LONDON WOOL SALES

Southland Times, Issue 16688, 17 March 1911, Page 6

LONDON WOOL SALES

DIPEOTEMENT lIT MEBINOS MAINTAINED —WEAKNESS IN CBOSSEBEDS. (From Our Special Correspondent.) LONDON. February 3, 1911. The wool sales continue to make progress, and although this is the third week, yet there is no evidence of a diminution in interest or a falling off in competition. This seems to many to be a long drawn out series, the three days fog causing the sales to go into next week, but so long as there is a demand for the raw material, merchants and selling brokers are justified in selling the last bale. This is not the time of the year when a large carry over is justified, although I must admit that I thought it would be found necessary to carry forward something like 20,000 bales. That now hardly looks likely. Nothing will inspire the trade with renewed confidence like clean swept boards, and only about five weeks will have to elapse before the trade again meets in Coleman street. As the series advance competition gets keener, and people are in the market for the raw material. In previous letters I have drawn special attention to the fact that the Continental section, especially French buyers, have been all along very reserved, ''’his is rattier to be regretted, but it is easy of explanation. I hear this veek from Roubaix to the effect that they have bought fairly heavily in Australia. and that the rade is so unnerved with the late serious fall in futures, that they prefer to deal with their Colonial Imports in preference to further Increasing their financial obligations. This no doubt is sound business policy, and under the circumstances it is perhaps the best for French buyers to lift their direct arrivals, and do no more than they are forced in Coleman street. At t c same time they have operated on a trifle larger scale during the past week than they did during the fir. t ten days of the series, and their competition is invaluable for the fine-haired top making wools. Owing to the system of combing that is seen in France, they can use a shorter stapled wool than Bradford or even Germany, for the principal part of their work consists in the production of dry-combed tops for mule spun purposes, and even bellies and pieces can be turned to better, account in Franco than in Bradford. I have heard of good locks being put to combing, and if they can handle these, then they can beat Worstedopolis. At the same time I hardly think that much of that class of wool will be used for combing purposes. All the same the shabbier portions of a clip are in no sense out of place among French top-makers, hence their competition is all the more valuable at a time like the present.

COURSE OF PRICES. I cannot say that the market shows any upward tendency compared with tire close of last week, but all the same values arc well maintained at the best level of the series. The improvement on the opening week Is certainly considerable. and amounts to' fully 5 per cent, but for the time being operators seem to have reached their limits, and are not prepared to go further. Nobody can find fault at thi for judging by the opening it looked as i 7 we were in for aby no means creditable series. However, things have turned out better than expected, and this week’s sales have been characterised by a firm tone, merinos maintaining well the better position of last week. South Australian wools have been offered in fair quantities, and I am glad to say that there has been no giving way. On the whole the selection has been good, and the home trade has continued to give a long way the best support. I am glad this is so, for without doubt the wools are the most suited for home topmaking purposes. Russia continues to buy some nice lines of scourods, but after all the most support is forthcoming on account of Bradford topmakers. The buying resources of the home trade seem to be unlimited, and it is really surprising in view of the heavy direct imports that they should have bought in the liberal way they have. It all serves to s' ow that the raw material is wanted, otherwise they would never have purchased like they have. The selection on the whole has been good, and that no doubt has bad a good deal to do in causing competition to be so well maintained. I feel I cannot do better than show readers what improvement has ♦ ken place, and in the table below I give some clips which were offered the first week of the series, a portion also being offered last week or this. Where possible I give particulars of what the same clip sold for at the November series, hence the reader will see clearly the course of the market :

ACoA (N.S.W. -Wool). Jan. Jan. Nov.-Dee. series series series. Ist week 2nd wk. Description. cl. d. d. Grease super comb. 14 1214 13 „ Ist. ~ 14 1114 12 „ 2nd. ~ 13 10% 11 % skirts „ 9%-10 9 9% ~ broken ~ 9% 9 9% ~ pieces ~7% 6% 7 „ bellies „ 7 Vi 614 6% „ locks „ 4% 3% 4% BELTANA S.A. Wool). Grease A combing 9% 9 9% ~ Ist. 814-9 ?% 9 Ist. .. 814 8 8% ~ B „ 8 bid. 714 7 ~ Ist. pieces ~ 7%-% 7 7 ~ bellies ~ ~ Ist. lamb ~814 7 7 MORTLOCK over 2 in circle (S.A. Wool). Grease A combing 12 10 10% „ B „ 10% 9 9 „ C 9% 8% 8% ~ Ist pieces ~ 10 8% 9 „ bellies „ 8% 6 -k 7% CROSSBREDS SLIGHTLY EASIER. The position of crossbreds is somewhat similar to merinos. America continues to operate on just an average scale, although the quantity of wool in the aggregate does not amount to a great deal. Still, they are taking some nice light conditioned lots, but we are not seeing paid the prices which were in evidence at the corresponding series twelve months ago. It was no uncommon thing a year ago to see up to 16d paid for very light conditioned New Zealand %-breds, but this series 14d is a very exceptional price, a shilling being more an average, with 13d to ltd for America. The home trade as might be expected is taking the bulk of the crossbreds, and for the ordinary topmaking wools there is hardly the extreme prices paid which we saw last week. Bradford seems as if it wants the wool, but at a shade less money. I have been surprised till along at them paying the prices they have, particularly for coarse qualities, and all last week tops could not be made under 13-Vi, whereas 1 know for a fact well-known topmakers could not possibly make a fraction more than 13>/i. It seems to me that before the season gets much further advanced wc shall have crossbreds a shade lower than what they are to-day, for the trade is not running upon strong qualities. When one section of the trade has to practically lift 85 to 90 per cent of the offerings, it is really a wonder that prices should have been so well maintained, but seemingly some people have faith in the future of wool values, consequently they are still buying freely. HEALTHY CONDITIONS IN BRADFORD. Turning to consuming centres, it is a real pleasure to be able to report a continuance of the splendid manufacturing conditions which have obtained all Hi rough the past year in Bradford and district. We have little hesitation in saying that Worstedopolis has saved, and is still saving the present situation. It has been the writer’s privilege during the past three weeks to discuss the various aspects of the trade with both French and German buyers, and all alike affirm that conditions with them are nothing near so healthy as they are in Yorkshire. Whatever may be the state of trade on the Continent, we are certain that so far as the West Riding is concerned, condition could not be better. Perhaps there is hardly that pressure that one saw during last year, simply because many orders have been held back by buyers of yarns and pieces in j

the hope that prices would become more reasonable. But machinery is still running as quickly and as long hours as was the case all last year, and I do not know of any mill that is quiet. There is still a demand for hands in practically all departments, and if order sheets are not so full as they have been, still every firm has enough to do. The decline in tops has afforded spinners a splendid opportunity of being able to buy to better advantage, and many have done so. .