LONDON WOOL SALES.

Marlborough Express, Volume XLIII, Issue 145, 17 June 1909, Page 6

LONDON WOOL SALES.

OPENING OF THE THIRD SERIES — ANOTHER ADVANCE IN ALL* QUALITIESCONTINUED GOOD OUTLOOK.

(From Our Special Correspondent.) LONDON, May 7. Seldom has more interest attached to any series of wool sales than those which commenced last Tuesday afternoon, a very lively spectacle being presented on the floor of CoJeman Street Wool Exchange, where buyers from all quarters were to le seen actively competing with each other for the raw material. Whatever may be said about other trades, the wool industry cannot be charged with quietness, and the woollen and worsted trades have been practically the first to emerge from the late season of depression. All mills in Bradford are exceedingly busy, the woollen industry is in a middling way, factories generally running full time, and in many cases overtime. The I same thing obtains on the Continent, and latest reports from America indicate a. state of briskness. Under such conditions there is no wonder that the entire trade came together prepared \.o buy, o.*\d when decent catalogues aro submitted we are certain to see a very lively time. j A GOOD VACATION. Perhaps we cannot do better than say a few words about the vacation. Regular readers of this issue will have seen from our past weekly letters that prices have all shown a strong upward tendency. This has been due to free sales, of wool and tops, and with" users repeatedly purchasing, such markets as Bradford have all along presented signs of life and activity. It is safe to say that a larger weight of "top" contracts are standing to-day on the books of Bradford topmakers for delivery up to next October than there has ever been at any previous'time in the history of the trade, and with spinners buying so freely means that such sales will have to be partly covered at the current series. Perhaps we cannot do better than show what has •been the course of prices during the interval, and the following table shows where values stood at the close of the last series, and at the opening of the current series, for good stand-; ard descriptions of tops on the Brad- j ford market: —

QUANTITIES AVAILABLE. It is a well-known fact that the list of arrivals lias been watched with great interest tor a month past, and wool has come to hand in a very free way indeed. In this respect die trade has expressed a little' surprise, not so much as to the quantity of Australian merinos available, as to the large quantity of New Zealand wools which are to hand. The present series is really one for crossbreds, and the trade will be asked to absorb a very large quantity. In addition to the 101,000 bales available from N.Z., there are also 18,000 bales from the Falkland Islands and Punta Arenas, and as these are double the size of Colonial bales,, it shows that there cannot be any less wool than would fill 140,000 bales the size of those from New Zealand. If the trade later on shows the least signs of being filled up, merchants and brokers will no doubt withdraw a portion oi' the wool available until lator on in the year, for however good the trade, there is a need of giving uaars time to turn round with their

tfery large imports. The following table shows the gross arrivals, the forwarded direct wools, the net quantity., and also the New Zealand wools, which are included in the net quantity available for sale at tho third series during.the past few years: —

The outstanding feature in the abov© list is the much more rapid movement of an Australasian clip of Vi'ool than obtained some ten years ago, the current season breaking all records. A feeling of satisfaction obtains that to-day's values are safe, notwithstanding that in all manufacturing circles there is at present a large weight of unconsumed stocks, but as these are practically all mortgaged there is no uneasiness felt of supplies breaking down values. A SPLENDID OPENING. Tuesday's sale was splendid, and although the selection was rather miscellaneous, yet competition was of the liveliest character possible. When compared with the close of the March series the following changes were seen : —Merinos, id higher; fine crossbreds, Id higher; medium, id to Id higher; coarse, id higher; sliped, -Jd higher; iambs (all qualities), -J-d to Jd higher; Capes, Id higher. The most rise was seen in secondrate ,woo!s of 46's to 50's quality, which America took, the rise often being 15 per cent, over last series.: Succeeding sales have seen merinos! make fuiiy 5 per cent, more, and everything is doing well. The Continent is active in merinos;, and so is the Home trade, every description of wool doing better than last series. THE OUTLOOK. In speaking about the outlook Messrs H. Dawson and Co. state that "The past interval has been marked by a large volume of business, and reports from practically all centres indicate a hopeful and healthy state of trade. It is not surprising, therefore, .that, there has been a gradual but emphatic hardening of values in tops and yarns. '•'There are several factors which have contributed to the present position which still command attention. The arrivals of wool at all consuming centres aro both larger and earlier than usual. Probably, so far as immediate and urgent requirements are concerned, the majority of consumers could afford to leave the May series alone, owing to the large quantity of direct importations which are to hand, and which are keeping the combing mills extremely busy. But against the above consideration there is the general apprehension (which is apparently justified) that after the close of the present series the selection for the remainder of the- year will be comparatively limited, and that, with the good prospects of business, values will tend to harden. Consequently there is a disposition in many quarters to operate freely at the present auctions. This tendency to supply future needs is encouraged by the fact that the great bulk of the. wools in. topmakers' and spinners' hands is already sold; for in merinos especially heavy forward contracts have been made both* in yarns and tops, and new business will require fresh purchases of raw material.

"In the crossbred market, Tinder similar conditions, there is active inquiry v/ifch increasing business. Owing to the small supply of merinos a large measure- of attention is being paid to crossbreds, and an optimistic tone generally prevails. It is feltthat medium to lower grades are still relatively cheap as compared with fine -wools, and some advance on last sales has been established in the interval. U.S.A. support has been so persistent, with every prospect of a continuance at the present series, that a substantial advance in medium sorts appears to have been generally expected. The selection in greasy wools will, or' course, be the largest and the best as compared with Hie later series of the year, and consequently a strong market is anticipated. There is also an improved demand for coarse crossbreds, although these have to rely chiefly on Bradford support."

d. d. rO's Colonial tops h*'s iO's „ „ JO's i6's „ ', iO's „ „ S's S'3 ■■ !A's Ii4's . „ „ tO's ,; „ tO's i6's !2's super ordinary average prepared carded prepared carded prepared carded prepared 13 27h 20 J25^ 2d 20i 17 14 13A 13 12 12 Hi 111 lOi 2SJ 27^ 26| 25 21 174 14* 14 13 i 12* 12J 12 12 11

Gross Iorai riv-' warded als. direct, fear. Bales. Bales. .909 377.500-213,000 .908 318,000 132,000 .907 352,000 197,000 .906 316;000 166,000 .905 296,800 .150,500 .904 297,500 128,500 .903 304.000 113,030 £02 367,500 139,000 .901 255,800 52.000 .900 262,000 77,500 .899 255,800 82,500 New Zealand. Bales. 101,200 147,000 95,000 91,000 86,700 82,000 79,000 82,900 90,400 85,000 56,200 Net quantity. Bales. 177.50C 263,00C 160.00C 157.O0C 165.50C 183.00C 2O8,O0C 239.0CC 262.00C 290,00C 185,OOC