LONDON WOOL SALES

Dominion, Volume 3, Issue 846, 18 June 1910, Page 13

LONDON WOOL SALES

■ » PRICES FIRM AND HARDENING. (From Our Own Correspondent.) London, May G. The past week's work in Colcraan Street has again been characterised by good competition, tho market being firm and steady, each day's sale passing oft' in a first-class way. I do not know that t'liero is anything very startling to chronicle, simply because tho whole industry is enjoying a very good time, and tho catalogues are being cleared in a conspicuous way. The selection each day as can only be expected continues to he dominated by a large show of crossbred wool, and, without doubt, the present series is a time when the Home trade is to be seen at its best. Colonial pastoralists cannot but express their gratitude to the large iiumber of Continental buyers who visit both Coleman Street and Australia, hut I often think many people lose sight of the fact that taking singlo individual countries, England towers above the lot as the largest buyer and consumer of colonial produce. .When tho Continent is spoken of, the terra is usually applied in a collective sense, combining France, Germany, Belgium, aud, to somo extent, Italy and Russia; but England eclipses any other country as a supporter of Australasian and South African wools. Tho very first night of tho current series, buyers from the West Hiding of Yorkshire stepped out in a masterly fashion, and bought with a will, aud every night since they have done splendidly. Of course, Franco and Germany are also operating in a fairly extensive way, but have confined their purchases in a large measure to merinos.

MERINOS STEADY AND SOUND. The catalogues during the past week have contained some good satisfactory merino clips, and full justice has been done to them. When we state that up to 15d. has been paid for West Australian grease it will give the reader somo idea of tho •' very satisfactory prices which, are at present ruling for this class of material. We are certain the call is even stronger than last week for fine wools, and without being able to quote them any dearer, still there is being paid oftentimes the 5 per cent, advance which was in evidence towards the close of last week. Nobody admits to being short of stock at home, but it is well known that from now onwards the supply of .merino wool must bo very much, less than it is to-day, consequently a few eeem disposed to buy to stock. Some excellent prices have, been forthcoming for all wools of fine quality and good growth, tho South Australian ' clips from tho South-Eastern district commanding special attention last Saturday in Irwell's sale. These wools undoubtedly possess characteristics very similar to West Victorian produce, and they sell at correspondingly high figures. Ono cannot but feel sorry that America is not at present in tho market, otherwise we could easily have seen some very different prices for the best and lightest conditioned merinos. However, it is plain to be seen that the United States filled all its requirements in Australia during the recent season, and it will do well to absorb its present stocks. I daresay .the prices which somo growers are expecting will hardly be realised, simply becauso there is an absence of American support for their wools, and whilo everybody knows that "IJuited States competition is excellent when it is there, still it is too much of tlio will-o'-the-wisp character to be relied upon for absoluto certainty. Plenty of lots have been offered, which, if America had been in the market, would havo easily mado Id. to 2d. more, but neither tho Home trade nor the Continent can afford to give the price which America can, consequently the wools are sold at a Rood market value. The Home trade, as I havo already said, is a long' way tho largest operator; Germany comes next, France follows, then Belgium, while itussia is taking some fair weights of good, clean scoureds. Prices are.all very firm at tho nest of last week's standard, and tho sales are proceeding splendidly, tho advanco now being $d. all round. CEOSSBEEDS SELL WELL WITHOUT ANY ADVANCE. ' ' ' The position of crossbreds does not show a great deal of change, the inquiry being well maintained, without prices being materially affected. During the week there has been a trifle more doing on American account, and some nice parcels of, good halfbreds and 46's quality havo ■been taken. Still, their purchases do not amount to a great deal. The.best support still comes from the homo trade, though Germany has bought some nice weights of medium and fine crossbreds. X call everything very firm and steady, and the competition for New Zealand slipes is also very encouraging. There are two or threo blanket manufacturers in the Dewsbury district who are.hard up for crossbred clothing wools, and they are paying fully last sales' closing rates. This certainly is very encouraging, and shows that even slipes are still a popular article with Yorkshire manufacturers. Prices are all in seller's favour.

A TRIFLE BETTER' MARKET. Trade in Worstedopolis is 'proceeding on very similar lines to what has been seen during recent weeks, except that business generally is if anything a shade better. The effect of London has been to strengthen the hands of topmakers, and without doubt they are not so squeezable- as they have been, particularly those producing coarse 36's and dO's, most people now asking UUI. to 15d. for the latter. Business is certainly good so. far as merinos ,'are concerned, and many people to-day are asking a fraction more in view of the sales in London. Prices may not havo materially advanced in Coleman Street, but all the same holders know that nothing can be bought; cheaper, and if anything good combing wool is moving at a fraction more. All alike realise that it is useless to attempt to anticipate the future by taking anything less, and on all hands values are very firm indeed. ■ Fine topmakers have no difficulty in disposing of their tops if they aro prepared to accept prices current a fortnight ago, nnd a good 64' stop is worth to-day 2s. sd. to 3s. 5Jd., according to/ the character of the combing. Commission woolcombers are still working at high pressure, and tops are going out.red hot. This may lie good from the standpoint of Hie trade, but tops when allowed to cool and stand for a week undoubtedly spin better, and produce more satisfactory results. Still, the trade is at present on tho top of machinery, it being only in the loiver qualities where a man can obtain what wo may call quick deliveries. There is very little alteration to chronicle in regard to fine and medium crossbreds, the former still moving off in fair decent weights to hosiery spinners, while tho latter are also selling.moderately we,ll on Continental account. There is no material addition of new business in coarse crossbreds, but, as already said, prices are no weaker. English wools show practically no change, although merchants aro showing lively concern about the advent of the new clip. Nobody likes the present range of values, and it is hardly likely that users will go to tho country and lift the clip.at current rates. America is quieter and likely to he. Mohair shows practically no change. Spinners aro all well employed, and will bo for sonio tinie to come, but bore too the new clip will shortly be engaging, the attention of tho trade, and everybody is not wanting to see prices .suddenly advance, a contingency which is hardly likely. Spinners are all very busy, nnd the same can bo said for manufacturers.