LONDON WOOL SALES.

Otago Witness, Issue 2861, 13 January 1909, Page 8

LONDON WOOL SALES.

CPnou Odr Special Cohbespondent.) LONDON, November 27, ISOB. A SPLENDID OPENING. SHARP ADVANCE IN ALL QUALITIES. The wool trade has this year passed through some very changeable times, and, beginning with a slump, there is every prospect of the year finishing in a little boom. The last chapter opened three daye »go, when the curtain lifted on the sixth series of sales; but before coming to the series proper I want to 'direct the reader's attention to what has transpired sinoe we last met in Colema/i Street Wool Exchange. .Regular readers of this issue will remember that the fifth series finished with everything- tending upwards, a weak opening being transformed into a strong finish. That really was the first indication of a return of life, and since Australian selling centres have ik-ept »p the pace in a very remarkable way. Frequent cable news of advancing prices soon alarmed consumers, this leading, to a. grcatrcovering' movement, immense sales of wool, tope, and yarns having been effected. Time 3 have been Jivery N tho last fchree -weeks Seeing a big rtpurt *in every ma-riet' alike. If readers ■will carefully brush up their memories they will Temember there has baen since last May a steadily-advancing market, and in the following table I show how the price of tops — i.e., combed wool — has advanced since the bottom was touched: — May Oct. Nov. 8. 19. 21. d. d. d. BO's Colonial tops .... 23 25 26J 70's „ „ .... 22 24 25| «4's „ „ .. .. 21 23 24J 64' s Cape „ .. .. 20J 23 24 60's Colonial tops, super 20 22 23J 60's „ „ ordny. 19J 21 22£ 60' b B. Aires tops, avg. 19* 21 22£ 58's Colonial tops .... 19 20 21 66' s „ .... 17 172 18i tOs ,; „ .... 15 14J 16 «'s „ „ .... 10J 11J 13i 4A'b „ „ .... 10 11 12J 40's „ , 8 10 12 36' b „ .. .. 7i 9J 11 3£'s „ .. .. 7i 8J 10 QUANTITIES AVAILABLE The quantities available are of a some- ( \rhat d tferent character, and much larger than we have seen for some years back, this being an evidence of the slower movement of the last colonial clip. The laTge quantities carried over since last series is ample proof of this, but we are now certain to see an end of this proceeding. London importers and brokers have been frequently charged with bolstering up a weak situation (by carrying forward large quantities, but all through I have defended their tactics, and they certainly are reaping to-day welldeserved thanks. Had they deliberately compelled the tiade to absorb all the wool available there would have been a great slaughter, and muoh money lost to the owners; and directly an improvement sets in the whole trade is clamouring for the raw material. The series opened with buyers on all hands keen for the raw material, and at the finish nothing will be carried over but a few thousand bales — not sufficient to cause 'a good day's sale. The quantity available is as follows, and I also show separately the quantity of New Zealand wool which is found in the total: — New Zealand. Total. Year. Bales. Bales. 3908 42,800 177,500 1907 . . .. 15,200 125.000 1906 17,700 107,000 1005 15,987 109,800 1904 15,400 81.600 1903 .. .. 32,800 87,000 1902 45,800 101,000 1901 92,000 233,000 1900 122,400 366,000 It will be seen from the above that New Sealand wools are very well represented; In fact, very much better than has been the case feince 1902. E\en 43,000 bales will £c absorbed most readily, for the trade is tjmte as hungry for crossbreds as for ruerinos. A SPLENDID OPENING. Last Tuesday saw congregated together of tl.e bigjest crowds of wool-buyers that ever met in Colernan Street Wool Ex•hange, not a seat being vacant. Three nrms put out a catalogue, and* while the offerings were somewhat miscellaneous, yet $h«re was a good sprinkling of Queensland 'new clip," which helped to improve nicely tthat was bubmitt-cd. Sliped wools also Iwlked "largely, but New Zealand greasy &*ece was rather scarce. However, a very Auirited toci place, and great eager4J£3s was evinced to acquire stock. Continental buyers were ia- strong force, and dbe merinos just suiting them, a lively time was eeen. Germany operat-cd as keenly as •ny, but even France put in some useful work. The home trade was well to tho throughout, and proved able to sus*<in its competition alongside any other Motion, taking in the aggregate fully half tft the offerings. Higher prices wore in evidence from the first lot, and ft needed little reflection to see that both B&orinos and crossbred^ were selling at jfetaibly higher rates than in October. Seldom a lot was pa«e<fr in, everything being taken with great zest. AH greasy Oanr^>in(j yvooLa both in merinos and crosstoede sold the best, scoured* hardly selling itlhe high level established fov the former. When compared with the close of the fifth ierieft, Wie following change wore seen : — Grease merino, superior Id higher „ „ average id to Id higher ■» ,t faulty id higher fct*>ur»d „ super ,ld to Jd higher g „ average Id higher „ faulty Id „ $nES« cro«sbr*d, fine id „ „ c medium Id „ „ „ coft-rse Id „ filipe „ fine id to Jrt higher „ •> , medium . 2<* to id „ „ ' „ coars« Id to Ud „ jp-rea-se"" Cap* combing id ia la „ .' ,-, „ clothing id higher Booured „ 6up«r Id „ „ „ medium -4a to Id higher The succeeding sales have seen a full 'maintenance of the opening rates, and groat penthuautsm. prevails. This is by far tho nest eeries of tEe J'oar. «nd wool is wanted t*d]y by all seotlonji *lik>.