THE WOOL SALES.

New Zealand Herald, Volume XLVI, Issue 14219, 16 November 1909, Page 6

THE WOOL SALES.

PREPARATIONS AT AUCKLAND.

SEASON'S PROSPECTS.

BIG CATALOGUES PREDICTED.

The opening wool sales of the 1909-10 season at Auckland on Wednesday, November 24, give promise of extensive business, and indications point to good values. Owing to the wet weather of a few weeks ago "the wool has been coming in rather slowly, and it does not seem possible that a quantity equal to the record of last year's opening sales can be got forward before the sale, but the past week has witnessed satisfactory deliveries, and it is -regarded as certain that the aggregate of this season's offerings will be in excess of the quantity catalogued last year. A full bench of American, English, and Continental buyers is expected at the opening sale.

The wool coming in is sound, well grown, and light in grease, the latter fact being attributable to the wet season. As far as can be ascertained, there is a general improvement upon last year's packing, and in this connection the complaints made by buyers last year, coupled with the classes for instruction in wool-sorting, are considered to have inspired growers with a desire to improve their methods. The order of selling will be drawn for to-day by representatives of the Auckland firms engaged in the sale.

Altogether a satisfactory outlook prevails in regard to the coming season. Stocks' are reported as bare in the manufacturing centres, values in the cotton market are at a high level, and trade is generally good, especially in America, which country is one of New Zealand's best customers. Coming nearer home, it is considered by local merchants that the Newcastle coal strike may possibly have the effect of firming prices at the opening sales, because of the probability of greater facilities being available for direct .shipment to the Home markets from New Zealand than from Australia.

In the past American buyers have always gone in for clean, light, bright wools, paying top prices for them, but at the recent London wool sales there was great demand for greasy crossbreds. The extensive operations in the American cotton market recently forccd the price from 7d up to lOd, and although a substantial drop occurred subsequently, the reports of the Government bureau indicate that the cotton crop will be an indifferent one, in which case high prices may again be looked for. with a corresponding effect upon the wool market.

From the Argentine come reports of a sTiort clip, and as the coarse woo)s of that country come into keen competition with New Zealand, the effect should bo in the direction of - firming local prices. On the other hand, a fairly good cotton crop is reported from Egvpt, and the bank rate being comparatively high any further advance'may be checked. In fact, it is considered in some quarters that fine wools will experience a fall at the next London sales. The last sales in the English metropolis were very strong, prices all round, from the coarsest crossbreda to the finest merinos, having risen 15 per cent. Then, again, at the recent Napier sale, high values prevailed, and these were fully maintained later at the Wellington sales. At the latter 2800 bales were offered, and the market opened at from to Id better than at the opening sale of last season. Extreme prices ranged up to 13£ d per lb for very light conditioned halfbreds. Good bright crcissbreds went from IOJd to Is. according to condition, ordinary to medium B£d to 9Jd, coarse crossbreds 7j?d to B£d. The sale was remarkable for the very few lots that were passed in. American operators were not buying heavier conditioned wool, but in cases where the wool possessed the desired ligliiness in condition high prices were given. A noticeable feature of the Australasian markets of recent years has been the increasing tendency of buyers to purchase in the colonies rather than wait for colonial shipments to the London market Last vear 72 per cent, of the Australian and New Zealand clip was purchased on the spot. The increase in this connection during the past 10 years has been about 25 per cent., and the colonial wool sales have accordingly increased in importance. Generally speaking the Auckland wool this year is of satisfactory lightness, no that prices on a par with the recent London sales should be obtainable.