LONDON WOOL SALES.

Dominion, Volume 4, Issue 1085, 25 March 1911, Page 15

LONDON WOOL SALES.

$ CLOSE OP THE FIRST SEMES. (From Our Spccial Correspondent.) Bradford, Februnr.v 10. Siiicc 1 last wrote the first series of sales ihiive terniiiuited, and buyers liavo left for the various manufacturing centres, J>othing new developed as the series drew to a close, competition remaining as good as ever, especially for merinos. The home trade, us it were, sat it out, a larfje number of Continental buyers leaving for home last week-end, the two remaining days not being worth stepping for. No fact has so impressed itself on the minds of those watching the interests of growers as the continued onslaught of the home trade. In past letters I" have specially drawn the attention of the reader to this fact, and in all my twenty-three years' experience of going to London I have never known a period when the homo trade lias stepped to the front, and saved the situation. 1 am disposed to-day to take a more cheerful view over the future than during the past six weeks, all because Yorkshire representatives find themselves confronted with a booming trade, and the difficulty in the A Vest Hiding is not the absence of orders, but the want of operatives to mind spinning frames and to keep mills going. That in itself has been the Alpha and Omega of tlie recent series of London sales: lam sure nobody begrudges the position which the West Hiding, Scotch, and also West of England buyers have taken up, and everyone rejoices that circumstances have ton such as to warrant them in competing for wool like they have done. CHANGES SEEN. The following arc the changes seen when compared with the close of the previous series • AUSTRALASIAN WOOLS. Merino grease, superior, par; merino grease, average to good, id. cheaper; merino grease, poor condition, Jd. to Id. cheaper; merino grease, inferior pieces and locks, Id cheaper; merino scoured, superior, Id. to IJd. cheaper; merino scoured, average to good. Id. to I'd. cheaper; merino scoured, inferior, Id. cheaper; merino scoured, faulty pieces and locks, Id. cheaper; merino grease lambs, superior, par; merino grease lambs, medium, par; merino grease lambs, inferior, Jd. cheaper; crossbred grease, fine, Jd. cheaper; crossbred grease, medium, Id. cheaper; crossbred grease, coarse, superior, Jd. to Id. cheaper; crossbred grease, coarse, ordinary, Jd. to Id. cheaper: crossbred grease, inferior pieces and locks, Jd. cheaper; crossbred grease, lambs, par; crossbred scoured, fine, Jd. cheaper; crossbred scoured, medium and coarse, Jd.' to Id. cheaper; crossbred sliped, fine, Jd. cheaper; crossbred idiped, medium, Jd. to Id. cheaper; crossbred sliped, coarse, Jd. cheaper. SOUTH AFRICAN WOOLS. Snow white, super, par; snow white, medium, Id. cheaper; snow white, inferior, •Id. cheaper; grease combing, light, par to jd. cheaper; grease combing heavy, Jd. to jd. cheaper; grease clothing, light, par to Jd. cheaper; grease clothing, heavy, Jd. to Jd. cheaper. i THE OUTLOOK. I don't think I can do belter, in summing up the situation than quote from the circular of Messrs. H. Dawson and Co., and it seems to me that their remarks are very pointed and well ivorth sober consideration. Dealing with the outlook they say; "The course of values has again proved the superiority of legitimata demand over mere speculative movements, and has shown to consumers the folly of being over-influenced by terminal market .manoeuvres. This should be borne in mind, as we. may see further 'bear,' attacks, in, the near future. The sales' have 'left;riierinos, in a clearer niid somewhat improved:position. 'There-have been in combination some strong adverse factors, both real and manufactured, prejudicial to values. Noils are at a lowprice, and unfortunately, this season the clip seems likely to yield a larger proportion than last year. Continental consumers havo been placed at a disadvantage by their colonial purcliase.s, and also b.v. l a..[pajise i ,i,n tlio u season's trade;' while t'i'ie. the general uneasiness; so' that 'ni ;< 11 centres confidence had become seriously shaken. In spite of all this the sales in Ct'lcman Street havo shown romarl;-.ii:le spirit with, latterly, a _ distinct hardening tendency in the prices of all good greasy merinos. Fortunately, the Home trade has found itself in an advantageous position. Topmalcers had important existing contracts which were largely , uncovered, and this naturally accounts ior their heavy operations in London. There were also those (spinners and topmakers) who havo deemed it prudent' to operate freely, at this series because of the splenulid selection of .good free combing wools, fpsfiecittHjr.. frow • Western - A ustralia. The 'cliii from 'New .South Wales and Quetoson which merino users have been ; chiefly dependent, is unusually poor, ; showing much faultiness as regards vegetable matter, and also being short in staple; in fact, although there imiv prsIsibly be an increase in bales, it is ccrItain that from those centres there will 1 c ,jless, top produced than from last season's 'clip. Consequently it becomes inereasing■ly evident that, whatever may le the : course of values in short and faulty wools, ■the position of the best combing ts.rts will not be easily weakened. : "The trade conditions in the ultimate .markets are not bad, even in Continental centres) where the pessimism is due largely to the fact that their colonial j.urchasers are now too dear.. German spinners have found improved business (luring the past fortnight, although margins of profit are smaller than during the previous year. America' is still ury < editions. "Stocks are being steadily reduced, but the uncertainties of the proposed tariff alterations will probably retard frc-0 operations during the year, and it seems likely that foreign wool business in U.S.A. will be spasmodic and of a hand-to-mouth character until the tariff question is definitely settled. ( "The state of affairs in crossbrcds is the most perplexing problem of the market, and hero the outlook is still far from clear. The position will be better gauged when the South American and New Zealand. markets are closed, aiul the buying power is focused on London. The slow demand and comparatively low values ruling in South America havo been the outstanding • adverse factors. Strangely enough there has been little justification for such a marked decline at the consuming end of the industry, where machinery has continued' to be well employed at old prices. Consequently with cheaper raw material it should bo easy to maintain tho consumption, wliich in turn should have a beneficial cll'ect on values. Of course, there arc startling differences, especially on the best wools, in comparing prices with last January, when U.S.A. representatives were paying 15d. to 16d. for Australasian clips which to-day are only realising lid. to Is.; but it must also be remembered that tlie New Zealand clip is shorter and in much worse condition. "As regards the immediate future of crossbrcds, it is- difficult to estimate the result of the wave of pessimism which lias recently affected Bradford and other centres. Meanwhile, however, it must be noted that tho South American market is showing better lone, and prices have slightly hardened during the past few days. Moreover, there are too many relying on the March scries for cheap purchases, to wan ant too gloomy a view of tho future. So far as the Home trade is concerned, tho general coinmcrcjnl outlook is healthy, and our spccial industry should share in the resulting benefits." Considerable interest has been taken all through the series in the question of supplies, and, all things considered, the carryover is in no sense large. It will be rememli?reil that the net total available was 108,0(10 bales, of these 181,000 bales have been sold. 111,000 bales hove been absorbed -by the Home trade, 00,000 bales have gone to the Continent, and 1000 bales to America, leaving 17,000 bales to be carried forward to tho next series. 1 consider tlint the merchants and selling brokers have done a good stroke of business to sell the quantity they have. If tho Continent had shown its usual activity, then the decline would not have lie-on so pronounced, but without doubt both French and German importers have had their nerves very much shaken, and with haying to face some heavy losses on their imports, they are preferring to liquidate same before operating again. Manufacturers of the West Riding are profiting at. tlie moment by the large export trade, and the ability of shipping houses to go into every market of the world, and bent every other competitor is really the cause of tl" present booming conditions in Bradford and district The home trade is undoubtrdlv lni«v, although on the surface market's don't give much evidcncc of life and. activity.