OUR LONDON WOOL LETTER.

Otago Witness, Issue 2273, 23 September 1897, Page 6

OUR LONDON WOOL LETTER.

(From»Our Special CoTmK9ro»iDKNT.) London, July 9. A CREDITABLE START.

"And how will things go to-morrow in~London ? " This was the gcisfc o\ th« goasip Dad talk on Bradford' 'Change as hundreds of men last Monday stood in knotty groups eagerly discussing the opening of the fourth series of London wool sales on the' morrow. Some appeared very sanguine that wouls would be dearer, while the more cooservabive wo*ld have it that if the American section held off things v/ould move on tha same level as the closing rates of last series. However, it was felt tbab the odds wera greatly in favour of » rises and the many Bradford buytrn who had received the order to be " off" s*w before them the ouly prospect of having to pay more thau tht-y did in May.

For an opening day'a sale ib was clearly manifest that the pelfmg brokers bad prepared a. catalogue of- moce than' usual good character of vrcols, ia order to g«t the few <Aw»arica»6 kucwu to be preseub to work afc once.' Aluo the attendance of /home and continental buyers was larger than usual for an opening day, and tho sale at once began in -dead eacuesb. Great animation was at once shown by all sections, resulting in a rise of 5 per cent, on all wools suitable for America, while other drscriptiofs sold afc fully last series ; closing quotations. Ib was felt that a goi>d stwt had been made, and tbe sccaod day the American .demand bfc%me keener, and wools such, as suited 1 his section rose afc onca to 10 per cent, above the clo^e of^ last series, while other descriptions, in con'tequence of increased home and toreigu it quiry, following euit, bad the effect of making such wools as did t>oi fall under tho American- category, 5 per ceufc. higher. This applu-s to all Australian merinop, while cropsbreds, which are in good supply, opened with prices ruling fully up to la»fceeries, and have since advanced 5 per cent. also. All sections have competed for them, several good lots going to Atneric*. Capes have been in very limited eupply. Opeuing with a 5 per cent, advance on good grea*o and the best sconreds, wHh no cbauge for ot,her qualities, they h.we progressed on the a»me basis'. On this line the sales are continuing, the demand being keen, with a hardening tendency

Sold by Messrs Charles Balme and Co., July 0 :— Waiicakahi over cartwheel : Grease— 334 bales hogget first conilriu? crossbred withdrawn, 10(J do second do Bd, (i do B do Bd, 13 hogget crossbred combing 72*1, 30 do withdrawn, 64 first crowbred pieces 6jd, 7S second do 6i^. Good average clip. Not the cleanest, uot the best ia condition, still it sold- readily. Blackmount : Grease— 6 combing 6J(J, 22 A balfbred combiDg 7Jd, 7 B do 7d, 5 fine crossbred 7*d, "33 do II 7W, 17 do I) 6}d, 14 crossbred pieces G\H, 3do damaged 5^.1 ; scoured— s pieces crossbred 9Jd, 4 crossbred bellie3 lid, 5 do locks BJ. ('food quality, bub rather heavy, and not over locgS Keep up breed and lustre Waitotata over AA. : Grease-81 super fine crossbred BJd. 33 first do BJd. Star: Grease -12 super fine crossbred 9d. 51 do withdrawn. Two good clips, especially the latter.

.Seld by Messrs Jscomb, Son, and Co., same day :— Ohinemuri : Grease -208 bales supsr AA. crossbred combing 9d, C 3 do SJd, 28 A Liacola 7*d. A sharp conflict ensued betweeti "S-srkshire and American buyers as to who were to have them ;

however, they went to tha latter. Good, shafty. average clip. St. Kilda : Grease— s7 half bred 7Jd. 4 quarterbred 7Jd, 40 crossbred Bd, 31 threequarterbrcd withdrawn, 22 crossbred 7Jd, 4f Leicester Bd. Keep up condition and lustre. Sold by Messrs Uu Crcz,.-T>ox»t, and Co., July 7 :— Castle Hock : Greas-e— 2B bales Cheviot 81<J 25 Romney H Sd, 84 do 7Jd, 6 Cheviot rams 7|d, I 4 Romney do 7Jd, 29 crossbred pieces s}d, 2G do bellies si<l, 7 do locks 3d. Just aveiage lots. Keep up the build of the s^ple, lustre, and condition. WS over Beaumont : Grease— 72 first combing 7id, '23, second combing 7id, 23 first clothing 7}d, 16 second clothing OiM, 3 pieces 6id, 16 half bred 7Jd, 4 Lincoln 8d ; and a few scoured lots. The merino waa very nice stuff, but rather heavy. T and L over Traquair : Greasy— lß crossbred t.uper combing 11 jd, 10 do first combing lOJd, 32 do lOd, 19 do second combing fljcl, 9 crossbred pieces 9d, 6 do 7Jd, 7 crossbred bellies 6}d. This clip so far takes the cake, having realised the highest figure. T and L over Roxburgh : Greasy— B crossbred super combing lOJd, 43 do first combing lOd, 37 do second combing Hid, 13 three-quarterbred 9d, 12 cro3»bred 8Jd r 4 do M, 16 do pieces BJ, 18 do 6sd, 10 croßabred bellies 6J. American buyers would have these two clips. , ..„■-' Soli by Messrs Buxtor^ Ronald, and Co , same day :— AA-ovcr Tokomaru— Greasy— 4 b»les halfbred Bd, 137 crossbred 7.R 39 do 7R 45 Lincol» 7J(I, 14 do 7id, 7 crossbred 7d. 5 do pieces s}d, 12 do sid, 13 crossbred bellies sd, 16 do lambs 6Jd; aud a. few odd bales. Wanting in condition, though f.ir.'good" quality. "Toroa: Greasy— 6l crossbred Bd, 43 do 74d, 13 do piece* 6Jd, 19 do 6d, 7do bellies 4}d, 9do lambs 6|d. Just an average clip. ' - „ There ara several reasons for the manifestly batter feeling in the trade .as compared with, even a week or 10 days back. In the first place,- the American buying 'has bsen on a- f ae larger scale than even the most sanguine person anticipated, and the' quantity of stuff fakon haa been Mich as to clear out a good' number of wool loffc* almost to a bag. Moreover, the aspect of affairs shown at the leading country wool fairs and the' spirit m'a'nifesb are simply, omens of what is felt behind the scenes. Then Bradford ' staplers are beginning to c*mptehend the fact that little colonial wool will be comiDg forward for' sale for the next sir nwrntha, and are ,at last beginning to 'believe that a draught has really been afflicting the sheep industry of Australia the most important part of the present growing clip. Then tho London wool «ales opened this week, and iothe "knowledge" circles nobbing short, of a rise of 5 per cent, could be seen. Stocks here are known to be very low, and list market; day on 'Obatigo ib waß freely predicted that. Bradfo'd was in a buying attitude. Although, these conditions are deeper down tbau one sees on . the surface, and ' although the market has room to be decidedly more active, yet during the past week a considerable amount of wool has been taken, and providing the London s*l*» come up to expectation!-, DpgotiatioDS are intending for further sale*, which to many simply spell increased activity. W..01, in fact, is firmly held, ,jvilh a complete absence of all weak spots. Although tbe demand 'on home account leaves very much bo bs desired, yet even here there has been done, and i« being done, moro trade than what most people wilt give credit for ; and the continued running day and night of cotnoaiswon wool combing factories is strong evidence of the truth of our statement. English wools are coming forward in good I quantitiea and bring sent on to America, f' Mohair keeps very firm indeed, yarus. Boding a i ready sale. ' The-vbrbted yarn o»alrket.C'>ntmu«B. i quiet, but prices arc now firm. ;-Some few uilU : have » fair complement of orders for yarn booked withia & few weeks, which' at the time were considered low by nv-st spinners., lv, pietvs thcr* in no change, to report. .Some makers are still busy on old orders for America, but no fcrsh odes are being given ou*i.