THE WOOL MARKET.

Rangitikei Advocate and Manawatu Argus, Volume XXXVII, Issue 10736, 29 August 1913, Page 7

THE WOOL MARKET.

Dalgety & Go’s circular, dated London, July 17th, reads as follows: The fourth series of Colonial Wool sales in London, which opened on the Ist insfc, was brought to a close last Tuesday. The following table shows the quantities catalogued, out of a net available total of 176,000 bales The difference between this quantity and that originally given, 171,000, is accounted for by the inclusion of some 5,000 bales of second-hand wool. Sydney, 15,918 bales, Queensland 8,640, Port Phillip, 1,562, Adelaide, 4.397, Tasmania, 8,602, Western Australia, 4,652, New Zealand. 72,267, Gape, 6,093; total 130,026 bales. Of this quantity, some 111,000 bales sold as follows: —68,000 bales to the Home Trade, 41,000 to the Continent, 2,000 to America, leaving 65.000 bales to be carried forward to next series. In addition to the above, some 21.000 bales Punta Arenas wool and 3.000 bales of Falkland Islands were sold. The attendance of buyers has been well np to the average, and on the whole competition has been brisk, although there have been days when keener bidding would have been welcome. The few American buyers here did not operate to any appreciable extent. Merino wools, both greasy and scoured, of good quality and in good condition, have been eagerly taken, and for these a slight advance on last sale’s closing rates has been occasionally made, but inferior and faulty parcels have not commanded the same prices and must be quoted about 5 per cent, lower. Crossbreds, which formed the major portion of the offerings, have sold irregularly. Fine and medium qualities are both about 5 per cent, cheaper but coarse crossbreds, when in good condition, made fully May rates, whilst shabby heavy lots were %d lower. Some good New Zealand scoured Merinos made excellent prices, but scoured crossbreds and elipes were on average 5 per cent, lower. Lamb’s wool was practically unchanged. Puntas and Falkland Island wools were par to 5 ner cent, lower. All through there has been a certain amount of irregularity in the tone of the market, but a hardening tendency was noticeable when it was known that some 50,000 bales would be held over for a later series, though the close of the sales did not see prices at their beat. With stock in manufacturers’ hands fairly heavy, and with the present tightness of the money market, which does not show much sign of abating, it is not surprising that a feeling of caution should be engendered amongst buyers. The same depressing factors, too, that have for so long affected certain sections of the trade, namely, the Balkan War and the uncertainty of the effect of the American Tariff, are still acting as deterrents to expansive buying operations, whilst it must be remembered that prices are at present at a very high level and do not leave room for much speculation. With a settlement of the above difficulties, however ,a firmer tone should prevail, as the position of the raw material is a sound one, and the quantity of wool for the September sales, estimated at 150,000 bales, is by no means excessive. The publication of the export figures to the end of June for the 1912-13 season, showing a shortage of 302,000 bales in the clip from Australia, a total very close to the Company’s estimate of 300,000 bales, New Zealand showing an increase of 11,000 bales, clearly brings out the heavy losses of stock that occurred last year, and which it will |ake some time to replace. The last two series for this year will commence bn the 23rd September and the 25th' November, a limit of quantity, if any, to fixed later.