LONDON WOOL SALES.

Otago Witness, Issue 2667, 26 April 1905, Page 9

LONDON WOOL SALES.

'(By Ottb Special Cobeespondejtt.) OPENING OF THE SECOND SERIES

BIG FAJJL IN CROSSBREDS.

MERINOS FAIRLY STEADY.

LONDON, March 19.

The- second series of colonial wool sales is upon us, and the eyes of the entire world are focussed upon Colenan street. Conditions to-day are entir-aly changed to "what they were when the January series dawned, and on every hand we see such pronounced changes, particularly in crossbred wool, as to beget on the part of everybody feelings of a. little concern. The question is asked by the majority, Ajre crossbred's slumping? and as far as one can see they have already commenced a, strong downward career. The interval in consuming centres has been characterised by pronounced weakness, trade has been difficult to do, prices have sagged, and the prospects for the present series of sales -were anything but satisfactory, A fall of over 2d per lb in the pric3 of a 40's top i& quite sufficient to indicate which way the wind is blowing ; hence buyers left home for Coleman street last Monday feelinig anything but pleased with the outlook. Many of my acquaintances simply journeyed to London through sheer custom, and to be represented, but as to being in good buying fettle, that was completely wanting. Extreme caution was the predominant feeling in nine out of every ten buyers; hence, instead of men being ready for the fray, one seemed to be ■waiting fo\- the other to act. The present difficulty which confronts buyers is to know what to do, for all feel that it is no use buying to-day if what they do purchase is going to be wrong next week, and this feeling is the one to act like a paralysing stroke upon the trade. Bradford prices have shown a strong- sagging tendency ever since the January series, and this week, or, at least, before tb& opening of London, a good standard 40's top, I know, was sold at 134 d per lb which could not be bought in January under 16id. In this fact the reader will see how changed is the situation, and instead of men looking forward to the commencement of the series with pleasure, many dreaded the opening. How. ever, nothings daunted, a good concourse of Yorkshire buyers set out for London determined to "face the music,", and do the best ihey could under the somewhat trying circumstances. Many would like to force a pae^ if they durst, but the odds seem at present too much to face and the risk of heavy loss too great to make.

—How "Values Have Fallen.—

Nothing is so disappointing io wool growers as to find values shewing, signs of decided weakness, and the fall that has already taken place is a very unwelcome dish. The following table shows the price of good standard -descriptions of wool when the January series opened, and again at the opening of the present series : —

The question naturally a) ises, What is the cat'jse of the present fall in crossbreds'.' and without the shadow of a doubt heavy direct imports and quietei- manufacturing conditions are to a large exienfc responsible for the ease. The fact of the last Aus tralian clip being pushed to market in en a-bnorma-1 way has removed all pressure At the oonsu'ning end of the trade, it be-inq-felt that there is novr an adequate sup23ly of wool for everybody, and here there is a Jittle financial pressu-e compelling importers in some cases to unload.

— Better Start Than Expected.—

It was plain to be seen on Tuesday morning as one weait round valuing that a lot of people had turned up for the openingsale, and everybody seemed pleased that a good catalogue was on ofit&r Several expressed the opinion that values would move at a higher level than those current in Bradford, and if a penny fall occurred in coarse crossbreds it would be an extreme -drop. Punctually at 4 the sale opened, and a quarter of an hour had not elapsed before a few pessimistic souls from Bradford began to be a little surprised, bids being given very freely indeed, there being plenty of life and fire about the room. It was really surprising how keen the competition became, and " instead of the spirit of reserve which was generally expected, great eagerness was displayed to secure lots. The room was well filled, and it was soon evident that the majority had come prepared to buy — a fact that found ex. pression in some long prices being paid. .Buyers from Bradford got a rude awakening, and those who had valued low orossbreds at l^cl per lb under last series found that they were £d at least out in their calculations. The Continental section seemed to be alive io the situation, and both France and Germany did a fair share of the buying. A few light-conditioned parcels went to America, but on the whole matters were rathor quiet on American account. -The home trade was fairly \iell to the front, and seonred a good share of the offerings. The final lesults of the opening sale showed a much stronger market than had be&n generally expected, and instead of pronounced weakness, as v-as generally expected, Bradford for once seemed tc be "sold." Compared with the closing rates of the previous series, good shafty merinos were occasionally unchanged, but were generally par U> 5 per cent, down while faulty and inferior descriptions weiv certainly 5 per cent or -|d lower. This had beea generally expected, hence everybody acknowledged that merinos were still in a very sound ' position. It was in regard to crossbreds that fear was expressed, and here surprise was general when they fared as i>hey did. Fine descriptions sold in sympathy with merinos, bein^ par tc 5 per cent, down, medium and coarse descriptions falling generally 7£ per cent., with an occasional 30 per cent. The final results "capped" everybody, and instead of there being a smmp, as had been predicted, a feeling of soundness prevailed.

Cap. wools were generally !own 5 per cent., but the inquiry was good. The utmost satisfaction prevailed afc the close that the opening results had been so good, buyers leaving the Exchange feeling satisfied that th& raw material possessed more vitality and soundness than was generally supposed.

— CHps Sold and Criticisms. —

Soldi by Messrs Buxton, Ronald, and Co., March 7. "Waikareao : Greasy — 5 bales Aerossored 10|d, 13 B do lOd, 9 C do lOd. 34 do 9id, 59 D do 9Sd, 57 E do 9d, 9 first do 7id, ~26 do %d, 15 scoured do 10^.4. These were good wools, selling very well indeed. W.H.T. Greasy, 20 first haJfbred lOJd, 12 second do Greasy— 2o first halfbred lOJd, 4 C do lOd, 5 A crossbred lOd. 18 first io 9d, 20 second do withdrawn, 5 first halfbred pieces 7\d, 9 do bellies 7|d. Well grown, shafty, light," and sold readily. They were in nice order, and keenly competed for.

Sold by Messrs Jacomb, Son and Co., same day. Tenakoe: Grease — 8 bales super crossbred withdrawn, 65 do lid, 8 do 10d, 19 do lOJd, 4 crossbred lOid, 8 do 9d, 3 do pieces Bd. 7 do bellies 7d. Bradford buyers were hero very busy, the wool being very well grewn, shafty, light, and well siiited for today's requirements. -

Sold by Messrs Dv Croz, Doxat, and Co., March 8. Eakaiatai: Grease — 12 bales crossbred B|d, 4 do 9d, 15 do SJd, 48 do 84d, 4 do necks 85d, 8 do skirtings 7^d, 5 do bellies 6id, 4 breech pieces 6fd. These were good 40's combing drools, well grown, shafty, and in fair good order.

— Can London Save the Situation? —

Naturally, all eyes are to-day centred in Coleman Street Wool Exchange, and what is going to be done there will have farreaching- results. Ido not think that theBradford market is any worse than it was a weelk ago. and if London can rise to the occasion and :et a better pace, business that is at presen J impending will be done. The serious fall hi low crossbreds ha? had a baneful effect in stopping trade, and not until a safe basis has been arrived at can we hope foi a resumption of business It is a positive fact that a, good 40's top of an acknowledged standaid maker has been sold for 14d, but most quotations are still at 14 -J, and some more. Our largest topmakers are out of the market, all the wool they have bought abroad being mostly contracted for at higher values. This to a large extent accounts for there being less pressure to sell among the biggest people than those landing a few hund"pd bales, and 1 am able to say, on ths authority of one of the largest buyers of crossbred*, that if there is any further decided show of weakness in crossbreds they will buy largely on speculation. "Whether or not we shall see any valuable support ghen to crossbreds by America and the Continent remains to be seen, but any show of lifo will most assuredly strengthen tho hand* of Yorkshire and beget better business. The feeling is a fairly general one that today's values can easily bo the cheapest of the year ; but while venturing no opinion, still I corScf have greater confidence in the future if our yarn spinners and mamifaetureis were a shade more busy. London, it seems to mo, ia going- to either make or mar consuming wool markets for the immediate future, and, if there be any further weakening of values, we may expect to sec lower prices in Bradford. The price

of wool to-day in London is still higher than current quotations in Worstedopolis, and a steadily hardening series is the be^t thing that can happen to-day.

Merinos arc fairly firm, tnough 24tl wl! buy a real good super 60's top. Consumption doc? not show much expansion, still ooraber«. s.v-0 fairly well employed. The home trade £.eems to be a little uneaoy, and this is not helping mattei". 31ohair is ttat and inactive, though prices arc fairly firm. English wools are likewise cheaper — prices are certainlylowcr, — and in many cases quotations are no more than nominal. .Bra-dfoid generally is waiting for London's verdict, and if the sales increase in strength Bradford must follow. There i-= little desire to sell forward on the part of anyl odv, most people simply going fiom hand to mouth.

Shropshire hogs Shropshire wethers Halfbred hogs Halfbred wethers Best North hogs Yorkshire hogs . . B]ackfaced Super 60's Colonial tops Ord'n'y 60' s C'l'nial tops Oid'n'y 50's CTuial tops Ord'n'ry 46' s C'l'nial tops Ord'u'y 36's C'l'mai tops Ord'n'y 32's C'l'nial tops 13 122 12| 12 ', 134 12? 8 21 1 . 232 l"i 16. 13; 14< 11 11 10 1 . 12 114 Q-t 2°, 17 14 13 125

[iineoln hogs .. „, Lincoln wethers . . Deep grown hogs Deep grown wethers ..■ EVhite super hogs White super wethers .. .j !rish hogs . .- r , lent -welherg »'. Jan. 17. 1 a. 131 12* 121 12g 125 13 122 Marcl h 7. a. Hi li hi ii ii 10? 1H Hi