LONDON WOOL SALES.

Otago Witness, Issue 2565, 13 May 1903, Page 8

LONDON WOOL SALES.

fFiton Our Special Cobrespondent.)' OPENING OF THE SECOND SERIES. MERINOS FIRM. CROSSBREDS EASE SLIGHTLY. LONDON, March 13. It Js a very long time since any series of sales began under such peculiar circumstanoes as did the eecond series last Tuesday, and a cloud of uncertainty seemed to develop the whole trade until operations actually began. One question, and one only, seemed to dominate everybody, and men could be heard asking on all sides if priocs were going to be lower. Judging by what had happened during the vacation this inquiry was fully justified, for since Cbleman street Wool Exchange laefc closed its doors every move wool has made has been in a downward direction. First Liverpool, then Antwerp, then the sheep skin sales, all alike gave one verdict — lower values; and with nothing of a more inspiring nature taking place in Bradford than on the Continent, the outlook did not seem over-promising for the colonial sales. Her© and there one met with a man more optimietio than the majority amd who could not ccc much change in values, but the bulk expected to see a slight ease all round the market. Looking at the way wool has gone during: the interval, it must be said that all mar1 kats have been disappointing, and only a hand-to-mouth trade has been done. But this, to my mind, is not the worst feature. When trade is quiet and prices remain steady, #c can put up with and get over a period of dulnees ; but of late values have sagged all round the market, and men have lost confidence. To put the matter plainly, business has only been possible at lower prices, and this has been discomforting. Top-makers who bought merinos last series had to face a distinct loss if they elected! to sell. Under these conditions no surpriseneed be felt at most buyers tacing the coming sales in a smewhat quiet frame of mind, but at the same time we all hoped for the best. Tueeday morning dawned, end found buyers soon astir viewing the wool on show. The selection was hardly up to any higholasa standard, for two-thirds of the catalogues were crossbreds. The only merinos on offer were a few paroels of New South Wales growth and Swan River wools, and: these had to form the basis for comparison. Aa one went rovmd, almost every man had a different opinion as to how wool would go, but when 4 o'clock dawned it was soon Eettled. I rom the very start bids were given frnely. and at times the situation wr?s quite lively. Naturally, with co many crosabreds on offer, Bradford buyort were at their best, and throughout the sitting home trade competition predominated. German buyers, perhaps, took the bulk of the merinos, and France and the Home trade readily supporting, caused fine wools with any body or character about them to sell readily enough a*: full last scries closing rates. A few parcels that wore very shabby and wasty sold in buyers' favour, find these, solely on account of bad yie'd, found men trying to get them at id less. Merinos evidently occupy a very sound positicm, and are certain, to continue well to the front at to-day's prices. Dealing with crossbreds, the situation dis* e!o=ed more strength than had been generally -expected, and a farthing drop on! shabby, waety coarse to medium wools, say 1 below 46's onalifv. is the only change thafa can be noted. All trades competed readily,, includ'inir America, and there is every appearance of these meeting with good po-t-South African wools were sparsely repre* Rented on the oponing night, and excepting for pood combing c»rease> prices dropped id. Little change can be noted in giiow whites, and practically the. same com be said of fleeca washed. Anything of character i.i very firm, but where there is a want ofi

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igrowth. and style prices art a little irreguSince the opening, the sales have made eolid progress, and a firmer tone is manifest. Merincs are particularly firm with a hardening tendency, while crossbreds arc selling jfreely. Much satisfaction is expressed at *he way the sales have opened, for already iconsuming markets are firmer and better. CLIPS SOLD AND CRITICISMS. Sold by Messrs Jacomb, Son, and Co., March 10:— Kinloch: Grease— 3B bales first half bred E lOd, 10 second do 9d, 27 first do XE 6Jd, 106 do W and £1 7d, 24 second <Jo 6d, 46 do « l d 6do 6Jd, 19 do s£d, 8 first pieces halfbred (Bid! 23 do crossbred 51d, 34 do s\i, lPbellies flo s£d. This was a very good clip of wool; very shafty, clean, and good in. their respective qualities. Bowlands : Grease— l 2 bales threequarterbred A 7£d, 5 do B 7Jd, 31 crossbred A 7Jd, 45 do B 6J5, 5 do C 5Jd, 30 do 5Jd, 7 Lincoln 5Jd, 8 crossbred s£d, 8 do first pieces (s|d, 10 do bellies sd. A good average clip, the wool being very useful to Bradford topInakers. The Home wool market is resting easy, in view of London opening, and not until there is a settled basia established is there likely to h» much business done. During the past week things have been practically at a standstill, end only sales have been possible at fractionally lower prices. A good deal of talk has. been h-eard in some quarters about 60' a bring sold at 23id, but this price excludes a real first-class top finding its way into any spinner's hands, and where such ealca are effected quick payment is a first consideration. There is no doubt, however, that the market has receded somewhat since the <?!os© of the- last series, and Lccidon is how being looked to to administer a much-needed tcoio. On every hand spinners and manufacturers are clamouring for lower values, the cry still being that wool is too dear. It may be high for those who want wool at the price of cotton, but if men do mot lose their heads and bid confidence depart there is little- likelihood of values dropping further. Ido not think there is •that pressure upon machinery that there was, and certainly in outside districts there is. less running overtime at the mills; but for all that there is sufficient trade doing ifo warrant a full consumption of all the wool that is available. The general tendency all round the mar-1-e-t is to shade prices. On this it seems *o some that salvation rests, but here differences of opinion arise. A continuous falling market is th« worst thing that can ■possibly happen, for buyers never know where they are, and tc-day many orders are being held in abeyance until prices chow some d^ree of stability. The _ whole "trad* is lookinsr to London for inspiraf-ion and encouragement. Commission wcolcombers are far from beins? busy, except those out of the combine, and these are busy enough. Spinners are mostly er.-s?a<»ed on oM contracts, and will be for some time, but little new bueincss is on offer. PractiM-liv t-h"- market is in a waiting aititud-e. and riot until men B°e where they are is ifc likely that much will be done. Stocks are considered fairly light.