LONDON WOOL SALES.

Sun (Christchurch), Volume III, Issue 736, 20 June 1916, Page 10

LONDON WOOL SALES.

THIRD SERIES.

The third .series of wool sales in London commenced on April 11, and terminated on May 5. The original opening date was altered from April 4 to April 11, owing to the difference between buyers and sellers regarding the sales prompt. The agreement now made is to the effect that the cash, prompt is to be paid within 21 days, and that storage is (o be allowed for 21 days, with three days' grace. This arrangement is to be terminable by either side'giving 14 days' notice before the commencement of any series, but in no event to continue beyond the period of the war. The quantities of wool —net available and catalogued — from New Zealand were 5(i,500 and 52,342 bales respectively, aud about 4700 bales were brought in or not offered.

According to the Bank of New Zealand produce circular, there was again a large and representative gathering of buyers, and active and wide competition was an outstanding feature of the series, when the whole of the offering of 94,000 bales, including Australian, was practically cleared. The Home trade/was the principal purchaser. Buyers on Eussian account actively competed for the best scoured, while a fair quantity 6f merino and crossbred wools were taken by French buyers. The supremacy of the raw article was again demonstrated during the series, and seldom has a better buying spirit been in evidence. Nobody seems to question tho soundness of values at their present high level, buyers operating freely, apparently regardless of cost.

Merinos opened at firm rates, with an upward tendency, improving considerably within a few days of the start. Before the sales adjourned for

the Easter recess, values disclosed a rise of 10 to 15 per cent. Medium and inferior greasies, which were especially weak at the previous auctions, have shown the greatest alteration, the rise in these cases amounting, often, to 20 per cent. Superior merinos were 5 to 7i per cent, dearer, and faulty scoureds 10 per cent, above March closing rates. Crossbreds very quickly recovered the slight weakness noticeable at the open- ; ing, and later quite reached March parity. After the Easter adjournment, ' competition was even more active, and. although fine sorts showed no quotable change, medium and coarse wools improved 5 to 5i per cent., as compared with the closing rates of the last series. Scoureds and slips, in moderate supply, advanced sto 7i per cent., and lambs' wool in good demand was 5 per cent, dearer. The following vessels arrived in time > for the fourth series comemncing on i May 30, the quantities available being - those which had arrived up to March - :;i, namely, about 5;'.,000 bales, of which 1 quantity half were New Zealand I wools:—Corinthic, Indrabarah, Pakeha, • Paparoa, and Kuahine.