LONDON WOOL SALES.

Otago Witness, Issue 3277, 3 January 1917, Page 11

LONDON WOOL SALES.

(Feou Our Smsr-iAr. Corhhsvondes': \ LONDON, November 2. MERINOS AGAINST THE BUYER. Tho sales aro making excellent progress, and the only regret tho writer has is that there is not moro good shafty mermo wool available. Buyers to-day do not care one jot or tittle from what State it emanates providing something goodxis obtainable, and tho wools of South Australia would be as much preferred as any, their well-grown, sound combing characteristics, being deeperown and usuallv of good length, appealing to buyers to-dav in a most remarkable manner. One well-known frequenter of Coleman Street Wool Exchange said to the writer this week that it does not matter what wool it is, whether merino or crossbred, grease or scoured, everybody wants length. He simply meant that the trade is searching eagerly for something showing good combing characteristics, and one regrets very much that there is not more of this wool available. Of course, we have been in the present holo before; but it can be truly said that the trade to-day is completely on the top of supplies; or, what wo used to say before the war, everybody on tho sheep's back, trying their utmost to obtain something of a useful nature. No doubt the great law of supply and demand is operating to-day as it never did _ before, and I am satisfied that present prices are being entirely dictated by it, the force of which is recognised more completely than ever before. Tho sales this week have again been well attended, every sitting has passed off splendidly, and there is no slackness in the call for wool. MERINOS THE TURN DEARER. The week has produced nothing great in merinos—in fact, to find a straight line of now clip combing wools is the exception and not the rule. Last Tuesday the Oakwood clip was offered, and sold splendidly, realising up to 3s 7d for the scoured combing. It showed good 70's quality, nice length, and was a most attractive parcel. It only shows what the trade is prepared to pay when anything decent comes along, and to-day these wools must be called mostly 7£ per cent., and sometimcs > even 10 per cent., above last series. It is the writer's firm conviction that good greasy wools are selling relatively better _ than scoureds; but, really speaking, there is nothing very brilliant being offered in the scoured state, tho best wools BO far being the well-known Gibb brand of skin wools from Melbourne. It is certainly too early to see submitted a good string of stationscoured Queensland wools, these being the most favoured by Russia. But, then, it is as well that these wools are not here today, because the Archangel port is now closed—or, at least, it will be ice-bound by the time wool despatched to-day arrives there; consequently tho turn of the year will be soon enough to see to hand a good string of station-scoureds. A fact worth mentioning is that France is buying more medium, grease merinos than for some time —a proof that more combing machines arc being got to work. Of course, this is very acceptable, and one rejoices that our neighbours across the Channel are in better buying form. Yorkshire topmakcrs arc keen as mustard and their operations extensive, while tho prices paid arc certainly of the best. This is. a feature which one must recognise as satisfactory, and to-day no one seems particular about Id per lb so long as the wool' suits_ their purpose, because they must have it. As showing the temper of Yorkshire manufacturers, the writer received a buying oidcr at tho commencement of this week, the manufacturers stating expressly that he must have tho wool, which must be sound; therefore buy, and do not be particular about Id. That clearly shows that to make army cloths to-day, every piece of which has to bo tested at the Bradford Conditioning House, a wool sound and shafty must be used. We call to-day gooa shafty wools at least l£d above last sales, and there aro some who are sanguine enough to believe that the top to values has not yet been reached. Of course, prices aro benefiting because of the very short and limited supply. This is recognised by all, and it is becoming more apparent to everyone that Great Britain and her Allies arc able to lift all prospective supplies of combiner wool from Australia and New Zealand. That seems to bo a question which is becoming more and more settled, and the trade is recognising that present and prospective needs are such that they will have to bo provided for; and so long as America is practically scooping the pool in South Africa, Australian merino supplies must be largely preserved for the British Empire and her Allies. •Scoured wools are fetching very good figures, and no fault can be found en that score. Of course, there is not the same supply even of faulty merinos that one saw last series, and all offerings are readily absorbed. These seem to sell a little irregularly, particularly the most faulty parcels; but, apart from that, anything at all decent is selling at exceedingly good values, and making 5 per cent, more than last series. One has only to point to the 3s lOd realised for the ton line of Gibb merinos to showthat big figures are still forthcoming, and tho most remarkable fact of all is that these prices aro being paid on borne trade account, and not by Russia. Russia is a comparatively quiet customer, and nobodis sorry, because at a time like tho present, when home trade topmakcrs want wool, it is. as well for our Ally to remain more or less in tho background. Good shafty pieces are selling exceedingly well, and arc easily making Id to lid more than last series. Of course, nothing is bought on American account; nor is tho embargo at ?11 likelv to be removed so far as. London is concerned. As a matter of _ fact, values will have to get even less in Australia before America is granted the privilege of hiring faulty carbonising parcels. The writer has always favoured the view that the United States cannot be kept out of the market forever, and probably a move towards grantinrr the privilege to buy will be made when the second half of tho season in Iho colonies commences. CROSSBREDS PELTJNG REMARKABLY WELL. Tho catalogues havo been 'filled largely with crossbreds, chiefly slipca, and the way

these nro being absorbed is indeed remarkable. Since writing last I believe record prices have been paid for sliped balfbrcd lambs, 2s 6d per lb being to-day high-water mark. Of course, tbceo lambs will be largely sorted by Bradford topmakcrs, and then combed into 56's tops, the sharp rise that has taken place in Bradford for su's and 58's no doubt being reasponsiblo for the increase that has been paid. If we coma to three*quarterbred lambs, those, too, arc making mostly id to Id more than' last, series., and the same must be said for deep or coarse wools. Of coarse, as I remarked a week ago, sliped wools to-day are now of carding length; they arc really too long for woollen manufacturing purposes, and therefore topmakcrs are having an innings. They are compelled to purchase these entirely because of the lack of greasy licccc, for everyone knows that there can bo no weight of these to hand until February at the soonest. It is a. good tiling that the trade is bungry for crossbreds; otherwise slipes would have inevitably fallen; but it looks as if there is sufficient buying power still left to lift practically all the crossbreds from New Zealand.

For the small quantity of greasy fleece which is being offered, the demand is extremely keen, and the full_ opening advances are being made quite easily. We now see the top side of 2s paid for superior lines of fine fleeces, and there is certainly here no hesitation whatever in paying these prices. Medium crossbreds are very firm at a full Id advance, and the same must be said for coarse prepared wools—in fact, very seedy, shabby parcels are selling at ls_ 5d to Is 6cT. which two series ago could easily be picked up at Is 3d. It is all the outcome of the Russian khaki orders, and the small stocks of greasy fleece wools, which apparently are all wanted. I understand that the French Government are buying good fine halfbreds, this extra competition, no doubt, being responsible for lifting values. All these factors go to prove that a strong market for greasy crossbred fleece is being experienced, and theve seems to be nothing to arrest the upward tendency of values or to limit operations of wool-buyers. Scoured crossbreds, considering the quantity offered, are also meeting a first-class market, and last week's advances are also in evidence. There seems to bo a stronger market for fine halfbreds—at least, anything from 50's upwards is selling freely, and certainly making most satisfactory prices. The sales this week have been largely red hot, and a better spirit and tone have seldom been seen in. Coleman Street Wool Exchange than obtains to-day.