LONDON WOOL SALES.

Otago Witness, Issue 2921, 9 March 1910, Page 20

LONDON WOOL SALES.

<From Otjs Special Correspondent.) LONDON, January 21. OPENING OF THE FIRST SERIES. MFRINOS FIRM!" COARSE CROSSBREDS ADVANCE 10 PER CENT. - Once more the whole trade finds itself assembled in Cpleman Street Wool Exchange, last Tuesday seeing the beginning ■>l the first series of sales for the current year. This is always a. big event, and a o-reat deal depends upon what is there done as to whether or not sound markets obtain both in consuming and distributing centres. The effect of the London sales upon the wide world, 'so far as wool » concerned, is tremendous; hence It «. some satisfaction to know that the trade cam® together last Tuesday, in a first-class frame of mind, everybody being quite ready for the fray. This is always the case vhen we see a vacation like what took place between the closing of the November December series and the opening last January Nobodv need have been sur prised if things had suffered a setback, for since the sixth series of 1909 we have experienced stocktaking, holidays, and last, but bv no means least, a general parliamentary election. Any one of these factors under ordinary conditions would have been sufficient to have seen the trade in a quiet way, but instead of that we have had active markets, with values all the while either firm or appreciating. This really .<? the outcome of excellent manufacturing conditions, and look where we will trade everywhere is sound and healthy. We are glad to be able to chronicle such" good conditions as at present obtain in connection with the raw material, this being a far better record than slack markets and falling prices. The opening of any series of London wool sales is a matter of very great concern to thousands of colonial pastoralists, consequently all eyes arestrained to-day in the direction, of Coleman street. Before entering directly upon the question of the opening results, I do not think I can do better., than briefly epitomise what has actually taken place during the interval, and the following table supplies the particulars. I show the actual price for good standard combed tops in Bradford at the opening of the January series, 1909, what they were when the last series opened, and what they could bd bought at last Tuesday:—:

o± » v/wpc ~ THE QUESTION OF SUPPLIES. Thera is no question connecter! with the wool trade that has been so hotly debated during the past few months as_ that of .supplies. This series sees the beginning of the marketing of “new clip” wools from the Dominion, and the trade is hungry for every bale. The fact is the whole industry seenis at the present very hard up for crossbred wools, and I should not be surprised to see all qualities sensibly dearer before the series finish. The trade has only about 41,000 bales of New Zealand crossbreds to go at until further direct arrivals come to hand. Below will be found full particulars as to the arrivals for the January sales during recent years. I also show the gross arrivals, what have been forwarded direct

to manufacturing- districts, and the net quantity available:

JLi7V/l7 •• •• V«JV/ ’ Coleman Street Wool Exchange last Tuesday was thronged with the usual crowd of buyers, men from almost all quarters of ■the trlobo putting in an appearance. The Yankees were there in good numbers and before the finish they will give a good account of themselves, much to the satisfaction of New Zealand wool-growers. The selection was a long way above the average for an opening day. merinos being the pick d the basket. .Considering the large quantities of direct imports it is surprising now ready many buyers ire for operating,, and there is no misgiving on their part as to paying freely full market rates. The saleroom was crowded tc its utmost capa city, and punctually at 4 p.m. a host of men were on their feet bidding like fury. It was soon plainly to be seen .that merino? showed practically no change Competition ruled keenest between Yorkshire and German buyers. France being a good third The crossbreds catalogued were somewhat meagre, but foi all that they received exceedingly strong support. All Bradford topmakers o are down at the sales, and not a lot was up but what had been inspected by dozens of buyers. They were all “new clip” wools from New Zealand, and created a good impression. When they came to be offered the scene was indescribable, and America was well to the front. The opening sal© passed off very well, and those New Zealand growers who. were fortunate to have here a portion of their clip for sale will reap a good harvest. When opening prices are- compared with the closeof the last series the following changes are seen:

The opening results fully confirmed general expectations, and the opinion of everybody was that the initial sale left nothing to be desired from a seller's point of view. The sales sontinu© to i make splendid progress, and ful' Opening prices are being readily oaid THE OUTLOOK.

Messrs H. Dawson and Co. in speaking about the outlook say • "The opening of the first series of the year has always a special interest, and the representatives of the syad« have foregathered here in a very cheerful mood. There is a widespread feeling of optimism with regard to business ir 1910 Prospects are generally good in our industry, judging by the facts of healthy trade . fair working margins, and a fery large and ■well-maintained rate of consumption of y>he raw material. "The remarkable absorption of last season's production, with its increase of about 300,000 bales (including South African. wools), has revealed to the industry its growing powers and requirements, and the New Year opens with no sign of slackening in the demand for wool. Happily we are now receiving such substantial quantities of this, season's "clip that there is no such shortness of stocks as was experienced during the closing months of laso year. The present offering of 100,000 ba'es should help to steady values, and so far as merinos are concerned should favour the buye>' rather than otherwise.

"There has been, recently a greatly quickened interest in crossbreds alike In .Bradford and on the Continent, anil fashion seems to be inclining more in this direction. The advance in these qualities has been more rapid thar was expected, and perhaps more rapid than healthy'. The American demand, which has been persistent and heavy, has been chiefly responsible for the appreciated values. The home market is hs.re of crossbreds, and an excited demand seems to be probable. "In the colonial markets ..the freedom from any noteworthy fluctuation in ■merinos has been as remarkable as it is satisfactory. Medium and coarse grade? have, however, been making continuous advances in value as the season has progressed.

"In South America the market has been most difficult owing to the combination of an inferior clip with hardening values in crosebrede. Nevertheless, the bulk of the wools have now- been cleared, and the season 'Will terminate earliei than usual."

CM 00 rH rH fl 4 - 8 p- « a d. d. d. 70’s Colonial tops 25* 23 28* C4’s m 27 27* 60’s „ ordinary 22* 25 25* 56’s ...... 18* 22* 23* 50’9 ’ . . .... 164 20 21 46’s ,, prepared 13* 16* 17* 46’s ,, carded.. 13 16* 17 4'0’a „ prepared 1214 15* 40’s „ carded.. 10* 12* 14* 36’s „ prepared 11 13 144 44’ 6 „ pick hog 13* 16 17* 64 : s Cane 24i 264 27

First Gross arrivals. Forwarded direct. Net quantity series. Bales. Bales. Bales. 1910 .. 405,590 229,000 180,000 1909 364,500 157,000 187,000 1908 ... .. 353,300 181,000 187,000 1907 .. .. 275,000 f 124,500 155.000 165.000 1906 .. .. 291,590 125,000 1905 ., ... 235,000 89,00C 147,000 1904 .. .. 190,000 58,000 137.000 141.000 1903 .. .. 216,000 82,000 1902 ., 211,500 61,000 193,000 1901 .. .. 250,000 41,000' 339,000 1900 .. .. 194 800 55,000 144,000

Greasy merino combing par „ ,, clothing par ,, ,, pieces, etc. par Secured „ combing par f? ,, „ clothing „ „ infer, locks par & pieces par Grease „ Iambs pa• to Jd advance „ crossbred fine^ par to Jd advance • ,, medium id •advance ,, ,, coarse 3rd tci Id advance Sliped „ all qualities id advance Cape merino combing par ,, ,, clothing „ snow-white super par par ,, „ medium par