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LONDON WOOL SALES. (From Our Special Correspondent.)

London. May 7. A GINGERLY, YET CREDITABLE START. " And how do you think wool will go in London to-morrow ?" This was the one sole question which was being turned over in the mouths of evarybody as they stood and discussed the opening of the third series of sales on the 'Change of Bradford last Monday. It was the universal opinion that things would "flop" heavily if Americans kept their hands off, but their late doings in wool have baen such that even the most sanguine have been more than •'capped "at tha high-hancfed way they have bought colonial wools, and whether at the last moment before the imposition of the new tariff they would continue to buy heavily no one could tell. Hence it w&s that while everybody expected to see a fall, no one could possibly estimate how much, as matters at the moment were so uncertain and queer. But for all that, a goodly number of buj ers left Wor«tedopolis to ! be ready for the openiDg next day in the hope > of beine able to pick up some " cheap lots."

Judging by the numbers in the gangways to be | seen valuing, it appeared that there would be a full house for the opsaing. It must be said that, although there were three sellers for the first day, the character of the wools shown waa only of a. very middling sort, while shabby lots predominated, However, ie had to be tackled, and at 4 o'clock bidding commenced. Competition came freely from the home trade, who were in the van, France coming next, while Germany acted with reserve. Here and there . an American face or two came well to the ' front and bought a few lots of good stapled j grease. But it was soon to be seen that prices j were ruling at a farthing aud halfpenny under iasfc sale's rates, while in the cage of very superior clips forced up last sales by America ! above their normal value, the deciina was j even sharper. Thus the former decline I was established on all Australian merino j and crossbred, and on South African j wools there was a full fall of a fartaiog, ; excepting on superior scouredo. Good spirit | prevails, but on the opening basis the sa'ea are j progressing, and in view of the present potition j of" American tariff matters the start is con- ' sidered creditable all round. J Sold by Measrs Charles Balme and Co., May j 4 :— JBW : Grease— s bales balf bred combine Bd, I 3 do 6Jil, 66 first crossbred combing B}d, 130 do | withdrawn, 63 do BJd, 82 second crossbred comb- j ing 7}d, 23 do 7}d, 24 crossbred lamb 3 withdrawn, j 8 do pieces sid, 3 do 6d, 26 do bellias withdrawn. I Good average quality, but not so light iv condi- ' tion and clean as some New Zealand clips. Cross ' overDG : Grease— 22 A^halrbred combing H 9}<3, 11 JB do 9d, 10 Ado 9d, 79 B crossbred combing ff 9}d, 31 C do BJd, 10 do X, Bd. 13 D crossbred coinbin> 75d, 5E do SJd, 25 F do 7Jtl, 35 fi/3t crossbred lambs Bd, 15 second do withdrawn, 4 halfbred pieces 7d. 20 crorabred do 7id, 40 do 5J»i, 5 scoured Lincoln 9Jd. This was a vary good clip indeed — ' clean, light, and smart. < Sold by Messrs Buxton, Ronald, and Co., same l ay : — Whataupoko : Grease— 9 bales crossbred Si], _05 tbree-qparterbred 7£d, 62 longwool 73d, 22 crossbred pieces sd, S do lambs 61a. Rather inclined to be heavy and wzsty. "WO :20 crossbred , super combing BJd, 184 first, and second do • withdrawn, 51 third do BJd, 9 first crossbred . Sd, 30 crossbred 7id, 57. Lincoln Bd, 14 crossbred ; pieces 5Jd, 16 do bellies sid, 6 Lincoln pieces 5*H, ! 7do bellies s£d. A large clip of good average- ' grown wool. ! Sold by Messrs Tacomb, Ron, and Co., same day :— Cross over heart over J W J : Grease — 15 bales ', first clothing 7d, 32 crossbred combing 7id, 20 do ' 7d, 37 first crossbred 7Jdt HI do Lincoln 7Jd, 123 ; second crossbred Lincoln 73d, 31 do 7d, 4 Lincoln \ 7Jd, 3 crossbred pieces sd, 20 do bellies 4£d. This large clip lacked most in condition. It was also a bit sliped in the way of preparation for market. Too skirty and wasty. A full week's particulars next mail. j The fact that the London sales opened this wsek was in itself a sufficient factor tj reduce all wool business to the very minimum point, and the market in consequence has } assumed more of a wasting attitude than anything else. If we were to coDfiae our review of < the Bradford market to actual transactions, we • should have occasion to note very iirtle in the j way of a change since last week. It may be < asserted, however, without fear of contradic- ! tion, that a slightly better feeling exists. The | current opinion seems to be that in the course . of two or three weeks more will be doing, j Possibly, too, the latest intelligence rotative to j the position of the American tariff, in so far as it indicates that; concessions are to be msde in the direction of moderation, may have had the effect of stimulating expecfation among wool people here. Then again that intoxicating stuff mohair showed up to much better advantage at the public show last week in London than what was expected, proving the fact that consumers have confidence in the future. But, dealing more directly with wool and tops, these commodities atill figure as low as , ever. To state a real potent fact, why the Bradford wool trade is so demoralised is owing to tha utter rotten condition of our export yarn trade. There is not being exported a quarter of what is sent abroad under normal conditions, and this is at present the most powerful and destructive weapon against wool and tops. This is evidenced in the fact that two-fold 40's Botany yarn touched Is 6Jd per lb in 1892, which wa3 the lowest on record ; to-day the same yarn is in the market at Is 6£d. In June, 1895, 60's tops were selling at 16Ad ; to-day they will fetch no more than fito Id above (hat figure. But the exports to the United States for last month are eminently satisfactory, and create a record. The enormous total of £1,227,483 worth of goods was sent from Bradford alone. Of this huge total a full 50 per cent, consists of raw ' materiuls, wool being £465,610, tops £79,790, noils £47,581, and mohair £20,460. These big shipments have lessened stocks greatly, but, the effects on general trade are in no sense to be seen. All purchases still continue of an hand-to-mouth character, both in wool, to>?s, and yarns.

Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/OW18970715.2.11.6

Bibliographic details

Otago Witness, Issue 2263, 15 July 1897, Page 6

Word Count
1,136

LONDON WOOL SALES. (From Our Special Correspondent.) Otago Witness, Issue 2263, 15 July 1897, Page 6

LONDON WOOL SALES. (From Our Special Correspondent.) Otago Witness, Issue 2263, 15 July 1897, Page 6

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