LONDON WOOL SALES.

Dominion, Volume 3, Issue 795, 19 April 1910, Page 2

LONDON WOOL SALES.

i _„ OPENING OF SECOND SERIES. MERINOS PAR TO }D. HIGHER. CROSSBREDS A . SHADE CHEAPER. (From Oar Special Correspondent.) London, March 11, 1910. Once more the varied clans of tho wool world are gathered in the amphitheatre of Coleman' Street Wool Exchange to test their strength, and to see which can wago the keenest battle in the fight for tho raw material. It Rcems but a good week ago since we greeted each other, but then to bnsy men time flies,- and nearly five weeks have elapsed since .we last said goodbye. I have always said that growers look through different spectacles to buyers; the former hoping that their wool will sell for a big price, while the latter do their best to get tha raw material as cheap as possible: The position of both parties is a tangible one, for it is only right that tho grower be rewarded for his toil and labours, while users naturally want to obtain on as cheap a basis as possible that which they know is of first importance to them. The opening of another series of sales is just like tho sounding,of the.drum to an old war horse, and hundreds of buyers are at present in attendance in Colenian Street doing their utmost to meet'their \rants. The trade came together last lucsday in fair good heart, there being .very little misgiving on the part of ahy as to how wool was going to sell. Merinos were recognised as a very safe article, the most interest seeming to centre around crossbreds. That was but natural after the slight case reported at Antwerp and Liverpool last week, but nobody took very seriously the backward move which was chronicled. To be very candid, the River Plate clip this season is a disappointing quantity, the wool being tender, badly grown, heavy, and burry to a degree, consequently London was looked to to define the position and shape a programme. To tho majority tho standing of the raw material seems sound enough, but sometimes contingencies arise in the wool trade which' takes on ugly phases, and many thought that possibly Antwerp and Liverpool were simply leading the way for London, and that crussbreds. might possibly ease.

SUPPLIES AVAILABLE. Tho news has already been cabled to every wool-growing and consuming country in the world that 141,000 bales are availab e, this being about 40,000 bales fewer than was anticipated. It is safe to assume that if there had been no coal strike in New South there would have; been to hand 180,000 bales with the carncd-oyer quantity at the January serj ies. However, 141,000 bates is quite eaf- [ ficient for .-tho time being, for when May I arrives it is just possible that the trade will bo breathing a little more freely, and there will.be an absence of that financial pressure which at times has been the cause of a decline in prices. ' .However,, it is just as well to put on record the quantity of wool that is available, and below the reader is given full particulars respecting the gross arrivals, the quantity of wool sent forward direct to.manufacturing areas, and also the net quantity available for sale. Seeing that at;the present;series crossbred wools bulk the largest, I' show separately the quantity of New Zealand bales which- go to' help to ,make up the total, and tho following are the particulars :— ;areival!3:f6e;;the:march sales. •■' - ■ ■■■■■ • .■-.!- ■;.'■ n '.. -.-..■ si- ■: : y.MI--£%l;isi 111 1310 • 361,500 220,000 76,800 141,000 ;,IM9; 424,200 230,500 92,400 194,500 . 1908 :.,....'.<.-340;700. 169,500 92,200 201,200 IJO7 ...... 397,400 233,000 74,900 167,300. ' <W\ " W"«~' 58,000 131 800 iflOo! ;;.■>>...;;. 366j000.,171,500 74,000' 179,500 1901 .;.... .271,900. 110,000. 69,000' 168 000 ■1903' ;...;.. 278,300. 120,500, 76,000 107,000 •"•••'; 252J00-105,000. 53,800 162,000, ■' jMli.; 216,000 92,000 -52,000 218,000 1900 ■_......• 263,000', 108,000. 44,800•.' 174,600 i-w t m te'eesn from'tie above! table . that the' net-offering's are the'smallest' of. any year since- 1906j in- fact, one has to go back-to last century to find such α-small quantity, as 141,000..ba1ES ayail- .■ .able for a -March series. Something"like . 100,000 balcs-'df;oNew Zealand crossbreda were expected,'but as'a. matter of fact :there are , only'about 77,000 bales. This is,, a good -avdrage. l The groW arrivals are also below: what they were twelve ■ -months ago by 5?;700 bales,' but on the , ..other .'Jiaiid : the-.quantity, of wool sent fonvard; direct; to . manufaciuring areas, , although;down;about 6500' bales, is larger .. in. proportion'than the' gross arrivals. ... This proves that more wool than ever has been bought in. the colony, and that supplies are .adequate in; maimfacturing. . areas.. At. the same, time' users never object to. being called! together to- lift 100,000 bales, and we do not anticipate there being any difficulty in doing this on the present occasion. .' ■-

A DECENT START. ."-•...' -,- Messrs. Thomas and Cook, for the first time in their history, opened'the ball, this, firm being the largest' sellers of crossbred wool. Their catalogue contained a sprinkling of all qualities, and ■offered n fair test of the strength of the market. -Bidding began in good earnest,and led to a fairly brisk sale. Evidently several -had-been valuing at a. -fraction less than', what-obtained last series, and here and there a parcel of 40's was purchased at id. .under January closing rates. At the same time wool sold remarkably well, and competition was keen to a degree. Buyers operated' very freely, nothing whatever hanging fire. -Germany bid confidently, but.: the Homo., trade proved to bo the largest purchasers,".the wools ■ being the most suitable for.. that quarter.'■ A "fair sprinkling of American buyers aro present in Coleman . Street, but it is as yet too early to"say.-what they are going to do. Here and ttero one saw signs of orders that have to be.filled, but on the opening day they did not do a great deal. Merinos went splendidly, the operations of all sections of tie .trade being very good indeed. There is no. : question of a doubt that fine wools are going to sell as well as-ever, and Yorkshire topmakers and Saxony ..spinners are Jie-re to buy. •■ Then compared with tho "close of last series the,followin? changes were seen:— Greasy merino, super,■' Jd. advance; 'greasy , merino,- medium,, fully par; greasymririno, faulty,' par;' greasy crossbred, fine, par; greasy crossbred, medium; par to Id. advance; greasy crossbred, coarse, par to Jd. decline; sliped'crossbred, combing, fully par; sliped orossbred, clothing, par to id. advance;.greasy Cape, merino, combing, fully par; greasy Cape merino, clothing, fully par; greasy. Punta Arenas crossbred,' tine, no change; greasy Punta Arenas crossbred, medium, Id. decline; greasy' Punta Arenas crossbred, coarse, Jd. , decline. ' ' : .- . , ■' ' •The opening .results ju&t about . harmonised with general ■ expectations. Buyers seem satisfied that the position of things had been so clearly- donned, and jriven' a steady basis of .values everybody felt certain that series would, result. The selection of i wool is again going to be a. very decent one, and I feel oer'tain that we' shall see plenty of competition, with the catalogues absorbed'as readily as ever. ,- ■■■.'.!■■ - ■. ■ .; , THE OUTLOOK. ■;. '■ M«ssrs. H. Dawson' and Co., in speaking about the outlook, say:—"The market is still under the predominating influence of a well-maintained consumption everywhere, and in practically every grade. While this is sustained there is little chance of any weakening of confidence, although everybody fully realises that prices are above the average of the past decade. Up to now there has not been any goneral accumulation of stocks, notwithstanding that this is the period of the year whan the opportunities, and risks of such are the greatest; but so far (in European, centres at least) the experience is of quite a contrary character,' for wools aro going into consumption rapidly, and, indeed, complaints are numerous that tops and yams cannot be delivered promptly to their contract dates. Consequently buyers are encouraged to operate confidently in merinos. It is true that some of the German .spinners report elightly-easier quotations for yarns, but 6von at recent valves their prices ore still adequately rennmeratiK*. l

"The position in crossbreds is a trffle nncertain until America shows its hand. Amerioan buyers are present in, gooth numbers, but their market is somewhat] quiet at tlie moment, due, of course, io\ ' \ha fact that direct colonial purchases > are arriving freely at Boston. UJS.A. de-, ma'nd has been so strong latterly for the? best crossbreds that tha& would naturally be affected by any change in their sap-, port., Average sorbs, however, will find* a persistent demand from the Home trade, and the statistical position-of ( orosabreds (reckoning an expected do- . crease of fully 80,000 bales from the . River Plate) is one of : unusual strength. Up to ,date some 210,000 bales (nearly 1half the clip) have been sold in New Zea- •■ land, where the regular season is now , over. It is evident that the" four re. maining series in London will haw' '.'■ smaller offerings of New Zealand wool ; than-has been, usual.". .■' . • -,