LONDON WOOL SALES.

Marlborough Express, Volume XLIII, Issue 58, 4 March 1909, Page 6

LONDON WOOL SALES.

ANOTHER UPWARD MOTE

Tfeom ottr "coerespondent.] - v "■ : LONDON, Jan. 22, 1909, After another brief recess here . we are again toiling and moiling among the wool lofts of the Metropolis, and 1 thenisitting broiling m a hot sale room 'till 8 o'clock at night. It is no easy task spending a full fortnight in London, and unless a man s heart is in' the job he had better stop at home. After over twenty years experience one begins to think that use is second nature, and when all is said and done anything connected with wool suits the writer down to the ground. : . . £ i The beginning of any series of wool sales seems as it were the opening of a new chapter, and this is all the more so when the present is the nrst series of the new year. The usual contingent of buyers left the various manufacturing centres last Monday afternoon to be in readiness for the ■opening, and Tuesday mprning.one met with familiar faces from the Continent and America. A fairly confident note was expressed by one and all as we went round valuing, and while nobody talked very big, still most people looked for another upward move. This, no doubt, was the direct outcome of what has taken place during -the interval, and now London is ~being looked to to second the progress chronicled in manufacturing districts both at Home' and- iJLbMad., \ Perhaps I cannot do"(better as showing how tilings have advanced since the close of. the last series than by setting forth the course of top prices during the vacation:— Dec. Dec. Dec. 12 17 19 d. d. d. 70:s Colonial tops ... 25| 2C 25* ■ 64 Js Colonial tops ... 24 23i 24£ 60' s Colonial tops super 23* 23 23i 60's Colonial tops ordny. 22*, 22 22J 56's Colonial tops ... 18£ 18* 18* 50's Colonial tops ... 15£ 15i_16£ 46's Colonial tops ... >13i 13J 13-£ 40's Colonial tops ... llf Hi 12 33's Colonial tops ... 10| 10iHi 32's • Colonial tops ... 10 9| 10i AVAILABLE The quantities available show distinctly the free movement of wool supplies, and there are unmistakable signs that the present clip from both Australia and South Africa is moving much "more rapidly than last year. 'This, no doubt, is due in a large measure to the absence of any black commercial cloud such as enveloped the wool'trade a year ago, all arrivals being dealt with as they come to hand. The quantity available is a trifle larger than last year, but 14,000 bales, is no great weight when the entire trade is on the spot ready for buying. In the following table many points of direct interest come out to both growers and buyers. In the first instance there is shown the gross arrivals, also the quantity forwarded direct to manufacturing areas, then the net wools remaining for sale, and In the last column the quantity of New Zealand, which are practically all, crossbreds, and which help to make up the net arrivals: — Gross Forwarded Net New arrivals. direct. . quantity. Zealand Bales. Bales. Bales. Bales. 1909. 347,000 157,000 201,000 45,400 1908. 353,300 181,000 187,000 38,000 1907. 275,000 125,000 155,000 37,000 1906. 291,000 129,000 165,000 28,000 1905. 235,000 89,000 147,000 - 29,000 1904. 190,000 58,000 137,000 39,500 1903. 216 000 SO,OOO 141,000 42,000 1902. 211,000 62,500 193,000 59,700 1901. 250,000 42,000 *339,000 70,000 *133,000 bales were carried forward from the December series, 1900, to the January series, 1901. The pcnntvto observe in the above table is that direct imports have grown remarkably fast during the last few 'years, clearly showing that more Wool"is being bought at the centres of production, the same going forward to consuming areas without touching Colemaii Street as used to be the case. ' T* m

A GOOD START. Last Tuesday the first series began, a very largo number of buyers having turned up, both the Home, Continental and American trades being fully represented. The catalogues for the ■opening day were much better than usual, and while there were no super-ior-clips included, the selection was above the average. From the very start competition was vei'y keen, and the sale hod not been long in operation before it was plain to be seen that all sections were ready for buying. The Home trade naturally led the van in crossbreds, but in merinos

the Continent no doubt did the most. Splendid support came from all sides, but anything sound, long in staple, and shafty sold by far the best. The merinos catalogued came from New South Wales, West Australia, and Queensland,. and America bought some nice lots When compared with the close of the last series the following changes were seen: — Good greasy merinos, par to 5 per cent dearer. ,

Ordinary greasy merinos, par. Good Scoured merinos, fully par. Average scoured merinos, par. Fine greasy crossbred, par to 5 per cent dearer. ; Medium greasy crossbred, 5 per cent dearer. Coarse greasy crossbred, 5 to 1\ per cent dearer. • <. > ' Sliped crossbred, par to 5 per cent dearer. •j'Lambs'. wool, 5 per cent dearer. Greasy Cape, par. Scoured Cape, par to 5 per cent dearer. _ The opening results were 311 st about what were expected. Some professed disappointment at fine, wools not making a more decided upward move, but when all is said and done the initial results are good. Since the opening the sales have made first-class progress, and if anything competition has broadened, and prices are certainly in sellers favour. America is fairly active, and all other sections of the trade are operating freely. There is a good call for shafty combing .wools, but faulty sorts are not making any more, than they did last December. Scoured wools are selling well, but are not making any higher prices. What undoubtedly is -the' most satisfactory feature is' the good all round competition, and all classes of wool are selling well. THE OUTLOOK. Messrs H. Dawson and Co., in speaking about the outlook say: "The reports from almost all centres have indicated strong inquiry and hardening values during recent weeks, in both tops and wool. This has been due more to the scarcity of raw material than to a corresponding improvement in yarns or cloths at the manufacturing end of the industry. The Home markets, as also of (U.S.A., have been well cleared of stocks in

■raw wool, ahd in 'consequence, our material occupies a remarkably strong position. Continental consumers are .comparatively better provided with Colonial importations, but U.S.A. and the Home trade will need to operate freely. . Buyers will meet a better supply of merinos than had been expected, and the large available offerings at the present series serve to stead" values and to prevent undue inflation. Machinery is now better employed than has been the case during the past six months, and altogether the prospects are hopeful, although the actual state of trade hardly yet justifies a further advance. It needs to be remembered that Yorkshire has only just begun to respond to the current rates of the last London series. The steady maintenance of values_ today should give general satisfaction, and will do much to assure confidence and security ' to the best interests of the industry. The values of crossbreds have again shown a decided appreciation. The scarcity of greasy wools in consuming centres has been almost unprecedented^ acute during the past few weeks. Home topmakers are hungry for all sorts, while large orders in medium sorts are reported to be on our market for U.S.A. account, so that the advance made to-day, will probably fully justify itself. The stocks of tops in German combing mills have not increased during December, and at the end of the year the quantities were as under: — Merinos, 3,007,000 kilos; crossbreds, 5,315,000 kilos." ■