LONDON WOOL SALES.

Dominion, Volume 5, Issue 1287, 16 November 1911, Page 9

LONDON WOOL SALES.

PRICKS WEAKER, (From Our Bi>ccial Correspondent.) London, October 5, 1011. The sales continue to make only moderate progress, and tlio weakness seen last week for medium and faulty wools remains in evidence. What else could be expected? Tho wholo industry seems to bo passing through a very peculiar time, and instead of general confidence in the future, wo are strongly inclined to think there is not that feeling of strength which many would like to see. Tho luct is there has been as yet'little response in consuming centres, and until business improves and moro is doing, all selling centres are bound to foel it. However, it is surprising what demand theTO is for good raw material in Coleman Street, all sections aro competing, and there is a ready clearanco of tho catalogue at one price or another. When all things arc considered, it is surprising what demand there is for the raw material. Tho world's needs must be tremendous, and no doubt the consumptive capacity of machinery is likewise farge, for the daily offerings of, say, 12,000 bales, arc absorbed almost as readily as a hungry dog devours a bowl of porridge. Tho Homo trade is naturally operating to a considerable extent, and we certainly think that at the end of tho series more than half the offerings will have been absorbed by buyers representing the Yorkshire, Scotch, and West of England trades. It is well known that stocks are considerable, and that direct arrivals will before long greatly increase, but nevertheless Home trade buyers are still prepared to absorb freely nil that is placed before them. We do not think that prices are any firmer thau they were lr/t week, but thero is no real developing weakness, except for medium and faulty wools. A standard of values seems to have been reached which is acceptable to all sections of the trade, and they are buying freely, which at least shows that they have fair confidence in tho immediate future of prices.

WHERE MERINOS STAND. A very acceptable feature of the catalogues is the inclusion of new clip wools from Queensland, New South Wales, and a few clips from West Australia. Of course, the Northern Stale is responsible for supplying the largest weight of fino wools, and but for these, the offerings would have been exceedingly poor. Some nice lines of speculators' wools from Victoria and New South Wales aro being daily submitted, and these are making about as much as ihuy did in July. All the same theso speculators' wools aro in no sense ignored, duo to the fact that good combing wools aro not plentiful. Scoured wools aro selling well, but not exceeding one's exnectations. What are shnfly, good, and ffco from burr are selling just about on a. par with last series, but for medium and fanltv wools the decline is now Id. All pieces and bellies aro cheaper, and some reasonable lines aro being picked up in carbonising locks; in fact, the largo supply of medium scoureds is more than adequate to meet the demands of the trade. The Continent '*o. n .ying middling of. these, .particularly French and Belgian houses, where thev c ? n !* ns<H ' f° r n«'e spun yarns, but clothing wools suitablo for Bradford. Leeds, nnd Huddersfield merchants are not being picked up with that avidity which ono would like to see. No doubt considerable stocks exist, which together with the cheapness of noils largelv accounts for theso wools still making last weeks decline.. What the trade 'seems to want, and is best able to utilise is greasy combing parcels. It is well-known that this class of staple is relatively th« scarcest article on the market, this accounting for tho good demand for combing wools.

.Ihe _ reader will be interested in the following, where wo show the prices which were realised last series for well-known clips, nnd what havo been made" this series for tho samo mark and description oi wool:—

APCo/DOONDI/N. Jyly Sent. 6erifs, serifs. - ' . L . .:::■■::■:■<:':■ 191UI .1311. Description. d. d Greasy A combing WH ill 1" Greasy B combing WH 11 n Greasy C combiner lionets... 9>, 9 Greasy unbroken hoggets ...;..' si 8' Greasy ■bellies, hoggets 8 7J APCo/DOONDI/G. Grease A combing EH HJ jo Greaso A combing WH HJ ]j Grease B combing WH 11 io Grease C combing WH lO.t 10 Greaso broken hoggets 10 9 Greaso bellies, hoggets 9 9 WUcM/MANEROO. Grease AA combing E 12 121 Grease A combing E 12' ' i» Grease AA clothing E 10} lO.j Grease first pieces E 10J B.^ Greaso hollies E 9 a" NIVE DOWNS. Greaso AA combing W 13 13 Grease A combing W 12} 12 Grease BB combing W 12" 12 Greaso B combing ill l] Greaso necks 12 12 Grease broken u\ ill Greaso A pieces 10J 10" Grease bellies ~ 10 9 CROSSBREDS READILY ABSORBED. Almost every day has seen submitted some fair big weight of crossbreds. It is really surprising, considering the weight of wool which is known to exist in tonmakers' hands in Yorkshire, how readily the catalogues are cleared, but when ail is said and done consumnlion is large, and all descriptions of grea>e and slipes are finding a ready sale. America has purchased a few lots, but her takings am rather disappointing. Business is most active on Homo account, although German spinners aro buying some nice weights of medium and fine crossbred*. Prices are very similar to what they were at the opening, the" bulk of the wools being a per cent, cheaner than last series with medium descriptions now Id. lowoi! Siipes aro selling yen' and are just about where they were at the openVng. Scoureds arc being modcratelv offered" and here too the decline of Id. 'is still in evidence. BUSINESS IN BRADFORD STILL SLOW. Notwithstanding the position of things in Coleman Street, this centre has not thrown off its lethargic state, and although thero is a little more tone about tho market, still trndo is not what it should be. No doubt holders are a little firmer in their attitude, and more business has been done, but there is not the volume that was expected to nccrue in view of how things havo gono in Coleman Street Tho fact is, thoro is not tho same feeling of confidence in Worstcdopolis that thero is in Coleman Street, and user's are ns indifferent as over about anticipating their future requirements. The policy of going from haud to mouth is still in vogue, and likoly to be. Topmakors aro complaining that they cannot make prices on the same ratio that wool is costing, and with an eye to affecting colonial centres, nobody is caring a great deal as to _how_ values shape. The cry for lower prices is as persistent ns ever, and there is no likelinoss of a sensible movo until users are satisfied that the timo is ripe to buy. Good Gl's tops aro available at 2s. 21d., but can they be made out of Coleman Street bought wool? No doubt some fair reasonable stocks of coinhca tops exist in Bradford, and holders are quite prepared to let them go at current prices, letting the future tako care of itself. Business certainly is no Worse, but it is not much better, nnd complaints are strong both among yarn spinners and manufacturers that thero is little doing of an encouraging nature. Crossbreds aro just where they were. A decent 40*s prepared top can be bought at 13.U1., and it is generally understood that they can be made at this price. Tho same doleful tale is heard in regard to medium crossbreds, although fine qualities present a little firmer appearance. What is wnntcd today is an addition of new business, but seemingly it is still pronouncedly absent. No doubt tho downward tendency of values has for the time being been arrested, but taking things on the whole tho market is still quiet. Noils have lately moved a little better, but no more money can be made. Still, holders have been prepared to let stacks go, and that explains tho present situation. _ English wools are not moving at all satisfactorily, and.the comparative cheapness of colonial crossbreds makes Home-grown fleeces look dear. Country prices aro as firm as ever, nnd what wool is bought is commanding Values ahead of this market.