LONDON WOOL SALES.

Otago Witness, Issue 2856, 9 December 1908, Page 8

LONDON WOOL SALES.

(Fnaa Oes Special Cobrkspondekt.) A FIRM FINISH.

BRADFORD, October 24. Since writing last the fifth series of sales have come to a finish, and! once more buyers are away home. No new feature developed as the series terminated, and 1

cannot do 'better in giving a eummaTy of the proceedings than quote from the circular of one of the selling brokers, Messrs Charles Ba-lme and Co., who say: — "Of the quantity sold, about 110,000 bales have been taken for export, including- some 8000 bales purchased for shipment to America. "Taking into account the somewhat unfavourable business conditions which have # existed during the past few months, the result of the late auctions must on the whole be considered satisfactory. In spite of a. reduced consumption, the trade has, for the time of year, absorbed an unusually large quantity of raw material without anyvery appreciable decline in values. As le shown by the figures already given, the quantity available was 254,000 bales (as against 96,00 C for the corresponding series of 1907), out' of which total some 37,000 bales are carried forward for disposal during the November-December sales, thus showing a further large diminution in the old 6tock, which, after reaching the extremely high figure of 120,000 bales in May, was reduced at the July series to 88,000, and now assumes more or less normal dimensions. Throughout the sales competition has been active' on the part of Continental and American buyers; the home trade, j however, Has- fihown consi<3erahlc r-«-serve, and has not purchased quite its usual proportion of the quantities brought forward in the catalogues. "Greasy merinos have been in keen Tequesl, especially from the German section of the trade ; prices for the betteT descriptions being slightly dearer, while faulty and inferior sorts,- which were 5 per cent, cheaper to begin with, gradually hardened with the progress of the auctions, and ultimately ruled closely up ■to July final parity. On the other hand, the results made for ecoureds. which have been very plentiful, have proved disappointing, and have shown m, depreciation ranging from 7£ to 10 per cent, on last sales' rates.

"Among greasy cro3sbrede the American demand, which has been, fairly active, has been directed to a rather higher quality than heretofore. Fine sorts ruled from par to 5 per cent, dearer, while medium growths sold at about previous quotation.s. Coarse graded were from par to 5 per cent, cheaper during the earlier days of the auctions, but hardened later on, final values showing but little variation from the July level. Seoureds and slipea declined 5 to 10 per cent, "at the outset, and the former continued to &ell with* gxe&t irregularity throughout the series, the "reduction «t the close amounting in average to 10 per cent. On the other hand, prices for slipes hardened during the 6ales, and ultimately fine sorts ruled on a par with and coarse descriptions 7£ per cent, below July rates. "As regards South African wools, good greasies, which have been very scarce, have realised previous values, but heavy-condi-tionpd pa-reels met with a dragging demand at a fall of about 10 per cent. Snow-whites and seoureds sold fairly well to begin with, hut prices gradually weakened until they were from 7id to 10 per cent. down. "Trade generally continues dull, and prospects somewhat uncertain. A favourable feature in the situation is the reduction in the old stock held over from series to series in London, which has had a depressing effect on the industry during the past few months. At the moment there are no signs of improvement in demand. It is to be hoped, however, that as soon as the American election is over and the cotton strike in Lancashire settled, business will gradually emerge from the existing depression." As compared with the closing rates of the previous series, we now quote :—

Australasian. Merino gi ease— super par to H dearer „ „ average to g00d... par to id „ „ „ poor condition ... par _ „ „ inferior pcs & Iks par „ „ lambs' wool tup. id cheaper •i >. ii >• rned. Jd „ „ „ .. infer Id to id „ „ scoured, supsr id cne«per „ „ »verage to g00d... ]Jd „ „ „ icferior IJi „ „ „ faulty pcs A Iks Id „ Orwibred rrease, nue par to W dearer „ „ n>edium ... par „ „ coarxe par to Jd cheaper „ „ infer pcs & lk« \d „ „ „ lambi' par to Jd „ „ scoured, fine .. .. Id „ „ „ mcd. &, coane Id „ „ sliped fine ... ~ ... par „ „ mtdium ... Jd „ „ „ coarae Jd to Id „ South African. 3»i?r-whitß luper 14d cheaper „ medium lid „ „ inferior Id „ Gr«ac, combine, light par „ „ heavy #d „ „ clotoicr, light par J, „ heavy id to id „