OUR LONDON WOOL LETTER.

Otago Witness, Issue 2275, 7 October 1897, Page 7

OUR LONDON WOOL LETTER.

(Fhom Ovr Special Corbbspowdent. ) Bradford, July 30. AN ENCOURAGING FINISH.

_Iv bringing this series to a finish I cannot do better than give the Kuramiug up as contained in the circalar just scut me by the well-known firm of selling brokers, Messrs Charles Baltae aad Co. They aay : " The unexpected delay in the passage of the Tariff Bill in the United States, which only became law on ths 24th in&t., had a considerable effect upon the statistical position of our 6ta.ple during the interval preceding the series which has just come to an end. That American buying should take a new lease of life after the May auctions, and thereby largely reduce ex-sting stocks in Europe, both of tops and raw wool, came as more or less of a surprise to the industry at large. The Teaults of this renewal of activity were twofold •. it dashed confidence, inasmuch as by 3nrge accumulations for future consumption it lengthened the period during which the United States would be independent of the European manufacturer ; but it also forced a sharp demand from English, French, and German buyers for the satisfaction of current contracts. The consequence was that with more or less glowing, reports from industrial centres, the auctions have been marked by strong and general competition. " Starting at an advance of 5 per cent. Australasian greasy merinos suitable for Ameiica shortly afterwards realised prices 10 per cent. in excesi. of B4ay parity. During the second ■week of the scries, however, on the cessation of demand from this quarter, they came into line tvith other classes of stop'e, and ruled at from May values to 5 per cent dearer. All other merino wools have steadily appreciated during the course of the series, and with the exception of the best descriptions, both of scoured and grease, closed at an advance of 10 per cent, upon Mayratef.

" The home trade has been busily eD gaged in renewing depleted stocks by extensive purchases of greasy crossbred prodo.ee, particular attention having been paid to the finer grades. ' To-

wards the middle or the sales the weight of supply,' which as is usual at this season of the year is large, began to tell, and the prices became somswhat irregular.

" Eventually, however, they steadied, final quotations showing but little change from those current at the end of the foregoing auctions. Scoured and s'iped desciiplions have met with but an indifferent reception, and have lost ground to the extent of 5 per cent. Lamb's wool throughout tended to recede in value.

"The prevailing sewcity of Australasian meiiuos has been of material advantage to S)uth African produce, having brought about a sharp rise of 10 per cant, in long stapled grease, while the 6horter growths, as well as snowwhites, scoureds, and fleeces, show au improvement of some 5 per cent.

"Although the present position of our industry is both complex and somewhat artificial, its circumstances appear to foreshadow the immediate future tuirly clearly. The balance of the current season's output is considerably smaller than usual. Although they were prepared for the loss of the cusiom of the United States for the time being, English, French, and German operators alike hare been taken aback by the soope and duration of American buying. Th«y are consequently left with diminished stock?. . . . After allowing, therefore, for the position having been in a measure discounted, there would appear to be no reason to look for any falling away in the general level of values, while there is a fair possibility of rotne further appreciation in merino produce. Compared with the closing prices of the previous series we now quote :—: — Australasian. Merino in grease, superior Jd per lb higher „ „ good to average Jd „ „ Merino iv grease, ordinary £d „ „ „ scoured, medium Id to lid „ „ ,", „ inferior J'l to Id „ „ Crossbred, grease, fine . super id „ - „ Oobf-bred, grease, coaree par Crossbred, grease.ordinary par to Jd „ cheaper „ scoured, fiaeand coarsa par to id v „ South African. Snow-white, super. ... id „ higher „ „ medium ... partojd „ „ Fleece, washed - id to -id „ „ Grease, combing Jd to JA „ „ „ clothing (ffhoit, fiix mouths) Jd „ „ The fifth eeries begin on September 28 and the cixfch series on November 23. the lfsfc of arrivals beiog closed on the 19th oi! that month ct 4 p in. Sold by Messrs John Hoare and Co., July 21 :— It aiH GoverLauder :— Grease— 4 bales first combinpr H 81d, 40 do 7'W,* do 7id, 17 second combing II 7id. 98 do 7id, 7 do 7d, 22 clothing 7d, 20 broken 7-M," 4 pieces 7id, 29 do Mh H do 6£d. Nice quality, sound, ehafty, but tending rather to be fatty. RG in diamond over L : Grease -35 first crossbred combing A SJd, 48. do 9d. 37 second crossbred combing A Bi<i, 50 do 83, 9 first tlneequaiterbred combing A 9Jd, 15 do B£d, 8 second tliree quarterbred combing A 9>i, ] - 2d08'3, 6 Leicester 8d ; scoured— 4l first crossbred combing 12JJ, 32 do 12d, 17 second crossbreii rombing 10J f, 9 first tliree-quarterbred combing lid, C second do 10d. A very good, shafty, clean cljp. Sold readily. Two hearts: Grease-82 combing 6Jd, 10 do 6Jd, [17 first clothiug 6Jd, 6 second do 6id, 11 necks 7d, 22 pieces 6id, 3 bellies SJ<I ; scoured— 6 [ super combing 36J, 3combingl4d, 9 clothing 15ld, 7 pi»-cos 14id, 11 do 12Jd, 29 locks 121, 5 do lid. The grease was good in quality, but heavy and wasty. Scoureds showed up far better, and were exceptionally well done. Sold by Messrs Dv Croz, Doxat, and Co., same day : - Billiard balls and cue in circle : Slipe — 11 ba'-es halfbred super combing 101, 16 do 9d, 20 halfbred first combing SJfJ, 28. crossbred super combing withdrawn, 13 do Bid. H crossbred first combing withdrawn, 1L do 7Jd, 28 halfbred supar clothiDg Bd, 16 cro-tubred super clothing 7Jd, 153 halfbred super lambs SJd, 5'J do 9.3, 85 crossbred super lambs 93, 9do B^d ; washed— l 6 halfbred pieces Bd, 30 crossbred do 7id. 'Hiese lota were very good, and keenly competed fo-. Tdviot Dale : Grease — 79 crossbred super combing 'BJil, 71 do first do Bd, 79 do second do 7id, 13 crossbred 7d, 22 do pieces 6id, 11 do 5Jd, 6 do 4id, 6 do locks .?d. Good average clip, but lustre, style, and condition wants keepine uo. Sold by fifessrs 'Vyillans and Ovsrbury, July 22 .— O iugi : Greasy— s bales crossbred A 9.i, 22 do B Bi^, 53 do C Bd, 25 do D 8\ 57 do X Bd, 5C do 73d, 15 Lincoln 7?d, 5 crossbred pieces 7JJ, 12 do C.3d, 14 do bellies old. , Good saleable lots.

Sold by Messrs Chas. Balme and Co., July 23 : — Cm triangle over M'oa Flat : Grease — 19 bales A crorsbred combing !)J, 24 do damaged Bdd, 18 B eros-bred combing 9d, 20 do damaged Si, (0 C do withdrawn, 37 do damage 5 BJ, 9 D do B<l, 20 crnßg-bn-d combing (damaged) BJ, 9 crossbred pieces BJ-<3, 15 do 7'Jl, and several other daiuaaed lots. This was a good style of wool ; good quality and lustre. Waikaia : Grease— 6l first combing fjd, 16 firet clothing BJ. 5 halfbred BJd, 10 pieces 7jd, 2 do 6d, 7 bellie3 5Jd, 8 locks 3£d. Good aod shafty. Sold by Messrs H«inry P. Hughes aud Sons, July 26 : — Welds Hill over Awatere : Greasy— 62 bales combing first 7Jd, 92 do second 7d, 7 clothing 7d, 25 do 6id, 5 do 6iJ, 27 pieced CJd. 11 bellies 5d ; scourci— 2 pieces H.I, 14 do ]3d, 17 do 12Jd, 15 lock* lOJd. Good fine quality — sound, but fatty and vrasty. Station Peak : Greasy— l 3 combine E 6Jd, 12 do W 6Jd, 25 clothing 6Jd, 12 halfbred H 7d, 33 do E 6£d, 10 crossbred 7.d. Here was lacking style and condition ; good quality, but wasty.

The home wool market this week has slowed down considerably. Following close on the total stoppage of all fxporfcs the doings in wool have been confined absolutely to the meeting of actual requirements, and this at the moment is the standard of the trade. The final passage of the new American T*nff Bill has been received with the "greatest equanimi:y, Worstedopolis being well' prepared for the final verdiefc. Much speculation exists as to the quantity of stuff that will arrive " too late " to be admitted under the old tariff, and so far as raw materiali are concerned, the unsuccessful shipments will return home in the bulk. OE course, this has eacouraged a quiet feeling, but so far prices are steady in most cases. Merinos especially are firm, but crossbreds, if anything, tend downwards, particularly English crossbreds. Mohair is steady and sound. Yarn

spinuers are quiet, with bt standing, while manufacl The following table shows during the past month : —

see and there franiss ;urers ate not busy, the course of prices

Description of Staple. U3 O P 3 *\ d. 93 94 01 9} 10 93 10] 7(1 10} CO d. !H 93 »i 10 03 101 »i 101 sf i» l_ d. 91 »J «4 10 ii 10" »§ 10 o _>> "dT 93 9 9i H 1 10 <>J 10' w. 10 Lincoln hnges Lincoln wethers Deep-grown boges Deep-grown wethers ... White super liog^s .. White super wethers . liiih hopgs Iri&h wethers ... Pick Shropshire hosjgs Pick Shropshire wethers Ordinary half bred hoßga Ordinary half bred wethers Wiltshire Oowntegs.. Wiltsliire Down ewe? Ordinary 60's, Bueuoi JVyres tops Ordinary 60's, colonial tops Super 60's, colonial tons Ordinary 40's, colonial tops Turkey average mohair Cape firsts mohair ... d 9? 01 0? 9* 10 nj 101 10 ici d 10 93 m 10 n* 101 10 10} 101 10} 10* 10 10 10 9} 9.! 91 91 0J 9: 0} 11} 10} P} 115 10* 9 Hi 104 9 11 101 9 11 10} 9 11 io; 16V 164 17 17 17 17 17i 172 17? 171 17? 171 18 18} 18} 181 ISi 18] 12J 12} m 12} 12J 12i 15i 15 1 16J 174 17 18 174 17 Ifij 17 IK]