LONDON WOOL SALES

Otago Witness, Issue 2303, 21 April 1898, Page 7

LONDON WOOL SALES

(Fboji Our Special Corbespondent.) ! London, February 4. A SPLENDID FINISH. j In their circular just issued &b -tbe c!os3 of ■ this first .series Messrs Charles Balrae and Co.. j the well-known selling brokers, outline the Situation as follows :—": — " Towards the close of last year the tone of business in the ultimate mtrkets of Europe assumed & more cheerful " phsse, and although there was no actual increase in ths volume oT consumption prices for j merino wool and tops began to harden. This : movement gave confidence to the trade, and •when buyers reassembled in January a much , more hopeful view of the prospects of the article ■ was, prevalent than at the end of the December ■ . -Ruotiocs. In these circumstances com petition , ■^ has been more widespread and general than for 1 gome months,pasb. Euglisb, French, and German representatives have operated with great ; freedom, while American buyers have secured a \ • considerable proportion of the quantities cata- J ' logued. Tbe sales opened with an average advance of 5 per cent, on merinos, ' which soon increased to 10 per cent, j Values, however, were only maintained at"' this level for a f tw days, when in consequecca of some falliug-off in competition for the homo tr*de a slights weaker tone supervened, especi- " ally for faulty wools. Dimand from the Unitad ( States has been- chiefly directed towards deep- • grown, light-conditioned New South Wale* and .Queensland clips in the grease, which have frequently obtained figures 15 par cant, in ox- ; '• cess of December final quotations. Scoured ! wools have made veiy full prices, although ! ' superior combingparcels did notmove muchuntil j towards thecloae of the series. Lambs' wool and | fine-haired clothing produce have been unusually scarce, and have realised extreme rates. With the exception of the finer descriptions and losg lustrous growth?, which have risen 5 to 7^per cent., tbe conditions of demand have not 1 !>een favourable to crossbred wool. Medium'! and coarse qualities dming the first week gained 5 psr cent., but npou the receipt of unsatisfactory advices from Bradford the market weakened, and prices soon fell back to December parity. " South African shipments have been in keen request throughout, although they only bsnefited I very partially by the initial improvement, j Light-conditioned grease, both combing and i clothing, as well as Western fleeces, have advanced 7£ to 10 per cent., and snow- whites, .scoureds, and heavy grease about 5 per cant., -but Kaffrarian fleeces, notwithstanding steady competition, have not quota'bly altered their " position. . "The fact thab the rise in the values of merino ] wools js due to scarcity of the raw material, •! fcbth actnal and prospective, and uot to any expansion in European consumption, makes a 'forecast of the course of prices in the immediate future hazardous. The smallness of ; stocks of merinos in England and on the Continent, the heavy falling off in tbe Australian clip eince 1895, as well as the rapid change ' that has taken place of recent yeara in the ■ quality of the Argentine production— 6s per ct-iit. of which is now stated to consist of cross- ' br3d wool — should render any reaction from the " comparatively high rates now current for merino • staple both limited in extent and of temporary duration ; while, should the American consumers continue their purchases during the remainder of the season with anything like the • vigour which has characterised their operations during the present Geries, a further improve- . xnent in values may be experienced. " As compared with the closing prices of the . previous series we now quote Australasian :—: —

Australasian. I

South African.

' The next series will commence on March 15, the third on May 3, and the fourth on June Sold by Messr* Buxton, Ronald, and Co., 4 jMUWOf^T.— CJN over email trifto^le; Greasy—

11 bales B crossbred br g .;ets lOJil, IS do 10d, 86 C crossbred hoggets S^r!, 102 do 9d, 64 do B}<l, IS crossbred Sd, 11 do pieces Tid, 14 do 7d, 8 do 6Jd, 14 do 61. tJ do (3d. This clip waa in the pink of perfection. foL : Greasy — 136 fir^t croi>sbred <Jd, 13G do Sid, 22 second crossbred 9d, 21 third do Sd, 4 crossbred SJd, 26 do -7id, 22 do 6id. 17 do 5Jd. Titi: Greasy— 34 A crossbred Bid, 7 B do 9d, 61 do Sid, 40 O crossbred Sid, 11 crossbred 7:fd, IS do pieces 6Jd, 13 do fid. These were two well-prown, shafty ciipa ; rather greasy, but foviud. GH over Baogor : Greasy — 7 comb'ng 30d, 9 do 9.1, 23 A super halfbred 9d, 24 do H SkA, 10 B do II 7£d, 29 do B}u, 7 do 73d, 3 crossbred 81, 11 three-quarterbved B^., fi do pieces 6*d. This was a capital clip. Glcnlee : Greasy— 7 fu\sb combing hoggets 9d, 18 second do B.}d, 4 pieces H 7:} d, 2 bellies H 6R 5 locks 4Jd, 68 first h#lfbred combing 9d, 24 second do SW, 26 first crossbred combing Sid, 3 halfbred pieces 7Jd, 14 do 7id, 9 do 6*d. Both these qualities wens veiy good »nd well growu. Motuotaria : Greasy — 4 haifbred 10JJ. 45 first crojsbied 9M, !5S second crossbred Pd, 140 first L enabled 9d, 59 second do 9d, 86 do BJd, 46 crossbred pieces B£d, 75 do Bd, 22 do 7d. These lacked nothing. Marainanga : Greasy— 2o first halfbred combing 8.'.3,-47 do 9d, 21 second halfbred c.mbing 9d, 53 do SfcJ, 5 do damaged Sd, 19 fir.'t three-quarterbred combing od, 47 do SJd, 14 first Lincoln combing 9d, 4t do BJd, 45 second do Bld, 12 first frosatn'ed xtieces 7J<i, 10 .secord do b'J 1, ll third do 6}r1, 16' crossbred bellies 6ld. This was a very large clip, but it was superb in every respect, each quality 11 being carefully dealt with in a thoroughly business-like way. Tautane : Greasy— lo first halfbred hoggets lOJd, 31 do lOd, 13 fii-dt thne-quarterbred H Did, 45 do 9d, 10 second three-quarterbied 9d, 43 d > BJd, 3(5 first Lincol i SH 10 second do 93, 38 do B£d, 6 do Sd, 7 -crossbred BJd, 14 do Bi, 10 do pieces 7Jd, 18do 6Jd, 17 crossbred bellies 6d. When a clip sells,at lOd ifc always rueans thatj-it lacks nothing. Poukawa aver C: Grea*y— ll bslfbied hoggets lid, 50 do lOJd, 40 crossbred H 10£ d, 119 do 9id. 63 do 9d 10 Lincoln hoggets Sid, 92 do BJd, 13 halfbred pieces 73d, 24 crossbred pieces 7Jd, 3(5 Lincoln pieces 7Jd. Excellent, no other New Zealand clip having realised lid this series. Sold by Messrs WillaDS and Overbury, January 28 :— Bin heart over Eltns : Greasy— 27 bales combing halfbred lOd, 4S do H OH, 11 second cmnbiD3 halfbred 9d, 24 do H BJd, 23 third do 9d, SO crossbred combing 9d, 8 do 81d, 24 do Sd, 3 Leicester 7^d, 13 halfbved pieces 7£d, 7 crossbred pieces 6ii. This was a very gooS grown clip. Sold hy Messrs Dv Croz, Doxat, and Co., January 31 :— Leslie Hills : Grease— 27 bales first combing HlOJd, 57 do lOd, 34 second combing 9jd, 3 combing %d, 21 pieces BJd, 14 do B 7Jd. These were excellent for merinos, and were taken mostly for America. Stonyhux-st : Grease — 18 halfbred first H 9Jd, SO do 9d, 65 halfbred second BJd. 40 threequartarbred first Bd, 8 do second Bd, 7 Lincoln 74<? t ?9 halfbred pieces Bd, 6 three quarterbred do 7d, sdo bellies 6.jd. 'i hese were very good, and were secured by Bradford buyers. Gcod quality, good length and condition.

Gradually but very slowly the home market aeeins to be rounding the corner for an increase of trade in wool. If one could only note an increase in consumption of yarns and a better demand for manufactured textiles we should see prices for tops mount up quick, but as ib is the firm and buoyant tone in London continues to exercise only a very partial effect upon B -adford. All round there ia a very steady feeling and a total absence of all forcing business, men preferring to waib a natural demand and a legitimate cail for wool and tops ; bub holders find a, very conservative attitude on the part of spinners, even when asked what they have. On the ground of self-protection alone topmakprs are compelled to ask a full -£d more, but this to-day has the effect of stopping business, and it is with the greatest difficulty that a fraction more can be made at all. Some merino men find themselves to-day in a very tight corner. G'.ad to sell when things were at the very bottom and prospects the blackes'r, they felt confident that lower values would still prevail for wool at least, so they contracted for the delivery of tops on the basis of prices then current, and with this advance they find themselves uncomfortably fixed, spinner6nowpreßsicgfor delivery rather than buy afresh and pay more money. Merino men especially are de f ermirted to stand by what they have ratber than accept anything les* ..than what the present position of woo! really warrants. There are inquiries for 60's tops, which are saleable at from 18^d to 20d, according to colour, length, and fret dom from burr, the better grades being very scarce compared to the ordinary short weft sorts. In crosabreda there is little alteration, but the better classes are stronger than the coarser grades. In English wools there is hardly so dead a feeling, some few transactions having been effected in Lincoln sorts. Btceks are light in Bradford, and the outlook is considered batter owing to the scarcity of mohair. This article is quoted a fraction dearer, and the outlook is eminently satisfactory. Yarn spinners report no material increase in business, and although offer 3 are made for quantities yet they are now determined to'stand out for better prices. In pieces there is a shade more doing for America, and the outlook for home account has improved.

id „ Id „ „ Id n par T M i» id „ , ft >■ 3

JSnow- white, super „ „ medium .. '„ „ faulty... .., jFleece, washed, Western „." „' Eastern .Grease, light- conditioned „ ' heavy „

*d to Id per lb idtojd „ idto^d „ Id „ Hd id to Id „ Jd to Id „ Jd to Id „ par higb Id § it par par

, plermo, grease, super i, >i average '"• -",, „ inferior J'\, Bcoured, super " '„ „ medium „ „ inferior , „ lambs' wool Crossbred, grease, fine T n i» coarse i^'ii washed and /M scoured, fine Aum, -w»shed and 4-Jip 1 scoured, coarse ',Vts, ' aliped