LONDON WOOL SALES.

Dominion, Volume 2, Issue 555, 9 July 1909, Page 10

LONDON WOOL SALES.

.. - . £— —, . FINAL RESULTS OF AN.EXCELLENT ;'- SERIES; ' : WILL THE AMERICAN DEMAND FIZZLE :: . . OUT?;;, .. (From Our.Special Correspondent.) ■ Bradford, May 28, 1909. Onco again one passes along tho corridor of the Wool Exchange and finds it no longer crowded with men of all nationalities, these having cleared off to their respective homes. Tho May salosaro ovor, and everything wears ,a'normal: aspect. It would indeed be strange if it was otherwise. Thoro is a time'.for all ■things, and having had their fill of raw material, it is absolutely essential in the interests of both grower and user that buyers should look well to tho manning of tho ship whe'nthoy havo taken supplies and cargo on board. The finish'was a good one, and everybody could not but feel satisfied at tho results aohioved. The expectations of both bank managers, importers, and soiling-brokers woro more than realised, arid a happy fooling to-day characterises the wliolo trade. Thoro is nothing like a brisk sories for imparting gonoral confidence, and for giving nil to fool that tho market has to.it a good, bottom. Whon tho trade feels "shaky" at tho .most vital part, it is never long before- we boo unooinfortaulo evidence of this with falling prices, but if London did anything at all it proved how sound were prices,. and that mon.nad oonfidouco in the raw material. When, one comes to;thoroughly examine the most essential parts, and to see that users both in 'Europe and .America ;are well supplied ,with the law; material,-it is indeed a wonderful achievement to find: that ;no fewer than 168,000; bales wore 6old in. 16 days. ■'; / ■' :■" :•■■" .' '.•" ■.'■' '■:■ 'V : • . ■ FINAL RESULTS. :-.... • - ; As compared with last sales (March) closing rates, .the following. changes took place :— -■■.■ '~.■'■'■ ;'■' ■■AUSTEAllAN. , '.■..':■■■■,;'■;';■•; "' •■-..-■'.■ ' ' -..•' . Higher. ■ • Merino,' grease, 5uperi0r"....:.:..... id. ■ .. : i> grease, average to good Jd. to Id. „■ grease, inferior ......... jd. ••'■■ •-'/„ scoured; superior-...;..... Id. to/ljd. ;, „ .scoured, average to good 1d... ..- .. ■ "'• „ •'. scoured,- inferior., and" ~ ■■'.■;■; . : faulty ....'.........■.' id." to'ld. .- :.-'„ . grease/ lambs, super' ;.. None offered '. „ grease, lambs, average... id. .to Id. . „ ; . grease, -lambs, , .inferior': id.'"'.' to' {&." ,' : ';,■■' NEW ZEALAND;; •<'.- ';.- ■. . ■ •■ ■ ■■■':" -" ■"■'■■ ; • Higher. . Merino, grease, good Id. , „'■' grease, average............. id.; told. .„;... scoured, , good . Id. to ljd. ■■ ."',-,■ '"■';■. scoured,: faulty ......... Id. / Crossbred, grease; fine, light ... Id. /to Ijd. • -..»' .'■ ..grease, medium, light'.'lid. to 2d. 1 ,; grease, medium, . ;'■ ■' . ' average .' Id. t0,1id.. , ■' i> grease, coarse, light Id. to ljd. i>;: ''. 'grease, coarse, aver- ■ . .-.,; : . age .................. 3d, told, ' „ '. grease, lambs ......... id. ..-:.' .■„"•■'■. -sliped, fine Id. . ; „ . . sliped, medium....'...... Id. _ .'.! .--"„■■•.' sliped, ..coarse-.f.......:.;. Jd. •■told, -V SOUTH AFRICAN;'->; , ': : ..;'-. Higher; . Snow-white, super ........;......;..».; id. to Id. : ~; ■„ - - niedium to good ;..-• id.-, told.- ■ „':. „, inferior .....;....■ id. ... Greasy combing, light ............... id.... ' . .-,', . ' ■',;■■. ' heavy. : ..' >Jd..'..,. ■:'■ •"•',; clothing,, light ....„....'.. id.' ; .. ■:.'!„' ; „ heaTy. ...'....:....-p.ar to id..■_'/ The above cannot but be-considered emin ■ently satisfactory all round. 'In the- case': oi orossbreds the advance was ...oftentimes,. from 2d. : :to 2|d. per lb.': when: , America:, was; on'.the wools, and certainly. , the,; advances '.made -pro. claim more than words the strength of the market. With only a 'carry-over' of 10,OOG bales, /there is■ also one more'-evidence ..that stocks aro exceedingly,light in first hands, and it is a surprise to everyone that,siich;a small quantity should have' been available; 'It will Ibe remembered.that the number,of. bales net returned as being available for sale was 177,500j but there were actually Catalogued and with the held over and withdrawn quantity, numbering-10,000 bales; ■ there- , must -have been something like 100,000, bales of colonial ■wool in hand for.sale., large supplies' being:in i 'th'ehands.;.of' users by- way .of imports, yet everything molted like snow before, a hot sun, and with such a small carryover the outlook is rendered all ..the n>6m satisfactory,' particularly, ■ frojiv thf. standpoint of the America •purchasing £3,000-:baks is. ; net a very, great item, but all the same they oleaned .up the catalogues,, of .the;.best wools, and so forced the Homo and Continental trades to compete all the moro keenly for medium descriptions. .A special word of congriitulation is well worth being given respecting the wools from the ! south-eastern portion of South Australia, up to ls.iidl being secured for grease t ' combing. ; : . '.•'■• [i , .. ;' .' - GETTING THROUGH WITH THE,WOOL. There is no more startling phenomenon; connected with the wool trade to-day than the record movement of supplies, the trade never lifting so expeditiously the raw material in any previous season. The figures, if they are analysed, aro almost sensational. And ..yet no'body seems: to'.: have the least fear'that either the Home, Continental, or : American trades have bitten off more than they can chew. Schwartzes' figures cpme.in very useful at this juncture. Adding transit wools and direct imports to London purchases, the total deliveries compare as follow:— / .. 1909, . 1908. Bales. Bales-. Home consumption '637,000 570,000 Continental consumption 1,109,000 ■ 896,000 American consumption ... 138,000 ■ 58,000 '■■ '•■■."'■■■'• , .1,88-1,000 1,524,000 If careful note is taken of the above, it will bo seen that already the deliveries to the trade show an increase of no fev;er than 360,000 bales. . This is partly due to heavy arrivals from producing countries, mostly Australia, and partly to the larger quantity carried over, last year. This 360,000 bales "is certainly, .a : very ■noteworthy increase, and a careful analysis of the table shows that the Home trade has absorbed only 67,000 bales extra,, and. as much as 213,000 bales more havo gone-/ to I the ; Continent, while America has absorbed 80,000 bales more. It sounds to sense that if- this wool has once gone -.forward , ' it' cannot'- be , there to sell again, and although 140,000 bales are estimated to arrive for the. July-sales,.even that amount is more than' was generally expected. * . ••;.•: BUSINESS QUIETER; \_,\ :•■:., Conditions in' Bradford are •practically un. changed, and there is now a marking-time movement .everywhere to be seen. On the whole, 5 prices' a're steady'and firm, ; but"l daresay if a serious attempt at-business was made a fraction less would be taken by several topmakers.. It is hardly fair to say that there Ts a growing apprehension respecting the stability of prices, but all the same,.now that London no longer is "propping" the market, a few are disposed to sell if they'seo a profit. Nobody is quoting less all the same, bnt it is plainly to be seen that in those quarters where three weeks ago values had been advanced almost to a level wilt Coleman Street values, there is to-day a disposition to meet the market, and. accept more business-like values. The market has turned very quiet so far as new. ...business: is concerned, and very few spinners are disposed to again come into the market. In the majorjty of cases there is no need for it, most being well covered for tho next four to six months. There is a feeling in Bradford that the price of merinos especially and fine crossbredsis high enough, and it is more patent than ever that users are eoihe I? M m? p before committing themselves further. There -is no single firm disposed to take liberties, and ; all alike-have decreed to go from hand-to mouth.. America is still a buyer of wool, and.tho whole fabric seems to be bound up with United States influences. Uiven' a continuance ■of American support and values will remain intact, and although some would devoutly relish a fall, yet at the.present suoh .a course would be'productive of infinitely more harm than good. Business'so far as consumption is concerned -is still at the highest point, and both combers and spinners have as much on as they can do. Deliveries of both tops and yarns are being made with great speed, and on- all hands there i is great pressure being put to meet demands Crossbreds are very slow, particularly stone qualities. In fact, top-makers are to-day .well off of old contmcts. .Stocks are not , heavy and spinners ß being busy on both thick and medium counts, is causing some considerable weight to be shifted. Large shipments - are still being made to the United States, and many are hoping that importers are not purchasing : too ' heavily. Quotations are all unchanged. Mohair manifests more life, and the outlook is much bettor. Capo firsts ■ are quoted at 12d. to 12}d.,-Turkey average 15d. to 15Jd., and thero is a disposition to buy in Borne quarters. All machinery is being fully run. ■■-,■■ •