LONDON WOOL SALES.

Otago Witness, Issue 2390, 21 December 1899, Page 7

LONDON WOOL SALES.

(Fbom Ova Own Cobhespoxdeut.) A FIRM FINISH, WITH VALUES SLIGHTLY LOWER THAN THE BEST PAftT OF THE SERIES. BRADFORD, October 13. fhe fifth series of London sale 3 has finished, and buyers have returned home to make the best of what they have bought. So clearly have I set forth the kaleidoscopic movements of wool during the past few weeks, that I think I cannot do better than allow my summing up letter to be largely composed of what well-known experts and sellers have to say In their circular just issued. Messrs Charles Balme and Co. state that, " notwithstanding tha great appreciation in the values of merino wool since March, a further strong umvard movement was noticeable in the Yorkshire markets shortly after the close of the July auctions, which, stimulated by an active and ' increasing trade for the manufactured article, grew in intensity until, towards the middle of September, quotations for merino tops in Bradford reached a higher figure than had been touched since the end of 1889. A sympathetic improvement also took place in the position of coarse wools, but without materially increasing prices. Operators in Continental centres, however, were loth to follow the lead of English markets, although business abroad was reported to be satisfactory. " Under these circumstances the Home trade • has been throughout the series the principal buyers of all kinds of produce. At the commencement of the sales an average advance of 10 per cent, was established for merinos, ' the appreciation being most pronounced for medium and inferior shipments. With the progress of the auctions values further hardened, and at the highest point superior grades were 10 per cent, and other classes 15 war cent, above July parity. When, however.

the more urgent needs, of the English topmakers had been satisfied, and it was found that Continental consumers were unwillingto operate at the higher level, a reaction to the extent of about 5 per cent, occurred in all descriptions with the exception of good combing grease.

" Crossbred wools have also met with' a satisfactory demand, and the finer growths have appreciated 15 per cent. Medium and coarse qualities, under the influence of free purchases for the United States, at one time realised 15, and occasionally 20 per cent, in excess of the low level current in July ; but with the cessation of competition from that quarter, prices weakened, and final quotations are not more than 10 to 12£ per cent, above last gales' currency. Scoureds and slipes have been in very large supply, and with the exception of the finest qualities, which co.mmanded extreme rate 3, have sold most irregularly.

" The available quantities of South African wool, which have been very meagre, realised during the earlier portion of the series and advance of 10 per cent. Later on, however, in sympathy with the slight reduction in similar grades of Australasian staple above referred to, prices flagged eoir-ewhat, and towards the end of the sales 2^ per cent, of the initial improvement was lost.

" Although the current level of values for merino 3is much above that of recent years, the present circumstance of supply and demand, combined with the existing fashion for goods made from fine-haired wools, appears to preclude the probability of any material softening in quotations in the immediate future; while the reports recent] j* to hand indicating a considerable decrease in next season's shipments of this class of staple from Australia, render a further appreciation not improbable. The position of crossbred produce, however, is different, inasmuch as production shows no signs of contraction. Nevertheless, the recent increased consumption of wools and the moi'o 'rate figures at wmeh they now stand are factors in favour of a continuation of the improvement established during the past few weeks." The sixth series ie fixed to commence on the 28th November, the list of quantities available being closed at 4 p.m. on the 20th of that, month. The first and second eeries of 1900 have been arranged to open on the 16th January and 6th March respectively, the list of annals in each case being closed eight day 3 before the date of the commencement of the auctions. As compared with the closing prices of the pr&vious series we now quote: — Australasian. lleiino grease, super or ... ]Jd per lb '"ear<jr „ „ medium ... Id toIJJ „ „ „ „ iufu-ior ... Id „ „ , scouved super ... 2--A „ „ „ „ znfdiiim ... 2d „ „ „ „ inferior ... ]£d to 2d „ „ „ lambswoi 1. super Id „ „ „ „ ijwd. and inferior Jd „ „ Crossbied grease, fine ... Jdtoljd „ „ <> .. in' dium 3d „ „ >> .. <*0ar80... Jd „ „ ■• i, lamb"... par „ „ „ scoure'l, live... 2Jdto3d „ „ ,i „ nit dium id „ „ it >i cnaree ... par to Jd „ „ „ line ... J}d „ „ „ „ coarse... par to id „ „ South afbican. Snow-whits, super ..." ]Jd to 2d „ „ Snow-whi',e,~inudium and inferior ... l£il „ „ Fleeca, washed, Id „ „ Gj case, light Jdto&l „ „ „ wast ins *'i . >• „ Commenting upon the slight set back experienced during the hist week of the series, Messrs Buxton, Ronald & Co. say : "In the first place, prices may have been somewhat rushed at the beginning, particularly as no foreign backing was to be expected ; and, further, South African troubles and the projpect of dearer money ; may have produced a feeling of caution in some quarters. But probably a far more direct influence was the telegraphic advice from Adelaide of the opening of the wool sales at a rise of only 40 per cent, above the corresponding period of the previous season, which did not place values 7 there on a level with those ruling here. This, in itself, was sufficient to give an unfavourable impetus. Meantime, at bottom, the position is but little changed." - Sold by Messrs John Hoare and Co., October 4: — KG in diamond over-L: Grease — 22 bales first A halfbred combing 13* d, 13 do 13d, 14 second do 12-id, 17 first crossbred do lOJd, 66 second do lid, 11 first three-quarterbred do 9Jd, 16 do halfbred pieces lOd. Scoured — 21 do combing 19d, 13 super do clothing 16Jd, 30 do first crossbred combing 18d, 35 do 14d, j 33 super do piecsa 17d, 21 do 14Jd, 41 second do lOd, 58 do BJd, 32 first halfbred combing 18d, 32 do 17£ d, 21 super do withdrawn, 23 frrst do 1 clothing 16d, 45 super crossbred 13d, 9 first halibied pieces 18id. Sold by Messrs Thomas and Cook, same I day: — V/'oodbank : Greasy — 12 bales first combing halfbred H ll^d, 14 do W lljd, 32 do E llf.d, 13 second do H lid, 11 do W lOJd, 17 do E lOAd, 5 do three-quarterbred H 10d, 15 do 7|d, 14 first pieces htflfbred 10ld, 10 do bellies do Sd. Secured — 6 pieces fine halfbred lSJ^d, 6 super do ISid, 4 first &o 163, 2 second do A 16J, 2 do B ISid, 3 first halfbred 15d, 12 super do pieces 1-Hd, 5 S do Hid, 7 do locks 15d. This wafa a very nice clip, of good character and fair quality, and sold fairly well. Biliiard balls over cue in circle : Slii>e — 24 super quarterbred lamba lGd, 2 do 15d, 48 do halfbred d<ri4*d, 2 do 13d, 20 do 14Jd, 50 do fine crossbred do-lOd, 28 do 9d, 2 do 9d, 26 super crossbred lambs 7Ja, 2 do 7Jd, 11 do first combing quarterbred 15Jd, 16 do halfbred 14d, 2 do U*d, 8 do 11 jd, 37 do first combing fine crossbred B|d, 3 do Bd, 16 do 7£d, 8 do clothing halfbred 7Ad, 5 do crossbred 65d, 4 washed first combing halfbred 9d, 3 do clothing crossbred 6Jd, 13 do fine do GJd, 13 do superfine halfbred pieces 13d, 12 do lid, 14 do crossbred do lid, 4 do Bd, 4 do crossbred thirds 6Jd, 13 do 6Jd. The first lot of lnmbs was really excellent. They showed a capital condition and fine quality, which are everything. All the lots were in good average order. Sold by Messrs Hy. P. Hughes & Sons, October 5 : Ohoka : Scoured— ss bales combing 21<1, 4 do second 201 d, 21 B 20d, 3 pieces B 19J.d, 6 do 18Jd, 7 loclcs A 18d, 14 do 17Jd, 15 quarterbred 21d, 130 fine crossbred" A. withdrawn, 6 crossbred D 73d, 15 halfbred pieces super 17id, 50 do B 15a, 6 do D 13* d, 28 do lOd, 12 threequarterbred do B 9d, 2 do 7Jd, 14 do D Sd, 5 crossbred do B 7*d, 4 do 7*d,~7 halfbred locks super 12Jd, 20 do Bd, 10 do 7Jd, 3do 63d. These lots were very well scoured and clean. When there was quality, good prices obtained. Welds Hill over Awatere: Greasy — 23 halfbred A hoggets 10|d, 32 do lOd, 24 do B 9d, 7 Lincoln ]od, 5 scoured combing 18Jd, 6 do 18d, 9 do IGid, 12 do pieces B 17Ad, 14 do 17d, 4 do 17Jd, 3 do 14d, 22 do locks 15d, 3 do crossbred lambs 9|d, 10 do fine crossbred pieces 12d, 2 do locks 9Jd, and several small lots. This wool was well grown and well scoured, but look well to quality. Sold by Messrs Willans and Overbury, same day:— Glentui: Greasy— S bales A 124 d, 51 B lljd, 33 C lUd, 67 D HJd, 39 E lid, 2 f double lOd, 5 A pieces 12d, 8 B do lOJd, 6 A holfbred F lljd, 86 B do lid, 17 do E lCfid,

5 C do H and E,lod, 20 B crossbred 9Jd, 3 Leicester s|d, 8 pieces halfbred BJd, 2 scoured fit3t combing 22Jd, 2 do second do 21d, 12 do pieces 19Jd, 2 do second do 17Jd, 5 do 16Jd, 15 do locks 17d, .2 do super first combing halfbred ISid, 3do lod, 2do locks do 13d. This was a first class wool, being good, bright, and sound. The merinos were rather yolky, but none the worse for that. They sold Teadily. N.Z. and A. Land Co. over Hakaiaramea: — Scoured: 9 combing 23-id, a clothing 21d, 10 pieces 22id, 22 do 2Hd, 8 do 20d, 2 do lSd, 5 locks lE&d, 7 do 17id, 10 combing halfbred 13d, 10 do 18Jd, 5 clothing do 16|d, 0 halfbied pieces 16d, 3 do withdrawn, 2 do bellies 15d, 3 combing crossbred lid, 10 do withdrawn, 3 crossbred pieces 9d, 2 Leicester Od, 6 greasy combing 10id, 3do halfbred XOhd. N.Z. and A. Land Co. over Moeraki: Greasv — 19 combing Hid, 14 do lUd, 8 do lOJd, 2 double lOd, 3 bioken lOJd, 3 bsliies BJd, 15 combing quarterbred lUd, 7 combing halfbred lid, 25 do 9£d, 4 do 7£d, 3 do double 7id, 2 do broken 7d, 9 combing crossbred 7|d, and several small lots. These two clipg showed a fair average degree c(f excellence, acd were fairly good throughout. I would specially say look to qualiry in the crossbreds. The seoureds were not over free and clean.

Sold by Messrs Buxton, Ronald & Co., October 6: — N.Z. aud A. Land Co. over Kawarau : Greosy — 19 bales first combing hoggets lid, 31 do lid, 28 do 10; d, 5 second do 10d, 14 do JOd, 20 combing lOd, 11 broken lOJd, 3 first pieces 9d, 8 scoured fiTst combing 22id, 4 do second do 22d, 4 do first clothing 21Jd, 3 do second db 21d, G do 21d, 5 do necks" 21Jd, 8 first pieces 21 Jd, 7 do 20.U1, C do second do 22d, 28, d0 21Jd, 3do and necks 19d, IS do bsilies 21id, 9 do 2OJ<3, 3 do pieces 19jd, 14 do 20$ d, 7 do lSid, 3 do 17d, 4 do lGd, 13 do locks 19d, 7do 17Jd, 2dc black 17d. This' was a very usefu) line of wool. The mennos were fine and sound, but rather yolky, and the scoureds too, but the wool can reodily be \ised. Look to condition and handle when scouring.

The wool market in general shows comparatively little change during the past week; yet a careful observer wil^&ee that there are o'iange3 going on continually, and"that the contion in this market is hardly co buoyant as it was two or three weeks ago. This slackened state of things is really more superficial than a solid, actua' fact, and the present resting is only a perfectly natural attitude, which in the common order of things one could only expect and look for. It must not be forgotten that prices for 69's tops have been higher in Bradford by at least 30 per cent, than upon any continental market, and unable to resist the temptation, the foreigner has invaded our midst, and some large lines of French combed tops have been sold in Bradford. To pu^ the situation in a nutshell, it is this: Spinners have recently bought to meet all their immediate requirements ; they have taken a very fuil meal, and consequently they must now rest awhile before they can be expected to be in buying form again. The effect of the closing of the London sales has been to sustain values, and in regard to merinos and fine crossbreds, holders are sanguine that they have the market with them, although for the time being the requirements of consumers are apparently supplied. The extent of consumption is^still on a level with recent times, in fact, all the machinery this district can boast is fully running. This is making topmakers adhere to recent prices, and they ccc no necessity to shade values in the least. For English_ sorts there is more inquiry than actual business, for users are looking ahead, and are quite prepared to buy if they can secure the slightest concession. There is no change in cither alpaci or mohair. There is a most healthy outlook in the yarn branch. The export trade continues more satisfactory- in regard to orders, and spinners are flooded with particulars for delivery. In pieces there is a good trade doing, and manufacturers are busy.