LONDON WOOL SALES.

Otago Witness, Issue 3018, 17 January 1912, Page 16

LONDON WOOL SALES.

(Fbom Our Special Correspondent.) BRADFORD, November 30. OPENING BRICE'S FULLY UP TO LAST SERIES. Another chapter will soon have to be added to the long story of the wool trade, ior rhe sixth series of colonial sales were inaugurated last Tuesday. Here we have foeu&sed the buying power of practically the whole wool world, and it is noteworthy that what Coleman street does to-day other markets will do to-morrow. Thie is really the first series at which any quantity "of "new clip" wools from Australia is offered, and it will soon bo seen what kind of a reception the raw material has had at the hands of buyers. Members of the trade know that the new season proper opens when Adelaide throws down the gauntlet at- the end of September, but this year Sydney forestalled the South Australian capital by beginning early in that month. By this timo something like &QO.OOO bales of wool have been sold, it now remaining for London to submit its first consignment. It is too early yet to give a definite opinion as to the nature and character of the new clip, but it can be granted that some very good wools will be catalogued this season, both in Coleman street and elsewhere. We' are satisfied that with plenty of rain from shearing to shearing a very good clip can be grown, and in face of "large supplies it is gratifying to know that trade is still fairly good, and that the demand is likely to be keen and well sustained through the entire series. Regular readers of this journal have been kept fully apprised week by week of what has transpired in consuming centres, and it is well known that, while business has been somewhat on the quiet side, yet ail things considered, a steady trade has been done, the best feature being a continued, briskness of nearlv all mills throughout the United Kingdom. There are here and there a few exceptions to the rule, it being well-known that in both Bradford and Huddersfield, some manufacturers are far from enjoying that state of briskness which has been their experience during the past few years. As one looks over the history of the past year it is pleasing to know that record supplies have met with a record consumption, although there is hardly the pressure that we have been accustomed to see. The trade came together on Tuesday in fair good heart although the continued rise of prices at colonial selling centres is to many people a conundrum. No doubt the majority fail to see nnv justification for increased prices, but still the various members of the trade seem quite prepared to continue buying The most surprising thing of all is the onslaught of both French and Tierman buyers in Australia-, particularly the. latter. All their complaints- of the past three months seem to many people to belittle more than moonshine, for they have not been as quiet ns many said they were, or there oould never have been the activity in Australia, that has been witnessed. Although mills in the West Ridingr of Yorkshire are not running up to their usual hiffh standard, machinery is fairly wel' occupied during the day, and owing l to so many firms having recently increased their spinning machinery, there has been a larger consumption of the raw material. All things considered, the position of the woollen and worsted industries is to-day fairly satisfactory, and this circumstance paved the way splendidly for a good opening in Coleman street. The outstanding

feature at the prosent time is a knowledge that the raw material will be wanted at about to-day's rates, and so long as mills keep going at their present pace, prices "ill ba well able to take care of themselves

The question of supplies is of importance and concern to everyone, and affects both the selling broker and the_ buyer. Shearing began early in Australia this vear in order that supplies might either catch the November sales, or scl early in the markets of tho Commonwealth. The gross arrivals this season are slightly lets* than those for the corresponding sales a year ago, while the quantity forwarded direct also shows a shrinkage of 4000 bales Including the quantity held over from the fifth series, there is a net available weight of 128,500 bales, which is about IU.bJJ bales more than at the sixth series ol 1910. Of course, this cannot be called a crossbred series, but if we reckon the Quantity of Falkland Islands x*WU« Arenas and- River Plate wools, there Will probably bo about 36,000 bales oi Australian size of crossbred,? available. It we eliminate the total for November, 1908, which it will be remembered was a flump year, when large quantities were carried forward each series, then the quantity being sold at present is about normal There Is nothing very significant connected with the arrivals, and with the offerings being good, tho trade will no doubt put forth every effort to lift the wools, many purchasing in the hope of being able to test them before larger supplies are availwhere some very cheap wools Jwe been picked up this season. Coleman street wow « ■ .-. u ltt (- day night it wMf %*££& «S concourse of bujers, w v firm was also represented at one (telling centre m Australia, »«* Th; South Africa, ? r idea fact will give the Te aaer * « , industry of the ramifications of f&^^Vg£* y j In this respect alone .^.Tfi.™,^ P -ttr«^^^e ™ -iplce 6 The curings <S supplies where tS wool » Sfrown is so »»P«£jJ That firms of any standing can ill afford that nrms oi j centres, and co to ignore other scum ded SfSStifc strength and u.^ Wrfa tSrrcndo J, development during recent years. fiS OoISL, street fvool E»oh«n ß e, and x> a? ss SBSSg Iw ™ French buyers bcins particular y rl,i< lin«r merinos, crossbreds, and Utpes, sold at prices which were quite equal to UlSt p C r e ove<l that fhings e a C t "the bottom are betS n Vr g ood to afcoundgeneral competiion provedFa most welcome feature to the dull. P depressfng tin.es that have been seen in Bradford. Since the opening, each day«' orssed off well, and prices are fully main taSed for all qualities of merinos and crossbred*. THE OUTLOOK. Messrs H. Dawson and Co., in speaking of the outlook, ing the past interval, has been an ex tremelv difficult one to interpret, and it fa to be hoped that some of the anomalies in values Xich have been so puzzling may find adjustment at the Present series Tho position at the opening is etill perplexing for while oversea markets report hardenn value, for the raw material, the outlook for the winter seasons worsted trade n Europe is somewhat dull the preference having been given to woollen goods. Tne hosi,ry and woollen prospect, are fairly britrht but this does not greatly help tl-o ton trade and does not guarantee sucn a heavv ' consumption of wool as when combs arc employed to their full capacity Perhaps the "bears and those who generally have been holding pessimistic views of the future may have been too extreme in their opinions, but so far as European business is concerned, there is certainly no such outlook as to encourage any "bullish" tendencies. Ine better ton.;" which has come to the wool markets mav be chiefly attributed to the fortunate and - welcome arrival of some United State, demand. There is also a little machint-rv hunger in the combing mills, and this will doubtless benefit the present series. . . "In crossbreds there are heavy stocks of lops in Roubaix-Tourooin-r, a s _ well as in the German combing mills, and these are a block to an immediate and general improvement. The United States demand, which is principally for medium and lowergrade crossbreds. has, however, given n new aspect to the situation, and in South America crossbreds have made an advance of 7 to 10 per cent, si nee the opening, while in New' Zealand the market is aloo folly 5 to 7 per tout, above the level of Bradford values Whether the improvement will be maintained or not depends on tho permanency or otherwise of the United States demand, which is always difficult, to gauge. Their mills are reported to be well employed, and to have good orders in hand, but these have been taken at very low prices, and are chiefly in medium and low crossbred fabrics. Values in crossbreds had come down to a reasonable level, and their pos-ition consequently would appear to be more secure than that of merinos. Business, however, throughout the world is seriously hampered by the unsettled state of foreign politics and by the {-trilogies between capital and labour. A settlement of some of these conflicts is greatly needed to restore con : fidence. and thug to effect a real and general revival of business."