LONDON WOOL SALES

New Zealand Mail, Issue 1533, 18 July 1901, Page 59

LONDON WOOL SALES

AN EASIER FINISH. (From our Special Correspondent). BRADFORD, May 24. When we last wrote it was evident to any careful onlooker that things were hardly so firm as what they had been, and a - batch of buyers congregated together after last Friday night's sale, agreed that wool had been better to get than for a fortnight past. The few subsequent sales saw this somewhat easier spirit become more accentuated until a decline had to be chroniceld of 5 per cent, from the highest point reached during the series. This in many respects is disappointing, as an excellent wind up would have done a . great deal to send back buyers with the clear understanding that wool was firm and likely to be. As matters now stand it is evident that the trade has absorbed as much as it can deal with, and the easier feeling has undoubtedly cut short any prospective rise that was impending in consuming centres where a move forward is sadly wanted. The reason for this falling off is clearly stated below, and it is most regretable for many reasons. There is no doubt that the primary cause of the slackened competition is to be found in the refusal of consuming centres to respond to the higher values in London, and we were told repeatedly by principals at Home to reduce limits, as prices were not in harmony with what we were paying. .This was the case, too, with Continental buyers, the ”®Jtimate effect being to cause things to Slightly ease. Having fully detailed the course of the sales in past letters, we now bring the third series of auctions to a finish by giving the expert opinion of Messrs Charles Balme and Co., the well known sellers. In their circular they state that since the close of the second series, the position of the woollen industry has not undergone any material alteration either in England or on the Continent. Consumption of merino and crossbred wools is well maintained, and stocks of the former class of staple—particularly abroad—are moderate. As regards the latter, however, the situation is very different, inasmuch as fashion at present is favouring fine stuffs, while considerable accumulations of crossbred tops, yarns and wools are held by manufacturers and dealers. Merinos met with a good demand at the opening of the auctions at the rates current at the close of the previous sales, and remained at this level for a few days. German and. French buyers operated with great freedom, particularly for fine haired New South Wales and Queensland parcels, as well as bulkv pieces, and soon raised quotations for these descriptions 5 to 7-J per cent.; medium and inferior shipments also hardened, and occasionally realised 5 per cent, more than at the outset of the series. Later on, owing to a falling off in the volume of Continental competition, value® receded somewhat, the saled eventually closing with a firm tone at from par to 5 per cent, above March final parity. The finest qualities of greasy crossbreds, if well grown and of good style, have sold readily throughout at about 5 per cent, advance, but similar grades., in poor condition have dragged heavily. Medium and coarse growths were 5 to 7£- per cent, cheaper at the commencement, and although well competed for, prices gradually softened until they ultimately stood 1 9 A per cent, below last sales' rates. Scoureds and slipes of fine quality have appreciated to a small extent, but other classes, except low priced pieces and locks, have met with an indifferent demand. South African wools were not perceptibly dearer to begin with, but after a few sittings competition broadened, particularly for light conditioned greasies, which at one time ruled 5 per cent, higher; other grades, however, although slightly firmer, did not realise any substantial improvement. Towards the end of the series the market weakened, and final values did not in average exceed those current in March. .The prospects of merinos appear to be fairly satisfactory, although in the present state of business and with the low prices obtaining for coarse wools, any sensible appreciation can hardly be expected. As regards crossbreds, quotations have fallen to a level which seems to preclude the probability of any further depreciation, but at the same time the chances of an improvement are very obscure, inasmuch as under existing conditions of consumption the large available supplies of Australasian, River Plate and English coarse wools are more than sufficient for the requirements of machinery. As compared with the closing rates of the previous scries v> r e now quote : Australasian. Grease merino, super Victoria, par; grease merino, super New South Wales and Queensland, Jd to Id per lb dearer; grease merino, average to good, par to per lb dearer; grease merino, inferior, par; scoured merino, super, £d to Id per lb dearer; scoured merino, medium, id per lb dearer; scoured merino, inferior, par to id per lb dearer; lambs merino, superior, par; lambs merino, medium, id to id per lb cheaper; grease crossbred, fine, par to id per lb dearer; grease crossbred, medium, fd per lb cheaper; grease crossbred, coarse, id to |d cheaper; grease crossbred, lambs, id per lb cheaper; scoured crossbred, fine, par to id per lb dearer; scoured crossbred, coar s e, par to id per lb-cheaper; sliped crossbred, fine, par to id per lb dearer; sliped crossbred, coarse, id to Id per lb cheaper. South African.— Snow white super, id per lb dearer; snow white, medium par to id per lb dearer; snow white, faulty, id per lb cheaper; fleece washed, 4 d per lb dearer; grease combing, light, par to id per lb dearer ;. grease combing, wasting, par to id per lb cheaper. Of the quantity sold (215,000 bales) approximately 107 000 bales have been taken for export, including some 4000 bales purchased for shipment to America. The fourth series will commence on the 2nd July, the list of quantities available being closed on the day on a total

of 350,000 bales is reached. The fifth series is fixed to open on the 17th September, the new arrivals being limited to 300,000 bales. The sixth series is arranged to commence on the 26th November, the list of arrivals beiqg closed at 4 p.m. on the 18th of the same month. Sold by Messrs Windeler and Co., May 15th. —El: 7 grsy ersbd, 4id. FB : 15 grsy ersbd, 4id. WDH: 6 grsy ersbd, 4id. AI: 5 grsy ersbd, 4ld. Scott/W: 8 grsy ersbd, 4id. PC: 9 grsy crsbcl, 4id. RP/ PX: 5 grsy ersbd, 4-id; 10 do, do, 4id. NR/Waipa: 12 grys, sid. Manono: 20 grsy ersbd, 4d. Island Bay: 2 slipe sup i_bd, B|d; 2 do Ist com crsbcl, s£d; 4 do, do, do Lincoln, sid; 5 serd Ist com ersbd, s|d; 4 do, do, do, All these varied clips were well looked into and commanded keen competition, hut the prices paid were certainly poor. Still, they were full current ones, and equal to all the rest. Hin diamond: Slipe. 5 Ist ersbd com, s£d; 2 do black, 4£d; 12 Lincoln, sd; 5 ersbd, sjd; 2 do pcs, 3£d; 3 do pcs, lid; 7 do lambs, 6d; 2 Lincoln lambs, sid. There was nothing here of srecisl moment, most of the wools going to Bradford. Some of the lots would have saved carriage had they been well scoured. Sold by Messrs H. Irwell and Co., May 18th.—V7Thorncombe : 1 grse R, 41 d; 4 do Lincoln, 4|d. HH: 23 grse ersbd, 4d. H &K: 11 grse ersbd, 4id. AA: 13 grse ersbd, 4jd. Awatea: 17 grse ersbd, 4fd. SH: 40 grse ersbd, 4id. JB: 4 grse ersbd, 4fd. SX: 6 gree ersbd, 4ld. F & JM/T: 26 grse ersbd, 4id. AM/Z: 11 grse ersbd, 4£d. Jin circle: 9 grse ersbd, 4id. Raupuha : 18 grse ersbd, 4|d; 30 do, do, 4id. JE/Tahatai: 9 grse crsbcl, 4£d. VB/T: G grse crsbcl, sd. JE: 15 grse ersbd, 6*d; 25 do, do withdrawn. CMN/P: 9 grse ersbd, 4ld. JI: 5 grse ersbd, 4d. These prices are quite different to Bd, which has been paid many time 3 for Canterbury i-bred wools, and return back to the merino would improve the quality of all the clips and bring them in line with what is selling best to-day. The task seems to be growing increasingly difficult to write any report at all concerning the Bradford wool trade, and to say that things are as slow as ever is simply stating tire merest commonplace possible. Both in merinos and crossbreds, as well as all English descriptions, there is no trade of any satisfactory nature, and tilings are as bad as bad can be. The late series of London sales has not influenced the market one jot or tittle excepting to send crossbred combings grill lower, and where coarse tops stand nobody seems to exactly know. Fine wools are going into consumption, but complaints were never more loud as to the improfitableness of the trade, and only direct importers are doing business. It goes without saying that the half _ dozen houses who have operated in Australia that these are canning all before them simply because they are selling at a profit win.re others cannot realise actual cost, no matter how- well the wool has been bought in London. We state a positive fact that there are yet plenty of good standard 60's tops to be delivered by those who have bought wool in Australia at IB|d per lb, and topmakers are daily told by spinners that they will not pay more until their contracts expire. And they cannot be expected to pay more when all their wants are being met in this way, and here we have the explanation why prices in Bradford keep so low and out of harmony with London prices. It i 3 significant of the actual position of affairs when Bradford topmakers have bought very sparingly of merino wools in London, the general verdict being that they are "too dear." In crossbreds things are completely at sea. A fortnight ago 40's tops were quoted and sold at Ski, to_duy the .same top is procurable at Sd, and certainly not more than 8£ to 3RI The combed article is not the price of the raw wool two years ago. And yet at these prices there is no demand to speak of, and tire utmost indifference prevails. English wools are in a state of c:llapse In consequence, and while some Irish new clip has come to hand at what looks to be cheap prices, yet they are higher titan corresponding qualities in New Zealand wools. We think that a revelation is in store for our Home growers of wool.