COWHERCIAI.

Wanganui Herald, Volume XXXXVI, Issue 13333, 23 March 1911, Page 8

COWHERCIAI.

LONDON WOOL SALES. The N.. Loau and Mercantile Agency Co,, Ltd., yesterday received the following cable advice of the progress of the March sales:— “As compared with last sales closing rates prices are about 5 to '7V per cent, higher for greasy crossbred lambs, about 5 per cent, higher for scoucrd crossbred coarse greasy crossbred, fine greasy crossbred and greasy merino, and about par to 5 per cent, higher for scoured merino, medium greasy crossbred lambs and crossbred slipe. There is good general demand for wool from all buyers with the exception of America.” WOOL REPORT. LONDON JANUARY SALES. Messrs Freeman R. ipekson and Co. hue received the - following report from their London agents, Messrs B. Dawson and Co., relative to the closing of the above series;— _ Dear Sirs,—The first series of London colonial wool sales for 1911 closed to-day with a small offering of 6639 bales. The course of values has been one of considerable irregularity, excepting for good merino combings, but during the closing days a keener and more general competition gave tone and strength to the market. The persistency of the home demand has been the most surprising feature, and it continued to the finish. U.S.A. direct buying was limited, but there were heavy operations in good wools, which are to be eased in- Yorkshire for American consumption. Continental support was stronger towards the, close, although the home trade was r predominantly the active operator throughout the scries. Merinos.—The best greasy comomgs have hardened in value as the sales have progressed, and show little change from December rates. Average sorts are about • S per cent, cheaper. Faulty short wools, only suitable for carbonising, show 10 per cent, decline. Good scoureds arc Id to IJ4 below December. ■ ..Crossbreds have sold very irregularly. Compared with last sales, choice fine grades show little, if any, change. All medium and lower grades (especially the best parcels) have gradually weakened on opening rates, although during the closing week there has been a reiparkably good competion at the reduced level. Compared with December the decline averages about 19 per cent., medium grades showing the fullest depreciation. Lambs.—Good style merinos have sold at very firm prices throughout, but faulty and short sorts have declined 5 to 71 per cent., as compared with the best rates of the previous sales. Capes.—The new clip wools are generally shorter than last year, and this has to be taken into account, but prices are ■undoubtedly a per cent, lower on all greasies. Scoureds have improved their position during the series, and now' show' but little change from December. Punta Arenas.—The small quantity of new clip wools offered was not attractive, being decidedly short, earthy, and wasty. Nevertheless prices paid were extremely good, and ruled quite on a par with December valuta. ; The Outlook.—The course of values has again proved the superiority of legitimate demand over mere speculative movements, and has shown to consumers the folly of being over-influenced by terminal market manoeuvres. This should be borne in mind, as we may see further ‘‘bear” attacks- in the near future. The sales have left merinos in a clearer and somewhat improved position. There have been in combinatim some strong adverse factors, both real and manufactured, prejudicial to values. Noils are at a low price, and unfortunately this season the clip seems to yield a larger proportion than last year. Continental consumers have been placed at a disadvantage by their colonial purchases, and also by a pause in the season’s trade; while the attack on terminal values increased the general uneasiness, so that in all centres confidence had become seriously shaken. In spite of all this the sales in, Coleman Street nave shown remarkable spirit, with latterly a distinct hardening tendency in the prices of all good greasy merinos. Fortunately the home trade has found itself in an advantageous position. Topmakers had important existing contracts which were largely uncovered, and this naturally accounts for their heavy operations in London. There were also those (spinners and topmakers) who have deemed it prudent to operate freely at this series because of the splendid selection ,of good free combing wools, especially from Western Australia. The clip from New South Wales and Queensland, on which merino users have been chiefly dependent, is unusually poor, showing much faultincss as regards vegetable matter, and also being short in staple; in fact, although there may possibly be an increase in bales, it is certain that from these centres there will be less top produced than from last season’s clip. Consequently it becomes increasingly evident that, whatever may be the course of values in short and faulty wools, the position of the best combing sorts will not be easily weakened. The trade conditions in the ultimate markets are not bad, even in Continental centres, where the pessimism is due largely to the fact that their colonial purchases are now too dear. German spinners have found improved business during the past fortnight, although margins of profit are smaller than during the previous year. America is still very cautious. Stocks are being steadily reduced, but the uncertainties of the proposed tariff alterations will probably retard free operations during the year, and it seems likely that foreign wool business in the United States will be spasmodic and of a hand to mouth character untiL.the tariff question, is definitely settled. ' -

The state ■•of affairs in crossbreds is the most perplexing problem of the market, and here the outlook is still far from clear. position will be better gauged when the feouth African and New Zealand markets are closed, and the buying power is focussed in London. The slow demand and comparatively low values ruling in South America have been the outstanding adverse factors. Strangely enough there has been little justification for such a marked declifei at the consuming end of the industry, where machinery has continued to be well employed at old prices. Consequently with Cheaper raw material it should be easy to maintain the consumption, which in turn should have a beneficial effect on values.—Gf-course there are startling'differences, especially on the best wools, in comparing prices with last January, when U.S.A. representatives were paying lod to 16d for Australasian clips which to-day are only realising- lid to Is; but it must also be remembered that the New Zealand clip is shorter and in mneh worse condition. As regards the immediate future of crossbreds, it is difficult to estimate the result of the wave of pessimism which has recently affected Bradford and other centres. Meanwhile, however, it must he noted that the South American market is Showing better tone, and prices have slightly hardened during the past few days. Moreover, there are too''funny reivin'* on the March series’ for cheap purchases to warrant too gloomy a view of the future. - So fari as the home trade is roncmamd. the general commercial outjook is healthy, and our siStcial industry should share in the resulting, benefita. The total oftenngs were 2(10.000 bales, ol which 17,000 wtre withdrawn.

LONDON WOOL SALES. Press Association .—Telegraph .—Copyright Received March 23, 9.45 a.m. LONDON, March 22. At the w’ool sales there was animated competition for all sorts, the highest prices of the series oeiug realised. LONDON MARKETS. LONDON, March 22. Wheat.--An Australian cargo sold at 35s htl. A thousand tons of New South Wales, March shipment, brought 33s 9d; 13,000 quarters of January-February shipment brought 34s 3Ad. Wool.—The Hiku clip brought top price, 13d; Titi, top price Is, average IG-jd, Tiapiti, top price lid, average 10|d; W.D., top price lOd, average 9jd. AUCKLAND SHARE MARKET. (Per United Press Association). AUCKLAND, March 23. The business done on ’Change to-day included the following; — May Queen —Is lOd. Sylvia—3s. Zeehan (con.) —4d. Kapanga (con.) —sd. i Talisman—4Bs 9d. New Talisman —48s 8d; new, 41s 6d. Waihi—64s 9d, 655. Grand Junction—27s 3d. Northern Steam (paid)—lss lOd. LONDO NWOOL SALES; The. New Zealand Loan and Mercantile Agency Co., Ltd., are to-day in receipt of the following cable advice of the progress of the March sales: As compared with last sales’ .closing rates, prices are about 5 to 71 per cent, higher for greasy crossbred lambs, about 5 per cent, higher for scoured crossbred, coarse gerasy crossbred, fine greasy' crossbred, and greasy merino, and about par to 5 per cent, higher for scoured merino, medium greasy crossbred lambs, and crossbred slipe. There is a good general demand for w’ool from all buyers, with the exception of America. ; DALGETY AND CO.’S REPORT. Messrs Dalgety and Co., Ltd., Wanganui, .report as follows: At our Wanganui sale on the 22nd inst. we yarded 4015 sheep and a small entry of cattle, of which we sold 2600 sheep. The long spell without rain had a decided effect on values, the consequence being a decided drop in prices. We quote: — 4-tooth wethers* 11s lOd to 12s sd, 2tootli wethers ' 10s, 10s 9d, to 11s lid, 2tooth ewes 11s sd, cull do. 7s, 4-tooth to f.f.m. ewes 11s 6d, 6-tooth and f.m. ewes 9s 6d, small 2 and 4-tooth ewes 8s 9d, f.m. ewes 4s, ss, 5s Id, 5s 6d, to 6s, cull do. 2s 3d to 3s, 2-tooth Romney rams 2 gn«, 2 and 4-tooth Southdown rams .T4, f.m. Romney rams 15s. Lincoln rams 13s 6d to 15s. LONDON WOOL MARKET. Dalgety and Co., Ltd., have received the following cablegram from their Loudon office, dated 21st March:—Sales continue active, competition is brisk, and buying is general from all quarters. America)', buyers arc operating on a small scale. All crossbred wools are rather higher in value. There will probably be 30,000 bales of New Zealand wools held over, in which case net much change to be expected in next scries. Wellington, March 23,. 1911.