LONDON WOOL SALES.

Otago Witness, Issue 2913, 12 January 1910, Page 8

LONDON WOOL SALES.

(From Our Special Correspondent.) LONDON”, November 26. ANOTHER GOOD OPENING—PRICES PRACTICALLY UNCHANGED. Once again the trade finds itself centred in Coleman Street Wool Exchange, the final series for 1909 beginning last Tuesday. All things considered the opening must be regarded as an exceedingly good one, for taking into consideration the black oloud in Australia —where the sales are partially stopped in Melbourne and Sydney owing to a strike—together with a political crisis in this country, dear money, and dear freights, to find wool selling so remarkably well is indeed something over which to be proud. It is .certain that if the manufacturing industry of the world had l not been busy wool prices would have suffered a serious decline, but every mill seems to be so much cold ahead that spinners and manufacturers can afford to treat with contempt the untoward incidents which are transpiring among the nations of the world. VACATION RESULTS. Regular readers of this letter will be fully aware of what has transpired during the vacation, the serious fall in Continental futures being entirely an engineered move on purpose to adversely affect the sale of wool in Australian selling centres. To come extent that move has been successful, but during the past fortnight there has been a partial rise in quotations, and both wool and tops have cost a shade more. Wool seems not to have oome down as low as quotations for tops, though it is hard 1 to believe that importers are so philanthropic as to sell the combed article at less than they could make them at out of colonial bought wool. Be that is it may, the vacation has been a little exciting, ail because of prices having dropped 2d for spot delivery of super 60’s tops in Bradford, and 3d per lb for delivery .next year. QUANTITY AVAILABLE. With increasing quantities of wool being cold at producing centres it means a less quantity of wool for disposal in Coleman street, and the net quantity available for the current series is only 98,500 bales, compared with 177,500 bales a year ago, or a ohrinkage of 79,000 bales. All through this year supplies have been marketed as fast as they have come to hand; consequently the offerings this series are exceedingly small, and only a nine days’ series has been drawn for. The weight of the offerings will consist of .clip merinos, Queensland produce bulking the most. The quantity of New Zealand wools available is very limited, and these will mostly consist of slipes. I don’t, think I can do better than give a comparative statement showing the quantities available this series compared with the series a year ago: —■ •

A CREDITABLE START. The selection submitted on Tuesday was above the average for an opening day, merinos—mostly new clip—predominating. Some real good wools being offered led to a very spirited sale, all sections competing keenly. The Home trade and the Continent did most of the buying, America taking a few lots of the best wools. From first to last there was displayed l great eagerness to acquire the raw material, and very few wools indeed failed to find a buyer. Competition ruled exceedingly keen, and no doubt several were doing com© covering. What was the weakest part of the offerings was an absence of greasy crossbred tieeoe, but this is what could only be expected. Some fair good lines of New Zealand slipss were offered, and these called forth splendid competition on the part of the Home trade in particular. When compared with the close of the last September series the following alterations were seen:

:->ince the opening the sales have made cpiendid progress, and there is a firmer market. Merinos generally are now selling wp to last sake’ rates with the exception of the very heavy, wasty wools. Coarse tdipes are ?>:1 more than in September, but medium and fine are no dearer, the prites paid last series being extreme. What is perhaps the best feature of any is tbs readiness of the whole trade to operate. Wool is selling well. America is not doing great things, but taking a few nice lots of merinos. France and Germany are buying freely, and so is the Home trade. THE OUTLOOK. Messrs H. Dawson and Co., in speaking of the outlook, say; “The past interval has been full of interest and incident. The struggle between consumer and producer has been very marked and keen. Everything possible has been done to- bring down the «-alue of the raw material to a more reasonable level —by an excessive caution in spot purchases, by abstention from operating in the colonial markets, by pessimistic reports, and by a considerable amount of cheap selling for forward deliveries the market has been subjected to severe pressure. Considerable success resulted tip to about a fortnight ago, when a reaction set in, actual requirements again strongly asserting themselves. Stocks are depleted, iaid consumers have had to come into the market. The difficulty has been accentuated by the stoppage of the sake in Sydney and Melbourne, - and' topmakere. are now anxious about securing the necessary supplies to fulfil contracts for the first two

months of the year; consequently the J series which Opened on Tuesday finds a stronger demand than was expected a fow ! weeks ago, and 1 prices show a bettor average. Tops have been sold recently on ft basis of 10 to 12 per cent, below the September level of values, but the. decline to- ; day shows "barely 5 per cent, shrinkage on the ordinary topmaking wools. "With regard to crossbred*, the values ot the raw material are strangely irreconcilable with those of tops. lhe situation baffles interpretation, and everybody waits for a. clearer development, The South American clip » being marketed somewhat, late; moreover it is in such indifferent condition that Homo buyers do not care to pay the prices asked, which are considerably above the Bradford level. _ : "In New Zealand the strong American demand has established a level of values which Yorkshire consumers cannot yet follow. , , . ] . "Meanwhile the stocks of raw material in European ■ hands are rapidly approaching the vanishing point, so that interestingdevelopments are inevitable m the near future. Crossbred tops nrusfc either make substantial advances or wool must decline to a more proportionate basis. " The high rate of money and the prospects of a general election, on one hand, with the improving trade of the country and the remarkable depletion of stocks on the other, render the position extremely difficult to gauge. ' Meanwhile, however, there U a strong indisposition to speculate, and a strictly legitimate hand-to-mouth trade seems to be favoured- This is th<* best security against fluctuations and ultimate losses in the spring, when more normal conditions should prevail as regards supplies and relative values."

NoV.-D‘SC., Nov.-Dec., 1908. 1909. Available Available for sale-. for sale. Bales. Bales. Sydney and Queensland 85,650 46,500 Port Phillip .. ' ,. .. 22,700 12,500 Adelaide 6,900 5,300 12,000 Swan River 9,950 Tasmania. .. .... 550 350 New Zealand 42,800 15,450 Cap 3 6,400 Total .. .. .. 177.500 98,500.

Grease merinos, super . No change „ ,, medium par to id decline „ ,, faulty par to id decline Scoured .. superior f.d decline „ medium jd decline inferior par to id decline Grease crossbred, fine No change „ ,, medium No change ,, coarse par to id advance Capo combing, long No change Cape clothing, short'' par to id decline