LONDON WOOL SALES.

Marlborough Express, Volume XLII, Issue 103, 2 May 1908, Page 7

LONDON WOOL SALES.

Messrs Dalgety and Company-, Ltd, report under date March 20 :■-*—Tho second series of Colonial wool sales for the current year opened on the 17th inst., the total available bales being 201,000^0f which 98,700 were from New Zealand. The attendance s of buyers was large and representative, and included one or two from the United States, but the bidding at the opening was very hesitating and wanting in animation, partly due, no doubt, to the indifferent selection catalogued. On Wednesday, with a more attractive offering, competition improved, though there was no change in the general level of values, which, as compared with January closing rates, we quote: —Good greasy merinos 5 to 7f per cent lower; other descriptions of merinos 10 per cent, lower; but short, faulty scoured merinos are difficult of sale, and often 15 per cent, lower; fine crossbreds 7J per cent, lower; medium and coarse 15 per cent. Business since the close of the January sales had been so unsatisfactory, while the immediate supplies of wool were large, that some fall was certain, especially m coarse wools, and the result of the opening of these sales was generally anticipated by the trade. So far, all straight lines of wool on growers' account liave been usually cleared, but Becondharidr speculators' lots meet with poor competition and have formied the bulk of the withdrawals. If importers as a whole meet the market we consider there is a prospect of the lower prices stimulating consumption, but at present mpst manufacturers and dealers, especially on the Continent, have to meet losses on wools purchased at the high basis, and consequently restrict any fresh buying as much as possible, ,while it must be remembered that, even now, merinos and fine crossbreds are on a very fair basis, Judged by the average of recent years. Medium and coarse crossbreds, however, have, with this last fall, come to a lowish figure, and should they remain for any time at their present level their relative cheapness may cause a change in fashion in their favour which might react unfavourably on the finer grades. At a meeting of the Colonial Wool Importers' Committee last week it was decided to limit the arrivals of new wool for the May and July series to 180,000 and 160,000 bales respectively. As compared with previous auctions (16th January) we quote:—Merino combing £d per 1b lower; merino clothing Id per lb lower; fine crossbred combing fd per lb lower; medium and coarse crossbred combing l^d per lb lower; lambs 1 per lb lower.