LONDON WOOL SALES

Dominion, Volume 21, Issue 87, 11 January 1928, Page 12

LONDON WOOL SALES

THE COURSE OF VALUES ..VERY SOUND SITUATION REVEALED CROSSBREDS SELLING FREELY London, December 1, 1927 The London sales are being interfered with by fog. which is a common experience at this time of the year. The writer has seen the time when for three days on end it has been impossible to> value wool, but even a suspension of the sales for one day does not go down well with buyers. The really important consideration to growers however, is the reception their wools meet when the sales are actually proceeding, and it may be said at once that the demand is well sustained. This is the case not merely in Coleman Street, but in every selling centre south of the equator. It takes plenty of hard cash to lift a thousand bales toiLy but financial institutions know tl at the ’ raw material end of the trade is the most profitable, and even banks are out to help the trade to recover the tragic losses of 1925-26. In a few weeks time the record of 1927 will have to be written, and the outstanding feature will be the better trade and improved profits which woolmen generally have been able to make. When that obtains it is always tho signal on the part of wool buyers to manifest extra keenness’ to operate, and to-da.v we are finding all sections as keen as ever to continue brying. Offerings in First-class Order. The catalogues during the oast week have been on the wholefood. Every day we have witnessed some very good offerings and the new clip wools from the different States in the have proved to be very acceptable. Quite a number of new clips belonging to the NZ. and A. Land Company have been submitted. For instance, the uqondootiliGw clip was in splendid order. It was mostly shafty 64-66’s quality, the iop line of combing making 29d. Some this 70’s, and the top line or two will go into 70's tops. Then followed several more lines of combing at 27d. to 24d.; fleece. 23d. to 215.: necks. 26id. to 221 d.: broken, 26d. to 21d.; pieces 20d. to l'?d.: bellies. 17Jd. to 164 d.; and lambs, 23»d. to 19d.; while lambs’ broken actually touched 24d. We call these wonderful prices. The Bangate clip was represented bv 660 bales, this being more wasty and burry than the former. It showed nice 70-66’s quality, the combing selling from 25Jd. to 21%dd.; necks. 24Jd. to 18Jd.: broken, 21M. to 19BL; pieces 18d.; and bellies. 17Jd. The well-known Goonoo Goonoo clip was represented by. 694 ba.es, and was in splendid order. This made un to 29fd.. being good 70’s quality, well grown and sound. It was burry, as. usual, but met with very active Continental competition. Several more lots of combing made from 29d. to 23d.; nroken. 23Jd. to 20d.; bellies. 19.1 d. to 17id: and locks 15fd.- There can be nothing wrong with.’a market when such prices are reall “Whole Situation Very Healthy." Among the Queensland wools very decent Tots of scoured combing have been sold, Dagworth touching 49d. . for the combing; pieces, 47d.; and bellies. 46fd. Eddington touched 48Jd. for the scoured combing; fleece, 48£d.•. other lots selling from 48d. down to 47d.; neckg, 44d.; broken, 46d. to 44d.; pieces, 44d. to 41d.; bellies, 42£d.; and locks, 35id. These prices clearly indicate a very firm xnnrket and we are satisfied that the whole situation is very healthy. What we like best of all in the demand for merinos has been the absence of excitement. Continental buyers realise that wool is costing enough. ’ , , . The above values for pieces, and the shabbier ends of the clip, deserve special notice. Tinenburra (Queensland) bellies sold from 19jd. to 17Jd.. even the lambs making up to 22d. . The bellies were literally plastered with seed but were very fine, running up to 80s quality. When these have been carbonised they will cost almost as much as combing, but no doubt they were bought, for. a special purpose; probably for making either flannels or billiard cloths. We cannot see on average that either pieces bellies, or locks are fetching more than they would have made last series, but the demand lor them is as good as ever. Nearly all the Victorian parcels are scoured skin wools, and they are making on the whole the best of last series rates. A few grease comebacks are being offered. all speculators’ wools. For instance. Mount Schnack was represented by six bales of greasy merino comebacks, which made 27Jd. THL grease merino touched ■3ld;, and a few South Australian wools were also in evidence, but were shabby little lots that owners must have been glad to sell. The outstanding Victorian brands were all scoured skin wools, represented by Gibb, the merino combing touching 45jd.: comeback. 43fd.: quarterbred. 39fd.; halfbred, 34fd.; and crossbred. 33d. This gives readers some idea of the prices ruling for scoured skin wools, and they are better they were last series. This week will see a much larger offering of West Australian new clip wools. Pardoo was put on the market in the scoured state, and realised up to 43d. for the combing; Pieces. 39Jd.; and nice wools they were. Wallal Downs was in the greasy state, the top line of combing touching 21d., others making 19fd. to 15fd.: broken, T7ld.; pieces. 17d.; bellies, 16d.; locks. IOSd.; and lambs, 19d. Nangetty/J and OB for the grease combing touched 25i<1.: pieces, 20d.; bellies. 15d.; and locks 9d. This was a good clip. All the West Australian wools this series are well grown and in creditable condition. Crossbreds Selling Freely.

There continues every day to oe a good offering of crossbreds, and full justice is done to them. Here there is keen competition between the Home and Continental tradea. though Bradford buyers are natura-llw taking the bulk of the offerings. France shows interest in greasy lambs in particular, and is not neglecting nice combing pieces. There have been a few new clips catalogued, and full iustice has been done to them. Waipaoa /T ran up to super 60’s quality, the clip being divided between Home and French buyers; The top line touched 19d.; other lots making 18d. to 16id.; pieces, 17fd. to 143 d.: bellies. 133 d. to 12Jd. This was in nice order well grown, and sold at full market values. Another new good clip was Cross/Opou. Here, • too, the greasv crossbred combing touched 19d. for the top lot. others making 18d. to 143 d.; pieces, 15J<H; bellies. 12Jd.; and lambs, 20d. The bulk of the offerings have comprised slipos, and some very good figures are being paid for these wools. We ha.ve seen elipe halfbred lambs making un to 283 d.. three-quarte.r-bred lambs have touched 253 d.. fine crossbred lambs 2nd., Leicester lambs 203 d.. ".nd Lincoln lambs 193 d. Then scoured crossbred fleece (merino) of the Hiko mark, has toucli id 42d.. other lots making 41Jd. to 38Vd.; pieces, 39d.: bellies. 36d ; comeback. 32d.: nieces (comeback), 29}d.; halfbred nieces, 29d. to 23id.; crossbred nieces. 23d. to 19d.; bellies, 253 d. to 213 d. These are all good prices, and indicate a very satisfactory market indeed. As one surveys the demand for crossbreds, we cannot but feel that there is much to encourage and much to show that even crossbreds are in a very strong position. French and Corman Competition.

Looking at the movement of crossbreds, the same satisfactory remarks have to be made as in merinos. Every day some very good wools are submitted, which meet with excellent competition, and the rise is certainly more in evidence in this section of the market than in merinos. If we take good halfbreds, say euper 50’s to 56’s, there is here on the average id. to Id. per lb. advance. When we come to 50’s and below, there is a good Id. advance, but the trade seems well able to pay this, and the movement is encouraging. There is every reason to be encouraged with the good general competition for crossbred wool. No doubt Bradford topmakers are taking off by far the bulk of the offerings, but the competition of France and Germany is good. Tho improvement in the Bradford export trade in crossbred tops and yarns kas been of very real benefit to this centre, and is largely responsible for the sustained interest on the port of buyers in the raw material, for which these commodities are used It is impossible to ascertain from the Board of Trade returns what quantities of crossbred and botany tops and yarns have been sent to atiy destination, but it is sufficient to say here that the totals show a considerable expansion so far this year compared with 1925 and 1926. Before the war Germany took tremendous quantities cf tops and yarns, and no doubt as the trade of the world develops will be able to take corresponding weights in the future. AUSTRALIAN BUTTER DUAIPING DUTY ASKED FOR IN CANADA. (Rec. January 10, 11.5 p.m.) Vancouver, January 10. Heavy pressure for the reimposition of a dumping duly on Australian butter is again reported from Ottawa. Little fear is expressed that the Government will yield to the demands, as such a course would endanger the trade treats with Australia, which is regarded with increasing respect, and Mr. Robb is against tho reimposition of the duty. Investors are reminded th.ft the Waitemata Electric Power Board issue of debentures recently advertised in The Dominion" has been fully subscribed.