ENGLISH WOOL LETTER

New Zealand Times, Volume XXXII, Issue 7020, 7 January 1910, Page 10

ENGLISH WOOL LETTER

GOOD -PRICES AT LONDON SALES. (Specially Written for ">'.Z. Times.") LONDON, November 26. Onco morn the attention of the entire trade is centred in Coleman street, where the sixth series 01 wool sales begun lust Tuesday. The rartial cessation of the Australian sales has meant the transference of practically the whole buying powur of the colonial trado to London, and it is a thousand pities that such a thin!; as a coal strike should be the direct means of holding up colonial markets and preventing the sale of .such a ".omn.oilit.y as wool. -However, the Labour partv, both in imgland and Australia, s';;• i to be u factor which is going to h. rrckouul with at.no distant elate, and v. Hat is going to be the upshot of ;: all is indeed hard to say. '! h;s trad:- came together last Tuesday i'i fair gsod heart, the majority feeling luat tlnv were ill for a good time. I must admit that those I talked to e ia very confident tone, all alike stating emphatically that they wanted woo! Ami wllat belter frauio of mind could the trade congregate in than that? The Mieers.s of any .ii.iiis of sales is alwavs determined "by the buying spirit that dominates the majority, and to find existing a wool hunger is the best augury po.-sibie for a profitable time, at least when viewed from tho grower's standpoint Tho usual contingent of buyers turned up last Tuesday, including a largo number from Yorkshire, the Continent and America also being well represented. All alike know that now is tho time to obtain a bit of decent merino wool, tho November-December series always seeing catalogued a nice quantity of "now clip" wools from the Commonwealth. To a very large extent the last scries of London sale is onesided, there being but a email quantity of New Zealand crossbred produce available This hardly suits the bulk of Bradford buyers, but they cannot help it. The fleece of the mutton breeds this series will bo represented almost entirely by slined wools, and for these thero is overy likelihood of being a good inquiry. However, the trade came together last Tuesday in fair good fettle, and this notwithstanding the recent fall in the prieo of merino tops. Of course, tho decline was very welcome to the majority si' buyers, and most had done their best in helping prices downwards. At the same time the fall had not gone as far as tho majority desired, thanks entirely to large wants that must be supplied, and also to the fact that spinners as a rule were desirous of covering yarn sales for the next three to four months. Tfresc factors, putting on one Bide the recent "bear" move on the Continent to de-press prices, were quite sufficient to guarantee a lively opening. WHERE PRICES STAND. Just for a few moments let us see where prices actually stand. I hav.e always maintained that out of tho recent past there is going to be determined the immediate future of wool values, consequently it will be good for a moment to stand still and see where values rest compared with tho close of tho last series of London sales. It will be remembered that last September things in Coleman street were red hot, and the bulk of the wool bought would not produce a super Bo's top under half a crown per lb. But such a price was never made in Bradford, nor anything like it. However, the quotations there given are standard ones, and largely determine the price of material bought in London. Adelaide, Melbourne. Sydney ,and other selling centres. The following table shows the quotations that were ruling in Bradford for leading descriptions of standard tops when the last series of London sales closed, what they were at the lowest point, and what were quotations last Tuesday :—■ Oct. 1 Oct. 28 Nov. 22

THE QUESTION OF SUPPLIES. The net arrivals amount to a paltry 88,500 bales, which, including the few Punta Arenas and Falkland Island wools, bring the total-up to practically 100,000 bales. This shows a decrease of about 79,000 baleß compared with a year ago, hence it will be seen that the trade is not going to,bo called upon to perform a very big task. Many would have liked to have seen double the quantity available, but that cannot be. With increasing quantities of the raw material being sold at the centre of production simply means that in London a less quantity is going to be distributed, and this is , what the Basingall street brokers do not" like. However, they are helpless in the matter, the grower himself being the Bole arbiter of the question. The following table'will give tho reader some idea af the quantity of wool which is available this series compared with the sixth series since the present century dawned, and I also show the quantity of New Zealand wool separately, which is contained in the net total offering:—

It Trill be seen from the above that the quantity available from South Australia 13 but a mere handful, and the lot could bo Bold in half an hour at the outside if the wools were all catalogued together. However, that cannot be, but for the produce that is available there ■will no doubt be plenty of competition, both on the part of Yorkshire and American buyers.

A OREIHTABLE BEGINNING. The opening day brought together as full a room as I nave ever seen during the past twenty years, there seeming to be nobody absent used to visiting the saleroom. There was a fair sprinkling from America, but I have seen more. The selection was a good one, and much bettor than usual for an opening day. Australian "new clip" composed most of the offerings, and these were well sampled. The wools wore mostly suitable for the Continent, comprising as they did Queensland produce from the central part of that State. The clip from the northern part of the Commonwealth is this season a treat to see, one selling broker describing one big clip as "light as love." There is some truth in that expression, for several clips 60 far catalogued will give a "clean yield" of over ■jO per cent, for the top lots. This is sjooa. and no man can ever hope for this to be improved upon. Some of the clips [iiro not as fine as they used to be, due undoubtedly to a free use of South Australian rams; but they are all the better for it, the staple being longer and better grown,' with more shaft and combing property. However, the competition was really good from the first to last, there being no reserve shown anywhere. Most of the buying was done by the Home and French trades, and from first to last everything sold very well indeed. The crossbreds catalogued were all New Zealand slipes, -and these went almost entirely to the Homo trade. AVhen compared with the close of the September series the following changes were seen: —

Grease merino superior, no change; grease merino medium, par to Jil decline; grease merino inferior, par to -Jd decline; scoured merino superior. 5d decline; scoured merino medium, '?d de-

cline; scoured merino inferior, par to Id decline; grease crossbred fine, no change; grease crossbred medium, no change; grease crossbred coarse, par to id advance; slipcd crossbred fine, no change; Mipcd crossbred medium, no change; aliped oros-brcd coarse, par to Jd advanc':; lambs, all <i"-'lities, no change. Tho opening results gave entire satisfaction to both -sellers and merchants, and confirmed tho sound position of llirraw material. When four o'clock ctruck cvervbodv seemed to be let loose, and tin sale was over with 7,000 bales sold by six o'clock.

Since the opening eneh ('.*ay's sitting hiu- passed off remarkably well, and there is if anything a slight hardening tendency. At least the com.podit:'on is .'« keen that in the opinion of the majority even medium greasy merinos are now fetching fully last sales' prices; and L'udly a lot is withdrawn. I do not 'think that scoum's are realising the e.-c----treni" prices or last September, some lots being down |d. It is certain that greasy lvoo l j s soiling relatively better than scon reds, though for fine, burry. seedy, extract pieces, bellies and lock's, there is as keen a demand as last Eerier at prices which show no eminge.

d. d. d. <o'.« ; col onial tops ... 30J 28 28 Bt's i col onial tops ... 29* 27 ■ 27 CO's (s upe] 'lonial tops 28i 26 26 BO - ; i CO >rdii Jonial tops iary) 27* 25 25 5G>s i col onial to"os ... 23 22J 22i 50's ; cal onial tops ... 20i 10 20 46's i col onial tops ... 16 15i 16J iO's i col onial tops ... W 12J 134 B6'e i col onial tops ... 12i 12 12J 32'* onial tops ... 11* Hi Hi

New Zealand. Total fear. Bales. Bales. 1909 ... ... 15,300 98,500 1908 ... ... 42,800 177,500 1907 ... ... 15,200 125,000 1903 ... ... 17,700 107,500 1905 ... ... 15,900 109,800 1901 ... ... 15,400 / 81,600 1903 _. ... 32,800 87,000 1902 ... ... 45,800 101,000 1901 ... ... 92,000 233,000