LONDON WOOL SALES.

Dominion, Volume 4, Issue 978, 19 November 1910, Page 15

LONDON WOOL SALES.

MERINOS. STEADY BUT CROSSBREDS DECLINE. (From Our Special Correspondent.) London, October 7, 1910. The past week's business has again been' marked by a* moderate time in Coicmnti Street, and the sales are making. fairly good progress. It is a question of there being strength' where there is unit}', and all things considered ivool still sells'in a most commendable way. When ono thinks of'tho weight of wool which the trade was called upon to lift last week and this in Australia and London, it does indeed illustrate the great resources of consumers. The amount of raw material that was catalogued at Adelaide, Sydney, and again this week at Melbourne, together with about 125,000 bales catalogued in London in two weeks' time, shows that business in wool circles is healthy, otherwise a large proportim of the offerings would huvo been withdrawn. The reported decline in Australia. has in no senso silenced the l activity of London, each day's sitting being characterised with good competition. As I said a week ago, tho greatest onslaught is being experienced over good greasy combing merino, sound, well-grown shafty wools making, the best price of the series. All things considered, the Continental section is giving as much support as was gener-illy expected. Both .France and Germany .havo bought liberally, particularly of .fine quality wools, and Queensland produce has come in for a large share of their patronage. It is still true that Frenchmen aro keen upon quality. Tho big, sbafty deep-stapled wools do not fill their bill, and of these tho Homo trade is still the principal buyer. I think that owing to America being likely to bo a very poor competitor in Australia during the coming season that next year there will be liberal buying in Colennn Street of. these wools, anil anything shafty and light is almost certain to meet with good support at. their hands. Taking a long view of tho situation, my opinion is that America will bo a broken, reed in the colonies this coming season, for it will be tho early months of next year before they aro out of the present unsatisfactory state. Circumstances will , compel them to use their own domestic wools if they possibly can, these being cents per lb. cheaper than colonial descriptions. I therefore do not anticipate any serious American, buying, until next March series, and although now'some four buyers are *at present in Coleman Street, still to-morrow when tho sales finish I believe it will be found that ono Bradford firm bought as much on oijo single night of tho. series as the combined purchases of; America during tho wholo of the series. It has been a great surprise to United States wool peoplo generally that things have . been so sound and healthy on this side of tho Atlantic, and it is rehiarkablo that prices for their,, own domestic wools have dropped to almost nothing. T may be wrong, but from what. I .hear and-see the American woolgrower is receiving practically no advantage through an import duty of 11 cents per lb. on. colonial wools.

SHARP SET-BACK IN CROSSBREDS. Tho ■ Qvent of the week has undoubtedly been a sharp set-back in grease crossbrcds, and once more tho unexpected has happened. It will be remembered that last week medium and coarse crossbreds showed an advance compared with July, coarse' descriptions moving up }d. to lil. per lb. That is now altogether off, and prices are back at the July .level. It is very disappointing to a largo number of people, and things are somewhat, upset. The fact is, more greasy fleece has l>een available than the majority expected, and-the wools also baro been very good. Never in the history of Coleman Street has there been .'-so many cased wools offered as during this.series, and they havo fared rather badly: Several. big Bradford importers,, as well as . Now Zealand merchants, bought extensively in the Dominion last season in tho liopo that when a little more skirting had been done,_ tho 'wools would bo suitable for America. No doubt they. were,; but unfortunately United States .'buyers havo not/been in the market for them, consequently they have-been sent on to Londpn for sale,, and, as. already said, have fared somewhat badly. I am certain that ho will ' bo a most fortunato man to get out wholo, and for what wools have been sold owners have had to accept Bradford prices. To see such a suddeu reversion, of feeling in regard to crossbreds is certainly a little tantalising, and wools' havo been sold" this week which would have fetched a penny riore last ; week. Withdrawals some nights havo been heavy, and I 6hould not bo surprised to'see .a fair quantity j carried over till next series. Slipes also have lost the initial advance, and they, too, are now back at tho July level. Taking, the week's business as a whole, the results are disappointing, for as I have already said, nothing is maintaining its ground except, good, now clip merino greaso and scoured, every other description having' fallen back to tho level of July. ' :

WEAKNESS IN BRADFORD. Conditions;in. Bradford;havo turned a little weak, "tliis being the direct result of .easier prices in London and Australia. • Of course, there' is the most change in "futures," fine tops for spot delivery being vory little different compared with a week ago, but all the same it is my firm conviction' that a buyer could to-' day get iii at id. less. I am certain that ..very little is now going to be done except for forward, delivery. ■ I have said for. .weeks- past . that spinners; have largely bought ail they will require to the end of tho year, and they are now. going to use up before buying again.' The. reported weakness in Australia .has given every satisfaction as the reader can. well imagine, for all alike liayo been- very desirous for a. month past of seeing a decided setback in valne?. I have again and again emphasised the point.that at recent, rates. it was impossible to expect the same trade next year as we have seen this, and although tho decline will no doubt '.have.. caused some heart-burning among growers, yet I can easily, seo a good deal of good arising out of seeming evil. America all through this year, has expressed great surprise at the way ..values have .held in England, and I do not think that even now there is going, to be. any serious, setback. At least, something unforeseen will, havo to happen if it comes off. On the Continent, terme markets have gone a little lower, but not much, but there-is timo enough to see what takes place both at Roubaix and Antwerp when London finishes. Crossbreds-are the turn in favour of the buyer, but practically nothing has been done, for nobody will yet pay li|d. for 40's for January delivery. Plenty want to be ill around a shilling, but such a low price hardly seems likely. At tho same time there is no tolling what will bo dono in New Zealand in the absence of America, though some assert that with there being so many speculative buyers prices will not fall as low as Bradford expects.. The decline in crossbreds ill London has come to many peoplo as a great shock, but the cause of it is easily traceable, and is due to the large offerings of real good ' wools that originally were bought for the United States, but which have not been wanted. Consumption is well maintained, and will bo for some considerable time to come. ' Both spinners and manufacturers aro busy, and that is the most inspiring part of the wholo trade.