LONDON WOOL SALES.
QTbou Ou» Owx CoaMHOssnrTj OPENING OF THE FOURTH SERIES. PRICES BETTER THAN EXPECTED. GOOD WOOL® STILL WANTED. LONDON, July 13.
No series of London wool sales can come or go without the whole trade being concerned, linteresfc largely partaking of an active character. It is a long time since the trade a 9 a. whole manifested the concern about the opening results as what has been seen this week, even fabrio buyers looking on in the hope that wool would fall. That cannot be the desire of the readers of this issue, and more harm than good would result even to those buying wool fabrics if prices had to slump. However, there is no prospect of any material decline taking place, and London has risen to the occasion by proclaiming once more the soundness of wool values. To say that the trade was fully prepared for the opening would be saying something that is hardly correct, though in some particulars it is as well that London should speak. Since the termination of the last eeries nothing but extremely slack markets have been met with, and prices have been sagging. At one time it looked as if the top rung of the ladder had been reached, and that prices were in for a eerious fall. London is the centre where every series we find fooussed the buying strength of the whole trade, and what takes place in Coleman street can be taken as reflecting the actual etanding of wool in consuming markets. All through the past six weeks consumptioi has proceeded apace, but there has been no incentive for users to do anything, consequently a policy of allowing things to (gradually slide nas been the order of the day. Any series of sales has the power to make or mar the immediate future of the wool market, and London finishing in May on the quiet eide had the effect of sending a bombshell into Bradford especially, drippling and hindering everything. The trade, therefore, welcomed the approach of the fourth series, it being felt that there would soon be determined once more what was the actual standing of the raw material. During the interval the price of a good super 60'© top has come down to 2s 4£d to 2s 4d, and in some oises to 2s 3td; while a 40's top has dropped from 19d to 18d. Sellers wanted to see how far this aspect of the situation was warranted by actual facts. OPENING RESULTS BETTER THAN
EXPECTED
Before a full room, ail sections of the trade being well represented, the fourth series of colonial wool sales for tihe current year began last Tuesday. Although four catalogues were submitted, they only contained 7775 bales of wool. At the best the selection was a very poor one, causing a little disappointment among buyers. However, full attention was given to everything, buyers valuing well up to May olosina; rates. Several Bradford buyers, who had come prepared for a fall, valued at id less, and were rewarded by securing precious little wool. Punctually at 4 p.m. the series began, and from the start a good tone characterised the room. The home trade led the van, and proved by far the keenest operator. France and Germany were a little more reserved, though a few nice parcels went to those quarters. Somewhat unexpectedly America was representedT by about half a dos&en firms, and these *ook some average lines of both merinos and crossbreds. Anything really good and smart 6old most readily, competition being keener than was generally looked for. At the close very few changes were to be seen compared with May closing rates, the alterations affecting mostly inferior wools. The following table shows what alterations took place: — Merino grease, pood No change Merino grease, inferior id decline Merino scoured Sd decline Merino lambs No change Crossbreds grease, good No change Crossbreds shpes id to Id decline Cape grea°e Jd decline Cape scoured' id decline Everybody appeared well satisfied with ihe final "results, which were certainly better than expected. Since the opening competition has broadened, there being a more extended call for good wool. Oh every hand it is recognised that wool occupies a very 6ound position, and there is no prospect of ar,y immediate fall. The sales are making satisfactory progress, only speculators' wools, which are too highly limited, being withdrawn. As I have co often placed my views regarding the future before readers, I ask their attention to whH a firm of well-known brokers have to say upon the outlook.
THE OUTLOOK. Messrs H. Dawso'i and Co., in speaking of the outlook, say:— "The past interval has been a quiet one. Following the heavy transactions in all classes of material during May, there has been a natural pause in the demand. The trade is, however, bo sensitive and the cautious spirit so strong, that with the lack of support prices have eligbtly eased in almost all the centres. "The situation itself does not appear to us to be any weaker, beyond the danger which high prices always carry with them. The. consumption everywhere continues to be large, and short timo is not yet heard of amongst spinners or manufacturers. Consumers are so full of orders that most of the Continental spinners cannot accept new business for the present year, and some are supplied until March next. "Stocks in the combing mills have increased but slightly, although the arrivals are always at the highest in May and June. Combers report, however, that these letter aro now tapering down to a very small compass, and, considering the limited supplies of wool uhich are within sight, combs will have to xun shorter houis, and stocks must accordingly diminish. "The sales of Queensland, new clip wools, which have recently been held in Brisbane, have realised prices whirh rule fully on a par with the highest London rales of May. . , "The Antwerp auctions proved to b© somewhat of a fiasco. The 6eleciion was indifferent, and the support was not representative of the industry. "Despite the nat.iral tendency to discount ea"ly the expectation of heavy supplies next year, ie seems probable that demand during the next few months will more than need all the raw material that can be procured from all sources. Merchants who handle the finished products appear disToeed to act, with sreutei freedom, and
general trade prospects were seldom better."
Sold by Messrs Buxton, Ronald, and CoJuly 10.— Belfast over CFM in box over TB & S: Slipe-^-ia bales super halfbrcd l»mbs 17d, 7 do crossbred do 16d, 4 do 14£ d, 3 do halfbred 15d, 2 do crossbred I4d, 2 do 12Jd, 7 three-quarterbred lambs lIJcT. These made excellent prices, tbe wools being very good indeed. ~ Every lot sold readily at very little less than Hay rates. Mako: Greasy — 13 bales crossbred 12Jd, 15 Lincoln 12Jd, 23 do Hid, 72 crossbred Hid, 2 do lid. 4 do lOJd, 13 first do pieces 9d, 9 do bellies Bd, 11 second do pieces 9d, 4 do locks 5Jd, 7 first do lambs 12Jd, 12 second do lOJd, 14 do 9d, 2 do Bd, 3 third do 7d, 5 slipe first Lincoln skin 13d, 3 do second crossbred do lOd, 2 scoured do 14d. Good wools, and well suited for Bradford. Competition waa keen and well sustained throughout.
Sold by Messrs Dv Croz, Doxat, and Co., July 11.— Morven Hills: Grease— l 9 baJea first combing 10£ d, 19 second do lOd, 18 first- clothing lOd, 16 necks lOd, 9 black 9d 2do pieces 6Jd Scoured— 4B first pieces 21d, 20 belly do 21d, 17 locks 17Jd. Nice quah*y wools, good length, fairly sound, but rather fatty. The scoureda wera nice wools.
Sold by Messrs Thomas and Cook, same day.— FCT over NZ : Greasy— 6 bales halfbred 12id, 7 A crossbred 12d, 14 B do 12« I 13 C do Hid. 9 D do lid, 8 crospbred Hid, 6 do pieces BJd, 4 A do lambs 10d. Good average wools, showing nice- character and good quality, though not bo light. Choka: Scoured— l 7 bales super combing 21§d 39 onj 21 ? 1 l 0 firrt P*"* s3 *°* d > 2 quaoierbred 22d. 4 super balfbred 21d, 10 do 20£ d 4 do pieces 20d. 9 do 18* d, 8 do 19d, 8 thtreequ*rterbred do 15£ d, 2 halfbred bellies 19d. Very, well scoured, showing good character and first-class colour. Cot: Greasy 11 bales first combing 12Jd, 8 eecond do 12d 3 fcrst pieces lOJd. 11 second halfbred 15d. Scoured— s super combing 21$ d, 2 second do 21d, 2 S pieces 181«1, 4 super halfbred 21id, 2 do 19d, 4 do 20Jd. These were all right, competition being keen; very good quality, nice length, and sound. Half-moon over BB: Greasy— 7 bales three-quarterbred 13Jd. 55 A crossbred 12Jd, 231 B do 12d 57 do ll£d. 28 C do HJd. 5 S do lid. 32 first do pieoes BJd, 40 do lambs HJd, 7 second do Bjd. Bradford was busy, and took practically every Jot. They were very good both in quality, style, and condition.
LOOKING TO COLEMAN STREET. We seem to have reached one of those periods in the history of the wool trade when nothing is going to be done until some incentive comes from an- outside source to induce men to operate. Bradford has made up its mind to do nothing until men see. whac Coleman street has in store. It is a case of holders sticking to their small stocks in the belief that they are worth more money than what Bradford says they are, and if London sales only shape in anything like a decent way, consulting centres will then respond. Business during the past week has been done, and the prices made aro the lowest yet chronicle'i. Two or three- topmakers have oonsijered it advisable to lighten their stocks, with the result that prices for 60's and 40's tops have got down to a slightly lower level. However, the bulk of topmakers fail to see that cheaper wool is yet in prospect, and that it is most foolish to sell at any less money. Tbe fact remains that ponditions at the consumptive end of the trade are still very good, though perhaps there is hardly that pressure being put upon manufacturers that there was. Still, no complaints aro heard, all mills being run full time, and in many cases till 8 at night. Bradford simply needs a tonic to stimulate it, and if London comes up to general expectations, it will help considerably to stiffen holders here. My own view is that the trade can very comfortably deal with all available supplies; hence prices should not fall further. It will be December before any weight of tWb next new clip will arrive, and, as stocks in this country are certainly light, it i& too early to talk of any material setback in wool. Still, I cannot see any likelihood of miuih higher prices, unless America comes in and buys heavily. The outlook in that quarter is somewhat better, there be'ng son.c three or four American buyers on Bradford Exchange last Monday, Ooleman 6t r €et for the present being their de&tinatian. Everything points to them being anything like "passive resisters," but active supporters, and before a month h^noe I daresay some decent weights both of colonial and English descriptions will fall to their bids. The sentiment to-day ie not ns depressed as it was last week, and if Colonian etreet goes at all brisk it will have a good effect. Worebedopolis is deserving of a rebuff, and not a few hope that Coleman street will administer a aeseTvinef blow to Bradford's pessimism. Mohair continue very firm, but no fresh tales are reported. The outlcok here continues grod
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Bibliographic details
Otago Witness, Issue 2738, 5 September 1906, Page 8
Word Count
1,964LONDON WOOL SALES. Otago Witness, Issue 2738, 5 September 1906, Page 8
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