THE WOOL TRADE

Otago Daily Times, Issue 18736, 14 December 1922, Page 9

THE WOOL TRADE

advance in values. r (From Oub Own Correspondent.!' ‘ LONDON, November 2. ‘ The seventh series of sales of colonial wool , in London finished lost week, every class of raw material being sensibly dearer, com- v , pared with the previous auctions. Indeed, ■ some of the parcels sold created a sensation. Among these was a parcel of New Zealand scoured merino appearing in Messrs Hughes and Williams’s catalogue. This ._ brought from 50d to 53d per lb. , .{ r ~ The total quantity catalogued was 140,000, ,'J bales, and it is estimated that 134,000 bales "/,J\ weto sold, of which 76,000 bales were takeh by the home trade, 50,000 bales by the Oon-.. - ' tinent, and about 8000 bales by America. The series was one of the best since the ' days of, the great slump, end if the present level of the raw material is anything to go bv every other section of the is in a . very strong ■ position Notwithstanding the depreciation in all Continental currencies - - (says the Daily Telegraph), buying continued active on behalf of several foreign countries, V u and {although Germany secured a less quan-- • ; tity than usual, France and Switzerland -- ■ bought freely. During the last week of the • scries there was a little slackening in the demand, when some of the extreme advance ■, , seen during the second week disappeared, but , , compared with the close of the previous series, merinos were on an average fully 10 per cent., fine crossbreds 15 to 30 per cent., medium crossbreds often 20 per cent., .and . ; coarse crossbreds 10 per cent., dearer. .The advance in merinos is largely due to limited offerings, and as many topmakers and spinners were forced to cover, prices were often , . lifted to an unwarranted level. Surely it is high time everyone interested in the wool trade realised that merinos are high enough, . In view of a big new clip to lift even in merinos the position requires cool and sound judgment. The table given below shows the clean .scoured 1 cost of good top-making J classes of wool at the recent auctions, a comparison being made with the lowest point touched in July of last year. It will bo ■ observed how wool values have advanced;— ■ ' July 28, Oct. 26, . Quality. 1921. 1922. . , A 80’a ~ •• •• 40d 61d ... f 70’s ' —3O d . ...v-.j 64’a .. „ 26d 53d - 60’s .. .. .. 23d 43d , 58’s, . . .. -•- 19d 36d ' ■ ~ 56’s 16d 28d , Iso’s .V ..' 10d I.Bd 46’s V. V, 9d • lid “ 44' s Sd IOJd. . . 40' s . . ~ Id lOd . • , 3G's •• Id lOd . So far as crossbreds are concerned, the. .’ ■., dominating influence in London during the, . ;. sales, and also in Bradford to-day, is the ... . operations on American account. By this . •. means values for fine land medium tops have . been lifted to a higher level, these qualities ~,. y;i being 3d to 4d per lb dearer in carded aorta than they were a month ago. A super 66’a top is now worth 3s and 4S’s 18d to 18Jd. ..... Besides wool and tops, American firms are. also buying noils and wastes very freely, . considerable quantities of these having been sold during the past week. ; . From a purely machinery standpoint, the ■ position in consuming centres'is fairly .good, worsted spinners and manufacturers in particular being very busy. At the same time a spirit of caution is abroad, due to the, general ' belief that fine wool is quite dear enough. During the past three weeks aev-.-.-ernl private meeting of creditors of Bradford-. X and Manchester piece good merchants have ben held,'and many more are known to he in difficulties. This is partly duo to the ufii paralleled losses suffered during tire slump, but more particularly to Continental customers refusing to honour their draffs. Tjijs - •, is a reflection of the continued depreciation in the Continental currencies. j