LONDON WOOL SALES.

Marlborough Express, Volume XLV, Issue 98, 27 April 1911, Page 3

LONDON WOOL SALES.

ANOTHER GOOD OPENING.

[JBOM jOTTB CORBESPONDBNT.3

LONDON, March 17, 1911. j Any series of Colonial sales always ) give rise to considerable interest in ] every country in the world where j wool is grown, and none the less so ' where the same is manufactured. | Last Tuesday saw the commencement ! of tho second series of sales for the i current year, and to judge by out-1 ward appearance there was. no lack of interest in the proceedings. The 1 usual large contingent of buyers put in an appearance, the home and Continental section being augmented by a. few representatives- from the United! States. Nobody is looking for the latter to do a great deal of buying, but a few firms like to feel the pulse of the London market, and therefore always send their buyer. This no doubt serves a good purpose, for then i they are) able to know, first hand exactly what is the standing of the raw material. A QUIET BUT SOUND VACATION. To a very largo extent every series takes practical shape and the; course of values is largely determined by what has transpired during the vacation., and although there has been no very active markets since the close of the January sales, still a very satis~ factory business has been done both In tops and yarns. This undoubtedly is a, very desirable requirement for any series of sales to be successful, and. although various members of tho trade came together on Tuesday with fairly large stocks of raw material at home, yet the majority are still prepared to operate on a liberal scale, the conviction being general that it is wiso to make provision for the forthcoming months. It is well known that with the current series of London sales, supplies must fall off, •and the wool to be catalogued later will be nothing near so good. The current '. Australasian clip has been marketed at express speed, that being clearly seen in the sensibly increased quantities which have come to Hand since the list was closed for the January sales. However, there has been no frilling off in consumption, and although supplies to-day are adequate, still consumption is large, and on that account a comfortable feeling obtains regarding the future. During the interval some good sales of both tops and yarns have taken place, and naturally topmakers and' spinners aro well off for work till the middle of •summer ; in fact, some spinners assert that they can now see well on towards the end of the year with the present •contracts they have in harkL and that being so they are naturally feeling ■comfortable. The outstanding feature of the market to-day is undoubtedly the excellent manufacturing conditions, and the trade assembled on 'Tuesday with feelings of confidence and hopefulness regarding the next few months. QUANTITIES AVAILABLE. The quantities available are naturally large, and possibly merchants and selling brokers will find it necessary to carry forward a considerable slice to tho May^ales, and they need have no hesxtatidii in so doing if circumstances arise. There certainly is a large weight of wool available, but we iind that there is notwithstanding a fairly confident feeling that the entire lot will be lifted and dealt with successfully. The increased quantity to hand is largely duo to the fact that Niew Zealand pastoralists have made every effort to get their clip to market for the March series of sales, and judging by Dalgety's latest particulars, thero is not going to be any increase from the Dominion as at one time was expected. The wool is here to-day, but in all probability after the May sales are ended there will be a marked falling off in the quantity of crossbred wool available. No doubt the sensible fall at selling centres in Australasia in January is likewise responsible for increased quantities being sent forward to London, and it is thought that all through this year more wool will be sold in London, it being generally anticipated in Australia that as the year advances better prices will be forthcoming. The following particulars show the quantifies available compared' with the corresponding series ap year ago:— MARCH, 1911. *« / f§ Sydney & Queensland 74,750 50,250 Port Phillip ... ... 101,200 23,000 Adelaide 35,250 4,250 Swan River ... ... 22,200 23,200 Tasmania 800 300 New Zealand 176,500 116,200 Cape ... ... 66,100 15,100 Totals ... ... 476,800 232,300 MARCH, 1910. Sydney & Queensland 67,750 28,750 Port Phillip 1 69,050 9,250 Adelaide 10,000 2,200 Swan River 13,150 13,450 Tasmania 750 750 New Zealand 135,000 76,800 .Capo 68,600 9,600 Totals 364,300 140,800 A CREDITABLE START. ■ Three selling brokers put before the room decent catalogues on Tuesday, while Messrs John Hoare and Co. also -•submitted a catalogue composed entirely of wools from Punta Arenas. It j was piain to be seen as ono went round valuing that the usual large contingent of buyers had turned up, and the majority expressed confidence at the rates. The wools submitted were mostly crossbreds, and the home trade naturally gave the most support. The few lots of merinos catalogued were of an average type, and for these both the Home and Conti- i nental trades competed keenly. There seemed to be no lack of interest what- ! ever in the market, and considerable iess reserve was manifest than we have i frequently seen. General expectations j favored no change,- and at last sales' values buyers bid freely and conn- ; ■dently. There seemed to be plenty of men for the Wool, and all things con- ' sidered the initial sitting passed off well. The principal buying was done by the Home and German trades, there being practically nothing suitable for the United States.

The general-range of prices established showed really no difference compared with last series closing rates, both merinos and crossbreds selling very freely indeed' at firm prices. Cape and Punta Arenas wools fared likewise. The outstanding feature was undoubtedly tho more general competition of the Continental section, and this pleased everyone. Bradford buyers had not all tho crossbreds to themselves as was the case in January, and while .nobody felt disposed to advance, still the catalogues were cleared at a most commendable speed. 1 Confidence was the note, sounded in a

clear emphatic way, and everything points to another successful series. The opening results gave every satisfaction ,and the trade breathes all the more freely. THE OUTLOOK. a Messrs H. Dawsoh and Co., in speaking of the outlook say: "The present series, Avith, its unusually heavy offering, undoubtedly promises to be the most important and most critical of the year. The incidence of the large supply of crossbreds is due to rapid transit and the preference of New Zealand growers for the London market this year, ar,d not to any increase in the year's production of crossbreds. This fact has been fully appreciated by most consumers, and consequently there is no sign of concessions or weakness in tops because of the large supply. Fortunately crossbred usors have been for some months past pursuing a cautious policy in the New Zealand and South American markets, and the trade is not overloaded. During the greater part of the Colonial season the South American ' markets have been a weakening factor, but values have recently hardened in Buenos Ayres, aakF are now on a parity with the prices of New Zealand Wools, the most disturbing element in the. situation having thus been eliminated.

"In merinos values appear to be very sound. Yorkshire can hardly be expected to operate1 so heavily as in January, but despite th© fact that the fine worsted trade is just now between seasons, and that winter orders have been small, yet tho consumption is being well maintained, and prospects for the spring season are very hopeful. The reports from Continental centres are,also more satisfactory than in January. .

"Unfortunately there is not yet much encouragement to be gained from the United States of America reports. Business iri Boston is dull and unremunerative, and there, are still large stocks of domestic wools. Foreign wools are not in heavy sudply, but until the tariff agitation is settled business can only be of a hand-to-mouth character in Australian wools. The most regrettable feature of the offerings is the short and inferior character of much of the New Zealand produce which tends to handicap its easy disposal except at proportionately lower values. "The opening sale to-day furnished a. most encouraging proof of the stability of the market in the remarkable all-round competition which was exhibited. Continental buyers were more active than for some time past, both in crossbreds and merinos. Taking into account tho steady consumption vhieh still proceeds in nearly every European centre, and seeing that the world's competition will now be focussed in London instead of being spread over various markets, there is every reason to take a more pheerful view of the situation."