LONDON WOOL SALES.

Dominion, Volume 4, Issue 1075, 14 March 1911, Page 2

LONDON WOOL SALES.

IMPROVEMENT IN MERINOS MAINTAINED... WEAKNESS IX CHOSSBKEDS. (From Ou; Special Corrostiav'cnt.l London, February 3, 1911. Ihe wool talus continue to mala progress, and although this is the third ■week, yet. there is no evidence ol'-a cliininulion in interest or a falling olt in com. petition. This seems to many to be a long-drawn-out series, the three days' fog causing the sale* in go into next Week, but so long as there is a demand lor the law material, merchants and soiling brokers are justified in selling the last bole, lhis is not the' time of the year wJien a large carry-over is justified) al.though 1 must admit that I thought it would bo found necessary io carry forward something like 20,000 bales. ' That noiv_ hardly looks likely. Nothing will inspire the trade with renewed confidence like clean-swept boards, and only about five weeks will have to 'elapse before the trade again mecis in Colemau Street. As the series advance competition gets keener,.and inoro people are in the market for the raw material. In previous letters, 1 have drawn special attention to the fact that the Continental tectiou, especially French buyers, have been'all along very reserved. This is rather to be regretted, lint it. is easy of explanation. 1 hear this week from Roubaix to the elleet that they have bought fairlv heavjly m Australia, mid that , the trade is so unnerved with the late serious, fall in futures, that they prefer to Meal with tlieir colonial imports in preference to jurthcr increasing their financial obligations. J.his no doubt is sound business policy; and under the cirenmstance*. ■■ it r !'w' lu !l ,s . H|C ,lcst for French buvera to lilt their direct arrivals, and do" no more than they arc forced in Coleraau Mrect. At the same lime they have operated on a trifle larger scale- during' the part week than they did during the first ten days of the series, aud their competition is invaluable for the' fiiiohaired topmaking wools. Owing to the system of combing that; is seen in France, they can use a shorter stapled wool than. Bradford or even Germany, for the principal part of their work consists in the production of dry combed tops for. mule spun purposes, and even bellies and pieces can bo turned to better account in France than in Bradford. I havs heard'of .good locks being put to combing, and if they can handle the;c, then they can beat \\ orslcdopolis. At the. same time, I hardly think that much of that of. wool will be used for combiiiß purposes. All tho same, the shabbier portions of n clip are in no sense, out of place, among French topmakers, hence their competition is all tho more valuable at a time like tho present. . COURSE, OF PRICES. I cannot sny that the market shows any upward tendency compared with the close ot last week, but all'the same values are well maintained at'the-best level of tho series. The v improvement on the opening week is certainly considerable, and amounts to "fully 5 per cent, but for the time being operators seem to have readied their limits, and are not prepared to go further. Nobody can find fault at this, lor judging by the opening it looked as if we were in for a by no' moans creditable series. However, things have turned out bettor than expected, and this week's sales have been characterised by a firm tone, merinos maintaining well , 'the better position of last week.. South Australian wools have been offered in fair quantities, and lam glad to say that there has been no giving way. On tho whole the selection has been good, and tho House tiads has continued to give a long way the best support. I am glad this is s», for without doubt' tho wools are the most suited for Home top-making purposes. Russia continues to buv some nice lines of scoureds, but after all tho most support is-'forthcoming on-.account--of-Bradford top-makers, The ljuyinir resources of tho Home trade seem to bo unlimited, and it is really surprising in view of the heavy direct imports that they should have bought iu the liberal way they have. It all serves-to show that. the raw.. matcrjaL.is. other-,, wise they would never have purchased like they lvave. Tho selection on the whole has been good, and that no doubt has had a good deal to do in causing competition to be so well maintained. I ,feel I cannot do better than show readers what improvement has. taken place, and in the table below I givesonio clips . which were offered the first w,eek of tho series, a portion also being'offered last, week or this. Where possible I give par- . ticulnrs'of what the same clip sold for at tho November series, hence the, reader; will see clearly the course of the market:- ■''• ■■:■■ ..'. - AOoA (N.S,W:Wo6I);-. - > ■ Jan. Jan. Nov.- scries, series, „ ■ • - . . Dec. Ist ■ 2nd ', series, week. week. d, d. ' d. Grease super combing 14 12( 13 , , „ Ist „ 14 ll{ 12 ' „ 2nd „ 13 lOi 111 „ skirts 9J-10 9 !)J „ broken 9J 9 91 ■' „ pieces •?! HI ■ <)» : „ bellies .:....'.... 7J H 61 „ locks ii H ±i BELTANA (S.'A.-Wool). Grease A combing .... '9J 9 . ,91 '„ Ist „ ... 81-9 •■■BJ. a . ■ „ Ist |1... 8 81 . „ B 8 bid. 7J 7 „ Ist pieces 7J-J 7 7 „ bellies -•- 6 6i .: „ Ist lambs '81 7 7 ' MOKTLOCK over 2 in circle (S.A. Wool). Grease A combing ... )2 10 10J B „ ... 101 9 9 J! C „ 91.. ..81. .. 81 „ Ist pieces 10 8J 9 „ ...Bellies 81 'CJ 1\ CKOSSBKEDS SLIGHTLY EASIER. The position 'of crossbreds is eonicwhat similar to merinos. America continues to operate on just an average scale, although tUe quantity of wjol in the aggregate does not amount to a great deal. Still, th»y are taking some nice light-condition-ed 'lots, but we aro not seeing paid'the prices which were in evidence at the corresponding series twelve months ago. It was no uncommon thing a year ago to see up to 16d; paid for very light-conditioned New Zealand halfbreds, but this series 14d. is a very exceptional price, a shilling being more an average, with 13(1. to 14d. for America. The Home trade, as might bo expected, is taking the bulk cf 'tho crossbreds, and for the ordinary topmaking wools there is hardly the extreme prices paid which we saw last week. Bradford seems as if it wants the wool, but at a shade less money. 1 have been surprised all along at them paying the prices they have, particularly for coarse qualities', and all last, week tops could not be made under 13jd., wjiorfas I know. for a fact well-known topmakers could' not possibly make a fraction more than 13Jd. It seems to me that before ■ the season gels much fnrlhor advanced wo shall have crossbreds a shade lower than what they are to-day,, for the trade is not running upon strong qualities. Then one section of the trade has to practically lift S5 to 90 per cent, of tho .offerings; it is really a wonder that prices should have been so well maintained,'but 6eom--ingly some people have faith in the future of wool values, consequently they are still buying freely. Turning to consuming centres, it is a real pleasure to b« nblo to report a continuance of the splendid manufacturing conditions which have obtained all through the past year iu Bradford aud district. Wo have little hesitation in feayine that Worstcdopjlis has saved, ami is still ssivins, the present situation. It has been the'writer's privilege during tho past three weeks to discuss the various aspects of the trmlc- with both FiviVch and German buyers, and all alike .ilUrai that conditions with them arc nothinj near so healthy as thry are in Yorkshire 1 . Whatever may be the state of trade on the Continent, wo are certain that, so far .v> the W<\4 Hiding is concerned, conditions could'nut 'be bettor. Perhaps there is hardly thai; pressure that one saw (luring last year, simply because many orders h'ava been held back by buyers of yarns and pieces in the hope that prices would become more reasonable. But machinery is still ninning as quickly and as lons hours as was the caso all last vear. and I do mil know of any mill that is quiet. There is still a demand for hands in practically all department*, and if order shwls arc not ?o full as they have been, still every firm has enough to do. The decline in tops has afforded erpinnersa splendid opportunity of being able to buy to better.advantage, and many havo ■ done 60*