LONDON WOOL SALES.

Otago Witness, Issue 2295, 24 February 1898, Page 14

LONDON WOOL SALES.

(From Oub Special Correspondent.) Bradford, December 10. A DISAPPOINTING PINI3H. The lasb series of sate* for this year hays finished, and I will ask Messrs Chas. Balune and • Co. to descr.ba th.3 present position of affairs- ; All things considered, wool might figure conj uiderably worse, trade in the consuming centres | being so stagnant ; but the we'l-known brokers ! sefc forth the position pointedly in thair cir- | oular. They say : "The dn&ppriatiDg results 1 of th^ escsnt aeries are referrabie no'; to any i ittisealenlafcioES of supply, bub rather to a casi1 siderablfj derangement in some of the main factors of d-smsad. The effecbri upon the iaductry ia Europa of the almost total loss ff ! American cuatom for woolen goods have, it ' would ajjpear, been si me what under-estl-mited, arid thi.> consideration also applies in the ca s e of Gorraany, where a recent extension of equipment for supply has bean feve e'y 1 nipped b?a sharp contraction of export bwsiI ness. Furthermore, the home trade has been | shrewdly bit at an inopportune moment by the I disorganisation and unrest produced by the ! business strike, as well as by the loss of a considerable proportion of fche export yarn trade ia j Gorms-ny. In, spite, therefore, of the smallaess i of ttte quantity of the ro.w material to be ! abr-orbad, t^e increasingly gloomy aspect of reports from the tnauut'acuuriDg centres rendered thu likelihood o f a firm or general maintenance of values less and less likely with the approach of 'he s*leß. j " Although tha auctions have b "en fully at- • tended throughout, competition has by no I meaas come pqu'dly from all sections of buyers'. ConMtK'ntial ope»*auOrrf h^ve b^.en the maiusfcay ! of the market, whilst the Enghsh contingent j havv been contented with a comparatively narrow ; scope of activity, and Durehsises on American i Recount have hr>en nnstly confined to the be.tcr I descriptions of sjund greasy merinos, j " Owing to tun ravages oi the reoeus drought, ' 6he bt-iter descriptions of Austral-t-sian grea=y ; merino"? ia light, nondision, both coaibing aid ' clothing, were comparatively scarce. They ! were con^eq'ient'y in general n-ques^ and have i easily maincained October pries. The cause of | their flcaiGesß, however, equally accounts for i tho initial decline of 5 per cent , and the subsequent falling awa3' of a further 2J? per cent., on ! the valuta of all produce in inferior condition ' and of doubtful yield. Scoured wooh, though iti strong demand, did not uniformly rsach. the parity of the previous series. " Thß change in the values of crossbred produce was clearly defiaed early in the series, and has since remained withoub further material ■■ alteration. Fiae-haired greasy parcels have attracted most attention, and have in consequence ruled more closely up to Ocnobsr rates than the coarser qaalities, wh'ch h^-ve met wi^ an iadiffereit recsptioci at a reduction of j 5 per cent. Scoured and slipe descriptions I have, as usual at this season, been plentiful, and have experienced the tull force of the decline. " Owing to the paucity of tbe offerings ifc was 'difficult to closely e-Soimnte the effects of the weaker market condition 5 ) upon South African wool until some few sittings had taken place. Eventually, however, it became clear that short, ligli 1 ; grease and native fleeces alone were untouched by the fre3h phase in detnand. Snow-whites and scoureds alike were weaker j without quotable changp, while long grease, I super snow-whttes, and Western fleeces marked an average decline of 5 per cent., the fall in va.lue of the last-menhioned de r ciii>tioi), which was unrepresented in October, beiog fc3t ; mated from the prices then prevalent for kiudred produce. " The condition of the offerings of the new clip from Australia during the series bears eloquent testimony to the unfortunate circumstances under which most of ib h&s been produced. luaumuch a<? the drought has been at once both widespread and partial, it is practically impossible to criticise severely tbe produce ot different disiricts. Speaking generally, however, the new season's shear is even finer in the hair and freer from burr than was the case last year, while the staple is, as a rule, stunted in growth and lackiug in density ; the flsecee, moreover, carry more waste than usual. Two peculiar circumstances prevail in the current season's wool which are perhaps worthy of no'o — namely, th n extraordinary d'fferenca in the condition and gsowth of clips from adj-.cent stations, and secondly, the more or less general abat-nce of any rUslinct break in the staple, the effects of the dry weather, though moat evident, having apparently fee<ni distributed throughout the period of growth. "Ab the first blush ib would appear as if the prospects in the near future for all but the i batter descriptions of merino sorts wre somewhat glocmy. Supplies will soon be increasing iv volume, while on the other baud there does

not seem to be much likelihood of an immediate imp-ovement in any of the advert facbors -.vhioh now weaken demand. A rather closer scrutiny of the situation, however, induces the suspicion that the trade is for the momenfc faking an unnecessary black view of the case. To begin with, prices now are at a low level, and it is qnfstioaable how rnuc-h of the recent d^chiie is due to purely market considerations and how much to exaggerated distrust of a clipf.hab has been grievously affpefeed by drought. Again, ths f*ct must cob be forgobten tha 1 ; the short fall in the raw materiil will be a shortage i ona previous deficiency, and that it will psoI bably be effective nob merely at a certain poinfc ! but th'oughiub the year. Furthermore, the I restrictions of export and bhe presence of labour/ ! troubles are naturally hav'ng an acute moral ; as well as actual pffcCfc until the trade has had | iima to reckon with thorn. As compared with [ the closiog price < of the previous series we now qaota : — Australasian. Merino in grease, super par i. „ medium id per Ib cheaper ii <• inferior Jd to Jd „ „ „ scoured, super par >j „ medium id per Ib cheapsr „ „ inferior J'l „ „ Orobsbred, grease, fine par to Jd „ „ „ „ coarse Jd " „ „ „ sliped hd to Id „ „ South African. Snow-white, super ... Jd „ •„ „ „ medium ... war to Jd „ „ Fleece, washed, Western Jd to Id „ „ „ „ E\stern par GruAse, combing ... .. Jd per Ib cheaper „ clothing par to id „ „ 'Tne first aeries ia 1898 will begin on January 18 ; the npcosd seri'-s on Mfrch 15. Sold by Me srs John Hoare and Co . December 3 :— ~R r Tin diamond over L: Grease— 32 bales hogc«fs first b'Ufbred combing FJI, 32 do second do S\<\, 36 <;pcon>l do withdrawn, 17 fust cro^sbr^d piece? 7JH, 12 crosshied pieces 7id, 12 fir.->t thiveqnaiterhred do 6f'J. Thesj were nice quality woo 1 ?, « el! grown, but tending to he a bit heavy. ftRO ovor snull he^rt ia reversed triangle : Grease— sl cro&sbreJ W 81. 94 do KBL 4G do H 7-1 3, 8 tlu-ps qnarterbred W7}i,s do X 7d, 5 crossbrpil 7£d, 2 do 7d, 7 do jjiccss 4W. Just avei age winl<? ; condition wants kteniug up and lustre. Sold by Messrs Henry P. ITughes and Sous sinie day : — WIJO : Slipe -5 bules cr.mbingOil, 5 r-lotiu'tif; OH, 21 civrsbre I super SJd, 74 do A 8-M, 81 do B 7f.1, 36 do C 7\d, 31 lialf'i-sd hrais 81*1. 17 thrsw-quarrerbred lambi 7J3, 6 crossbred do 7fd. T!ie*e were just average wool?, bu 1 - cl^m-H- iv condition thsv miuht }>f.v* hpta. WH over O— S'ipe :40 bales tmaiterbiH Sid, 16 halfbred 8?, 30 crossbred A9d, 50 do BJ, 33 do B 81, 3? do 7?.1, 39 do C 7|d, 24 threp-quarSerbred L\mlw SJ^, 11 crossbred do 7jd ; wa^tei — 12 balf'ore' clothing s-ldn 90, 31 do pieces skin 7^"*, 27 f-ros>3brprl -pierep ~>k n 6idSoM by Mp=m,s Bnxton, Konalr 1 , and Co., D»fmber fi :~RW in di^mopd over G »•» : Slipe— lo bili^=! fii" 1 - 'verino 1(11. 4 th'rc! do 9d, 6 first super half or -.d lOJ<I, "S <'o9Vb, 48nr<jt super t.^ss bred 9d, 10 A and B c - o ,?,bre-i" corainnc; S-i, 10ft first super threp-quanerb'ed with'irpwc, 40 first Leicester combine; withdrawn, 4 fir.-t three-quarterbred limbs 9.1. ?* A cv-isshredSi, 26 riwsbred 7:1.1, 3S ciosibrerl B Gt^, 12 do pieces Bil. \ This mark of wool is always well loifcpd into, as the fellmo3KPr-> are second to none in Neff Zealand in knowing hovv to pi-pp/ae tLe wool for market. Th^re hi*? sgaiu boen no significant indicatioa of any improvement in wool in the hocae morkets fcljt". vrofk, and turn which way we will everything is found to be in stattt, qua. Not the very lea-t aliment of activity is anywhere appa.-eat, aud whilis the aiaouab of wool that ha^i ch.vjgecJ hs-nds i<i pe;haps on a par with l«.sfe woek, yet the ext»rior of the market impro«ses one as beHjj in a bankrupt state in regard to animation, and the difference in this particular as compared wiih two months ago is, indeed, very marked. On 'Change there seems to be a total disinclination to consider overtures to do business, and the fast thnt another wool merchant and topmaker of loug standing has found ib expedient to consult his creditors has gi^en ri*e to a feeling r>£ expectancy ia the cas.e of otht»rs. Bub thero is at; this writing no incentive for men to do business. The consumiug fvalernicy hay. 3 been little in evidence during the wepk, and their reply to holders wanting to sell is very characteristic — " Buying nowt." But apart from that tbe produefcioas of the spiadle and loom are reduced almosb to a minimum, and evon then tbe semimanufactured article "sticks " uncomfortablj'. Bit price 3 keep very steady for good 60's la 64's merino top", a state of affairs produced by the solid front shown by holders. Although our "direct" importers have been trying tomske the utmost possible of the situation, anri are row willing fco contract for short 60's afc about 18-^rt to lS^d, yet oven these proclaim Ihsir inability to land wool in Bradford and get i1;i 1 ; tombed to nhow a prsfifc. But the course of values! ia Australia has givpu entire satisfaction here, and the belief is general that; lower prices will yet prevail. Some strong, low crosibreds are selling for America, and other qualities keep fairly steady. In English wools, apart from Lincoln sorts, a lower range of prices has besu established, there is no inquiry, and consumption is light. In mohair prices keep very steady and firm, spinn»rs being still busy with a good wll for their yarns. The yarn branch continues to be as quiet as ever, there being no amends whatever either for horns or export call. For the ordinary cjating yarns prices have now fallen as low ss ever they were, and even now there is no speculative inquiry. Manufacturers of pieces reporb no more cheer* ing new», only fancy makers being moderately wellcmplojed.