LONDON WOOL SALES.

Dominion, Volume 4, Issue 1112, 27 April 1911, Page 8

LONDON WOOL SALES.

/ ANOTHER GOOD OPENING. (From Our Spccial Correspondent.) London, March 1", 1911. Any series of colonial sales always gives rise to considerable interest in every country in the world where wool is grown, and none the less .-n where tho same is manufactured. Tuesday saw the commencement of the second series of sales for the current year, and, to judge by outward appearance, there was no lack of interest, in the proceedings. The usual large contingent ol' buyers put in an appearance, the home and Continental section being augmented by a few representatives from the United States. Nobody is looking for the latter to do a great deal of buying, but a few firms like to feel the pulse of the London market, and therefore always send their buyer. This, no doubt, serves a good purpose, for then they are able to know first nand exactly what is the standing of the raw material.

A QUIET BUT SOUND VACATION. To a very large extent every series takes practical shape, and the course of values is largely determined by what has transpired during the vacation, and although there have been no very active markets since the close of tho January sales, still a very satisfactory business had been done both in tons and yams. This undoubtedly is ?. very desirable requirement for any series of sales to be successful, and although various members of the trade came together on Tuesday with fairly large stocks of raw material at home, yet the majority are still prepared to operate on a liberal scale, the conviction being general that it is wise to make provision for the forthcoming months. It is well-known that with the current series of London sales, supplies must fall olf, and the wool to bo catalogued later will be nothing near so good. The current Australasian clip has been marketed at express speed, that being clearly seen in the sensibly-increased quantities which have come to hand sinco tho list was closed for tho January sales. However, there has been uo falling off in consumption, and although supplies to-day are adequate, still consumption is large, and on that account a comfortable feeling obtains regarding the future. During the interval some good sales of both tops and yarns have taken place, and naturally topinakcrs and spinners aro well off for work till the middle of summer; in fact, some spinners assert that they can now see v.'.ell on towards the end of the year with the pres/nt.contracts they have in hand, and that being so they aro naturally feeling comfortable. The outstanding feature of the market to-day is undoubtedly the excellent manufacturing conditions, and the trade assembled on Tuesday witi feelings of confidence and hopefulness regarding the next few months. QUANTITIES AVAILABLE. The quantities available are naturally large, and possibly merchants and selling broker; will find it necessary to carry forward a considerable slice to the .May sales, and they need have no hesitation in so doing if circumstances arise. There certainly is a largo weight of wool available, but we hmi that there is notwithstanding a fairly confident feeling that the entire lot will be lifted and dealt with successfully. The increased quantity to hand is" largely due to the fact that New Zealand pastoralists have made every effort to get their clip to market for the March series of sales, and judging by Dalgcty's latest particulars, there is not going to be any increase from the Dominion, as at one time was expected. The wool is here to-day, hut in all probability after tho May sales are ended there will be a marked falling off in the miantitv of crossbred wool available. No doubt the sensible fall at soiling centres in Australasia in January is likewise responsible for increased quantities being sent forward to London, and it is thought that all through this year more wool will bo sold in London, jt being generally anticipated in Australia that, as the year advances better prices will be forthcoming. The following particulars show the quantities availablo compared with the corresponding series a year ago:—

March, 1911. March, 1910. -3 ' S J -2 O V fJ Jig l f 5 oi — $ « o > o ~'a > t-'rt is.-53 Sydney and Queensland 74,750 50,250 G7.750 28,750 Port Phillip 101,200 23,000 69,050 9,250 Adelaide ... 35,250 4,250 10,000 2,200 Swan River 22,200 23,200 13,150 13,450 Tasmania 800 300 750 750 N. Zealand 176,500 116,200 135,000 76,830 Capo 66,100 15,100 65,G00 9,600 Totals ... 476,800 232,300 364,300 140,800 A CREDITABLE START. Threo selling brokers put before the room decent catalogues on Tuesday, while Messrs. John Iloare and Co. also submitted a catalogue composed entirely of wools from Punta Arenas. It was plain to bo seen as one went round valuing that the usual large contingent of buyers had turned up, and the majority oxpressed confidence at the opening rates. Tho wools submitted were mostly crossbred.?, and tho Home trade naturally gave tho most support. The few lots of merinos catalogued were of an average type, and l'or these both tho Homo and Continental trades competed keenly. There seemed to' be no lack of interest whatever in the market, and considerable ley reserve was manifest than wo have frequently seen. General expectations favoured no change, and at last sales' values buyers bid freely and confidently. There seemed to be plenty of men for tho wool, and all things considered the initial sitting passed oil well. The principal nuying was (lone by the Home and German trades, there being practically nothing suitable for the United Slates. The general range of prices established showed really no difference compared with last series' closing_ rates, both merinos and crossbreds polling very freely indeed at firm prices. Cape and Punta Arenas wools fared likewise. The outstanding feature was undoubtedly the more general competition of the Continental section, and this pleased everyone. Bradford buyers had not all tho crossbred? to themselves as was tho case in January, and while nobody felt disposed to advance, still the catalogues were cleared at a most commendable speed. Cjuiidence was the note sounded in a clcar emphatic way, and everything points to another successful scries. Tho opeiiiiK results gave every satisfaction, and the trade- breathes all the more freely. THE OUTLOOK. Messrs. 11. Dawson and Co., in speaking of the outlook, say: "The present series, with its unusually heavy offering, undoubtedly promises to be tho most important and most critical of tho year. The incidence of the largo supply of crossbrcds is due to tho rapid transit and the preference of New Zealand growers for the London market this year, and not to any increase in the year's production of crossbrcds. This fact has been fully appreciated by most consumers, and consequently there is no sign of concessions or weakness in tops because of the largo supply. Fortunately crossbred users have been for some months past pursuing a cautious policy in New Zealand and South American markets, and the trade is not overloaded. During the greater part of the colonial season the South American markets have been a weakening factor, but values have recently hardened in Buenos Ay res, and are now on a parity with the prices of New Zealand wools the most disturbing element in tho situation having thus been eliminated. "In merinos values appear to be very sound. Yorkshire can hardly lie expected to operate so heavily as in January, but despite the fact that the fine worsted trade is just now between seasons, and that winter orders have been small, yet the consumption is being well maintained, and prospects for the spring season are very hopeful. The reports from Continental centres are also mere satisfactory than iii January. "Unfortunately there is not yet much encouragement to be gained from the United States of America reports. Business in Bost-on is dull, and unremunerative. and there are still large stocks of domestic, wools. Voreign wools ore not in heavy supply, but until the tariff agitation is settled business can only be of a hand-to-mouth character in Australian wools. The most regrettable feature of the offerings is the short and inferior character of much of the New Zealand

produce, which (ends to handicap its easy disposal, except at proportionately lower values. "The opening sale to-day furnished n most encouraging proof cf the stability of the market in the remarkable all-round competition which was exhibited. Continental buyers were more active than for some time past, both in cros s breds and merinos. Taking into account the steady consumption which still proceeds in nearly every European cpntr?, and feeing that tho world's competition will now bo foemscd in London instead of being spread over various markets, there is every reason to take a more cheerful view of the situation."