LONDON WOOL SALES

Dominion, Volume 4, Issue 1166, 29 June 1911, Page 8

LONDON WOOL SALES

; 4 PRICES FIRM -WITH A GOOD DEMAND. (From Our Special Correspondent.) London, May 19. The past week has again been productive of good in connection with lliecunent series of Hales, and a well-sustained effort is being made to absorb the offerings at each day's sitting. There continues to Im3 an excellent company present in Coleiua'u Street Wool Exchange, and on all hands there is little complaint to offer respecting competition. When one thinks of the largo quantity of direct imports which are daily going into consuming centres it does indeed seem strange that the same firms are able to further operate ou the extensive scalo which many are doing; in fact, the ono outstanding feature of this year's business has been that the largest importers liavc also been the largest operators in London. The Homo trade this year has undoubtedly been the stand-by of London, and this series the supremacy of tho Yorkshire, Scotch, and West of England trades has again been demonstrated. A particularly strong feature has been tho excellent demand ou tho part of Bradford topmakers for both merinos and crossbreds. So far as the offerings are concerned, they continue to be on the whole fairly good. No ono expects at the May, July, or September series of sf.les the big quantities of straight clips which wo see in December or January, but' for all that the catalogues contain a fair good show of useful combing and clothing wools, and full justicc is done to them. Each day there is also being offered some fair weights of speculators' lots, and the supremacy of the London markets is asserted in these being practically all sold at a .profit. We are glad this is so, for there is nothing more depressing than for men to go out to Australia, spend their time aud use their capital, and then to find when the wool arrives home it is worth less tlian it- cost in tho first instance. But there is oue aspect of the import trade which we are certain has done very badly, and that is for scoured inferior and faulty merinos. These are selling somewhat irregularly, and are commanding 110 more money than last series, and not always that. Instances are known whero in consuming centres some fair, big lines of imported scoured faulty w'ools show sensible losses, and those offering similar lines in Coleman Street are naturally doing rather badly. However, for good, greasy combing wools the very opposite obtains. These, as we have already said, show a reasonable profit, and if prices are maintained, which wo think they will, there is every prospect of owners getting out fairly well. Crossbreds continue to bulk largely in tho daily offerings, and these are meeting with a, good demand, mostly at tho bands of the Home trade.

We must admit that this series the Continental section is not near so active as was the case in March. This i's to be regretted for many reasons, for it throws the bulk of the buying on to the shoulders of the Home trade, and it. is remarkable that prices are so well maintained in tho absence of.real active and keen American competition. Dealing with merinos, there is here as strong a demand as at any time this year, and prices are well maintained. It is really surprising how steady the market is. : Day after day from 10,000 to 12,000 bales are submitted, and yet there is a persistent aud continuous flow of competition, \v\tb values remaining all about- at the opening level. Gcod topmakiug wools are fetching relatively the most money. Really superior grease is doing no bettor than 'last but when these wools fetch from 15d. to lGd. per lb. iu tho grease, it means that this class of wool is absorbing a lot of capital, aud- a man must have a very superior trade to get back again in tho' semi aud fully-manufactured article what such wool costs. The supply of West

Australian wool is this scries more scarce than during- the last three series, ami it t\iir bpebnio-- increasingly so until iicxt November. Sonic very good, useful, sbatty lilies from South Australia have been c'ataloguedraTid;theseclm ve ! o ' t l ver - v , , w '" to Bradford topmakers. "What could be bought last January at, say, lid., is well worth to-dav a penny more, and oftentimes 15d. " Alter this series we anticipate that there will lie practically 110 wools of this class available, except a few strangling l°'s of imports, nnd this staple is well worth buying to pull through the machines more inferior wools. There is a fair percentage of imports from Victoria, and these are soiling un to 15d. About 20 lots returned from New York wore offered last week, but, undoubtedly these would result, in tome heavy losses to the owners. If 0110 might venture an opinion, it will be some years before wo see again lGd. to 18(1. paid for tlic-e wools in Melbourne and Geelonj! 011 American, account, unless a terrible drought afflicts Australia, and supplies become less than they are to-day. There is also 110 quantity benu offered (if tine-haired Qnuonslands. Neither does New South Wales offer a very choice selection, for hero too there is a crowing scarcity of good wools. There h'as been subniittcd some very good lines uf merinos from New Zealand, nnd aithough oftentimes rather fatty, still the soft handling nature of this produce ■makes them a favourite with many people in tho trade. , . Turning to there is here continued good competition, tho Home trado inquiring for all qualities °ii tlio same extensive scale as last week. There does not seem any keen desire 011 the part of anvone to pay more money. So far there has been little response in consum ing centres to tho increased values of Column Street, consequently ton-makers, as well as merchants, are not over lfoer: to acquire a big weight of stock at an\ enhanced prices. The fact is, there seenid to be s general opiniun that for the tune being higher prices have gone to their limit. If in such centres as liradford ar.d lioubaix there was a disposition for top' .to advanc?, then we ilnresay Coleman Street would soon respond, but to all appearance there is going to he a keen tussle between spinners andt top-makers to •obtain more money. Inuler these conditions crossbrcils are selling at all round opening'rates. A big quantity of .'coarse descriptions e.re selling from Sid. to Old.; medium qualities are worth from SI.UI. to 101(1., while halfbretls are to-diy ■ fetching anywhere from 11. to 121(1., it depending entirely upon the condition and character of the wool. Those prices will nay growers, and leave behind a reasonable profit. America is completely out of.the running, and as lar as one can make out the operations of the two or three buyers at present in Coleman Street is on n more restricted scale than in March. Taking all things into consideration greasy crossbred fleeces are selling very freely, and at current rates it will take buyers all their time to get back their own when the wool has been combed. Slipes are selling freely, and are going mostly to West Kiding firms. Coarse, short slipes show relatively tho most advance, nnd here tprices aro the turn against tho buyer. There is a very strong demand for all lambs whether greasy or

slipe, the former easily making }d. more than last series, but halfbred.slined lnmbs show practically no change. The way crossbred wool is selling is an indication of tho healthy conditions of trade in consuming centres, and tho sales nro making very saliM'actovy pvopro>s. There is really not a great deal new to say about conditions in Bradford. So far I.oudon has had 110 effect whatever upon this centre, simply because fho onward march of prices his not been sufficiently slron? to galvanise into activity spinners and manufacturers, l'otli sections of the trade ore very well covered with tops and yarns, consequently they see 110 inducement whatever to further anticipate their future requirements. All that can be said is that values are stendv and firm, and if tho truth is told, it is still possible to buy fil's tops at 2»-. .1!d. There seems 011 the part of topniakors a disposition to do business if they pnssiblv can. and no profits are being refused. There are yet no accumulations of tops, ami this ccrtainly is satisfactory. The sales in London seem to be going fully as well as most neople expected, and 110 party can nrcre that there is an absence of raw material at this end. All things considered, business is satisfactory from n consumptive standpoint. Spinners arc taking up their contracts in a most commendable way, and on the. whole everything is healthy. Crossbreds do not, display any sitrn of alteration. The majority of the 40's lops sold have been disposed of at ltd. and i!\d., and 011 whole there is a healthy consumption.