LONDON WOOL SALES

New Zealand Mail, Issue 1530, 27 June 1901, Page 57

LONDON WOOL SALES

OPENING OF THIRD SERIES. «MERINOS FIRM. CROSSBREDS DECLINE. (From Onr Special Correspondent). LONDON, May 3. We have seen times in the past when a series of London wool sales opened- with a greater display of interest of a more demonstrative nature, but seldom has a series opened to which all eyes have been turned so eagerly to know the result than the one which opened three days ago. The exigencies of all consuming markets, the "queer streets” into which some have come, the pending results of prices for commodities in such centres as Bradford and Roubaix, have all caused a maximum amount of subdued anxiety to be manifest, and it may be safely said that the whole wool world looks on as if something stu-pendous-was going to happen. And indeed something has been at stake, for when millions are to change hands in the short space of a few hours, something great is involved.

It was welcome to see that nature had completely changed its garb as we rushed along in the train towards London. The young lambs bedecked the fields in abundance, the trees had just burst and "dohined” a new cap of green, rain was falling gently, and everything said that spring was here. Even the weather has a marked influence on wool men, and the numerous buyers who left Bradford in the afternoon felt in fair form for the trip. Conversation flowed freely on all subjects from wool downwards, and it was felt that merinos would be dearer by par to 5 per cent., bringing np fine crossbreds along with them, but coarse and medium grades were an unknown quantity. However, everybody appeared in fair heart over the sales and were looking forward to some brisk times, especially in all fine wools which undoubtedly are to-day the thing. Consumption is running almost entirely on merinos, and this means that buyers must have the wool, stocks being by no means big. Several expressed the opinion that they would be in the market for a few thousand hales which indicated further that they were prepared to pay an expected advance. It was quite cheering as we turned out for the London docks on the morning of the first day’s sale to see so many old and familiar faces all heading to the same place for the purpose of valuing and looking at what was on offer. The three catalogues submitted were fairly representative for an opening day, several parcels indicating good character and growth. About one half represented New Zealand crossbred, mostly new season's wool, for which the Home trade showed most favour. It was evident by the number in th.B varied avool lofts valuing, that a good representative lot of buyers had turned np, and all seemed bent on doing work. From a word here and a little argument there, it was easily to be seen which way the wind was blowing, and everybody expected to see firmer rates for merinos, and easier prices for the lower qualities of crossbreds. Still, sellers had placed before the trade some crossbred clips which at one time would have brought down the house, but then to-day fashions have changed, and supplies are threefold what they were then. All this meant a little price, even though the wool was all that could be desired.

Bather gingerly was the bidding for the first few moments of the sale, and things by no means came up to general expectations. Buyers found that lots were coming at their valuations without their having to advance their bids, and merinos were knocked down, in many instances, at last sale’s prices. Crossbreds generally came at id under last .sale’s rates, especially medium and coarse descriptions, though fine qualities showed no change. At this level the opening sale continued to the end, when the selling brokers stated that prices for merinos were on a full par with the closing rates of the second series, while crossbreds must be quoted down 5 to 7i per cent. Throughout the sale the Home trade led the bidding for all qualities; only occasionally did France and Germany participate in the competition, while America was perfectly silent. It must be said that a little disappointment was felt at.the finish at merinos not showing an advance, as expectation was so general on this head. All South African descriptions went very much like Australian wools, snow whites perhaps appreciating as much as id on the best lots. Brokers met tbe market freely in both merinos and crossbreds.

Sold by Messrs Charles BalmC and Co., April 30th. —T/OEO: 56 grse crosbd com, withdrawn. TA/P: 12 grse crsbd com, sd. PAIBATT: 15 grse crsbd com, sid; 3 do do lambs, s£d. GAd/uEO : 11 grse crsbd com, 4|d; 2 do do, 4id. YX: 7 grse com, sd. Pukerangi: 13 grse com, sd. Wavertree: 14 grse crsbd com, sd; 4 do do lambs, 5Jd. The worst feature here,-'and the most painful one to me, was a want of better prices. B & G/Auroa: 14 grse crsbd com, 4|d; 6 do do, 4|d; 8 do do, 4id. M/Toto: 10 grse com, sid; 2 do do, s|d. CP/X: 6 grs© crsbd com, 4|d; 7 do do, 4|d. LY: 12 grse crsbd com, 5Jd; 5 do do do, sd; 2 do dc lambs, 4fd. AW/BF: 15 grse crsbd com, sd; 22 do dp do, sd. Hillsborough/H3/Pohangina: 17 grse crsbd com, sd. JBW: 10 grse f-bd com, 4|d; 2 do do lambs, 4fd. All these were not by any means bad wools, but coarse, hence they realised little prices. They all went to Bradford. Flaxmere/Prince of Wales Feathers: 7 grse crsbd lambs, 6d; 3 do 3rd do do? 4fd. Sherenden/Prinee of Wales’ Feathers: 2 grse Ist crsbd com, s|d; 5 do do do do, sd; 2'do do do, sd; 10 do Ist do lambs, withdrawn. Fairly good quality, good length, and shafty wools. A: 23 grse crsbd com, sfd. JB/Ashurst: 9 grse crsbd com, 5Jd. IN: 4 grse crsbd com, 5Jd. KMK/Greenhaugh: 14 grse crsbd com, 5Jd. TJATJ: 14 grse crsbd com, s£d. All these were nice, handy wools. ANB/Tuanui: Grse 13 grse i-bd com, 6fd; 7 do crsbd do, 6id; 40 do do do, sfd; 24 do do do, sid; 11 do 2nd do, do, sjd; 8 do do do, sd; 11 crsbd lambs, 6d; 4 do do, ; 4 B do do, 4£d; 15 Ist crsbd pcs, 4id; 5 2nd do do, 4d; 7 crsbd do, 3|d. These made full current rates, and were

by no mean© wanting in most ©f the principal characteristics which, go to make up good wools. Realised full current rates. Cross/OG: 26 grse B ersbd com, 6d; 5 do C do do, 5Jd; 3 do D do do, 4fd; 8 do P do do, sd; 6 do Ist do lambs, 6Jd; 4 do 2nd do lambs, sd. Plenty of length, shafty and will make very good 40's tops. They mostly went to Yorkshire houses. Shepherd's Creek:Grse. 42 Ist £-bd com, 9d; 10 sup do do do, 7£d; 26 do do do, 7£d; 8 do do do, 6d; 4 ersbd do, 8d; 9 Ist f-bd com, 6d; 6 Ist bred, 5Jd; 27 sup ersbd lambs, 6|d; 7 2nd dp do, 4£d; 10 J-bd pcs, 5Jd; 5 do do withdrawn.; 9 ersbd do, 4Jd; 3 ersbd bellies, 3|d; 3 do do,3id; This wag the best New Zealand clip that was offered on the opening day. A full week’s selling particulars next mail.. It is just as well that the London sales should he here and set at ease the-'dis-turbed state of the Bradford market, for. during the past week both inquiry and transactions have been reduced to th® minimum. Things are consequently unaltered, and there does hot appear to b® any likelihood of any mends until th® course of things becomes clearly defined.' Topmakers are sanguine that merinos ar® good property, and those who have not sold are simply holding in face of an expected advance. The most encouragement comes from the fact that all Yorkshire seems to be in a fair buying mooci, especially for fine wools, and crossbreds will b® taken at a price. If these sales can impart a spirit of enterprise and confidence, can generate and maintain more life in the trade, then much good will he accomplished.