LONDON WOOL SALES.

Dominion, Volume 3, Issue 754, 1 March 1910, Page 8

LONDON WOOL SALES.

OPENING OF .THE FIRST SEBTES. • MEEINOS FIEM, COAESE OEOSSBBBDa. ADVAUOE-10 PEE OENT. ■'' ' (From Onr Special Correspondent). • London, January &. 1315.. Once more the whole trade finds 'itself assembled in Coleman Street Wool Exchange, last Tuesday seeing the beginning; of the first series of sales for the current year. This is always a hiE event, and a great deal depends upon what there is done as to whether or no sound musketi obtain both in consuming and distributing centres. The effect ot the London sales upon the wide world, so far as wool ia concerned, is tremendous, hence it is some satisfaction to know that the trade came together last Tuesday in a first-class frame of mind, everybody being ■ craito ready for the fray. This is always the ; case when \ve Bo« a vacation like what took place between the closing . of. the • NovemberDecember series and the opening last January. Nobody need have been surprised if things had suffered a setback, for since the sixth series of 19M we have experienced stocktaking, holidays, and last, but by no means least, a genera] Parliamentary election. Any one of thea factors under ordinary conditions would have been sufficient to have seen tbe trade in a quiet way, but instead of that J?" ??, d markets, with values all. the while either firm or appreciating. This really is the outcome of excellent manufaeturmij conditions! and look where trade everywhere is sound and healthy We are glad to be able to chronicle such Rood conditions as at present obtain in connection with the raw material, this beine : a, far better record than slack markets and falling prices. J.he opentng of any series of London wool fnH,™ a ° ! ■ TCr7 great concern to thousands of colonial pastoralists. consequently all eyes are strained. to-day in the direction 0 • Coleman Street. Befow tS^ S ■ toeetJy ■ upon the auestion of the opening resnlts, I do not think I can do better-than briefly epitomise what has f» taken .place during the interval and the-following table supplies the na£ ti°ula»- I show the actual price for ,£od standard combed tops in Bradford at the opening of the January series. ISO 9. what they wore when the last series closed, and what.they could be bought at last Tues. usy;—' ' ■ ■ ...■.■'■'

Jan. Deo. Jas, ' '19.';' 12. IS. , 70'e colonial tons ..............255-. 28 ; 28V £.* •• .. — 245 V 27 2% S, s >• « ordinary 22i 25 25* S.! - ■■■-•■■ •- 181 : 22i 23J ■»* .■» . « . „. 16V SO M. : »' ». - Prepared 131 -ilft 17J: ™, a > „ carded ... 13 16J. 17' «8 „ „ carded ... l(|J 125 M j *Js » .. Pick hog. 131 16 ~I7J 64 s Ca Pe w24J 26i 27*. THB QUESTION OF SUPPLIES. :

Ji e ™ 18 . 9, ? 65 ? 011 connected with th« • e ' th ?' has been so Sotly. debated during the past few months a"'that of supplies This series sees the.beriming, of the marketing of "new clip" wools from the Dominion..and the trade Is hungry for every bale.. The. fact is. the whole to, dußtry seems at the present very hard up for crossbred vfools, and I should not he S™ 8 . d '« fee aU <malitie7 Sbly dearer before the series finish. The trade has only about 41,000 bales ot New Zealand crossbreds to go at until further direct arrivals come to hand. Below iriU be fonnd full particulars as to S™ nvals for the Jannary sales dnrine rerivals, what have been. forwarded direct' Q^uan^y^Sfe:^™' 3 ' *»' & ° ""*"

1910. 405,500 '.mm- --ffim 1909 354,500 . 157000 mm 1908 ....... . 181000 wffi 1907 ..... 275,000 124 500 155 0M ; 1906 .... 291,500 ' 125 000: . 165000 1905 '— 235,000- v 89000 147 000 1904 190,000- :. 58 000 ' 137 OM' 1903 ...... .216,000 82000 ■ IitOOO 1902 ...... 211,500" ,61,000 153,000 ')m ■""• K o '-' < im ■'• ISM • ;194M 55,000 144000

; Ooleman .Street Wool Exchanee lasl Tuesday., was thronged with the usual , crowd, of buyers, men from almost all quarters of the globe putting in an appearance. The Yankees were there in good numbers, and before the finish they will give a good account of. themselves, much to the satisfaction of New Zealand woolgrowers.- The selection was a lons way' above the average for an openine day, merinos being the pick of the basket Considering.the large quantities of direel imports it is surprising how ready many buyers, are' for operating, and there is no misgiving on their salt as to payine freey "Upmarket rates. The saleroom' was .crowded to its utmost capacity, and pnne-' tually at 4 p.m. a host of men were on' their feet.biddine like fury. It was soon ptamly to be seen that merinos showed' practically no change. Competition ruled keenest between Yorkshire and German buyers, Prance being a good third. The crossbreds catalogued were somevhat meagre, but for all that they received exceedingly strong support, in Bradford topmakers are 'down at the 6ales, and not a lot was up but what had bees inspected by dozens of buyers. VThey wer« all "new clip" • wools from New Zealand, and created a good impression. When they came to be.offered, the 6cene wac indescribable, and America was well to the front The openine, sale passed., off very well, and those New Zealand growers who were fortunate to have, here a portion of their clip for sale will reap a good har-' vest. When opening prices are compared with the close of the last series, the following, changes are seen:— ~.. Greasy merino, combing Par •' - . Greasy, merino, clothing Par •.. . : Greasy merino,.. pieces, etc .....Par. ; Scoured merino, comb- . ing .; Par <••■>■■• Scoured merino, cloth"- ' ing ...: ;.... .VPar Scoured merino, inferior ; ■ locks .and pieces Par. ■•■ ■ ; Greasy merino lambs ...Par to id. advance Greasy crossbred/fine ... ?artoJi'advance Greasy crossbred, medium Jd. advance ■ . Greasy crossbred, coarse Jd. to Id. advance ' Sliped crossbred, all quali- • ties ...:.. ...;..... : Jd. advanceCape merino, combing ...Par Cape- merino, clothing ... Par . ■■■ ■ ... Cape, snow white super... Par Cape, snow white medium Par ,-■;.: The opening results fully confirmed general expectations, and the opinion ■of everybody was that the initial sale left, nothing to be desired from a seller's point of view. The sales continue to make splendid progress, and full opening prices' are being readily paid. : , ; THE OUTLOOK. ' Messrs. H. Dawson and 00., in epeakisg about the outlook, say.—"The opening of the first series of the year has always a. special interest, and the representatives of the trade have foregathered here in a very cheerful mood. There is a widespread feeling of optimism with regard to business in 1910. Prospects are generally good in our industry, judging by the facts of healthy trade, fair working, margins, and a very large and well-maintained rate ol consumption of the raw material. "The remarkable absorption of last season's production nith/its increase of about 300,000 bales (including South African wools) has revealed to the industry its srowing powers and requirements, and the new year opens with no sign: of slackening in the demand for wool. Happily, we arp now receiving such substantial quantities of this season's clip that there' is no such, shortness of stocks as was experienced during .the closing months of laet year. The present offering of 180,000 bales should help to steady values, and, so far aa merinos are concerned, should favour the buyers rather than otherwise.

"There has been recently a- greatly-' quickened interest in crossbreds, . alike in Bradford and on the Continent, and fashion seems to bo. inclining more in this direction. The advance in these qualities has been more rapid than vail expected, and perhaps more rapid thanhealthy. The American demand, which has been, very persistent and heavy, has been chiefly responsible for the apnreciated values.' The home market is bare of crossbreds, and an excited demand seems to be probable. "In the colonial markets the freedom from any noteworthy fluctuation 'in merinos and comebacks has been-as'-, re-' lnarkable as it is satisfactory. , . Medium .and coarse grades have, however, been making continuous advances in, value' as the sesson has progressed. "', :

"In South America the market has been most difficult, owine; to the combination of; an inferior clip, with hardening values in crossbreds.. Nevertheless, the bulk of the wools have now been cleared, and the season will terminate earlier than usual."