LONDON WOOL SALES

Dominion, Volume 4, Issue 1229, 11 September 1911, Page 3

LONDON WOOL SALES

CLOSING RESULTS OF THE FOURTH SERIFS. (FroLi Our Special Correspondent.) London, July 28, 1911. Siuco writing last tho London sales have come to a finish, and buyers are away to their respective centres. I am open to admit that although the series have been somewhat "spotty," yet they have passed eft' hotter than generally expected, a keen demand for good sliafty combing wools asserting itself after the first week. This really is the leading fcaturo of the sales, and demonstrates the fact that the raw material still occupies a sound position. All straight lots of combing grease have been very acceptable, and proved easy of sale, and I wish the samo could be said for scoureds and slipes. No doubt the extreme cheapness of noils is largely responsible for iaulty scoureds going as they have. If colonial pastoralists and scourers will permit a word of advice, I would say spend a little moro time in. sorting faulty wools. I know hand labour is dear in the colonies, but-it seems to mo as if it would pay to separate the wools that will scour a good white from those that aro discoloured and very burry. During the long vacation 1 will try to give the reason why the trade appreciates colour in wool, and then readers will see the force of my remarks. The Australian clip is now assuming such largo proportions that naturally there is a corresponding increase in faulty descriptions, and this season scouring has been largely resorted to at many centres throughout Australia and New Zealand. The trade does not object to scoured wools, in fact some peoplo prefer them, but it is the surfeit of these which has been largely responsible for the penny decline which has taken place in many descriptions. The quiet conditions in both France, Belgium, and Germany have also been responsible to a large extent for tho lessened call for this class cf staple, while home users are pretty full of carbonising sorts owing to largo purchases which wero made in Melbourne and Sydney from last December to the end of February. All this has meant, less eagerness on the part of users to operate, prices consequently suffering.

CROSSBREDS FINISH. FIRM. ' Tho wools of New Zealand, Punta Arenas, and the Falkland Islands have done better than looked likely at tho beginning, and I am glad that this is so. Some big quantities have boon submitted, and at tho finish prices got back to about the close of May. In other words, they recovered Id. during the last seven days of the series.' 1 only hope Bradford topmakers have been able to pick up wool which they can turn to profit during the forthcoming interval. Some fair quantities of AO's are to deliver at ltd., and although an avcrago prepared top of that quality can be bought at 13? d., still I think they can be made at that price. Bradford topmakers have a unique, way of putting wool together, and with the aid of slipes and skin wools they can produce a top at a reasonable price, and if to-day's values can be maintained and business done, I do not think any party will lose money. Somehow there is little talk at present of any advance in values, and trade will have to be done on a considerable scale to see prices move . upwards. Wo call every description of crossbred wool at the finish on a full parity with what obtained at the close of the third series.

.Scoured cressbreds have been the weakest article of the whole scries, tho decline being 10 per cent., or Id. to l{d. per lb. This is rather unfortunate, for we have frequently seen these wools sell even correspondingly better than' greasy descriptions, and why they have failed to go off at former rates is hard to explain. Tho decline will not be a pleasant experience to many, but there are times in the history of the trade when these setbacks come,' and the best has to be mado of them. Sliped crossbreds have been largely catalogued, and slightly improved their position during the closing week, but all the same most descriptions are still Id. under May rates, particularly medium qualities. 'Good halfbred lambs have seldom sold up to lGd. as was the case in January, March, and May, values being more frequently li.'.d. to laid, for really good parcels. As already said, medium descriptions have likewise tailed to realise May rates, and even coarse qualities have shared in the decline to tho extent of Id. Hera blanket manufacturers have had the opportunity of securing some useful lines at a handy price, and they have need for it.

The following are the changes seen when compared with (lie close of the May series:—

AUSTRALASIAN WOOLS. Grease merino, superior, id. clearer; grease merino, average to good, unchanged; grease- merino, poor condition, par to id. cheaper; grease merino, inferior pieces and locks, id. to id. cheaper,; scoured merino, superior, par to- id. dearer; scoured merino, average .to. good, id. cheaper; scoured merino, inferior, id. cheaper; scoured, faulty pieces and locks, id. cheaper; greasy merino, lambs, superior, par; greasy merino, lambs, medium, par; greasy merino, lambs inferior, par 10 id. cheaper; greasy crossbreds, fine, unchanged; greasy crossbreds, medium, par to Id. cheaper; greasy crossbreds, coarse, superior, unchanged; greasy crossbreds, coarse, ordinary, unchanged; greasy crossbred, lambs, par to id. cheaper; scoured crossbreds, fine, Id. to l}d. cheaper; scoured crossbreds, medium, 111. cheaper; scoured crossbreds, coarse, Id. cheaper; sliped crossbmis, fine, id. cheaper; sliped crossbreds, medium, id. cheaper; sliped crossbreds, coarse, id. cheaper.

THE OUTLOOK. Messrs. H. DawsoD and Co., in speaking of the outlook, soy:—"The sales have had a much more satisfactory result than had been expected, and cannot fail to strengthen the position of values throughout the trade. Prospects did not look bright prior to tho opening of tho sales. Labour troubles within the industry and in shipping circles, together with a slackening of demand for the manufactured article, had shaken confidence, and a general apprchcusiveness prevailed lest the period of prosperity might be coming to an end. When tho series had, however, got well under way, although thcro was a noticeable absence of speculation, the solid steady demand of the trade was revealed, and proved sufficient to maintain values in most sorts. The American demand was disappointing, although there was a good representation of buyers, and it is cvi'dent that we must still wait -longer for substantial U.S.A. support. The prospects for the new season are very difficult to determine. In fact, there is less guidance to 1« obtained than usual from the manufacturing end of the industry. In merinos, this year's basis of values is, of course, settled. The supplies of fine wools are so limited that good prices are practically assured, but, for tho next season, there is uncertainty, and less confidence than for some years past. This is due partly to tho fact that a large clip is expected, and also to tho disappointing trade in worsteds during tho last two or three- months. On the brighter sid?. one might point out that the world's population grows in numbers and wealth, and the demand for worsted soods is, therefore, not likely to seriously fall away. Also it goes without saying that America will not always be so inactive as during the past year. There is now a long interval, which will see a wholesome reduction of -docks, and in September wo may get a new and truer view of the position.

In crossbreds, the holding over of nearly 20,000 bales, New Zealand has helped tho market, and relieved tho situation for those who had been affected by tho stoppage of the wool-combing machines. In any case the carryover can do no harm. The wool, which now arrives inconveniently early in tho year, will all bo wanted before tho new clip comes in January, and if, as the holders are hoping, there arises a strong U.S.A. demand, then so much the better for the owner.

The position appears to be ono which is marked by a quiet steady demand without the excitement and tho extreme pressure of last year. Merinos occupy a very strong position from the standpoint of supply alone, while crosslireds have shown remarkable strength both in London and at the English fairs, despito recent adverse factors. Altogether if wo can be snared sn'ione political and labour upheavals the outlook may be regarded as satisfactory, and price variations will probably be kept within narrow limits during the next few months,