LONDON WOOL SALES. (From Our Special Correspondent.) London, December 11.

Otago Witness, Issue 2240, 4 February 1897, Page 6

LONDON WOOL SALES. (From Our Special Correspondent.) London, December 11.

A FIRM FINISH. Quite consistent with its predecessors, this aeries of sales has been rather shorter than usual, and in bringing my present periodical letters to a close I will ask Messrs Charles Balme and Co. to sum the series up. In their circular to mo they state :— " Almost immediately after the close of the flfth series an inquiry foe wool sprang up, for the most part on American account. This was the prelude to the revival of confidence, whioh wai confirmed and increased by the succasa of Mr M'Kinley at the President*! elections. So far, however, as the ultimate markets of Europe were concerned, it wai aoon found that with the removal of the likelihood of immediate protective legislation and with the increase of uncertainty as to what action would bB ultimately taken in the matter, American orders for goods were falling short of manufacturers' expectations, and that there was consequently but little justification for any sharp or substantial advance in rates. "The sixth series opened with an average advance of 5 per cent, upon the final quotations of tho October auctions. During the first few sittings, owing to a continually increasing accession of competition from American and continental operators, rates hardened steadily, until prices for unwashed merino produce stood at 5 per ceut. above the initial improvement. Meanwhile it became evident that English buyers were loth to operate on the higher basis, and their policy in this matter was confirmed by the reaction which took place in Yorkshire after the activity prevalent there at the time of the Presidential election?. With the progress of the sales, owiug to a similar want of response in the ultimata markets on the Continent, French and German competition became less keen, whilst towards the end of the auctions American demand slackened sensibly, until most of the ground gained after the opening was lest, the series closing with rates but little in excasu of those current- at the commencement. "One of the principal features of the sales has been tbe marked effects -of American demand upon light - conditioned combing Riverina, Queensland, and Adelaide merinos in the grease. Another point is the relatively favourable position of lambs' wool, which has been in small supp'y. In contrast; to the two above-mentioned classes, medium to good scoured merinos benefited but partially by the rise, while superior descriptions realised rates barely in excess of October prices. Turning to cro?sbreds, scoured parcels have attracted mors attention than was the case last series. While

the volume of demand for both Trashed and unwashed staple appears to be setting in the direction of the finer grades. "Although South African produce did not share fully in the market movement at the beginning of the auctions, it has met with a readier sale than has been the case for some months past. With the exception of short and heavy grease, which has shown throughout but little improvement, unwashed parcels, after benefiting somewhat by the accession of demand which took place shortly after the opening, remained comparatively unaffected by the subsequent weakness in the position of Anstralasian meriuos. "Although the course of events during the latter part of the series has been somewhat disappointing, the very fact of the appreciation being within a moderate compass is in itself some guarantee of its stability, while tbe liquidation of the held-over stocks which have weighed heavily upon the market during the past six months, cannot but help to adjust the balance between supply and demand in the immediate demand. As compared with the closing rates of the previous series we now quote :— AUSTRALASIAN. Merino in grease, super... Id per lb higher „ „ „ ordinary to good id to id per lb higher Merino, scoured, super ... par „ „ medium id per lb higher „ lambs, super ... Jd „ „ Crossbred grease, fine ... par to id per lb higher „ „ medium and coarse par South African. Snow white, super and medium Jtl per lb higher Fleece, washed id „ „ Grease, light condition... id „ „ „ combing wasting id „ „ „ short „ par to Id per lb higher " America has taken 22,000 bales. The first ■cries of 1897 will open on January 19, the list of arrivals closing on 16th of that month, and the second series will open on March 9, the list of arrival* being closed at 4 p.m. on the 6th of that month." Sold by Messrs Hy. P. Hughes and Sons, December 2 :— Double hearts: Greasy— s bales combing 7Jd, 28 do 7id, 59 do 7}d, 10 do second 7Jd, 6 do 7d, 36 clothinft 71d, 49 do 7d, 7 do"6ld, 17 E 6id, 12 necks 7id, 27 pieceo 6sd, 24 do 61 d, 5 halfbrert 7Jd ; scoured— 2 clothing 15d, 9 B flint 15Jd, 8 do E 14id, 10 do 13id, 19 pieces 13d, 22 locks Hid, sdo lid, 10 pieoes 13d, Cdo 12d. 7 do 13Jd, 5d013d, 3do Hid. These were goed in quality, but lacked condition. Too wasty. JHK over Invercargill : Slipc— 22 crossbred combing lOd, 5 do 10i i, 65 do lOd, 18 do 9id, 4 three-quarterbred 9d, 4 crossbred lambs A lid, 9 do IOJd, 35 do » IOJd, 8 halfbred combing lOd ; scoured— ll crossbred combing A skin IOJd, 15 do BlOd, 6 crossbred clothing 9d, 14 do brandings fld, 49 do pieces 9Jd, 38 do Bid, 7 do 7id, and a few more odd lots. These were very good, useful, and respectable wools. T over Clutua : Scoured— s first combing 15id, 4 do third 15d, 3 second clothing 15d, 3 locks 13d, 9 halfbred combing 16d, 26 crossbred do 14Jd, 6do 13. These were in capital condition. Very clean and creditably scoured. Sold by. Messrs Willana, Overbury, and Co., December 2 :— B in heart over Elms : Greasy— 2l bales combing withdrawn, 20 do 9d, 24 do Bd, 4 second do 9d, 18 do H withdrawn, 10 third do 9id, 40 clothing 9d, 18 do Bd, 28 B pieces 6Jd, 8 combing halfbred Bd, 11 clothing do Bd, 13 scoured pieces 12id, 16 combing 12£ d, 12 do 12d. Good average lots. * • Sold by Messrs Thomas and Cook, same day :— 3? in diamond : Greasy— 27 balfis combing thrtequarterbred 9id, 64 do Bid, 41 do 9d, 45 do Bid, 23 combing halfbred 9Jd, 52 d0 9d, 57 doßid, 74 do Bd, 23 do 7Jd. 18 do 7Jd, 17 do 71d, 34 do crossbred 7Jd. Exceptionally good lots. Sold by Messrs Chas. Balme and Co , December 3:— Moana: Greasy— 6 bales halfbred 9d, 41 do §id, 60 crossbred withdrawn, 19 three-quarter-bred Bid, 20 Leicester Bid, 8 crossbred mixed 7id. Good quality, sound, and in good condition, St. Leonards: Greasy— 62 first combing ßd, 15clothing 7id, 10 halfbred bellies s}d. Wanting most in condition. JH over Wairua : fc^oured— 3s super halfbred 14d. 30 first do 13Jd, 64 do 13d, 25 first crossbred 12a, 17 do Hid, 6 fine crossbred 12d, 13 Leicester 12d, 3 do pieces lOd, 17 halfbred locks BJd, 16 do Bd. In fair good average condition. EW in diamond over Gore : Scoured— 27 firxt combing halfbred 15Jd. 9 do 14d, 53 second and third combine halfbred withdrawn, 18 first combing crossbred 12id, 28 A and B do 12d, 4 Leicester 12d, 18 Lincoln B Hid, 26 crossbred pieces 12id, 20 do Hid ; slipe— 32 first halfbred lambs lid, GO do crossbred do lid. 70 do three-quarterbred do IOJd, 24first halfbred 10iJ, 16 do crossbred 10id, 14 do 9i, 43 first three-quarterbred 9id, 10 first merino BJd, 32 do Bd, and some lots of wa»hed." The slipes were very good, but I think the scoureds have been better shown. In altogether an uncharacteristic form, without tke least degree of aristocracy in its demeanour, the wool trade of Bradford duriDg the past week has continued on the even tenor of its course. But that course can only be described as a very quiet one indeed. In fact a feeliDg of strong disappointment is being experienced throughout the whole trade. The very strong attitude of London has not had the least perceptible difference on this market, and dealers, finding it impossible to cover at cost what was being paid in London, have been compelled to reduce their limits. The truth is, Bradford to some extent has been sold. Manufacturers and dealers believed that with the euccess of M'Kinley last month we should before this bare experienced a greatly-increased demand for wool and wool textiles, and although they did not expect a " boom," something in the way of an active demand and larger distribution was confidently counted upon. Up to the present nothing of the sort has taken place, and apart from the one very large order given out' for worsted coatings to which I referred last week, this important part of Bradford's trade drags heavily. On all hands there it considerably less doing except it be at commission ,?oolcombers', who appear fairly busy combing inlo tops the large weight of raw wool that is now pouring into Bradford. In view of the wellknown fact that the direct importers did remarkiblr well lasts season out of their wool

bought in the colonies, greatly increased sup-plies-are coming in, and will continue to do bo, on account of fresh buyers now operating' in Australia, this in itself making spinners less operative than needs be. Already there are slightly easier rates obtaining for 60's tops, and sales cannot be effected unless -Jd to id less is accepted. Although thi3 last season there baa been & remarkable extension of trade in which crossbred wools are being Urgely introduced, yet there has also been a falling off iv demand, and prices are a shade eesier. In English wools there are scarcely any transactions, and values are only beld firm by country holders. Mohair keeps steady, but sales are very few, with rates'*? airly firm. Business in yarns is also of a quiet character. Merchants are confining their operations to buying only email retail lots. Yarn prices areas low as in 1894-, bufc tops are at least fully Id higher. Tbia naturaliy "nettles" the spinner. Manufacturers report trade as very flat, and more looms are standing.