LONDON WOOL SALES.

Otago Witness, Issue 3250, 28 June 1916, Page 15

LONDON WOOL SALES.

(Fbom Oun Special. ConßEaroxrDENT.) LONDON, May 5. SERIES REOPEN WITH BOTH MERINOS AND CROSSBRED 3 HIGHER. The sales reopened last Tuesday before a very large attendance of buyers., and onco more the various sections of the trade arc engaged :n acquiring the raw material. It was a really good move to have a short vocation, the" rest and change bringing buyers together again in even a better frsme of mind than when they left Coleman Street a fortnight ago, and all the better for the holiday. The opportunity was given to feel the pulse of consuming centres, and the measure of business done whetted the appetite of the majority, and made them all the keener to buy. 1 think the Importers' Committee are at last appreciating the fact that there is nothing like giving the trade a little breathing space, and what I wrote a good month ago in regard to supplies is already bearing fruit. Most of the largest firms have had a very good time during the past three weeks. The temper of Bradford is totally different from whit it was a month ago, all due to the fact that topmakers can see more "daylight," and. the measure of the business done has enabled them to see that the trade is going to- suffer nothing, providing hands are left in sufficient numbers to allow them to get wool through the machines. Recruiting is still proceeding apace. Single wool-sorters up to the age of 30 are. now joining the colours, and unless a man is engaged upon a business which is indispensable to the carrying on of the war, he is having to go. THE QUESTION OF SUPPLIES.

Supplies are receiving very considerable attention. After this week the trade will go home faced with longer intervals right up to the end of the year. The sales in the colonies of last season's wool wore on such a gigantic scale that Coleman Street has now got back to where it was before the outbreak of war, and if there were, sufficient dock labourer* to stage 12,000 bales per day, as of old, no remaining series of the year need then last more than a fortnight. But that cannot be. About BCCO bales is all that can be successfully handled daily, and it appears to ma that there is going to be decidedly less wool for sale than was generally expected at the beginning of the year. Of course, when things arc rising- nobody is very keen to put wool upon the market until they think the top is about reached, and as far as one can see there is. every likelihood of still higher prices, ■fhc interference of the Army Contracts Department was intended to curtail if possible the upward tendency of wool values; but supply and demand are bound to be the deciding factors, and certainly both aspects of the wool trade are to-day strongly in evidence. Wo foresee that there is going to be a keen demand for the balance of the colonial clip, and the experience of Coleman Street this week shows that merinos are at the present moment commanding chief attention. Tops cannot advance 3d per lb in a good three weeks without materially affecting wool values, and no one is expecting any great supply of fine wool after the next series of sales. No dcubt we shall see considerable offerings of second-hand parcels; but it takes a good deal of these to fill a catalogue. MERINOS AGAIN HIGHER. The offerings of fine wool this week have not been an important factor. On some days there has certainly been a nice selection, Tasmania being represented last Tuesday by the well-known Fordon clip, tho combing making up to 21Jd and the pieces 17d. 'lhere is going to be very little Tasmanian wool offered in London this season, the bulk being soltl at Hobart and Launceston last January, and some reasonable clips were also offered at Melbourne. Prices arc again the turn in favour of the seller, and values to-day are fully 10 to 15 per cent, above March for all average tc good combing merinos. Of course, everybody is diligently seeking length, and if that is not obtainable they have to be eontent to acquire second-rate parcels. Even the call for buiry merinos exceeds expectations, and these wools are now 7£ per cent, above last series—say a good Id to per lb. There _is also a very satisfactory call for carbonising merinos, thanks to thos-e firms which have their own plant, and which are just as keen to bnv as ever. The fact that the War Office has placed in the hands of shirting and flannel manufacturers very gcod new orders means tiiat these short, faulty wools will all be wanted. Practically all the firms have orders on their basks, which will take all this year to execute, and they can have more if they want. There seems to be no limit to the purchasing power of the Government in regard to underwear fabrics, and these mills which are capable of turning out flannels arc nearly ail engaged on Government work. The binning down of two carbonising mills in Bradford has been a serious blow to this branch of the trade.

•Scoured merinos avo also in very strong request, and are selling at 2d better rates than at last series. Russia would be buying more, providing- they could get shipping facilities; but wo understand that Archangel is still closed, arid likely to be. This is cortai.nl>' a severe blow, the Government commandeering that port entirely. Two or throe firms have been placed in a dilemma because there are in London considerable weights of scoured merinos awaitin;? shipment, and the Government has practically told them that they must do the best they can to ,get the wool to Russia, only they cannot allow Archangel to bo blocked when more important military needs have to bo considered. There is no slackening in the demand for scoureds, and again well over 3s has been paid for really good lines of Qucenslands. Scoured, faulty merinos arc fully 2d dearer than earlier in the scries. A GOOD SHOW OF CROSSBREDS. The- wools of New Zealand are naturally bulking the largest in the catalogues, and full justice is being done to them. Prices are id dearer than they were before .the vacation, thanks to a fairly satisfactory

demand in Bradford. The trade done seems to have varied a good deal, some firms finding business to be better than others. The recent interference of die War Office in regard to fixing the price for yarns has to a large extent subsided, due to a satisfactorv arrangement having been come to, and this has lifted a burden off the minds of many. The impression strongly prevails that crossbreds will be dearer before cheaper, and that wool is worth putting into .stock. No man can measure the extent of the military demands and the requirements of the future, that, no doubt, being the chief reason for crossbreds moving as they are doing. There has again been a good show of crossbreds every day, and some rattling good prices have been forthcoming. It now looks as if the breakdown at the second series ought- never to have occurred, that series, no doubt, providing tiie cheapest wool of the year. V\ e must now quote crossbreds 5 per cent, above what they were before the holidays. and certainly this class of wool is worse to buy. So long as topmakers can see into the future and have even the least encouragement, they are prepared to operate freely, and no fault can be found with the Way the catalogues have been clean d. France is still taking up a few lots ol medium and fine crossbreds. but their operations have not been on so extensive a scale as at last series. I have not heard lately whether much progress is being made in France by way of installing new combing machinery, but expect no vim" will be lost in this operation. I call all descriptions of greasy crossbred fleece decidedly in

sellers' favour, and buveis tire in no sen filled.

The show of scoured crossbreds is very poor, and anything at all decent is selling at more money. There continues io be ; very nice show of sliped crossbreds, but being new season's wools, the staple is on the short side, the lambs being more suitable for woollen khaki purposes than for combing. Some exceedingly good price, arc being made for greasy lambs; but I cannot see this class of staple much dearer, except that short sliped pelts are certainly a good Id to lid up compared with March, these wools all being taken for blanket purposes. The sale of eros.-brcos through' out is certainly excellent, and I anticipate a continuance of the present prices.