LONDON WOOL SALES

Dominion, Volume 3, Issue 913, 5 September 1910, Page 3

LONDON WOOL SALES

: FOURT.i-I SERIES OPEN WITH . ' .'■'' MEIUNOS"PIItM. ■■;■' ] SLIGHT DECLINE IN CKOSSBBEDS. . (Prom "Our Special, , ; '..;. ■ , London, 'July, 15, 1910.' Once, more interest -in the wool ,trade is centred, in Coleman Street AVool Exchange;., where;..last 1 Tuesday .'began • the fourth series l of sales; It docs.not take much '. for ' interest 'to be -shifted/ fromconsuming centres to London,"'.which, after all, can. only be, called a centre of distribution.-; However, with there being now at home nearly all, the ..buyers who. go'out to Australia, the. opening, sale saw a big-contingent of,men putMn an appearance, /and; .so''.for numbers go, every .seat.wus.occupied. A.Harge"number, were there more as spectatoYs,.'many journeying "to Coleman Street to -feel-the pulse df. the market,- especially, those, \whose chief, concern .is. the buying' and handling of merinos'?' While''' : ' mills in '. Yorkshire continue to be exceedingly busy, still the slight reaction in the price ot'tops is unnerving a few, and .there ,has-;bceu created a rather nervous .undertone. This is largely - the outcome of '. fear. about what may • possibly' transpire, -'particularly ■ in crossbreds;- All-along America has been more .or, less,a :h'u£ T beai;' toUhe Bradford market;, and; the. distinct ';;iuiotness in medium and;c'bar.so;-wools -lias iipset just' a ,few. However,''■the-'fqlloying.'itablo explainsho w„ matters actually .stand, in consuming .' centres compared.. wi.thi,-.the close of; the -May..series,:and-the quotations for standard. makes of>; tops .-us 'set->forth in th'e table,belpw..;apply to, Bradford :— :]/'■/ A ■:;»■■ JulyGiMay 12 July 12

■ /./ ]QUANTITIES:vi\riILABLE: ' / . ; ..The quantities'-available;' .have ' all ithrough the interval:been a topic, of considerable' interest,' arid the' ! weekly/list- of , arrivals has been watched : very-minutely. We are'glad-that, is so;, because it stows .that the trade;is as,a, wholq.aliye to the situation. It will be; remembered-'that-ii limit of ,160,000 bales net .was fixed for. the July, auctions, but I never thought, that total would ■';be- reached,' 1 , and.."there . are only, 130,000. bales,net arrivals, which,; .to-, gether'/with . the old' stock' held over,: makes an available' offering of •; 155;000 bales;' This is,in...no. sense;heavy, two years,'ago"; there", being' 'actually..l2o,ooo bales more-than is the.case; to-day. Still, •the , arrivals': are sufficient -to meet the', wants of the trade, ' and especially when ,the.Homo and Continental operators w;ill : be called upon to lift; practically, tlie whole ■of • .the., offerings., 'I shall, be very much surprised if/at the. close-America has purchased.sooo bales, but. then nobody can tell. The.:wi.ll-b'-th' wisp' nature of ;our Yankee;friends has once, moro.been in 'evidence, baying .'so freely.as they, did in Australia last season, and'then ship-ping-back to London'sooo bales, for the May :and July/, series," a proceeding which is: rather .unusual; ... Still,, all -alike feel that; they are.; acting; wisely in, thus realising.capital,' ;and; so preparing 'for /either' - investing. same./ih... ib'cjrl. o_wm/;(l6mestic wools,^or,!,clse;j>eserying;'the,-shekels .for again., operating,. ,in.-;iustralia/"iiext ~'.sea;son.,.; ;50n.,. ; What (I t , specially itha .attention,.''of: the fradeiv.-,tb,".,fs/nuie/ large.. 'q lihntity of ; wool which' ingoing,, forward.direot ■-to • manuf actuT-ing ■'.' centres.. : All through-'this yea'T nearly half the arrivals, have ;nove'r seen Coleman Street;auctions,-■•a.-clear, proof that ftopiirakers, ■ spimters; : .and v.kinufacturers■'., are -buying■'.. more, j-heaviljrytt jKe ;,sorfrces'of/ supply; '/.The following '.'table''iC.-j^Cjir'^Yorth. 'careful analysis.. "I' show' t.ho, quahfirios; of, 'wool' whicli. have, gone '.forward 'direct--'during. Pife,first..;fqur..series,of,-.sale? ffl,r. the years' mentioned:—-,,.; -.!-'/•' -i,'■.:•>*}/. -:,;v,.-." -,

■''-. • January:'. March. >; ,May. ; ■'■'July.V j : Series.; \Series.''Series. Series.' .-Year. Bales.'. ■'■ Bales. , Bales.' .. Bales.' "1910 .'.. 229,000' 229,000 : 270,000: :'155,500 ■1909-...-157,000 '236,000 ■ 213,000' -135,000 1908 ... 181,000 .1G9,500- • 132,000''. 73,000 i 1907' ... 125,000^'233,000 '197,000 148,000 ■1906 i... 129,000 ~.278,000 , 160,000 . 75,500 51905'".'.. 89,000'- ' i7i;500" l l!)O;560'.- 80,000 >i9M.'...:. '58,000 ■ 110,000. ; 128,500 107,500 1903 ~'.',: 80,000' .120,500 '113,000 87,000 1902 ... '62,500 , 105,000.',139,000 101,500 ; 1901.'.;..:42,000'. x -92i000-'i 52,000 ' -81,000 1900 ... . ; 55,000 '■'■' 108,000 : ■ 77;500'f j 38,000 ■ :; .:• r ; :A DECENT START., j:'.'-': ; opening saw the .usual-large con'tingenfc of buyers turn. up -in ~the l Wtiol Exchange, and three colonial .-sellers'-put | before'.-the- room just an; average .cata■logue. Crossbreds naturally predominat-, 'e'd, ;but-.there ■ was 'at nice ' sprinkling of - merinos, which helped nicely to leaven :the. .bulk, and: when. they ;.were ■ offered brisk .competition ■ ensued.-There. seemed

to be little misgiving about 1 - buyers as | they went round valuing, although naturally the majority put a rather -less limit on to the fine wool, while all, alike re-, duced their estimates ■• on crossbreds a full J »d., and on'-slipsd crossbreds id. to Id. These values were put down in the hope that the wool 'would come, and while no doubt in.a few eases lots were secured, yet others who seemed to be wanting the raw material had the courage to bid freely;- 'From the very first competition proved keen, and- a. good buying spirit was in evidence...The following changes were seen when compared with the close of the May':series:— Grease merino, combing unchanged „ ■ „ ' clothing „ „ „ faulty par to Jd. cheaper „ :X-breds, fine unchanged ■ „ '„ .." medium par to >Jd. cheaper „ ,', • coarse, id. cheaper Sliped „ fine par to Id. cheaper '-,;■ '..: medium id. to■ ld.'decliiio - „ •'„'■"■■ coarse Id., decline , The above results just" harmonise with general expectations,-.and the sales both ■on Wednesday,'and yesterday .brought, forth a better buying spirit,' opening' re-' suits being well maintained.,.-. The series are going well, particularly in merinos and fine crossbreds, and even coarse qualities are. selling better than, ever expected. It conclusively shows that "trade" is good.. . •■' ;,. THE.OUTLOOK. ; Messrs.' H. D.awson and Company, in speaking of the outlook, say: "The. past interval has been one. of ,prolonged and nervous -.uncertainty......Consumers "ha,ve been in the main busily engaged on Old contracts, for which they were Iwell supplied with tops' and raw material.. New business ; lias. been .scarce, 'and consequently the markets have 'suffered' a quiet spell, with. the..'result-.(usual to Bradford after a few slow market days)','.' of)-a' gradual 'weakening of values' in tops. This has' 1 happened despite the facts, that practically, .every machine, iii - the.' indus.try has, been fully employed, ; that deliveries are; still overdue, and,that no raw material" has yet been sold . to .'justify any shrinkage in values..": ' 'y ' .■'■■" '• .' Some '-.'little':' financial pressure", whera bills for importations ! ,had:- to. be met occasioned, cheap, selling. at- times, and this, together with the American depression,, had a'dispiriting effect on.! Bradford, and, in the nervousness''which, obtained, there'''seems to'have been a fair amount' of "selling for:a'fall;" : especially in crossbred sorts:'. It is;'hardly probablo that the present. series will, justify'such speculative" 'transactions;' in any , case tonight's verdict-will not give much satisfaction.) to cheap sellers., .'The statistical position as regards supplies, and the reImarkable of consumption, together with the fact of good margins of profit in yarns, are'so striking as .to give very .'slender' hopes'; of cTieap'wool

for.some months'; to'.come:: There is a large offering of New Zealand wools available for the present series, .but it comprises an unusually heavy proportion, of merinos and slipes, for which a good demand from the clothing trade is likely to be felt. ...-.■ . . > The American, market'is still waiting to gauge the prospects of the lightweight seajou, which can probably bo estimated' towards, the, end of the present mouth-. HopeMs'running high that "this may start'well; if so, a speedy improvement ill business is-, probable. Meanwhile values have shrunk very seriously in all domestic sorts, and this 'has completely checkcd J business in Australian wools for the time being. Fortunately the selection of crossbreds.; suitable for the States will be very' limited at the present series,, and the absence -of American demand-will not be so seriously felt. The year's production in Australia has now been determined for the twelve months, ending June 30, and a clip breaking all. previous records is announced. Messrs...Dalgety 'and Company give the figures of wool exports from Australasia as. below:— '.' ".■'■'■'.'• •■■''".'•-'..■' 'Increase' V 1909-10. ' 1908-9 - bales. Australia ... 1,921,705 1,796,347 125,358 New Zealand 491,757 21,181 ,' The shipments from South ; America between' October ■1, 1909/ and June 16, 1910, were 431,548, bales,' as compared with; .536,798 hales during the like period in 1908-9, showing ; a decrease of 105,250 South American .bales. ''■•,'• The consumption: had been so remarkably maintained, ..'except-in the .United! States of. America, that it' seems practically certain,.that, a complete absorption of the year's'clip will\be ,assured, without any but nominal, stocks to carry over, excepting . those,.which ;may exist in the .States. All' European centres are strongly ' represented- ! here to-day, and, there-is spirited demand for both crossbreds and merinos. >, : ,"..-' ; ' .

* - i '• > 1909; ■ 1910.: 1910: v. ■■:~:; I .-: : "*r ■■'<■.■■;»■. ,. d..:- d. ■ .70?s- ; Gol«niaJ--t6p».<.-.ii!'.J--M"-'- , --SI) 29 ' , ,'64?s.Colonial-tops.U;;;::. 27*; '291. 28J . Ws ', Colonial tops, super, ":26J '■" 28J- " 28 56's .Colonial tops...'...::. .'22 ,.. 24 V 23-23* 50's -Coloninl^tops,..:.:..:. ,18f: .'21i- 20 i ■ 46's Colonial. tops„ : pre-.',..•'■ '■'.'.'. . " . " ■ pared;............;...:..., .15,, 17J. -.M.' 46V : '■'. Colonial -i ■ -tops. :.V..'.. 1 .:.;:.;'.,:. ! .'. : 14, .17. 16 i 40VCalonial : :tops, pre-, ;'"' ■■''■ • - ' ,. ';pared'-... .......;.. 12J ■: < 143.; lfUf 40'e •:.,;Colonial ' tops,','i \: ■'■" r'' '.! ." , ;■ 'carded,;;.v r ....,.<::....i.;;;ill'!:: 13i ; 13-13i 36V.Colonial' topvpru-t" ';,:,., - ;, pared ....;.....:.:::...::;' lif 13-131;, 13-131.