LONDON WOOL SALES.

Dominion, Volume 5, Issue 1522, 19 August 1912, Page 2

LONDON WOOL SALES.

(, coxrrxt'KD activity at higher PRICKS. (From Our Special Correspondent.) London, July 12, 1912. Tho sales aro being continued under very favourable conditions, and everything seems,to indicate that: the raw material is resting upon a very firm foundation. The catalogues put before buyers tire not as heavy as one might htue expected in view of tho large quantity ol wool avialable, but this is entirely due to the inability of tho warehouse-keepers to show more wool per day than they are doing, while buyers seem satisfied with (Ik. average, 10,0(10 bales per day which aro bring submitted. That is quite sufficient fur tiny section of the trade to get through, and considering the circumstances, we certainly think that, all things considered, the. sales are making very satisfactory progress indeed. If they have dons nothing more, thoy have shown the world | that the raw material occupies a most encouraging position, nnd that, given a continuance of favourable mnnufnchiring conditions wool prices will bo well able to tako core of themselves. -The fact is everybody s< i ems to be in keen quest ol the raw material, nnd to find both the Home, Continental and American trades all ready to' operafo is proof positive oi the remarkable state of the wool world. I'poii everyone's lips is the cry that flu, raw material is very dear; in fact, the, general verdict" is "too dear," but, users seem helpless in tho matter, for all alike must havo it, arid me buying very freely indeed. • It docs not matter how dear wool or any other necessary arliclo of textile manufacture, may be. so long as those manipulating that article can turn it ti. profitable account. It seems to us as. it wool to-day is the prime commodity of the textile world, nnd, trade being good, all sections are entitled to a share of profit. MERIXOS DEARER. ■ There can be no two opinions respecting the course of merinos, it being generally agreed that, fine wools are cmoiably. dearer compared with the opening. As days succeed each other, there is a well sustained effort to secure adequate supplies, and there is no giving way whatever in the keen competition which has marked each sitting since the opening of the series. The selection of fine wools cannot be called at all great. Some nice wools are being catalogued, and some fairly big quantities are sandwiched in of speculators' lots and other,faulty wools, though Iho former as a rule consist of good wools which are of a very useful type. At a time like this buyers cannot nfiord to piny fast and loose even with second-hand parcels, and these aro receiving the full attention of everyone. It is remarkable how few are being withdrawn, a proof that a profit is being bid on first cost. It will be remembered that at the opening merinos were- quoted up par to 5 per cent, but since then the market has sensibly hardened, until today merinos must be called Jd. to Id. dearer, the advanco being now" as much emphasised upon good top-making wools as the superior parcels from West Victoria. .AVhen Ifld. is paid for South Australian wools, it is evident (hat the market is strong, and some excellent, prices are being made for Sontli-Eastern Adelaide wools. All fine-haired parcels are Creceiving very' good attention, both Huddersfield and Bradford, as well as French, spinners compel ing for these jn a remarkable way. All buyers sny that the prices, they are having to pay leave nothing in the wool for them, but having taken contracts for yarns, they must necessarily cover same with the raw material. Scoured merinos aro being somewhat sparsely catalogued, but for these tlern is an advance being, mado of id. to Id., the penny improvement being most noticeable for good combing wool, and the for-' mer for short carbonising parcels. Xow is the time to get rid of the latter with considerable freedom if importers • have them, for wo know of several Yorkshire firms who are keen to buy faulty carbonising locks, bellies, and pieces. What is perhaps the most outstanding feature of nil in connection with merinos js the keen inquiry for good topmaking wools. We like this circumstance best of all for it shows conclusively that trade is good,, nnd we know that several leading West Riding top-makers are short of wool, are

I considerably sold ahead, and must therefore cover. CROSSUREDS SELLING FREELY AT TGI* KATES. Fleeces from the mutton breeds continue to iiguro prominently in the catalogue, and there is no slnckoniny whatever in the demand, Both Iho Bradford, Continental, and American trades are in evidence, though the bulk of the crossbred wools ore nalnrnllv fnllin- to the, bids of the Nome trade. Since our hi«t report, some fairlv Inrge weights have been ollered, but even (iOOO to 7WIO bales per day are none too much for the trade to lift. A basis seems to have been arrived ul. and the bull; of Iho medium and fine qualities are now fetching' Id. to IUI. more than last series, .Jfi's in particular selling freely at (he ndvince. On an average, coarse cross, brrds cannot be failed more (ban -Id. up though many think that lots suitable for America are making a penny more, and this view we entirely endorse. When Ifld. to 10.UI. is paid for greasy Lincoln fleece wool, a marked improvement in prices is seen compared with April. There are not so many American buyers in Coleman Street as we were led to' expect, but; till the same the eight to ten representatives ure some excellent work, and are taking crossbreds of a worse type than they did in .January or even April. American competition is verv weleoino from a grower.,' anil sellers' standpoint, lor no doubt its influence is being felt in the less desirable parcels which (he Home trade are taking. Bradford buyers especially are operating extensively" in good and ordinary top-making wools." and prices are certainly ahead of what can be made to-day for the combed article in Worsteibpolis, What we like about this department, of the market is the excellent competition. Slipes arc,being catalogued in a moderate way, and for these competition is excellent. We call all classes now fully Id. more than they mode last series, anil without doubt these useful wools are being taken as keenly as ever by the Home trade. The, series are making excellent progress, and the market is verv strong, prices being made daily which show that everything is slill at the top notch. VEGETABLE FIBRE IX WOOL. ' Another dinner and meeting took place at the Garden Club, White City, last Saturday t:\ening, the function' being fairly well attended. This gathering was arranged twelve months ago at Roiibaix, its purpose being to report progress. Representalives were there from all sections of the trade, Home, Continental, and American, and a very good feeling was in evidence throughout. The Vegetable fibre Committee has not yet been able to come lo a satisfactory solution of this most difficult question, but a good deal 'of work has been done quietly, and the committee believe that before long they will bo able to put their findings into definite, form. There is an exhibition of paper-lined wool packs at Messrs.' Brown, and Eagles'? Back ■ Church Lane warehouse, and those who have inspectetl the sample empty tares have been favourably impressed with them. Another new tare came in last Saturday, which has also drawn forth expressions of appreciation from those who have seen it. The'inside has been so treated that no loose, fibre is visible. The tare seems to have been singed, and then painted with grease or oil, and it has certainly many features which, if permanent, will help to minimise considerably the vegetable fibre difficulty. What is now wanted is a test of same. After careful examination we certainly think.paper-lined tares offer by far the best solution of tho present difficulty, but we have all along contended that the trouble will never be. abolished until buyers are prepared to share in the extra expense of providing this pack. TOPMAKERS ALT. WANTING. MORE MONEY. The effect of London sales has been (o show tho sound position occupied by the raw material and both merino anderossbrcd topmakers are nil wanting more money. Thc.ro is no doubt as to the position of things on this market, although it cannot be said _ that users have yet shown any disposition to follow the upward, trend of prices. The fact is, things ore.going a little too strong in Coleman Street, and many think that by waiting thoy will do a trifle If topmakers would go on selling at prices ruling be-

fore the sales opened, a big business could be done, bir. the majoTity are wanting id. more, and that is to a largo extent handicapping business. When nno lelloots on what has been done during the ]«i:-t two mouths values have certainly shown a sharp advance, particularly in merinos, and in view of the time fast approaching when buyers will bo leaving for .Australia, many think that it will be wisdom now to pursuo more strictly a hand-to-mouth polity. Hence tlio present position of affairs in Bradford. .Merinos continue very firm, and quotations are all advanced. Jt cannot Do said that what topmakers arc asking can be actually made, time being needed to pet users to a higher altitude. Consumption is telling its tale, for large supplies of woo] are being shifted, and lops are going out as quickly as they aro ready. Crossbrods also occupy a very similar position. It Ls commonly said'that 40's can yet bo bought at 13! d., but it will be a shabby tep, most quotations to-day being U\. more. Most spinners have yet some fair weights to come in at nearer l:ld., consequently tliey prefer to wait until they see what is likely to take place. English wools are all strongly entrenched, country price; still being well maintained. Considerable shipments arc being made to America, but local users are very reluctant to follow country prices, preferring to buy Iho cheaper colonial article. On all liands strong confidence is expressed in the future of homo-grown wools owing to a prospect of America being a largor buyer. There is still plenty of activity seen in the country, and all fairs are. passing oil' remarkably well. The. fact is, business, everywhere appears to bo good, consumption is largo, and this to « large extent tends to maintain values.' .A littlo more is reported doing in mohair circles, spinners being better on' for work than recently, i Taking all things into consideration the textile industry is enjoying a period of prosperity, and everything points to a continuance of the present sound features. Spinners lately bavo sold sonic fair weights of both worsted and botany yarns, mid many state that they are sold forward for the remainder of the year.