LONDON WOOL SALES.

Wairarapa Daily Times, Volume LVIII, Issue 9018, 18 March 1908, Page 3

LONDON WOOL SALES.

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SOME BIG BRIGE3 FOR MERINOS —HOW OROSS3RED3 H.\\ r E ffl FALLEN.

(From 0(I ,, Special Corse<v~»i 'c-iiL). LONDON, February 7th, 1908,

As I write this, the first series of colouial wool sales is finishing, and on the whole tl'iiugs have goue pretty much as was expected. Considering that a large, quiiutity has been available for many years back, prices have beeu uiaiufcaiueil at a level fully iv advance, of those ruling iv consuming centres; aud iv Bradford especially the course of eveuts iv Colemau-street lias beeu better than conditions there warrant. The pity is that Germany aud America have not been iv better buyimj form, so as to give more impetus to every quality. At the same time the purchases liiade by Germany have "broadened during the'past two weeks, aud in the aggregate the takings on export aceouut are fuliy up to the expectatious when cognisance is taken of the heavy purchases at selling ceutr.es m Australia. The best judges seeiiiuto thiuk that the worst is passed to Germany beiug able to seasou's imports, and the cheaper wool obtained iv Colemaustreet should help materially to "average" the dearer wools purchased .abroad. The few speculators will liavo to face a sensible loss of something like £3 per bale, but iv the majority of eases the losses will be more evenly distributed betweeu the importer, spinuer. aud manufacturer.

EXCELLENT DEMAND FOR MERINOS.

Without doubt the leading feature of the scries has been the steady, consistent demand for merino wools. It was plaiu to be seeu at the opening that the trade was in a buying mood for this class of produce, aud right through the series the demaud has iucreased both iv force and volume for the best combiug descriptions. Complaints are almost universal at the shortness of the staple of the current Australian clip; good, long shafty combing wools beiug somewhat scarce. •Aiiythiug at all decent in character hT-s sold well, the choicest parcels frequently making f e d more tlmulast series. At the same time, the bulk of the merinos have sold only on a par with the closing rates of last series, aud yet this is a wonderful accouJfclislinie'uc when full cognisance isißeu of the course of events during the pn<t two mouths. To find the trade in a good buying mood, and willing to pay prices fully equal to last scries is something to be grateful for. The demand clearly shows what the trade wants wheu the vest woo is have sold at. par to o per cent advance, all faulty sorts owing to au excessive quantify showing a decline of J.s'd to Id per lb. All these wools cannot be used without being carbonised, and with the woollen trade, wliich absorbs the bulk of these short,, clothiug faulty wools, being quieter, its effect has been seen in the decline. General expectations have hardly been fulfilled in regard to America, but this is not to be wondered at when it is remembered that many mills across the Atlantic are only running short time. While looking back at the corresponding series a year ago, I have been very ""much surprised to find little, difference iv the values realised for the best lots of merino, for after serious decline towards the end of last year one would have expected to have seeu considerably lower prices mndt , .

jijiklE FALL IX CKOSSBUEDS. aPpl'a'l iv crossbrens is to be regretted, bin it seems inevitable. During the opening week every grade of crossbred sold freely, due tb topmakers and spiuuers covering urgent needs; but direutly coutravts were partly filled, au easier tendency set in. which shows that medium aud'eoarse qualities are down a good halfpenny per lb. When to-day's prices are contrasted with those ruling at the corresponding series a year ago, the tali is a marked one, as the following will show :— V TAUTANE. Jan. Jan. J 907 W DOS Greasy B crossbred l°>a Greasy C crossbred • 14 ■' Greasy D crossbred I'J i> l^ Greasy Ist crossbred, pieces JO 8 Greasy 2ud crossbred, pieces ••• Ujo Greasy Ist crossbred, lambs 12 B}.-.< Greasy 2nd crossbred, lambs 10 7 OLRIG. Greasy Ist crossbred, H 14>.' 12,^ Greasy 2nd crossbred I;U., 12 Greasy 3rd crossbred 12)4 10}4 Greasy 4th crossbred, H 12 ~ 10 Greasy Ist crossb'd, pieces,H 1% THE OUTLOOK. The future can be regarded with of confidence rejecting five w^Jp 1 , but prospects are riot at all bright for medium and coarse crossbreds. Dalgety's cable this week from Australia, announcing a decrease of 70,000 bales in the exports for the first seven mouths of the wool year compared with last season, does not look like any surplus such as some have predicted, and Imusfc say that I favour to-day's prices being fully maintained for merinos. Consumption is well kept up iv fine wools, and with easier money rates imports should be lifted without any forced realisations. Once get these financed, and then there cannot be much fear iv regard to merinos falling. Crossbreds are the dark horse, and Bradford users are certainly "trimming" for all they are worth to get the bulk of lisn iw'W Zealand offerings in Miirch a!" ci .-fill lower figure. There are plenty of "future" sales still to cover ou the basis of 12d to \t%& for a good 40's prepared top. and wool will still have to come down a further five per cent, if sellers are to get out without loss. What is hero wauted is a larger American aud Continental demand to frustrate the plans of tiie mere gambler in wool.

t. UROSSBREDS WEAK, iflfonl at present is under a cloud, and without doubt tliere is little to iuspire. The market seems to have goue once more all to pieces hi its crossbred department, for prices are weak and falling. Loud on has tailed completely to inspire holders witli the hope of any possibility of any amends, and led by an active "bear" party, wool bids fair to be lower before higher. It is a thousand pities that CJoiemau-street has not kept up the level established during the opening week, but the fall has already been more than discounted, and everything can be bought on a cheaper basis, at least all qualities below 50's. The fact of the matter is nobody seems _ to want anything, and spinners feeling the pulse of the market are refraining from buying entirely. Mrsfc topmakers are quoting 13d for a staudard prepared 4.o's, but there is no telling what bid would effect a sale. Already users are looking forward to still larger supplies with the certainty that lower values are in store, and tlvaejare not going to buy with the prafHiit temper of the market like it is. They are rather looking for forced sales to see some very low prices accepted, and it is generally expected that we shall see a shilling taken for a good 40's top. The spinning end of the trade might present more favourable features, and particulars are not coming to hand as freely as they might be. Some fair lines of eceond hand yarns are being hawked, at, less price than what spinners will accept, and so long as this obtains, no improvement can be expected. Notwithstanding easier rates in

Coleman-streer,, Bradford is still a good y,A below prices there, aud yet no business is offering. Evidently there are users determined to get wool to fit the low contracts which are still to execute, and the raw material will have to como down another 5 per cent before some can get out. The demand from abroad is considerably less, aud this is exerting a very depressing influence upon Bradford export yarn bouses. Merinos continue steady and firm. At, the same timo there is not a great deal of fresh business offering, aud still top makers will accept iio less money. Machinery continue to be fully occupied, and deliveries are still beiug freely made. I cannot hear toll of any less prices beiug accepted, and woolcombers are exceedingly busy making deliveries with all possible speed. Mohair continues extremely quiet, and prices are still tending downwards, especially iv Cape firsts.