LONDON WOOL SALES.

Otago Witness, Issue 3276, 27 December 1916, Page 10

LONDON WOOL SALES.

ANOTHER SATISFACTORY OPENING. (Fbom Ova Sve<'ial CorukspondWi.' ) LONDON, October 26. There are times when wool interests appeal more strongly than others, and when men's minds are absorbed in the likely course of values. The whole industry this last two years has passed througn many exhilarating and also trying experiences. Fortunes have been made in many cases, and to-day when one might to be taking things more philosophically than of late, there is seen on every hand no diminution of interest in the course of public sales. Attention now seems to be about equally divided between Australia and Loudon, the seventh series opening in Coleman street last Tuesday. Of course, it is always a big event, and ta-day with a very large attendance of buyers there is in evidence a keenness to operate which is most commendable. There were some days last series when things were a little slack, particularly for medium and faulty woois; but owing to the very limited offerings this series it is hardly likely that we shall see any falling off in competition, the increased carbonising facilities making it imperative that owners buy stock for treatment. Wo have felt all along that what London sales lack just now is a little more competition for the medium and faulty wools; and no doubt to many in Venders and Roubaix time must seem long and the experience a dreary one for the towns to be occupied all these months by German troops. It would suit the population better if mills were running, and what were once familiar faces were again treading the wool floors of the docks and the Wool Exchange. It is an oft-repeated and true statement that any series of London wool sales takes tone and shape from the experience of the previous vacation. The interval has been generally good, although every crossbred topmaker will not admit that. Wo cannot expect them to, because not until the past fortnight has there been anything like a move in medium qualities. In other respects tho interval has been good. Again and again the increasing scarcity of merino tops has been emphasised—in fact, the market is more bare of these than for years back. It only serves to show that there is a decreased production and a fully-main-tained consumption, while the requirements of such markets as France have also helped to remove considerable quantities. The drain is contmuous, and, with a shortage of work people, the output is barely equal to meeting all demands. Khaki orders, particularly for Russia, have made a big inroad into low prepareds. while the demand from France for 56's and 58's also means that there is no surplus there. Some wool merchants report that the interval has not been as profitable as it might have been in the sale of scoured erossbreds and slipes, although the woollen trade has bought fair weights. Still, the fact, is there, that business might be better, and this may hardlv cause that keen demand for these wools that importers would like to see. All the same the position of things is most satisfactory, and the sales open under conditions which ought to make every colonial grower well satisfied with prices. QUANTITIES AVAILABLE. The arrivals are a little one-sided. The reader will see from the figures below that New Zealand will be very fully represented—quite as fully as at any series this year. It is. really amazing where all the wool has come from; but the forwnrd'r.gs d ; rect have been less than usual, which is the best criterion of the character of the wools available. It is a very uncommon fchmg to s"ll sliped erossbreds in the colony, these nearly all being consigned to Coleman street for public sale. The ofWings will consist of this class of staple, the available quant'tv of greasy fleece being very limited. Merinos, too, will be by no means crrent. Although a few new clips from Queensland will no doubt be submitted. A very confident feeling obtains in regard to n-osne'etive prioes: it being conceded that fully last sale."-' values and even a tr'flfl more would be forthcoming, forecasts which suecoeding events have again fulfilled. The "ollpwing is a detailed list of the quantities available:

About 1600 bales Punta Arenas, 1300 bales Falkland Tslands. and 100 bales River Plate will be offered this series. A SPIRITED OPENING. There were throe sellers on the opening day, and tho rfiow of crossbreds was very good. The same can be said for snowwhite Capes, but, having said that, nothing more can be added which can be called creditable. Tho selection of merinos was the worst seen at any opening sale this year, the few bales offered hardly being a criterion of the standing of fine wools. Still there was plenty of competition, and the lots sold clearly indicated a 5 per cent. H-dvance for what could bo called decent. Faulty wools perhaps hardly showed that improvement, but it was plainly to ho soon that when anything of good character comes

along, the wools will easily make a good penny more than last series. Cape merinos were the turn against the buyer. Greasy classes were 2£ to 5 per cent, higher, and while snow-whites showed an improvement of about Id, yet that advance was not acceptable to owners, and withdrawals were considerable. The show of crossbreds was very good, and competition here was seen at its best, I consider that fine classes were 7J, per cent, higher, and medium and coarse mostly 5 per cent. Slipes did not show a great deal of change, except halfbred lambs, which sold up to 2s sd. or £d more than last series. Scoured crossbreds, too, were generally a good Id higher. The opening advance just about harmonised with general expectations. Values are exceedingly good for anything decent, and there is every indication that the current series is going to pass off well, with everything of a combing character in very keen demand.

-THE OUTLOOK. Messrs H. Dawson and Co. make the following observations with reference to the outlook:—" The stability of the market is very pronounced. Merinos continue to harden steadily and amazingly, although the embargo on exports to neutrals is still effective in London and Australasia. The end of the season scarcity of good combings in London is severely felt, and, . unfortunately, the early relief which might have been _ expected from the South African new olip is not likely to materialise, as in that market, which is open, United States buyers are keen operators at prices which are beyond Yorkshire limits. There are, as is usual at this time of the year, two levels of values—one for immediate deliveries based on London rates, and another for_ the new year based on colonial prices, which are, of course, somewhat lower. O'wing to the inadequate supplies, spot lots of tops command high prices, which may probably be sustained until colonial supplies are more freely available here. " The weaker prices recorded from Brisbane last week are directly due 'to the enormous advance of |d to Id per lb on freights, which increase has obviously had to be deducted by the buyer from his bid o . The freight rates now amount to about, 2Jd to Zk-.l per lb from the principal Australian and New Zealand ports to this country, and all freights have to be prepaid. The crossbred position is decidedly stronger. The supplies for the present year are visible, and cannoff be augmented to any large extent by new arrivals. It is probable that the new clip will arrive more tardily owing to tonnage scarcity. Meanwhile, at home there is a better demand, and T am informed that the English clip is r.ow going into consumption very satisfactorily. The policy of the Government to sell their English wool at market rates and make a substantial profit has cleared the situation and given confidence to operators in colonial sorts. The advance of 2d per lb at the Melbourne auctions is evidence of greater confidence, while the prices ruling in the South American markets indicate very strongly the keen desire of America and other neutrals to obtain crofsbred wools. Prices equivalent to 23d c.i.f. Liverpool are being paid for greasy 40's to 46's standard sorts of good style. " The Yorkshire mills are full of orders, with a long waiting list in the case of civil requirements. The chief trouble is that of retaining adequate labour, and many complain that output is being seriously imperilled by the depletions that are being made for military needs. Everybody learns with gratification that strenuous efforts are being made to ensure the full day and night working of the combing mills."

O 7* U O H CI a . ■3:5 * y,r ■■ rj p . 'ZZ ,-. « = > n Bales. Bales. Bales. Bales. Sydney 15.250 7,000 2,2''i() 10.450 Queensland .. 23,500 14,000 400 9000 Port Phillip.. 11 000 4,500 1,200 7 700 Adelaide 1,500 — 300 1,800 Swan River.. 2,100 — — 2,100 Tasmania 500 — — 500 New Zealand. 84,650 22.000 5.500 68.150 Cape 25,400 17.500 1.400 9,300 163.900 95.000 11,000 109,000