 'it wore current at the turn of tho year have been realised, the upward tendency of values lor tops in tho manufacturing districts beinm checked when the results of tho Antwerp an&», Liverpool sales showed that manufacturersT woro not prepared to pay higher rales for*' their raw material." Throughout the scries however, competition has teen active aniV general, American buyers operating freely, although on this occasion their purchases' havo boon almost entirely confined to tho medium ami coarser qualities of greasy crossbreds, whereas in December they bought largo quantides of merinos. _ At tho outset of tho auctions prices for merinos wero practically unchanged, although' tno bolter descriptions in the greaso ru'ed irt buyors favour owing to tho want of American, support. Later on the market weakened to .-> slight extent, moro particularly as regard* scoureds; toward the end' of the series, however, competition again broadened, and final\ rates for all grades, with tho exception of tho better classes of both scoureds and grcasies. wero closely up to December parity. l'lno crossbreds in tho grease havo sold road. - lly inroufibout at unchanged values. Amerh can buyers have been caper purchasers of lightconditioned crossbreds of medium and coarse quality at 5 per cent, advance, but the initialimprovement of 5 to, 7 per cent, on the general! run of these grades suitable lo tho Hometrado was not maintained, and at tho end of' the series quotations for them wero not in aver- : ago perceptibility higher than at tho eloso of • last sales, rim position of tho finer descriptions of scoureds has not been appreciably al-1 torcdj on the other hand, values of coar=o sorts were tho turn dearer. Prices for slipes' i j™ " e 'l as medium qualitv wero unchanged but those for coarse lots ruled from par to 5 per cent, cheaper. As compared with tho closing rates of tho previous series, wo now quote:— . AUSTRALASIAN. ( Merino grease, superior, Id. cheaper; merino grease, average to good, par lo id. cheaper; merino grease, poor condition, par; merino grease, inferior pieces and locks, par; merino scoured, superior, {d. cheaper; merino scoured, i averago to good, Id. cheaper; merino scoured, inferior, par to Id. cheaper; merino sconrcd, . faulty, pieces, and locks, par; merino greast .3 lam Ik superior, {d. dearer; merino grcas** lambs medium, par to id. dearer; merino greasoi lambs' inforior, par; crossbred greaso,' dun, par.j& crossbred grease, medium, par to Jd. dearcrjl crossbred grease, coarse, superior, par to Id, dearer; crossbred, coarse, ordinary, par; cross, bred grease, lambs', -!d. dearer; crossbred scoured, fine, par; crossbred scoured, medium and coarse, -par to Id. dearer; crossbred sliped, fine, par; crossbred sliped, medium, par; crossbred sliped, coarse, par to Jd. cheaper. TUB OUTLOOK. Messrs. H. Dawson and Co,, in speakinps. about tho outlook, say: "A now situation haiila been entered upon, which presents an alto^ 1 -gether different perspective. We have emerged; ; from tho period of small supplies to opositiout when an abundauco of raw matcrinlis arriving at all tho centres of consumption; when values cannot bo inllatod by urgent deuiandsi ( and alio when tho pressuro of finance is at tin i\ greatest. Consequently, one would expect tho demand would bo Jess keen, and fancjSt prices less frequently realised than in Decern bcr. J The losses of last year have produced a super \ sensitiveness throughout tho industry, causing r extreme caution and a tendency to pessimistic views which at normal times would bo easily dismissed. But, taking it all round, tho markot has evinced remarkable- strength', and a goneral confidence prevails in regard to tho future. When tho larger outlook is taken, it is roalised that tho raw material occupies a strong position. Tho reports of tho worsted industry at homo and abroad (especially iu tho States) indicatothat the prospects for tho year, whatever else they include, promiso a largo consumption, and Ihe year's supplies, of raw material will' bo fully required. The thorough absorption e.f tho clip during tho past two years, and especially during this, last year, with its unsatisfactory .conditions, \vas a remarkable proof of the ' soundness of tho industry. Tho paucity of stocks at the closo of tho year was a. goueral experience in every centre. Probably there has seldom, if ever, been such a complete clearanco of crossbred greasy wools. Consequently, with, a sustained and apparently somewhat increased! . consumption in view, therq is no fear, every amongst tho least sanguine, of any material! collapse- in values. ■ Tho supplier for this year are not likely to: bo greatly different from last year's. A slight", decrease from tlw merino-growing districts of| Australia is expected, but tho shipments from-, South America will show an increase, owing! to tho arrears from last year's clip being in-> eluded.

Tho woollen trade is still in an unsatisfactory' position, but tho effect in tho raw material is > slight, because- its consumption of raw wool is i so small as compared with that of tho worsted | industry, which is busily employed. Bradford values are still below tho parity of London. This position is protracted by Uif fact of arrivals of cheaper wools from Soutl America (in crossbreds), and from tho colonial market l ! (in merinos). Tho American situation is interesting at (lit moment. The Boston market is practicallj , cleared of domestic wools, although (ho neu • clip will not be' available till June or July, Meanwhile, despite tariff uncertainties, (lis coming clip is being largely contracted for oj the sheep's back, and consoouontly the demand 1 " lor foreign wools (li.A. or Australian) has been stimulated, and.has had a strong effect on. values in our London and colonial markets,' The recent keen demand for merinos in December has, during tho present series, been transferred to crossbreds. Choice merinos hnvo accordingly suffered a decline, although values for medium sorts show strength. Meanwhile at • this series light conditioned crossbreds havo bean soiling at 2d. per lb. above Bradford values, and there is somo anxiety, which may bo quite understood, lest tho U.S.A. demand . should weaken in March, because of arrivals of direct importations, and thus causo an 'oxperienco in crossbreds similar to that which has happened in merinos.

There is growing confidence in the future, prospeots of trado in England, as well as in Europe generally, and a cheerful tone prevails amongst consumers. Tho bulk of the. merino wools this season are to hand earlier than usual; moreover a much larger proportion of wool has been cleared in tho colonial markets than last season. Because of these two facts there has been a littlo anticipatory buying in merino wools at tho past series. PRICES FIRMER. Tho week's business in Bradford has been characterised by a distinctly better tone there is not tho llabbiness and weakness ihat was apparent a fortnight ago, prices being tinner all round. _ ho far as actual transactions are concerned it is impossiblo to report much accession of new business, both wool and topmen being in n position to do without that, and bo little, if any the worse. At the same tune sinco tho eloso of the London sales tho market has in no sense been devoid of transactions in wool, and in some quarters thero iiavo been quite largo sales. There is no gainsaying the fact that tho raw material end of (ho trade is a long way tho best oil, mid wool sells when nothing else does. Crossbreds, both in coarso and medium qualities, hnvo received particular attention on expert account, the Continent is doing more in them, and oven America shows signs of buying larger weights both of llonio and colonial sorts. This has had it* cilect both on holders of wool nnd tops, and a much firmer feeling obtains. There is' not that readiness on tho part of lopmnkers' to sell at the oottom rates of a fortnight ago and as Bradford pric?s are below Coleman "street thero is no disposition, to nccept any lowe* figures. It is still possiblo to buy some K ood quantities of standard prepared 40's from good inakors, at UJd., 50's at IGJd., and 50's at 18U1 Imports aro ooniing in which enable theso qualities to bo profitably done at tho u"uros named, for colonial-bought wools aro distinctly cheaper than thoso recently purchased in London. Spinners arc not taking up their contracts in crossbreds as they aro doing in merinos' and while business is slow, still tlifro is hardly that depression thero was. In the case of merinos thero is a decidedly bettor tone and values as a consequence aro firm to hardening. Plonty of first-class firms aro sellers at 23d. for super CO's, and a ponny moro for Gl's. Thero has been n nice quiet business at the slightly lower figures lopmakcrs havo been quoting, and any casp at all would P'?o somo very largo transactions. As fast as fino tops aro 'combed they nro going out, and slocks exist nowhere. Botany spinners are busier than ore thoso spinning crossbreds, and increased business in tho latter qualities would soon cause a brisk appearance. Mohair is as slow as ever; in fact, it is tho most stagnant and. unprofitable articlo jn Uio oriif.a •yr J -b.