LONDON WOOL SALES.

Otago Witness, Issue 3655, 1 April 1924, Page 15

LONDON WOOL SALES.

RAW MATERIAL VALUES STEADY. (Fbom Oub Special Correspondeni ) LONDON, February 7. The London sales are being conducted under very satisfactory conditions, but there is no further advance in values. It is now patent that the first half of the series is going to be the best when viewed from a grower’s and a seller’s standpoint. A far more sober spirit seems to obtain than during the opening week, and the trade is going to benefit accordingly. We are well satisfied that the advance in wool values has for the time being exhausted itself, and nobody who has the best interests of the trade at heart is going to find fault because it is so. Prices have advanced as far as is good for any section of the industry, and we are satisfied that the next move should be the consolidation of the work that has been done. We fully believe that stabilisation and not a further advance is the need of the hour in the wool world, and the sooner Bradford and London settle down to good solid work on to-day’s basis of values the better it will be for everyone. This is not to be implied as indicating real weakness, for such is not the case. Last Monday’s sale saw several withdrawals in Coleman street, chiefly second-hand merinos, on which owners apparently wanted extreme prices. Some wonderful profits have been made this series by speculators—in fact, topmaking, spinning, or manufacturing seems to be a fool’s job compared with what can be done by those who strike a good period the same as has been witnessed during the past three months. These times do come occasionally in the life of a woolman, when he can do nothing wrong. This is always the case in a strong, advancing market, such as has been witnessed; and on the other hand there have been times when losses have been made even faster than profits. However, the sales continue to be characterised by keen bidding. All sections are active operators, and prices continue on about the same level as last week. SOME 810 FIGURES PAID FOR MERINOS.

As we have indicated in past articles, this is the time of the year when some of the best Australian merino clips always appear in Coleman street, and this series has been no exception. It would be very strange if they were not here, for the new clip has been marketed in Australia week after week since the end of September. A good many of these wools are now ■appearing for a second time before buyers—in other words, a considerable quantity of speculators’ wools are being catalogued, which show handsome profits. At the time the wools were bought they realised fully up to the rates then ruling in Coleman street, but during the -interval the sensible advances have lifted these wools on to a much higher level; consequently there is every likelihood of a bigger quantity of these second-hand parcels being reoffered to London buyers. But, apart from this, some very good wools have been offered on growers’ account, and these always claim first attention. These clips have come from every State of the Com-

monwealth, with the exception of South Australia, and selling brokers in Adelaide appear to have captured every South Australian clip. Queensland is still well to the front with some splendid clips, and the trade has been keen to acquire them. Among the second-hand lots from West Victoria, really superb wools, showing fully 70’s quality and of excellent warp length, Mount Govv, RO/Rolac, and Eulong have made 43d to 44c! for grease combing. Most of these wools were in bales counter-marked Boston, and some lots were bought for America, some also being taken

by the home woollen trade. Among the Jrew South Wales and Queensland wools, Goonoo Goonoo touched 41d and Terrick while 33d to 34d is a common price, Big-yielding West Australian 64-70’s selling readily at 34d to 37d. Spingdell has sold at up to 40d for America for wool yielding up to 60 per cent. Red West Australian wools from the Murchison and northern districts have made up to 33d, France being by far the keenest buyer of this class of staple. Switzerland has also been exceedingly keen, and has given splendid support for fine-haired merinos, her buyers always selecting the cream of the catalogues. The home trade wants merino wool, but is having to be content with 6466’s and 64-60's at about 62d to 63d clean. We give below particulars regarding some well-known clips, showing their quality, what they realised in the grease, and what they work out at clean scoured: 3001,ARDY/MURCHISON (W. Aust. Wool).

Srokr-n W g. aver. 70's 33 64 CROSSBREDS The home trade continues to be by far the biggest buyer of crossbreds, and will remain so <o the end of the series. France Is purchasing some fair weights of fine halfbreds and comebacks, both for combing and clothing trade purposes, but the bulk of tile offerings are being absorbed by West Riding topmakers. Prices have not moved ftny higher, and on the whole there is ■till an advance of 7£ to 10 per cent, in 6’dence. In the ease of scoured and come;k wools the advance is even more, often ng 15 per cent. Some extraordinarily £ood figures are being paid for 48’s to 56’s tiiped halfbred lambs, one lot of the latter quality touching 39d, which was an exceptional price. America has pus-chased some tie© weights of these wools, all of which av© made good prices. We regard the position of crossbreds as very sound, the home trade faking ail descriptions at firm values.

t Clean sooured cost•aoud 3[<>S Description. Quality. per lb. per lb. Greasy— d. d. ii A II warp 66-70*6 36$ 69 AAA warp 70-66’s 37 694 AAA wai-p 66’s 36 69 AA H warp 66’s 35 66 AA warp 68-70’b 34 64 AA v. g. 66-70’s 33$ 64 BB H warp 64’* 35$ 64J BB warp 64’b 35 644 BB warp 66’s 34$ 64J B H warp 64’s 33$ 63 B warp 64’s 324 614 Reeoe H warp 64-70’6 32$ 65 A. OO A. (N.S.W. Wool). Greasv — A combing ME warp 74-70’s 38$ 71$ A combing H warp 70-66’e 36$ 66 i combing W warp 66-74’s 35$ 65 A oombing E v. g. 70-74’a 34$ 67 1st oombing H good 70-66’s 34 68 1pt combing W v. g. 70's 32$ 64 AA oombing E warp 64-70’g 33 66 2nd oombing average 64^70*8 29$ 63 Jfecks E good 66-70’s 29 62 Bellies good TO’s 23$ 69 MT. ABTIHDAKCE (Qu. Wool). Greasy— Jsr combing W warp TO’s 38$ 73 1st oombing E warp TO’s, p. 74’s 37 70 $nd combing W warp . 70-66’s 37$ 72 2nd combing E warp 70-66’s 38 75 2nd com!ling W good 70*s 3.3 70 71 find oombing E good 70's 33$ 68 Oombing E v. g. 70-74's 33$ 60 Fleece W g & y. g- 70’6 33$ 67 2nd flleece average TO’s 20 61 1st necks W v. g. 70's 35 67