LONDON WOOL SALES.

Dominion, Volume 4, Issue 1217, 28 August 1911, Page 8

« OPENING OF THE FOURTH SEHIES. MERINOS FIRM, CROSSBREDS SLIGIITIA' EASIER. (From Our Special Correspondent.) London, July 11. Renewed interest is being taken in the course of wool owing to the opening last Tuesday of tho July series of sales. The usual large contingent of buyers put in an appearance, America being tho only section of the. trade at all wauling. Tho absence of "United States buyers , need not be taken as showing any lack of interest in the course of tho raw' material, it being more a ease at presont of being able to satisfy all their requirements out of their own domestic wools which can bo bought peace per lb. cheaper than similar aualities of colonial. So long as that obtains there is bound to bo preference shown to United States grown wools, aud we. cannot expect much support being given to Australian merinos or New Zealand crosshreds. Reports from across the Atlantic indicate that conditions generally are no worse, although there is still room for considerable improvement. It is well-known that stocks of fabrics both in the wholesale and retail trades are below normal, and directly confidence is established there is bound to be a speedy return of activity. Somehow wo have "an impression that onco tho tariff difficulty is settled more support will bo pven both to colonial and English descriptions. America can 110 more do without'tho help'of these Wools than the world can do without smishiup, and once (he squabble over the tariff is finished, and the trade knows where things are, business is certain to revive. UNSATISFACTORY VACATION. Regular readers of this issue have been kept apprised of the disturbing elements which have characterised the home; trade during the vacation, and while tlio currentppries opened with manufacturing conditions fairly good, still there , is not tlio business doing that one lias'been accustomed to seeing, Tho fact, is, trade has wen to a large extent, crippled by a three weeks' strike in Bradford,'ana this is bound to have some effect upon Coleman Street one way or the other, business as a rule is being conducted today on more restricted s lilies, than we liavo seen for some considerable time, and if. t.° I*?,, 01 !? '°°ks for any serious set- ; i "4. fllcre IS not tllc tra(i 3 'loin? 1 r p -' J ? rn? ' or l )inccs th -it we ha\o been accustomed to .for so long riien again, stocks of raw wool arc' i siderable, aud • the trade at the moment is not so hungry for supplies as one could have liked to have sfen. Howfar the recent strifee among the Bradford taT a' tUe Purchases of topmakers this series remains to be seen but wo certainly think it will have a restricting tendency b:th in merinos and crossbred?, but moro especially the latter. However, the worst seems to be passed., and now that machines are all usual'" 8 c ° nsuffl P tiou '. lvill Proceed as QUANTITIES AVAILABLE. ' . Tho weight of wool available-this series ?°„„K er , t1 "" 1 wc although it is 20,000 bales mere than at tho cornnnnK l er , ies ? - v , car a 3- A net total ■n SI, Co ' £S ' sm »U compared with 2a0,000 to 300,000 bales, which was frequently tho quantity to. hand for a •Inly series in tho eighties and nineties" ■However, the Australasian clip is now moving at a much faster rate than it used to, and m tho natural c-rder cf things with quicker transit there is bound to bo bulk, of tho wool to lift between November aud the following Slav. There is nbfn "hw SpeC ' ,;ll nbm,t the Vianlity availlarge weight • Zealand crc-ssbrcds, and 103,000 bales is a bigger quantity than we have tffiasaa and tho large carry-over. At the present time all the current New Zealand clip is to hand, and there can now bo n« more heavy arrivals until next January. With Wo" 1 , vn- to ,. cla . pE ' e ,\. the trad e should ~ no difliculty in lifting and financing the crossbreds that are at present for'sale" Tho bulk of the trade came to Ccleman r-Tw • 1 I , uesday ' , cx Pectingr to see a rather _ irregular market, many being of tho opinion that everything with the exception of the best combing merinos would show a. slight decline. This really can bo taken as an echo of the slower conditions '] r< V a PP ar eat in tho West Riding of lorkshiro, France, and Germany. We may bo wrong, but as far as ono can see there certainly is less busia C misM n » g f« Hlero . has and it "is I Cl } S anyon ° to s«PPO£'= that wool values can keep on mounting ssries after st-ilts without prices suffering 1 slight setback The wool trade has always been ho subject of ciiange and readjustments, and always will bo. Even a decline of a per cent, is only, comparatively speaking but a small factor, and ' the'wonder is that it is not more. Howevor, thero is to-daj 111 tho hands of consumers somo fair big stocks of raw material, due in a largo measure to European users being called upon .0 absorb the excess caused by the lessened takings to the extent of nearly 100,000 bales on tho part of the United Stages. Therefore', with met people coming to Coleman Street with not so keen an appetite, the slight declino noticed at the opening can be taken as no moio than one of "those phenomena which are bound to take place as long ps sales are held. Business, as wo havo alieart> said, has quietened down during the past two months, but it is- too much to deth!nss, as Consumption naturally has been interfered with owing to the strike in Bradford, but it is satisfactory to know that yarn-spinners are still working full time, and most mills arc busy, laking things 011 the whole, the trado camo together last Tuesday prepared to do its best and, all things considered, tho series bejran in a fairly eit» courasing way, . Tho catalogues submitted 011 the openin? day wero about the uooresfc-fchat-ha* oyer been _ witnessed, there being not a single straight greasy merino clip offered 111 fact, th« w only fine wools were a lin« of scoured New Zealands ,and these easily niado last sales' rates. Crossbreds wer« mostly represented, the bulk of these beim; sjipes. Tho best fino halfbred lambs sold on a parity with the close of May rates, but general average lots wero id. eheapor. The principal fall, was in* medium classes, and these frequently declined Id., whilo coarsa sorts also lost ground to the extent of Jd. to Id. 111 the caso of greasy fleece, the decline was usually 5d., tlri bulk of opinion favouring par to Id. The few lots were certainly heavy and wasty, but for all that Bradford topmakers showed good buying form. There wore 110 greasy Capes offered, but the few lots of snow white made last sales' rates. We must say that competition was generally better tliaji had been expected, the tone of the room being good,' while bids were criven with great freedom. It is confidently expected that with a better selection the competition will broaden, and it is possible that this beginning may develop into a much better series than ths majority havo looked forward to. THE OUTLOOK. Messrs. H. Dawson and Co., in speaking about the outlook say: "The generally .favourable conditions which havo been sustained throughout the industry during tho past two years have unfortunately been broken during the recent interval, and t'he prospects for this series have been clouded by the wool-combers' strike in Bradford. The effect has been most adversely felt in the raw material for which obviously thero was no demand since it could not be worked. Fortunately the strike, has been settled before the spinners, and manufacturers suffered any serious inconvenience, and, excepting amongst top-makers and wooldealers, there has been a minimum of derangement in the industry at tho manufacturing end. Business in. raw wool has, of course, been almost impossible,

and tbo opening of the ; July series is under the circumstances inconveniently •early. Otherwise the dislocation has been so slight that confidence should be easily restored, and any weakness in values should bo temporary,, especially if combers are now able to expedite t'ho production and deliveries of tops after resuming work. .Markets everywhere have, during the interval, assumed a distinctly quieter toue, and the lack of new business, in conjunction with the various labour and shipping difficulties, has been a depressing lactor. The supplies of merinos available for London arc; however, so moderate thai any serious decline in these sorts appears to be'out of ths questioh. "In crossbreds top-makers are, of course, somewhat more heavily ■stocked, because of the combers' strike, than I'hey expected to bo, and when tops cannot go out money does not come in. Moreover, three weeks non-consuinplion of crossbreds is a serious item, but when tlnstate of supplies is carefully looked at, the position is not an unsatisfactory one. New Zealands, which form the bulk of the crossbreds in stock, came this season earlier than ever before, but they do not multiply themselves, on 1 that account'. There are 20,0(10 bales fewer New Zealand wools to absorb this year, and there are yet five or six months before the new season's clip can l:e placed on our market. "It is hoped that the presence of several U.S.A. buyers at (his series will mean additional support for crossbreds. Moreover, it' is certain that many growers will not sacrifice their wools rcariily at a decline from recent, rates. There are yet the September and November sales to be supplied, and some wools arc certain to be held over. Consequently t hero rooms to be 110 reason for taking a pessimistic view of the future."