LONDON WOOL SALES

Otago Witness, Issue 2664, 5 April 1905, Page 8

LONDON WOOL SALES

(Bt Ottr Special Correspondent.) LONDON, February 3. CHEAP JMPORrS BRING DOWN OROSSBREDS.

Th.9 first; series are now a thing of the past ; buyers have returned home, and the trrde gen?rally is digesting the results. I must say that I am a little disappointed with the course 'if low crossbreds, but below some most significant remarks ar© made by Charles Balme and Cb>. as to the cause. The future is invested with a good deal of uncertainty, but, given a fair chance, wool should maintain its present position. In hringing the seriss to a close I do not think I can do better than quote the expert summing up of the largo sellers befora leferred to . They say that "the scaroityof raw material, which was so keenly felt by consumers during the closing months of 1904, when values for coarse wools were driven up to an tmusually high level, is no longer such an important factor in the situation. Tho market for the timo being is; well supplied with wool, much of which has been acquired in the ""countries of production, particularly in. New Zealand, at distinctly lower quotations than we>re current in Europe at the end of last year. The competition of these direct importations in the centres of consumption has had' the effect of reducing prices, more especially as regards the coarser grades of staple, the slight increase in the demand. for fine sorts, due to the exigencies of fashion, having kept values of xncrinos and kindred growths fairly steady. Moreover, tho reduction in the volume of American purchases, which were very important during November and December, has deprived tb.3 market of an. element of strength at k period of the season when the financial "resources of the trade are engajgect in liquidating commitments, LPiJUi^i 'BeB c Colonies aad; Argentina^ " " *""°*" '

"The range of values for merinos was noft materially varied at the commencement of the sales ; the better descriptions were slightly dearer, but burry and wasting ship-> ments sold irregularly and in buyers' favour. With minor fluctuations from day, to day. prices have been maintained on this basis throughout th.3 auctions, which closed? with a firm tone, except for defective andf inferior classes, which were 5 per cent, cheaper than at the end of the preceding series.

"Fine crossbreds have sold steadily at last" sales' rates. At the outset medium qualities were unchanged, and' coarse growths fractionally higher; later on, however, mi the abs&nce of any appreciable demand on* American account, prices for both sorts gradually weakened, and although they were well competed for by the home trade, they ultimately ruled quite 10 per cent, btlow November parity. Scoureds and slipes have been in small supply ; the finer grades realised previous quotations, but coarse paroels declined 7£ per cent.

"South African greasies were the tumi deaTer to begin with there being a fair e'e--mand for light-conditioned lots for shipment to America ; subsequently, however, tho market weakened, final values being somewhat below those current last seriesThe limited quantity of snow-whites available sold at unchanged* rates, while Eastern' fleeces were slightly cheaper.

'"Prospects for fine wools appear favoarable; there are indications that fashion, after a lapse of three years, is again turning in their favour, and although supplies will be larger than last year in consequence' of the increase in the Australian clip, it is generally expected that current quotations will be maintained. The fall in values of ocaise wools has come sooner than the trade an icipated, the amount of cheap wool 1 secured in New Zealand being a factor im the situation which had not been fully, allowed for. The position of the article, however, is thoroughly sound, and so sooa as these direct importations have been absorbed it is possible that prices may again harden, in view of the fact that there are no old stocks in consumers' hands, andthat the production of this class of staple during the present" season is not likely to bo appreciably in, excess of last year's, which proved quite inadequate for the requirements of the trade."

Tho very fact of crossbreds having fallen' at all is sufficient to give rise to some degree of uncertainty, but the fact tliafc the last night or two there was some iecovery has strengthened somewhat the situation. Everybody is of opinion that thero can be no slump after the order of 1900, aj nobody has any stock of wool. Compared with the close of the previous sales, Balme and Co. quote as follows : — Australasian. Merino, Giease — super par to Jd chear ef „ „ avgetogood par „ „ poorcond $d „ „ „ inferior pcs £d to Jd ,> „ Scoured — super par i» i. avge to good id „ „ „ inferior Jd „ „ „ faulty pea £d „ „ Lamb»' wool * Grease — super id dearer „ „ medium *d „ „ „ inferior id to id „ Crossbred, Giease — fine par „,, „ medium Id to I£d cheaper „ „ coarse Id to IJd „ „ „ inferior pcs Jd told „ „ „ lambapar „ Scoured — fit c par „ „ medium par to Jd „ „ „ coarse Id n „ Sliped— fine par „ „ coarse Id '■< 0 South African. Snow-white super ... par „ medium ... par „ inferior ... par Fleece, washed. Western par „ „ Eastern par to id cheaper Grease — combine ... par to Jd „ „ clothing .. par The second series is fixed to open on tha 7th March, the new arrivals being limited to 175,000 bales net. • A better feeling prevailed on Bradford Exchange yesterday than what could have bien expected, the impressioi being thaij the worst is past. Fo-ties tops have dropped Id — to 15^d, but no topmaker wouid sell for.yard at this. There is nothing to wariant any further fall in either merinoa or crossbreds. CLIPS SOLD A!NT> CRITICISMS. Sold by Messrs H. Sehwartze and Co., January 25. — C M over Diamond : Greasy — 5 bales crossbred first 14d, 15 do 13d, 26 do 12£ d, 29 do 12d, 11 do lljd, 16 do second 12(3, G do ll^d, 23 Lincoln coznbing lid, 3 Eomnpj; do ll|d, 37 crossbred pieces lOd. No fault can. be found here, the clip being a perfect) one. First class in every respect. Sold by Messrs Buxton, Ronald, and Co., January 26. — Marainaaga: Greasy — 4 bales first; halfbred lljjjd, 6 do lid, 15 do lljid, 18 s<?eondl do lid, 23 do withdrawn, 64 three-quarterbrecf lid, 7 first Lincoln ll£d, 59 do lid, 13 second do lid, 102 second do lOld, 21 crossbred 10£ d, 6 Lincoln 9id, 6 crossbred 3£dJ 10 do third pieces Bd. Well grown, shafty, sound, and just the ticket for to-day's requirements. Circle over R and S over T:t Greasy — 8 combing lid, 4 first quarterbrect 13d, 4 half bred 13d, 11 do 12Jd, 15 do *12d", 5 tbree-quarterbred combing 12d, 12 do lljd, 6 crossbred do lid, 23 do lOJd, 6 three-quarter-bred Lincoln lid, 24 do lOJd, 9 do lid, 36 do 10^d, 8 do lOd, 18 crossbred 10£ d, 13 do lOd, 9 first do pieces 9d, 6 do bellies Sd: This was in capital order, and creditable to the owner. First-class wools, and were wanted. Sold by Messrs H. P. Hughes and Son=; January 30. — Richmond Brook: Greasy — U bales super combing lljd, 62 do lOJd, 4 do lOd, 4 B do lid, 21 do 10d, 5 do lOJd. 6, pieces lOd, 27 A halfbred 12d, 11 B do 10idj # 8 three-quarterbred lOJd, 15 B do 9Jd, 4 crossbred 9Jd. These were very good wools, bein^, extremely well grown, shafty, light, and very sound. Thay sold very well indeed. Sold by Messrs H. Schwartze and Co 1 .,- January 31. — A over Akitio: Greasy — 12 ba'^s halfbred 12id, 25 do 12Jd, 29 three-quarUr-bred 12d, 33 do lUd, 41 Lincoln lid, 33 da 10|d, 13 crossbred lOd, 3 Romney IOJcI. Ko fault can be found here, the wools certa,i-alx manifesting all the qualities of good woolsV Hawkesbury: Greasy — 16 super 12d, 4 dpi ll£cl, 12 do lid, 4 pieces lOd, 3 locks 5Jd, 2 halfbred lOJd. These commanded everyone's') attention, because of their superior meiif.* The wools were Al in every respect. I<au-ka-wa: Greaay — 12 crossbred 12 Jd, 54 do lid," 42 do lid, 8 do lOd, 20 do pieces Bd. Veijj, well grown} exceileat in character; quality, high class in every respect. B H: Greasy — 83 crossbred first combing lid, 54 do second do 10id, 4 do 12d, 123 do lOJd, 13 do 9|<V 15 do pieces Bel, 12 bellies 7Jd, 4 first lambs lOd. These were all right, especially for Bradford. They showed an excellent-gro-Arti staple> and clxaracteriwes cr.etUtab.lo |? $3,9 jowaeXj '-'-■- — "- — "

LONDON'S EFFECT ON BRADFORD. ' The situation, in view of how matters have gone in London, has been rendered a difficult one, and, naturally, business h&s been stopped unless holders will shade prices considerably. Nothing worse can happen to Bradford than a big rise at the start of- any series of wool safes and then a failing off at the finish. Had there not ; keen any rise at all in Ooleman street, but ' a steady maintenance, of last series' values, the present feeling of uncertainty would never have obtained. As it is, the bulk of- opinion is agTeed that high water mark, '"both for merinos and crossbreds, is touched, and that the next move will be in a downward direction. Bradford has donned the pessimistio mood and taken too seriously the slight ease in London. An average quotation to-day for a 40's top is 16d, but no man can make that quality of top out of wool bought at the lowest point in London. If wool falls a ha'penny in Cbleman street, Bradford users want tops down Id and yarns l^d. and this about explains the present position of affairs. The cause of the present ease is directly t traceable to Liverpool, the disturbed state j of affairs in Russia, and the heavy imports ' •which are just beginning to arrive. Busi- ' ness in consuming centres remains exactly j the same, the same weight of materials is j going into consumption, but an absurd j situation has been caused because London j "jibbed" a little towards the close. There is .nothing to warrant the present conservative attitude of Bradford, and on that account those holding the raw material are not disposed to sacrifice their present stocks. "Wt> have those who think that coarse crossbred wool will yet get back to its highest point, but that I cannot see till imports tfioome a less potent factor, because an absence of the raw material is no longer the lever on the market that it was. M-erinos keep very firm, with no great I amount of business doing. There is very little selling forward being done, the pre- ! cent attitude of men being to force nothing, fout to allow events to take tbeir natural ourse. Mohair contimies steady, spinners ars busy, and some manufacturers are run- ' ningi overtime. . {