MINING NEWS.

Dominion, Volume 3, Issue 709, 7 January 1910, Page 8

MINING NEWS.

■;: '?V:. ji '} J:iSTOCK;-,mpHANGBi|-p;--'^ ! i^.;..(By;>Tele'graph.^P

«£\S u'*; ( 't -.-:; V.Duncdln,. January. 6.\ : ■ iStook' Exchange ■.. (sales ; repbrtcd).—Waihi !Grahd Junction; ''355. -9d.;.'Standard-:'lnsur-. -arice,' 235..3d;i;:•:;'».;,: ■.'■i'---..- ..:■■ ;■/•.,-'■' ■;.-. /.-'.';-"■

i LONDON WOOL SALES

; ;:- ; ■ ; r;: AITOTfIER;?OTbD/bPENraG/y-'.iv^ ■:-;;t (rrbm:jbur',Sp"eciat:pbrrespbridenU '''-> ! - :: '' •■"' • iondoni:i^v'ember:2fi,'l9()9. v .-.-.Once again the' trade .finds itself centred ,in Ooleman'/Strebt.'Wool Exchange, tho final l 'series;for ,1909'.beginning, ; last;Tuesday. All .things'considered thol'opening'must bbTo-. ,'garded/.asy;an' ..exceedingly.; good''one; for tikirig'.iinto,,.consideration the'black cloud in 'Australia,;wherb;,the ; sales' are' partially stopped; iniMclbourhb and. Sydney, owing -to ■ a. strikei together.with a,political,crisis : in this '■?_ country,':' ..dear - 'money, : : and dear freights; ~to .'find. .wool ■. selling,- so remark-■ ably well.is indeed'something?'over which to.i.be proud...:.ltAis'certain that if 'the . manufacturing-industry, of-the :world;.liadhot been.busy:;wool.prices would ha'vo'suf-. fered: a ;serious, decline, 'but .-every;':mill seems'to be.sb'much.sold.ahead'that spin-', hers: arid .manufacturers can/afford-to treat with ; ,.cbntempt J -.:.the' ; ':uhtoward '■ incidents: which are ! ',transpiring* among, the.nations of, the' world. ■;.',:;.:;;:; v ;;;; (■';'■;•;.■;;'.",':' ;;:■;;,;;::;. ': ':- J;.;:VAOAtI6N:;EESUi,T3^; ; ;:V;;HV':

,::Eegular-^readers.of:'.thisr.letter, will..be fully aware' of ;what has - transpired' duringthe'vaciition, the;serious fall,in Continental futures: being 'entirely an 'engineered imore on: purpose:'to', adversely' affeot'.the. sale, of .wool ».in;; Australian'; Celling ,!centres,.: ..To some'exteht that', move hasvbeen .'sue'eessr >ful," but- 'during'.;the- past'vfortnighf:there has' : been. a partial rise, in-, quotations,. arid both wool and tops have cost a shade)more.' ..Wboliiseems. not'-.to have.come, down;as lowa,s'.quotatiohs for tops, though.;.it' is- hard :to ;believo "that .importers-.are :so,,;philanv thrbpic as to:' sell ithe';combed ..'article.-at less than, they,could make them, at-out of col6nial-b6ught--wool. ..Be that', as jit', may the-- vacationV has >. been'v.h!-.. little.; exciting, :alt;beca;use of pi'ices'.havihg-dropped:.:'2d. for .spot;.delivery :of "super; 60'e - tops id Bra'dfoTdi' -aid:. 3d. 'perjilb.;:for.-'delivery next.year.•' -''"."-,■ ? ■!;■ ; . s '.V>:- '••■;;• ■;'.■';..:->-',-. .' :'-

vj ! : :N;;j;;! ; -,- : . V. '■;{:- -! ? With increasing- quantities' of iwool being! sold 'at;producing ■ ceritfesi'it, means".a''less' quantity of .wool; fpr'-disposal.-jin 'Coleman Btredt;; a'nd;;the net quantity-'.available for> 'the -current series;is only. 98,500;:,ba1e8 com" : pared;-with 177,500 '.bales a -.year-' ago,'- or' a; Shrinkage, of -.79,000 'bales. . All. through this' :ycar supplies have' been..marketed aB fast as',.: they.,.'h'ave.vcpme ; .to': hand.Vconsequently the;..'offerings -.this'.'Beries.;are'ioxceedingly; 'small,: and' only, .a' nine 'days'; series ■■ has -been.drawn for; i .The weight of; the offer•iugs .will)-consist, of. .clip::- merinos;. Queehslahdf'produce:bulkihg;the- most. The quantity-:of New Zealand .wool,available jis' -very ■limited;- and- these;will,..mostly consist .of slipes.-': I do-not;-, think: I can do better.vthari give a- comparative statement .'showing.';tho..."quantities- available. - this; ' series j compared -.with" .the.; series ;iiv' year, -ago:—' k-i ■;■.'■.-.■'. ■". ~:■•:■ ■:?;■.'■ - '' v .i'- ■-.-• ■■''■■■\-~: ]!r .i';:.; ';- ■' .v. ,■.: .'.•■' . : Nov.'-De'c.','-Nov.-Deo;,'

:i?:x '- : v si : '- --M<<Z '■:■ 19C8.:; ;'./1909. ; .-. ■'•!■'-,■"■ '•.'■■'.".' V" '■' :!'-;'. -: , •:Available: Available. ' ; ,-:.: : ;; :\:.:;''":'.'-.-.- :-. i :for sale.. -for sale.; '.'■.".',".■'- •'<■'■ .V'"'-..-.-V-.■'.'-';■;>':'••■ Bales. : v -,:■ Bales.::-' Sydney' and Queensland - 85,650 ':• -46,500 , Port .Phi11ip\..;....._:...:...: 22.700 v- ■:: 12,500'.: Adelaide: -'• >'..;;.™~ ; ...:.:.:.: . ,6,9C0'-'.f '.- 6,300 : Bwan Eiver'.; ;.;..^™...:; : - '9.950-. ;>; 12,000• Tasmania' -.•■"■. , ... : - 550 -.::.. 350 ;-,' Now; Zealand ;.;...;_...;;.... !42,800 , ,16.450-. : 8,950' ;-:;, 6,400: ; ;'.'' 'Total'tV".-"""."--"-".! 77^0 :w;-;' : 98,50P '..

:,:.!;:;!:: !';A OREDITABLB-BTAET. : '.;,•.: - ■'. . : : :Last Tuesday-again-saw Coleman Street Wool Exchange crowded to excess, all sections of. the. trade being represented/ The selection' submitted : was above;,. the average. for 1 , an opehing;. day, .merinos—, mostly-new clip—predominating. Some real good -wools 'being'.o'ffored.Jed'. to a ;very. spirited sole! all sections competing UooDly. Tho' Home' trade:andj theCContinent.didt t .did most of-the-buying,; America? taking .a. fewlots of tho ■ best: wools. From. first to. last there "was.'. displayed :great•. eagerness to acquire:'the- raw material,, and. very few wools "indeed failed:.to find a buyer. : Competition - ruled-exceedingly■.-■ keen, ..-.and nfl doubt several were doing somo covering. What was the weakest part-of tho .offerings waa .an absence of-greasy;crossbred fleece,;but this is what could.only, be expected.' Somo:fair, good lines..of New',Zealand slipes were offered,'and theso called, forth splendid competition on the part of tho Home-trade in particular. When compared with the close of the last September series tho, following alterations wore seen:-, Grease merinos, superior: No', change..'■■•'.'■-'■ \ - ' Grease merinos, :medium par; to 4d. decline Grease merinos, faulty...' par to Jd. decline : Scoured merinos, auper'r.' Jd. declino Scoured merinbs.medium id.: decline •'- ■ ■,'■ Scoured merinos, inferior : par: to-Jd,-declino Grease crosßbred, fine...; No chango ~ ■ Grease crossbred, med'm No,'change- ■,■''.' Grease' crossbred coarse: par. to Jd; advance. Capo combing, long ........ 'No: chango Capo clothing; short ......! par to Jd. decline

• Since-ithe opening : ,the sales have'• made splendid .progress, and, there ;is , a firmer market..Merinos generally are now selling up to last 'sales'.rates, -with the exception of-!the:very.heavy,' wasty!.wools'.. Coarse slipes, .aro , 1d.,,m0r0 than,:in' September, but medium and' fine aro no dearer, theprices paid last.series being extreme. What is.'-perhapsthe. best feature of any. is tho readiness of: the ■ whole trade to operate. .Wool is-selling l well.' America, is not doing, •great' things.-but taking a few nice -lots.of merinos. : France and Germany are buying freely, and'so is tho.Home trade. ..s

;: : '"'V'V■'■':;.; THE -OUTLOOK. !!! '' ',:' : Messrs;;: H; -Dawson and Co., - in ' speaking of the outlook, say':—"The past- interval has b'ecriiifuU of '■ interest-and'-incident.. The struggle .between', consumer-.'and producer has been very marked and keen.; Everything possible has been done to" bring

■ down--the ,valuo of, the raw'/material ■to a more reasonable level; by "an", excessive caution -In,-spot -purchases.by, abstention, from operating, in the colonial markets, by pessimistic reports, and by a", considerable amount of cheap. selling for forward deliveries,- the market has been subjected to severe, pressure. Considerable"" success resulted up to, about a fortnight ago, when' ft reaction set ,in, ; aotunl .requirements again strongly assorting themselves. Stocks aro, depleted, 'and consumers have had to come into the market. The difficulty has been. accentnated by ,the stoppage of the sales.; in.Sydney and, Melbourne,, o,nd topmakers are ■ now anxious■'.- about' securing the-necessary supplies; to fulfil -contracts for the first two months of the year. Consequently, the series, wliich opened on Tuesday finds a. stronger demand than -was oxpeoted; a. few weeks-ago, and prices show a,better average.(Tops have'been sold recently, on ,a basis of ,10 ,to ; 12 per cent, below- the September, level of values, but the ..decline': to-day. shows barely '5.: per-.-cent, shrinkage- on "the...:ordinary top-making -wools; :*> v':- : -'.'-.-.' ; „;■.-■ •. ■ . ■

. With regard tocrossbreds,' the values of the raw,, material are -strangely irreconcilable with, those: of,tops.. The situation baffles/interpretation arid everybody waits for a clearer development.: The South American clip is Being marketed somewhat ■ late; it is;, in such -indifferent' condition' l .that HpmeJbuyers, do-.not care to-.payi,tho prices asked, which are' considerably: above the Bradford: levels '■', ' flu New Zealand the strong American demand has' established a level of values which Yorkshire,consumers cannot yet follow.-';'.';; ji'<.'■:■;;';■■' .'-'. -.1.:.-■ '!.,': ■'■-■ ; .'■'.'.'■■'■■ ';'"Meanwhile, the stocks-of:raw. material m European hands: are "rapidly approaching., the.-vanishing' point, so- that interestrag -, developments : are inevitable in the ■near, future:.-, Crossbred' tops -must either make , substantial • advances, or '.wool- must decline to a more"- proportionate basis.. v'~.The■ high', rate., of. money, 'and the' prospects;., of, a, general, election on one hand, .with the of the country' .and, the Iremarkablo! depletion? of stocks on the the position'-' extremely difucult'v,..tb ; ' gauge. - .^Meanwhile,.'however, there-is a strong indisposition to' speculate,' and., a. strictly-legitimate'-.hand-to-'ihouth trades;seems to be favoured.-This-is the best-'security .against /fluctuations-and ultimate/losses' in the'-spring, "when ;more normal ; conditions should prevail ; as; re--gaids .'supplies; and relative : values^":;..-'.