LONDON WOOL SALES. (From Our Special Correspondent.) LONDON, May 7.

Otago Witness, Issue 2883, 23 June 1909, Page 8

LONDON WOOL SALES. (From Our Special Correspondent.) LONDON, May 7.

OPENINO OF THE THIRD SERIES.— ANOTHER .1 DVANCE IN ALL QUALITIES.— CONTINUED GOOD OUTLOOK. Seldom has more interest attached to any series of wool 6ales than those which commenced last Tuesday afternoon, a very lively spectacle being presented on vie floor of Cbleman Street Wool Exchange, where buyers from all quarters %vere to ot> seen actively competing with each other for the raw material. Whatever may De said about othi*r trades, the wool industry cannot be charged with quietness, and the woollen and worsted trades have been practically the first to emerge from the late season of depression. All mills " in Bradford are exceedingly busy; ths factories generally running full time, and in many cases overtime. The same thing obtains on the Continent, and latest reports from America indicate a state of brisknvsss. Under such conditions there is no wonder that ihe entire trade came together prepared to buy, and when decent catalogues are submitted we are certain to see a very lively time. A GOOD VACATION. Perhaps we cannot do better than say a few words about the vacation. Regular readers of this issue wdl have esen- from our past weekly letters that the general course of wool markets has been a favourable one, and that .price© have all shown a strong- upward tendency. This has been due to free sales of wool and tops, and with users repeatedly purchasing- such markets as Bradford have all along- presented signs of life and activity. It is sife to say that a larger weight of " top " contracts is standing to-day on the books of Bradford topmakers for delivery up to next October than there has ever been at any previous time in the history of the trade, and spinners buying so freely means that such sales will have to be partly covered at the current series. Perhaps ue cannot do better than show what has been the course of prices during the interval, and the following table shows where values stood at the olose of the last series and at the opening of the current series for good standard descriptions of tops on the Bradford market: —

QUANTITIES AVAILABLE. It is a -well-known fact that the list or arrivals has been watched with great interest for a month past, and wool has come to hand in a very free way indeed. In this respect the trade has expressed! a little surprise, not so much a© to the quantity of Australian merinos available as to the large quantity of New Zealand wools which are to hand. The present series is really one for crossbreds, and the trade will be asked to absorb a very large quantity. In addition to the lOI.OOO' bales available from New Zealand there are also 18,000 bales from the Falkland Islands and Punta Arenas, and as these axe double the size of colonial bales it shows that there cannot be any less wool -lhan would fill 140,000 bales the size of those from New Zealand. If the trade later on shows the least signs of being filled up merchants and brokers will no doubt withdraw a portion of the wool available until later on in the year, for however good the trade there is a need of giving users time to turn round with their very large imports. The following table shows the gross arrivals, the forwarded direct wools, the net quantity, and al=o the New Zealand wool?, which are included in the net quantity, available for sale at the third series during the past few years: —

The outstanding feature in. the above list is the much more rapid mo\ement of an Australasian clip *>f wool than obtained some 10 ysars ago, the current season breaking- all records. A feeling- of satisfaction obtains that to-daj 'g values are safe, notwithstanding thut in all manufacturing circles there is at present a large weigho of unconsumed stocks, but as those are practically all mortgaged there is no uneasiness felt of supplies breaking down values. A SPLENDID OPENING. Tuesday^ sale was splendid, and although the" selection was rather miscellaneous yet competition was of, the liveliest character possible. When compared with the clo?e of the March series lihe following changes were seen : — Merinos id higher Pine crossbreds Id higher. Medium crossbreds id to Id higher. Coarse crossbreds Jd higher Sliped crossbreds jfcl higher Bambs (all qualities) Jd to Id higher. Capes id higher The most rise was seer in second-rate wools of 46's to 50's quality, which America took, the rise often being 15 per cent, over last series. Succeeding sales have seen merinos make fully 5 per cent, more, and everything is doing well. The Continent *s active in meTinos, and so is the home trade, every description of wool doing better than last series. Sold by Messrs Jacomb, Son and Co.. May 4 — Panikau : Grease — Six bales crossbred BJd, 45 do Bd, 44 do 9d. 8 do Bd, 22 do 7Jd, 4*do first pieces 6Jd, 8 do second do 6d, 9 do bellies 6Jd, 18 do first lambs 9d, 5 do lambs 6^d, 19 slipe dc Bd, 4. do second 6Xd. 7 scoured

do locks Bd. 40's, sound, fair length, and in .average condition. C&P: Grease — Twelve bales A halfbred 12£ d, 17 B do 13d, 7 C do Hid, 13 A crossbred lOd, 12 B do lid, 22 do 9id, 11 C do 9d, 4 Romney 9£d, 3 A pieces cross-bred Bid, 3 B do 6d, 6 bellies 7d, 3 locks 4Jd. Very good indeed; nice quality, rather fatty, but sound and very useful.

THE OUTLOOK

Tn .speaking about the outlook Messrs H. Dawson and Co. state that " the past interval has been marked by a large volume of business, and reports from practically all centres Indicate a hopeful and healthy state of trade. It is not surprising, therefore, that there has been a gradual but emphatic hardening of values in tops suki yarns.

"There are Eeveral factors which have contributed to the present position which stui command attention. The arrivals of wool at all consuming centres are both larger and earlier than usual. Probably,- so far as immediate and urgent requirements are concerned, the majority of consumers could afford to leave the May series alone owing to the large quantity of direct importations which are to hand, andi which are keeping the combing- mills extremely busy. But against the above consideration there is the general apprehension (wfiioh is apparently justified) that after the close of the present series the selection for the remainder of the. year will be comparatively limited, and that with the good prospects of business values will tend to harden. Consequently there is a disposition in many quarters to operate freely at the present auctions. This tendency to supply future needs is encouraged by the fact that the great bulk of the wools in topmekers' and spinners' hands is already sold, for in merinos especially heavy forward contracts have been made both in yarns and tope, and new business will require fresh purchases of raw material.

"In the crossbred market, under similar conditions, there is active inquiry with increasing 1 business. Owing to the small supply of merinos a large measure of attention is being- paid to orossbreds, and an optimistic tone generally prevails. It is felt that medium to lower grades are still relatively oheap ias compared with fine wools, and some advance on last sales 1 has bsen established in the interval. U.S.A. support has been so persistent, with every prospect of a continuance at the present series, that a substantial advance in medium sorts appears to have been generally expected. The selection in greasy Wools will, of course, be the largest and the best as compared with the later series of the year, and consequently a strong market is anticipated There is also an improved demand for coarse orossbreds, although these ta TO to rely &hi©fly on Bradford support."

tear. 1909 L9OB L 907 1906 1905 L 904 .903 L 902 L9Ol L9OO L 899 Gross ] arrivals. Bales. .. 377,500 .. 318,000 .. 352,000 . . 316,000 .. 296,800 .. 297,500 .. 304,000 .. 367,500 .. 255,800 .. 202,000 ..■ 255,800 Forwarded New Act direct. Zealand, quantity. Bales. Bales. Bales. 213,000 101,200 177,500 132,000 147,000 263,030 197,000 95,000 160,000 166,000 91,000 157,000 150,000 86,700 165,500 128,500 82,000 183,000 113,000 79,000 208,000 139,000 82,900 239,000 52,000 90,400 262,000 77,~500 85,000 290,000 82,500 56,900 166,000

70' s Colonial tops 64's „ 60' a „ „ 60' a „ „ sea „ „ 50's „ „ 46's „ „ 46's „ „ 44's „ „ 44's „ ;, 40's „ „ 40's ' „ „ 36's 32's M super cusdinary . . arerage . . prepared . . carded prepared . . carded prepared.. carded prepared. . larch 2 a. 27J 26£ 25£ 24 17 14 184 13 12 12 11* H£ 10| 24, L May 4 a. 28J 27£ 26J 25 ax 171 14* 14 13i 12i 12J 12 12 11 4.