LONDON WOOL SALES.

Otago Witness, Issue 2525, 6 August 1902, Page 8

LONDON WOOL SALES.

(Fjtou Our Special CoitxureMDiMT.) BRADFORD, Juno 6 A FIRM AND ENCOURAGING FINISH.

Since I last wrote the third series of • sales have come to a finish, and the end witnessed a wind-up creditable and sound. On every hand it was felt that a most successful series had been witnessed, and that wool was standing solid and firm, with a most encouraging outlook both for merinos and crossbreds. By way of a ! change I shall bring this eerie 3of letters i to a close by giving the expert opinion of ' a less conspicuous firm of selling brokers, but none the less reliable and mo&fc trustworthy. Messrs Willans and Ovcrbury state that "a sudden development of activity which manifested itself at all the manufac- 1 hiring centres of Europe about a week or ' 10 day* prior to the opening of these salea \ gave promi<;o of a very brisk market. Nor waa this promise belied when the auctions., opened, although tho full extent of the advance which has now been established wa^ ■ not reached until tho middle of the seric-a, ! when tho sales weio suspended for the Whitsuntide holidays. j

"On tho opening day of the series an improvement of 5 to 10 per cent, on the final March values was quoted for Australian morino wools, and the market continued steadily to harden until the advance on ail descriptions, free or moderately free from fault, ranged from 12g to 15 per cent. Faulty wools, especially very seedy parcels, which are so numerous this season, have failed to show tho same advance, and can only be quoted from 5 to 10 per cent, dearer than in March.

"Crosabreds of fine and medium quality have ruled in sympathy with merinos, although it is the medium grades lather than the finest which exhibit the greatest improvement. During the first wc-ek of the series coarse bright wools ruled fully 10 per cent, above the level they occupied at the end of the pre\ ious auctions, hut t'*e large daily offerings of these qualities had some effect on prices, which at the close do not s-how an appreciation of more than 5 to 7>j> per cent.

'"The offering of South African growths l.is throughout tho serio3 bee-n ten cwhat if-tuete.l They have, however, met with v well-su-tainod and eiuTgetic demand, and tho advance of 5 to 7jt p£>r eenf. shown at the out-et subsequently developed, until in the rase of gnow-whites (the description most 111 request) it amounted to 12i per cent., and in that of groasies and fleeco vaulted from 7js per cen*-. for short wools to 10 per cent, for those of combing character.

"The buying has been freely participated ia hi ell sections of tke industry in Europe,

Franco taking perhaps somawhafc less thafl| what might be regarded as her normal share* A large quantity of the best scoured merinoV was purchased on Russian account. As will' be seen from, the figures appended, buyingi on behalf of the United States was very limited. "The quantities actually sold amount td about 225.000 bales, of which it is estimated! that 110,000 bales have been taken for o^« port, including 3000 bales for American Some 18,500 bales, of .which 16,000 were notf catalogued, are being carried forward to the next auctions, fixed to commence oil July 8", with a limit of 300,000 bales." Tho above matter sums up fully the whole course of the series, good competition and a good spirit prevailing down to the close T' Stocks and future offerings continue tot absorb a good deal of attention, and everyy one feels that very little wool is now lefft over or in prospect for the remainder ofi the year. The proclamation of peace im South Africa ia most welcome, and cannot! fail to have a very salutary effect on all wool markets, as well as setting free $ practically closed market for the past three yeaTs. A "boom" is to be condemned foiq many reasons, and we do not think thai/ there will be one, fabric buyers being determined to take up cheap crossbreds rathefl than take heavy risks with big prices for morinos. The outlook for merinos is certainly excellent, and prices will be higher again next series, but how far retailers will support them, remains to be seen. - Just now supplies and deliveries to the* trade is .an all-engrossing subject, and Messrs H. Sohwartze and Co. supply full particulars down to tho close of the auc« tions, which are as follows:— >

It has been arranged that the fifth series shall commence on September 16 and tha sixth series on November 25, without limit! as to quantity. CLIPS SOLD ANI> CRITICISMS. Sold by Mesas H. P. Hughes and Sons, May 1 28. —Ohoka: Scoured—4 bales combing supet 18d, 20 -do 171 d, 8 B 17d, 4 pieces first 17Jtf, 7 bellies 17d, 19 quarter-bred 15d, 52 hnlibrett supor 13d, 39 clo lid, Jl crossbred BJd, 6 do 7d, 13 halfbrcd pieces 13d, 32 do B lljd, 7 do 12d, 7 do D lOd, 17 do Bd, 10 three-quarter-bred do B 7Jd, 5 do Bd, 11 halfbred locks 7Jd'. 4do 6d. These were i>ice wools, in first-class oider, thoroughly sound, and well prepared for irarlcel/. They wore smart throughout.

Sold by Messra Willans and Overbury, May 30: — N.Z. & A. Land Co. over Hakataramea:; Greasy — 19 bales combing lOd, 14 do lOJd, 26 do 9Jd, 11 do lOd, 33 clothing withdrawn, 20 do 9d, 9 broken 9Jd, 2 combing quarterbred 9d, 49 do half bred 9Jd, 18 do 9d, 12 clothing do 9d, 6 broken do Bid, 2 scoured clothing 20d, 3 do pieces 19Jd,' 4 do 19Jd, 4 do 16Jd, 2 do combing halfbrect 15d, 3 do 14Jd, 19 do crossbred lOhd, 16 do 12id, 3 do clothing dt» 13Jd, 5 do pieca* do 12£ d, S do 18Jd, 2 do locks do 6d. This clip showed up splendidly, the wool being in excellent order, and likewise in first-class, condition. A clip of thia^charac* ter is more the exception, and not the rule.

Sold by Messrs Dv Croz, Doxat, and Co 1 ., same day: — N-Z. over Thames Valley Land Co. Ltd. : — Grease — l bales half bred first combing 7d, 6 do 66V, 12 crossbred do 4Jd, 18 da second do 4Jd, 18 three-quarterbred first da 5Jd, 13 do second do sd, 11 seven- eiglithbrexl first do s£d, 8 do second do sd, 4 Lincoln da 5Jd, 22 do 4id, , 16 crossbred 4Jd, 5 . do 4Jd,6do first pieces sd, 7do bellies 3Jd. These vvccls wero not very extra, there being neither the character nor the condition found in th« previous wool. CONDITIONS SOUND IN BRADFORD.

The market to-day is resting very easy, and all the moro so because of the favourable news from South Africa, It is too much to expect any material improvement) in wool or textiles consequent on the declaration of peace, but for all that a heavy burden has been removed from men's minds*, and a weight lifted from the market whicli has for long hindered that progress which would otherwise have resulted.

All eyes seem now turned in an upward direction, and holders of stock persistently talk of higher prices for wool and tops'Peace, no doubt, is a powerful leverage, and all markets are the better when things are> quietly pursuing the oven tenor of their wa>y ; but to-day we see no reason for a.ny "peace boom," which seems to exist in the minds -of a few who are holding stocks ia the hope of sensibly higher prices. Topmakers are tarrying hard by their stuff, and! are justified in their action; but we believe the vast majority are prepared to sell providing they can obtain a very reasonable profit over cost in London. Rates in Bradford are. not to-day ruling on a level with London, but must do so before holders wilt relinquish what light stocks they have. Jusfc at present spmners have no need to buy. Their sale* havo been covered for weeks, and until there is a move on the part o£ manufacturers we shall not see a very great improvement cither in increased sales or prices. It is the staplers and topmakera who to-day are taking all risk», and in doing, so there is little tear manifest about thei future. Some seem to think that in medium and coarse orossbrods the upward movement has =pMit itself, but even here we can yet! see a healthy dcvelooment during the next two months. No doubt heavy stocks are helping powerfully to minimise a fdrward) movement, but it must not be forgotten! that South Africa will want for a white something "good and cheap," and th©S« fabrics, such as serges and chevioty mixtures, will have to be produced out of coarse eiossbreds. An increased outlet means an increased consumption, and with limited supplies of merinos the outlook ia good for oropsbreds This applies the same to English aud Irish descriptions, and a good business could be done in home-grown wools if country dealers and fanners wero prepared to accept current prices here. A most; cheerful feeling prevails throughout the entire market.

The Westport Coal Company's output lasfi week was 8922 tons. ,

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M

lorne consumption Icntinental consumpticn .merican consumption.. Totals Bdles. 473,000 744,000 61,000 j 1,263,000 ( Bales. 504,000 539,000 34,000 1,077,000