LONDON WOOL SALES.

Marlborough Express, Volume XLVI, Issue 263, 6 November 1912, Page 6

LONDON WOOL SALES.

ANOTHER SATISFACTORY OPENING.

iFrom Our Special Correspondent.) - ; ■ ' - m^BON, Sept. 27: . Once more the eyes of the wool trade are turned towards Coleman Street, where the September series began last Tuesday. The position of things is to-day so interesting that it is as well that this big event takes place periodically, and the trade is given to see where the raw material actually stands. It is certainly surprising to find everything so healthy and sound, a clear proof that the textile trade occupies to-day a very unique position. When one' thinks of all the adverse factors which have had to be reckoned with this year, the more than usually strong position which the raw material occupies is clear proof that- business is certainly good, and well* above the average. The condition of things to-day is just the opposite from what it was at the corresponding date a year ago. ' The opening of the. September-October series in 1911 was marked with a slight set-back in. values, but to-day everything indicates a further movement forward. Probably the majority would have welcomed a slight ease at the present time, but stocks are so limited, trade so good, and consumption so large, that wool is in a very unique position, and instead of there • feeing any evidence of weakness, Everything is moving in the opposite direction. It is quite true.that the raw material does not spoil with keeping; yet, although values are -high, they are willing to buy as freely as ever. The trade came together on Tuesday with evident confidence, the opening sale passing off remarkably well. A GOOD INTERVAL. Regular readers of this issue have been kept apprised of what was going on in consuming centres. There has been no soft spot anywhere, the vacation being characterised by a big business both in wool, tops, and yarns. It is some years since August and September have been marked with such pronounced strength, all due to the active demand for, the raw material, and -the .- extensive ' inquiry witnessed. Tke^incoming of America • has to a large extent revolutionised the standing of the raw material, and it is safe, to say that if there had not. been a continuance of operations 6n the part of United States buyers, wool ■would not be figuring so conspicuously ' to-day. However, there has been a very active inquiry, continuous large gales have been made both on home and export account, and the doors of Cbleman Street Wool Exchange were opened with everything in sellers favor. Users of both tops and yarns as a rule, at this time, of the year, ado.pt a policy of going strictly from , hand to mouth, with a view to ulti- j mately affecting the selling centres in ; Australia; but conditions this year i have been such as to prevent the least possibility of anyone holding off. Trade has been so good as to compel top-makers and spinners, as well as manufacturers, to largely anticipate the future, and knowing that they ■ had nothing to lose by operating, a j big forward business has been done. ; Below we show1 where prices stood for ,' the combed article at the close of the third series, and what were quotations last Tuesday for good average stan- , Sard tops on the Bradford market: — j Sept. Sept.l 21st, 23rd, j 1911. 1911. I Description. d. d. j 70's Colonial tops ... ... 28 28 i 64's i „ : 27 .27*. . 60's „ super ... 26 26£ 60's „- ordinary 24$ 25£ 58's „ average 23 22*; 56's „ average ' 20g 20 -s SO's „ . average 18.. 18 \ 46's „ carded... 14£ 15£j 40's „ prepared 13f 14^ \ 40's „ carded... 13 14 > QUANTITIES AVAILABLE. j The. question of arrivals is one of > great interest; for by the wool coming to hand it'can always be seen; whether the trade is well supplied ! with the raw material. As a rule j - the September series sees the end of i the last Australian clip,;but"this year j there will: b>.-a fair supply; of Queens- j , lantf new1 clip, which : will .help .to ; salt" the somewhat heavy.^quahti-i ties" of carbofnising wools -which arecertain to be catalogued. The ] amount to hand this series is larger ] than usual, although in 1908, owing J to large quantities being carried forward at the close of each series, the ■ supply exceeded that of to-day. Still, ■ with manufacturing conditions being j fairly healthy, there should be no difficulty in moving the 143,000' bales available. The following shows the quantity on offer, compared1 with the corresponding series a year ago :— September-October, 1911. " AvailNew - able Bales. Bales. New South Wales and Queensland 64,000 44,200 Victoria ... 7,150 9,250 | South Australia 850 2,250 West Australia ... 2,300 2,900; 'Tasmania 150 150: New Zealand ... 38,450 64,650 ! South African 17,500 6,000 j Totals f 130,400 129,400 | September-October, 1912. Avail^ New able Bales. Bales. view South Wales and Queensland ... 58,817 37,317 Victoria ~. 11,630 11,630! feouth Australia ... 3,230 2,630 West Australia ... 5,385 5,985 Tasmania 304 504 : New Zealand 62,548 77,548 j feouth African .27,931 7,231; Totals ~.. ... 169,845 142,845 ' A GOOD START. | The opening sale on Tuesday must ' be regarded as very satisfactory, no ■ matter from what standpoint it is ' viewed. The catalogues were very ■ miscellaneous, there hardly being a straight clip of merino wool sub- ' mitted. The bulk of the offerings • consisted of sliped New Zealands , crossbreds, and full justice was done to them. Practically all the wools were suitable for the home trade, al- \ though a few lots of scoured Queens- \ land merinos went to the Continent. ' From the start competition was very ; keen, there being no holding back whatever in the bidding. When com-' pared with the close of the previous series merinos showed an improvement of :'par to id on the best classes, but faulty wools there was was no advance whatever. For, the greasy cross- ' tn-eds the call was exceedingly good, fine greasy parcels being par to £d; medium -Jd, and coarse descriptions a good Jd higher. There is no doubt that the rise was the most marked in the latter, and while the 2bulk of the wools were £d more, they •were slightly heavier in condition. ■3fjne half-bred lambs were no dearer,

but medium qualities were mostly £d per Ib. more money, while coarse Lincoln classes often sold fd to Id higher. Punta Arenas sold similarly to the New Zealand greasy crossbreds, and were mostly £d better. Since the opening the selection has sensibly improved, and the advance has been fully maintained. There is a very encouraging feeling among buyers, although it is significant that nobody seems disposed to force the pace." The way slipes sold surprised a few, but there is no doubt that i this class of wool is wanted, and it is benefiting as a result of English skin wools being advanced. THE OUTLOOK. « Messrs H. Dawson and Co., in speaking of the future, make the' following observations: "The general situation at this period of the year always assumes a greater importance than at most other periods, because it affects vitality of the new season's business and helps materially to determine the level of values for a new season's trade. It is, however, difficult to say whether it is wise to gauge! the future by the present .situation. The position is almost too rosy. The wools available for ' the consumer are not large, and values perhaps are in danger of being unduly appreciated by the strong demand for urgent needs which undoubtedly obtains. Trade reports are excellent for all centres, ' and the year/s supplies are practically all gone into consumption, which is the factor that always counts in the ultimate reckoning. ; Perhaps the most remarkable fact of ! the past decade has been the easy and complete absorption of the record clips of the last two or three years, and this year the markets promise to be still more hungry for the new season's supplies. The home tarde continues to enjoy a wonderful run of good business, and a large turnover, while from the Continental centres there are reports of steady, healthy trade without any boom, al-

. though an increasing optimism as regards future business is noticeable during the past few weeks. The United States markets are also dis-

\ tinctly cheerful despite the fact that !it is the Presidential election year,

and that the election is a vital one for the wool interests. As a matter of fact, all the old theories of bad business in election years and the

fears .of the pessimists have been upset, and there is an undoubted revival of trade in the American woollen industry. The nervousness of tariff alterations which has prevailed during the past two years naturally led to such a serious curtailment of production that a very sound and healthy position has been created. . The demand for goods appears to have been ahead of the supplies, and consequently the mills are busy and the domestic avools are being rapidly cleared from the market.

"There are important facts, however, to be taken into account in gaiiging the whole position. In the United States of America the alteration of the tariff appears to be a ♦foregone' conclusion, and will involve some adjustments in values, although it seems as if in the present healthy state of business these might be made with the minimum of loss and inconvenience. In European markets it has to be remembered that merinos are already at a fairly high level of values. That level has been supported by the strong call for fine worsted fabrics for the East and by the favor shown to merinos in ladies' dress fabrics. Such strong support may riot always be maintained, although the season opens without signs of diminution. Fortunately, a strong, calm tone, which is quit©., inimical to anything in the nature of a boom, controls the market. Jn fact, a resolute determination not to! be carried off one's feet by any speculative movement appears to be the prevailing mood. Consequently a sound, cautious policy is being happily pursued, despite the signs of good trade which are so abundant, and this is the best augury for the season's prospects and for the maintenance of a steady market."