LONDON WOOL SALES.

Otago Witness, Issue 3102, 27 August 1913, Page 17

LONDON WOOL SALES.

(From Our Special Correspondent.) -ONDON, July 11. PRICES A LITTLE IRREGULAR. The past week has witnessed no marked development, and I am unable to chronicle anything different from what I did a week ago. Naturally, after a good week’s sales I am better able to see where prices stand, and. fortunately or unfortunately, a uttle ground has been lost. Some are trying to make the most of this, and make out that London is “ wobbly,” and that values are the turn against the seller. That, no doubt, is correct; but no man can correctly say that things are at all weak. The fact is before the whole trade that the raw material is being called for in a wonderful way, and there is no ease of any note. It simply amounts to this: That conditions in manufacturing centres being somewhat indifferent, the whole trade is induced to operate on a slightly lower basis, and, no doubt, in certain descriptions of raw material prices are not so strong as they were. At the same time, there is no serious weakness, and in view of the very slack and unresponsive attitude of consuming centres, wool continues to sell in a most favourable way. It has boon well said that the raw material is still master of the situation, and as fains one can see there is nothing to indicate any further declension in the near future. The market is an active one, although slightly lower prices are ruling for many of the wools which are being catalogued. POSITION OF MERINOS. Fine wools occupy a leading position on the market, although the offerings are not so large as in crossbreds. The demand for merinos continues satisfactory, and this is one of the outstanding features of the series Fairly big quantities of second-hand parcels, chiefly from Victoria and New South Waios, are being catalogued daily, and on some days there has been a large number of star lots. At times one has got the impression that it is a sweeping-up sale, but all the same, some excellent wools are being offered, chiefly from Victoria. A good many parcels are fetching from 13d to 15d, and for these there is no falling off whatever either in demand or price. Rome of the lots are withdrawn on account of owners not seeing a profitable bid ; but, generally speaking, the demand is good and satisfactory. Some nice Queensland new-clip wools have been catalogued, but they are disappointing both in yield and growth. The clip is nothing nearly so fine as last year, and even the length of staple is deficient, while condition is distinctly more wasty, besides several clips being very seedy. No doubt the luxuriant season has had a good deal to do with bringing this about; but all the same, the wools have sold at full market values, although I understand that owners are a little disappointed at not making a good id more. Whether they are satisfied or not, there is no doubt that London values are fully up to the level ruling in Bradford for the combed article—in fact, Coleman Srroct offers nothing cheap so far as merinos are concerned. Good combing wools arc still making prices on a parity with the close of the May sales; but on the more faulty and wasty descriptions there is usually a decline of id. No doubt many buyers are working to a slightly lower limit than they did last series, and in many cases topmakers are buying on a 2.s Sid basis —at least, they are attempting to do so, but are very unsuccessful. I calculate that average 64’s tops will cost to-day half-a-crown.

Some nice weights of scoured merinos are being catalogued. and for those the demand is very good. New Zealand has furnished some very nice parr-els. whieh have sold up to 2s 5Jd, Victorian sooureds selling up to 2s 3d—in fact, for good combing merinos prices figure around 2s to 2s 2d. Rome surprise is expressed at the great demand for faulty seoureds suitable for carbonising purposes, there being three r>v four buvera who are evidently in want of them. One wellknown Belgian house is buying very freely of pieces, bellies and locks, and paying very good prices indeed. Those wools are considered to be no cheaper than they wore last fierics— in fact, buyers will either have to lower their limits or become moro reserved if faulty scoured carbonising wools come in at all cheaper. Lambs are fetching good figures both in the greasy and scoured

state, and are not a particle cheaper. No doubt their scarcity is one reason for them commanding such good figures, and as far ns one is able to judge, it will take woollen manufacturers and flannel people all their time to carry out their obligations until new lambs' wool is available. AMERICAN TARIFF.

j Many people have boon looking for important things to bo done by American buyers, but so far they are a disappoint- , iug quantity. There seems to be no “ vim ” } whatever in their operations. The wools so far absorbed have been exceedingly limited jin quantity. The few lots taken comprise : medium and coarse crossbreds, and what

they have purchased is fully up to opening ; rates. I daresay they arc purcnasing i medium crossbreds mostly at id Ices than last series; but eo far as the quantity taken is concerned nothing but disappointment can bo expressed. Buyers frankly admit being here mostly on an errand of observation and to gain experience, and no doubt their first-hand knowledge will enable-them to see where they are likely to stand when the now tariff becomes law.

CROSSBREDS SELLING FREELY AT LEStS MONEY.

As previously stated, big weights of crossbreds are being daily catalogued, and after the doleful reports which come from Bradford, it is surprising how the wools catalogued are being absorbed. It is a fact that withdrawals are comparatively few compared with the weights daily submitted, although prices have slightly recoded for medium and fine crossbreds since the opening. But what else can bo expected? The fall is a good id; but that is of little consequence, comparatively speaking, although importers who have bought, in New Zealand with the idea of making a profit in London arc naturally disappointed. Fine crossbreds seem to be faring the worst, although for good wools the decline is no more than id. The more wasly parcels are naturally faring the worst, and here the fall is id to Id, including medium crossbreds. What surprises everyone is the great demand for low crossbreds, and deeplygrown parcels are selling the best. The home trade is giving by far the best support, and there seems to bo no falling off whatever in the demand on Bradford account. It is really a marvel where all the wools are going : n face of the stagnant state of the Bradford trade; but it must bo a case of buyers having faith in the future, and knowing what is likely to happen. Slipod crossbreds are also plentiful, and are selling freely. I call halforcd and fine crossbred lambs id down —in fact, all descriptions of lambs are easier; but in the short clothing wool there is no change whatever. These are selling very well providing they are dean, and all sections are here keen buyers. When one considers the present state of consuming markets, it is cause for real surprise that the demand is so good and withdrawals so limited. I think that those responsible for conducting the sales have acted wisely in deciding to withdraw 40,000 bales, and close the current series next Tuesday. CONDITIONS IN BRADFORD UNCHANGED.

Very little new fan be reported respecting the conditions which have been prevalent in Bradford market during the past week. New business has been extremely scarce, and hardly anything has transpired to infuse any life into the market. With regard to' prices, these are generally where they wore a week ago; but the absence of new business is so much in evidence, and sellers themselves are also in sueh an independent mood, that to speak about them is a very difficult matter. The continuance of firm prices in London is naturally helping to support the cause of the toprnaker, and in view of the extreme quietness in manufacturing areas, the way in which the raw material is being purchased in London is cause for no little surprise. Values there are keeping steady, though it is evident that the quantity of wool available is quite as much as the trade is able to absorb for the time being; and there is no doubt that the announcement made by the selling brokers to the effect that 40,000 hales are to be withdrawn and 'he sales closed next Tuesday, will meet with the approval of nearly all concerned. The supply of wool which will he forthcoming when the next series of sales open will not be as largo as •it is now, and an equalisation of the offerings will contribute something to maintaining the equipose in prices for the raw material. Fine tops are unchanged in price, with very liltlo business lieing done. It is doubtful whether “ particulars ” are quite as plentiful ns ihoy were, but at the same time consumption is good. Fine crossbreds are certainly no worse than they wore last week, and medium and eoarso descriptions taken all round may be described as firm and steady, without showing anything to infuse into them a bettor state of affairs. Export business is still on the quiet side, and there is no immediate prospect of improvement in this respect. Nothing new lias transpired in mohair. Yarns are quiet, and little new inquiry is being experienced.