LONDON WOOL SALES.

New Zealand Times, Volume LXXI, Issue 4084, 23 June 1900, Page 2

LONDON WOOL SALES.

ANOTHER DISAPPOINTING START. ALL GRADES OF WOOL AGAIN FALL. (From Our Special Correspondent). LONDON. May 11. Whatever colonial readers think about (he course of-wool at this end of the globe, all one cun say is that it is bad, and very fai from being relished by the writer. 1 had hoped along with the majority in the trade to have seen ere this a return to better days or at least a stop in the slump wool has taken* but I am now beginning to think that, the market is completely under tin thumb of the "bear" element, and that users-have, taken on a fit of doldrums and refuse tp pay any regard either to supplier or the cpndition of trade. All along it hat been hoped that the third series of London sales would have brought about some stemming of the receding tide* but tilt latest showing of wool in this distributing centre -is but an echo or a. reflection ol what actually-exists ill All consuming centres both in England, on the Continent, and America, So far as Yorkshire is eon-, cernecl,the,opinion Is general that the, present, price of wool, is not warranted, .butthe Continental future's markets are still so demoralised; ami colonial bought" wools are 'being"' forced ‘ on to the market that no recovery reems as yet possible until these forced liquidations are over. Seve ral-thousand bales of wool bought in tlic Australian markets have been stopped-in London and will be submitted this seriet lor realisation. The knowledge of this has a most prejudieal effect on the market Tiie opening of the third series of auc tions took, place last Tuesday, before a full, house, all sections of (lie trade beinf well represented with the exception' oi America. The three catalogues submitted were not of a-‘very spicy order, consisting mostly of badly-grown,shabby parcels, the bulk’being New Zetland crossbreds. For an opening -night l there was as much spirit shown as what moat of us expected, though a good ‘ deal of' h esitaney was - observable on the part of the Continent, especially Germany. -France bought more liberally of the best classes, hut, the catalogues were cleared by the Home trade though withdrawals were frequent. As compared with last series merinos must he’quoted 10 per -cent, down, shabby -parcels- often 15 per cent., flue -and medium crossbreds 1G per cent., and coarse grades likewise 5 tc 7$- per- cent. • down. > Even these' qn-ioee (hough they may be distasteful to readerf of this letter, yet, timyiar.e relatively higher than those' -ruling-’either -in Bradford, or abroad for the combed top.

Sold by Messrs Charles Balme and Co., May Bth.—Wliaihtika.;‘.Grse. 16 B crsbd com, 6|d; 31 O do, do, 6Jd; 13 D do, do, 5Jd; 5 M do, do, 5Jd; 11 A'do lambs, 7d; 14 scrd do pcs,-Sid. Here: was an average description of wool, but certainly coarse, it even being below a 40’s quality. Most oi the lots went.to Bradford, topmakers. McH over Beaulieu: Grse. 5 B crsbd com, 7d; 17 A do, do,-Gld; 11 do,-do, - do, s|d; 16 do, do, GJd; 2 A do lambs, 7d; 4 do, do, GJd; 3A do pcs., 4Jd; 2 do, do, 4^d; 3do bellies, 4Jd. This line of wool was if anything more wasty than the previous mark, and certainly very coarse in the fibre. I am afrafd these prices cannot, bo satisfactory to the growers. : / ; Sold by Messrs Jacomb, Son. and Co., same Brown over Two diamonds; Grse. 5 Ist i-bd hgts. Bid; 36 do, do, A 9d; 10 2nd do, HD, BJd; 3.5 do, do, B.’Bidy 20 Ist crsbd A, 7Jd; 9 do; do, : hgtg, 7Jd; 28 2nd do, B withdrawn; ,9 2nd do, 7d; 2 Lester, s£d; 9 crsbd pcs, scl; 10 do hollies, •sid; 19 do lambs, Bd.; 2 merino, Bd. This was" as nice a wool for New Zealand crossbred as. was offered bn the opening day* It was lighter, better grown, and not so wasty. Let there be maintained a good character, with as fine a quality as it is possible fd'dbfain ‘ih reason. Such wools as these are Jd down from last series, Haulapu: 7 grse i-bd A withdrawn; 10 do crslad A. 6|d; 2 do J-bd, 5Jd; 2 scrd Ist pcs HB, S|d; 2 do 2nd do, do. Hid: 2do 2nd do crsbd, 10Jd .IB: 43 Grse crsbd, 6d; 13 do, do, 5Jd; 4 do, do, bellies, 4Jd. - PBs tf grse crsbd, 6d. Makuri: 51 grse crsbd, 5Jd; 11 do, do, lambs. GJd. FB over Toko: 12 grse crsbd, s|d. Oniona: 43 grse crsbd. 31 d ; 3 do, do lambs, 6d. D over Burnside; 13 grse crsbd, sjd; 3 do, do. lambs, sid. R.SB : K) grse crsbd, 5Jd; 3 do, do, lambs, 63d. JP: 12 grse crsbd, Gd. AH: 13 grse crsbd, 6d. Kevern: 9 grse crsbd, 6jri. Although there was here some decent lots, .yet they were decidedly off the mark, and a vast improvement ought to be made. Sold by Messrs Du Croz, Dorat and Co., May 9.—Three Crowns over GBAR: Slipe. 2 i-bd Ist com, 11 id; Ifi crsbd do, do, 9Jd; 28 -J-bd do, do. Sid; -19 Ist Lincoln, 7td; 96 do, do, 7Jd; 3 do, GJd ; 3 i-bd Ist com lambs, lid; 15 crsbd do; do, do, B£d; 57 do pelts, GJd; 9 do, do, 5Jd; 3 do, Sid;. 29 do do, Gid r 6 do do S, 4 Jd; 2 crsbd Ist A, IOJ-d; 15 -J-bd do, do, BJd; 55 Lincoln A, 6Jd; 55 do, do, Gid; 55 do, do, 6}d; 14 crsbd pelts, Gid: 35 do, do, C, GUI; 35 do, /do, do, Aid; 13 do, 5Jd; 7-do do, Cd ; 8 do. do, 8, 4-Jd: 8 J-bd lambs com, 10Jd; 19 crsbd do. do, 8d; 5 do, do. do, 7d; 20 do, do, do, GJd; 2 J-bd do A, 81 d; 3 crsbd do pcs, GJd; 33 Ist. Lincoln, 7d; 32 do, do, CJd; 2 i-bd, 11*. Some of these lots were specially good, the balf-br.eds being particularly "so, though they were not np to the standard of Canterbury balibreds prepared] at their freezing works. Bvory lot comVj manded strict competition, and realised! full market rates, but I would suggest that! as little lime as possible be used in getting the wool from the pelt.

The Home .wool market tliis week lias assumed the attitude of '‘standing still ro consider,” and the last few days have been almost a" blank. A fair contingent have left Bradford'' for the sales, bm many familiar faces whose usual destiny is London. whenthe sales are about to open, are still to be; sepn knocking about on/Change, and the. trade is waiting almost feverishly to see how the sales proceed, Verhapa there was never a time in the history of the wool, trade when so much depended upon the immediate course of the article as there is to-day. -Thcre is no doubt in the minds of .the-whole trade both in this country, on- the,;Continent,- and in America. that the way London opens and proceeds is going to determine the ultimate course of the raw,article ill consuming 'centres, and whether or not both wool and fabrics will how go,astern or astern will be .shortly decided. All critics are agreed that tho present condition, of the raw article is not warranted either by supplies or the condition of general trade, : Rut that still the markets are being'monopolised, and prices ruined by illegitimate and false factors which'ought not to have a moment's loleratidni'nolr'even to mention’existence. We still hold firmly to the opinion so often expressed in this report that in so far as merinQs.imd fine crossbreds are affected, there will Tie some sensible recovery in prices to more reasonable limits, and slocks should .not be unduly forced on to t lie market.': .'-Trade certainly is not: as good as could.be desired, hut it: is fear and hesitancy that is keeping men hack from operating,, and when a working basis has been TtWK’ed at we niay expect to see a return' to more business. Users have allowed'their stocks to be drawn upon unduly, fearing to be caught-with anything when values were falling so fast, but with anything like a fair show of steadiness men are,only waiting lo again come into the market.