THE VERDICT OF LONDON.

Otago Witness, Issue 2685, 30 August 1905, Page 8

THE VERDICT OF LONDON.

The opening of the fourth series of sales is naturaly beiag looked forward to with considerable interest, everyone waiting to Lnow tha verdict. That prices would be higher was already a foregone conclusion, and now that all qualities are reported as higher, Bradford users can see how matters stand. The opening advance ju=fc about confirms the upward movement of values ■which has taken place during the interval, and confirms the unparalleled strength of (he raw material. In view of such short supplies, it was hardly to be expected that we should have a different verdict, and as far as one can see, the raw material h n Of -going to be cheaper this side of September at least. Users generally soeni to have made up their minds that they arc going 10 have to pay full market rates for what they require, and one does not see that haggling which is common when fixing up a price between -nerchanfc and user. Some topinakers report having ir.ide a fraction mora during ihe past week, while even -export offers both for tops and yarn? have been slightly higher. Bradford cannot j yet go the length of America, and theie continues to be a fair amount of selling to that quarter. Some seem to think that a ivore sober and sane policy prevails among hhc'jQ responsible fo. doing the American business, buyers hardly being as keen as they were. At the same time prices aie ruling at the highest point, and in view of the small stocks which are being held, it j is unlikely thai; we fchall *cc any ease for j «cni3 time to come. There is a good j deal of quiet buying \n the country, and i farmers are generally disposed to sell. It | seems to me rhat prices are now about , at the top for all grades of wool, unless we sec some such development as the placing of a few Japanese war orders, in which case crossbreda would appreciate still further. But for all practical purposes wcol eeenis to the vast majority to"be dear enough, and manufacturers do not relish the increasing of prices for the manufactured article. Merinos continue to be remarkably sfeadj', i\rA 2bfd has been made- for a super 6O'« top. This price can only be considered a low one in view of what good fine wool is oosting, bub there is little selling *crward. Spinners likewise are not disposed to place future contracts, believing they will be able to buy cheaper towards the eiu. of the ydar. The impression is fairly c-aneral that prices will bo lower later or when supplies became more adequate, ana this is causing users, to adopt a policy of going from ha.ul to mouth. Irish wools arc well held, and selling freely.