LONDON WOOL SALES.

Dominion, Volume 3, Issue 657, 6 November 1909, Page 10

LONDON WOOL SALES.

'■■. :' r : - . ■*' - >."■■■■■ v..■.''•.'■ DPENINQ OP THE FIFTH SEEIES-ANOTHEII '"■.■ BIG ADVANCE.'■;■-. • : (Prom Our Special Correspondent.) '■ ■':' '. ■ London, September 24. Seldom lias aperies of wool Bales begun with jo much interest displayed as was Been last Tuesday, afternoon, whoa tho trade met together tor ...the fifth time, this year, Colbman Street ffool:'Exch&ngo being crowded to its utmost :apacity,' ' That there would be another: sensible ...advance -was already a foregone conblii-jio'n,-.'there, being just a difference, of opinion. iS'tOihow,far prices would move upward. The September'sories. ol auctions as a rule sees, the flmshi.vor..-the. last Australasian clip, and tho iin'erings.this . series of: about 94.00U bales iB very:small compared with 254.6C0 bales at the jorrespouoing series a year ago. It should be barno:.-in .mind that that, quantity was above snt: average; offering,', the arrivals being largely utigincnted'by a carry-over of 88,000 bales from Ml's-.provious July scries.' The quantity brought forward .this year was only 15,0C0 ; bales, and the, :laot. .clip has moved so .'quickly that : .noxt week „tho,trade will be quite prepared to-con-sldori.iscrioußly tho Australian now .clip." 80 far' as supplies go, there are no accumulations, although it is our firm conviction that both: in Yorkahiro and'oh the Continent, as well as' in'-.-Amorica,' thoro' ara larger supplies .of wool ■ than some will acknowledge. ' Talco, for cicamplo,. the stock.'of tops at German combing establishments. Nobody a. year ago when tho trado was-just beginning to recovor from the nasty slump could be found to affirm that supplies .wore .not'largo, and yet lost August 31 at-Gorman combing establishments tho stock of Merino tops was returned at 3,800,000 kilos, oomparcd with 3,?{)0,()CO kilos .at the end of July'3l, 1509. This scorns to us to be fully an avorage.for the tirao of tbo year. . ;. . A 3PMNDID VACATION. '•'.-.■';. . • ■ The' past' vacation has been tho longest that is seen; between-any series of sales,, and considering, that it is praotioally a holiday time, the business . done has been on u very ' largo scale. August' was a particularly busy month, and largo pales of wool, tops, and yarns were effected in Bradford, on the Continent, and: also .in .America...All U3ers seem to have been in a buying frame of mind, and plenty of Yorkshire spinners havo covered all their wants to the end of December. Throughout tho trade thoro haa been' a general anticipation of ones wants, and there are at this moment more contracts eating both for tops and.yarns than has been soon for some years back. No doubt the fear of dearer wool has been the prime factor in causing these operations, and it seems Btrango that with the beginning of a now, season in Australia there should have been such big sales, which were bound to have-their effect upon prices. ,Wo cannot .reaisf saying that, it appears ■to 'many .that there .has been an unnecessary anticipating of one's wants tinless the ultimate fabrio buyer can be got to pay the enhanced prices which manufacturers are being forced to quote, and to find Merinos and fin"e crossbreds in particular so high and dear at the beginning of an importing season looks on the face of it a little, absurd. However, wool-is prime commodity on tho markets of tho world, 1 and with business being everywhere good, : the demand is consequently large. At tho same timo a most difficult situation confronts the trado, and the present activity is going to determine a high range ol values, which will take a good deal of negotiating.:. . '■-'■ '.■•.■■:■•■ ! -. ■. .■ '■.". As already said, tho Tacation»has been characterised; with a good deal of activity, with the result that prices have all round sensibly, advanced, . Tho following shows that good standard tops stood at when the last series finished, and what they.were being quoted at last Tliursday. on Bradford Exchange:— i . ■■■. v. ' ' ■ ' ' "'.- ! ■ July 20. Sept. 16. ■•' '■'■'■■ •.• ■. d. " d: .•:. 70's colonial tons . 273 ' : 291 ■ M's „ V '-'. ....:.; 263 :; ' ■ 28j 60V . „ „ super -..;.;.. 26J. «' 27l>'. . 56's■: „ .■ „ ~......„. 213...... ~221 ... 60'b :.„- ,'. „>,.....,.;,. le .;,. 191 •:'■ •'■..«'« : „ .'";,'•'' 14 .h ■■', 155.--; 40'B ■'■,„, ~.".' „ 12i"'"•.',. 15, ..■ ■ 36's ' „ ; ■'■„■. ...... lij ■'.■■, 12 •■ ; ' ANOTHEE SHARP ADVANCE. •'•' At Tuesday's opening sale' all trades ,were well represented, including a'fair, contingent from America, and great competition obtained. Tfy catalogues submitted were Very scrappy, oross breds; largely predominating. -From the vers start, competition rilled exceedingly:keen, thcr< being no reserve whatever. The home trade wai in-strong-.evidence, for ..crossbreds, and it plain to be seen, at the very start, that prices were on a higher level. When, compared- wltl the close of the .July- auctions,', the ■ following changes were seen:—. '■'■:. y'-; ;i .\ : S: t :.i., • ■';' ' ■ Greasy merino combing"'.';:;.'Md.'"to ■■ lid. : higher Greasy merino.clothing .......Id. - ; ;.: ,:,: '.' „;. Scoured. merino combing '.■'.' Ud.".-:.- „," Scoured merino clothing ijd. - ~ Scoured merino faulty.'-.,;.: Id. .'.'.'..• „'.: Greasy fine oroasbred ........ Id.'.. ,'. „ Greasy, medium crossbred ..lid. ..:■•■ >; ■ „ ; Groasy coarse crossbred ... lu, :.. „ Slipod fine crossbred .'-' Id. tolld. .-."■'.•„'■ Sliped modium crossbred ,'. lid. to'2d, ' \"»: ; BUped coarse 'crossbred^.. 1 ;.'! J Sd. • \\ \'v. •> Greasy Capo, combing \X...\--:-W~v.v ' \>. ■■'»-. Greasy Capo clothing..::...'. . 1d.t05d.>,. ~ „v Snow white Gapes >.........",.'.. Id. to.ljd;. . '■ ;-,;■• • No one "can, analyse these advances''-witHou' boing convinced of the great demand for wool and, in verV! many 'cases,, tho above improve merit'is frequently okceoded.::At tho Same'timi we certainly .think that no man can:'look a the-price question with, indifference; and while no doubt, there is going to be a big doman< for. the. raw material,', to , say-.the'.least.,it ii very desirable to. cierciso' caution. :';■ Never, ye l have users been able to ido any.'good out'o wool bohght at iMtraVagahtly hlgh\limits,. an< wo shall be much Surprised if. when new sup plies are more plentiful to-day's'high- pricei can be fully maintained.';.:/.;':,'.-'," v^.,,';. : , : -■"■■'■'• ; ; ; THE OUTLOOK. •"..:./'..; ;/ : /.m;' . Messrs. It.' Dawson and Co., in Bpeaking "abott' the. outlook,' say: "The:'market to-day■":open under Conditions more satisfactory to' the'. selloi than to tho buyer. Values are at a highlevol especially in finer grades, and it is hardly, rea sonablc to-expeot that'when the now'.season'; plentiful supplies are available these 'hunger grices' can bo ■ fully sustained.- • The : position oweyer, appears to be justified by. the .prcsen activity. The reports from every centre indi cate a strong' healthy trade, with consumptioi at its highosf point. ■-..■'••- • ,"' ."Absolutely; necessary l , requirements .'hav" created .tho situation,, and there' ia an' : absenci of speculative movements. ; . ! The great foatur of the business in Europe-throughout th« whoi year, lias b'eon that the-,maohinory ; was nlway, close up to tho supplies. There has novor boei any chance'of accumulation'in: tops, especiall: as merinos, and stocks (as during 'th previous two yoars) promise' again .to ,be prac tically. exhausted. . Unfortunately/ our preson September ■. series only: furnishes' 9J.C00 bales,, a against 254,000. balcslast 'year,, to .relletfl 'th' .situation. If, we consider the roeord, shipment of the past twelve months ; from the\ colonies ,thfc marvellous consuming, power of the.'indut try is realised." It has not only cleared- th increased shipments, but has continued:to tak freely at steadily , advanciiig: value's; ' t> 'far as .merinos and fine grades of crossbre,(l are concerned.: It has again been demonstrate! that, so long as worsted goods arc . iri favou ■and-the'worsted branch, of the industry, is':ac tive, there is .no diffloulty about the absorr, tlon of the world's Wool production. "Crossbreds, hove had a more varied am chequered mil; medium and, lower., grades hav not experienced the :samo.appreciation as-fine sorts, but there is now a distinct, ohango; h the: state of affairs; Thanks to tho unprocc dented . domand on U.S.A. .- account. -for-.'• crost breds, and the heavy Bbipmonts from Bradford stocks in England.'have been, depleted,. am prices havo taken a Btrong.'. upward. movement It is necessary to: take into account that, al though'business in the. States is eicollOfit. am :prospects most rosy, there are plentiful stock In bond in Boston; stated to be between'sutand soventy million pounds of. foreign wool !the larger proportion of Which conßists of e.toti 'bred grades. These: will of ■■■ course bo 1 stcadil.drawn upon, but American supplies for' ■.. th next' few months appear to bo ample. : Th prospects for the coming season seem irbod, th ■ prevailing high prices constituting : tho. chie danger, especially in -merinos, whioh durini a period of two yearß havo. been Bupplyini the popular demand.'' .'■ / ..-