LONDON WOOL SALES.

Otago Witness, Issue 3019, 24 January 1912, Page 16

LONDON WOOL SALES.

(From Our Special Correspondent.)

LONDON. December 8.

PRICES IN FAVOUR OF THE SELLER The sales are making excellent progress, and instead, of any ground being lost tho opposite is the case. There continues to be a large attendance of buyers, all sections of the trade manifesting great eagerness to operate—in fact, the series is turning out much better than anyone expected, and instead of there being any slackening, each day’s sale shows a full maintenance of prices. The tone and spirit associated with the present series is altogether different from what was seen last series, and instead of between 2000 and 3000 bales being taken in almost nightly, the withdrawals hardly run into so many hundred bales. It really is surprising what form both the Home and Continental trades are showing. Very few indeed have expected to see the continued keen demand for the raw material, and instead of prices weakening as the senes advances, the opposite takes place. Practically speaking, there is to-day lan allround advance of about 5 per cent, compared with the close of last series, this being in evidence both in combing, broken, pieces, bellies and locks. The greatest surprise of all is the readiness on the part of everyone to buy, and to find big importers among the largest operators in Coleman street, shows conclusively that they must be either under-bought in the colony, or els© over-sold at Home. Probably both reasons are legitimate; but be that as it may, the fact remains that tho raw material i$ being picked up with great avidity, and the sales, instead of slowing down, are gaining in strength and fervour. WHERE MERINOS STAND. As already said, the catalogues submitted daily contain an excellent show of wool, Australian merinos largely predominating. It really is surprising what close attention is being paid by the Continental section to fine-haired merinos, and it is significant that the Australian clip this season is more robust than the last. This is probably due to the season, a plentiful supply of herbage, no doubt, being conducive to the production of a gtronger-fibred fleece. So far ns length and shaftiness are concerned, many clips were never bettor grown than the clips of 1910. Some are trying to minimise the importance of the advance by saying that the wools, being new, and in good, dry condition, they will give 5 per cent, more yield than those offered last series; but it is, nevertheless, true that in the majority of cases wools to-day are fetching a good id more than they would have realised last series, while in the case of faulty sooureds, the advance is often id to Id. It is really surprising what a mixture of confidence is expressed by the different sections of the Continental trades. Germany is a long way the most active, French buyers being more reserved. The larger orders which German spinners and manufacturers have been able to secure during the past months probably account for their activity ; but Frenchmen say that they are worse off for work, and that heavy stocks of tops exist. Really speaking, the French section shares very much the same views as users in the West Riding, although there is reason to believe that spinners and manufacturers in Bradford and district arc generally better off for work than their competitors in Roubaix and Tourcoing. However, wool sells like penny cakes in a famine, and that, we suppose, is all that the reader cares about. Many would have been better pleased if they had been able to obtain supplies at tho 5 i>or cent, decline, which they were expecting, but the anticipated fall has been largely turned into an advance. CROSSBREDS DEARER. The recovery in crossbred® has also been very significant, and clearly indicates tho strength of the market. The offerings have not l>een really large, but show distinct signs of a general upward move. The inquiry on the part of the homo trade is much bettor than expected, while both Germany and America aro taking their specialties. All arc agreed that prices in London are well ahead of those in consuming centres, and that tho raw material bought is no good for Bradford tops. Still, the Homo trade has confidence enough to prompt operations, and the wool will largely find its way into tops. Owing to the incoming of the Continent and America, ail gocd-condirioncd, fine, and medium descriptions are to-day practically 5 pier cent, dearer than last series; but we cannot see coarse crossbreds making more money, homo trade has confidence enough to operate than they have been for sonic considerable time; but it is noteworthy that it is the actual consumer who is giving the most support to the market. Everyone rejoices in the fact that America is in bettor form, that it® textile industry has

i improved, and that consumption is on a i larger scale than I have soon for the past 112 months. I am confident that a sottloj mo nr of the present uncertainty over the ; tariff would soon lead to increased operations both in colonial and English grown wools, for many need to replenish their stocks. Selling brokers arc meeting the market, and by so doing are acting wisely. Next series there should bo to hand 30,000 to 40,000 bales of now-clip crossbreds, and I fully oxi>ect that at the end of the current scries very little indeed will bo loft jto carry forward. The market has gained ground during the past week, and there is now every prospect of a firm finish and clean-swept boards so far as crossbreds are concerned.

SLIPES AND SCOURERS, s There is no feature of tho sales which has given rise to so much discussion as tho ' selling of slipes, and here I have to record ■ an advance of id to Id per pound. Considering the large quantities which the trade a

lifted at the fifth' series, it is remarkable to find so much enthusiasm manifest over this class of staple, and yet medium qualities which lost the most ground in September and October have recovered the most to-day. One naturally asks, “Where have they all gone?” and the only answer is that big weights have been put into carded tops, regular buyers seeming to be quite as hungry to-day as ever. We do not think we can do better at this time than call the reader’s attention to the change which has come over the situation of slipes bv giving the selling particulars for the well-known Gear brand and the prices realised at the fifth and current series of sales :

Scoured crossbreds have gained considerable ground, and arc to-day generally 2al full penny dearer than last series./- No doubt this is largely due to the briskness of Scotch tweed manufacturer, who are large supporters and consumers of this class of staple. TOPMAKERS DEMANDING MORE MONEY. The trade in Bradford has now had time to digest the verdict of Coleman street, and it is plain to be seen that prices are no good for this market. The direct result is that topmakers generally have been compelled to advance their quotations by id; but whether they are able freely to make advanced rates is questionable. The fact is, Bradford is still adopting a conservative attitude, and many believe that the present rates in Coleman street are largely dictated by the urgent needs of those who must do some covering. Throughout the whole of the West Riding there is little disposition to force the pace, or to encourage a higher range of values. Many manufacturers are not so happily situated as they were a year ago, especially those making high-class worsted fabrics and stuff goods. For the time being, yarn-spinners are fairly busy, but they say candidly that whatever they sell they cannot command a fraction more than tney could a month ago, when tops were a penny lower than] they are to-day. On those grounds there is little actual move yet, it being all a question of price. We are fast drawing to the close of the year, and this also is a feature which, if past years count for anything, make against any upward turn of prices. It will not be long before stocktaking becomes general, and business today is far from being as active as could bo desired. Merino tonmakers arc, on the whole, very firm in their attitude, for they cannot pick up wool anywhere to bring in 64 s tops on a 25d basis. A good many arc to-day asking 25id for 64’s, but this is not a general selling price. Commission wooloombers are busier than they were, and, taking things on the whole, business is better all round from that standpoint. Considerable fresh supolics bv way of direct imports will soon bo to hand from the CommonVealth, and it will be necessary for wool and tons to go out freely in order to provide the wherewithal for paying for same. Crossbreds are rather slow. I have every reason for saying that even yet Ws prepared tops can be bought l at 13d, although many are asking as high as 13|d. There is a tendency in this market at present to make haste slowly, but the fact that crossbred wool is being sold in Coleman street at fully last sales’' rates shows tnat it occupies a stronger position than has been generally supnosed. English wools are etcadv and firm, with no pronounced degree of activity. The position of holders has been somewhat strengthened bv colonial crossbreds having main-taine-d thoir position; and, taking thiners on the whole, thorn k general satisfaction that the London sales have cleared the air, and defined what is the actual standing of the raw material. There is little now to say about mohair and alpaca.

THREE CROWNS OVER GEAR. Fifth Sixth series, series. 1911. 1911. Description. d. d. Slipo halfbred super combing 14 14J Slipo crossbred first combing 11* 12J Slipe crossbred second, comb'ng 11-11J 12 Slips threequarterbred combing 10 111 Slips threequarterbred combing 10 10i Slip© crossbred combing 10 ni Slipe crossbred clothing .. .. 8 &i Slip© crossbred clothing 6J 8i Slipo crossbred W clothing .. 7 8 Slip© crossbred third clothing 7 7 Scoured crossbred 10i 12