LONDON WOOL SALES

New Zealand Journal of Agriculture, Volume VI, Issue 3, 15 March 1913, Page 357

LONDON WOOL SALES

The High Commissioner reports as follows on the last London wool sale, under date of 15th January : The first of the series of colonial-wool sales for 1913 opened yesterday. The attendance, while good, was not equal to that at the opening of the previous series, when the number of persons present was larger than I had seen on any former occasion. However, competition was particularly animated, and all lots offered met a general and active demand. Merinoes of all classes were specially bid for, and values of this quality were slightly higher than a month ago. Fine crossbreds were also, if anything, a shade higher, but coarser qualities, light in grease, were kept at about the same price as at last sale, while heavy and inferior classes were less eagerly competed for, with the result that their values were slightly in the buyers’ favour. In the catalogues submitted yesterday there was a fairly representative selection offered for sale. Consequently it was possible to get a fair indication of the position of the market. The quantity of wool available for the present series is considerably less than a twelvemonth ago, being 134,900 bales, as against 181,500. This, taken in conjunction with the fact that trade is booming everywhere, and that woollen-manufac-turers are busy and full of orders to keep them occupied for some considerable time, justifies the belief that the present high range of prices will, be maintained, or that possibly they may advance. There is little to indicate a decline. The expectation of lessened supplies, together with the belief that there may shortly be a reduction of duties on wool entering America, are strong points in favour of an advance. Of course, present prices are already so high , that naturally buyers may be cautious. The fact remains, however, that wool is required, and competition for all coming forward is bound to be good. The outlook is decidedly promising. At the present moment, however, there are two factors which bear unfavourably on trade, one being a threatened strike in the woollen districts in Yorkshire and Lancashire, and the other the Balkan trouble. It is not expected that the former will develop to any extent, however, but, of course, in regard to the latter the position is more uncertain. •If the dispute between Turkey and the Balkan States were settled, there would be every prospect of a further advance in values. For the present series 33,500 bales of New Zealand wool are catalogued.