LONDON WOOL SALES

Dominion, Volume 5, Issue 1292, 22 November 1911, Page 10

LONDON WOOL SALES

* ■CLOSE Or Till', FIFTH SKKIKS. IFroin Our Special C'or.-csDjndcnt.l Bradford, October 13, lflll. Last Tuesday saw llio lerniinalioii of tho fifth series of colonial sales, and everybody seemed glad thai the end. had arrived. No one could be present, al the finish without feeling that, in the interests o! Ihe entire trade il was well that t.ho sales -had come to an end, and when viewed from any slandpainl, (he results Miiunl be called really satisfactory. It is quite true Iha I good greasy combing merinos and crossbred? have sold on tho whole creditably, but many "soft spots" have been hid. bare, and the heavy withdrawals have also clearly indicated that nothing very brilliant has transpired. The fact is, such n feeling nf uncertainly obtains in consuming centres, and such a poor response has been made to tho operations in Coleman Street that users have not felt justified in launching out. It seems to many people as if the trade at the moment is passing through a somewhat critical lime, and with unqupslioned weakness at. Australian selling centres, London was bound to bo more or less affected. iVo should have been greatly surprised if it had been otherwise. On all hands it. has been felt, that wool must come at. the right price or bo severely left alone, and those who have seen fit to pay rates equal lo July far pood combing' merinos, must have the wool well sold in tho (op and yarn, otherwise they stand a very good chance of losing on their recent, purchases. Undoubtedly the most satisfactory feature connected with the series has been tho free way that well-grown light-conditioned wools "have sold, and wo certainly cannot see very much difference for these compared with the pervious series closing rales. Business has been conducted on somewhat restricted lines, nnd the final results cannot give Ihn satisfaction to the first .producer. All the same, there has been abroad such a feeling of uncertainty that neither Ilomc trade nor Continental buyers have felt justified in competing against each other at advanced rales, nnd when full cognisance is taken of the adverse factors in vogue, it is surprising that values have not fallen even more. The new Australian clip is now moving in very good earnest, and although a considerable time has to elapse before the November series open still the trade'cannot be bare. of supplies.

HOW AVERAGE COMBING WOOLS . HAVE SOLD. .It is well known-that topmakers are the mainstay of wool auctions, both in Loudon and Australia. This, no, doubt is due to them being the lamest, users, and tho quantity of raw material which is -annually absorbed in the -production of tops is colossal. Of course, ' the reader knows that before worsted yams can .be spun there must bo tho combed top, and that accounts for topmakers playing such an important, part in determining the price 'of the Yaw' material. As cue has sat iii Coleman Strer-t Wool Exchange, during tho past fortnight he could not fail but be impressed with the individuals who have paid the highest pricosfor good, straight combing wools, both in merinos and crossbreds. It is ft«ite true that- tho leading ' bnving brokers through whom topmakers and spinners operate, have purchased the most, wool, but'they candidly state that the best parcels have.boon for spinners, and not the ordinary topmaker. It may be as well to stab here that some spinners make their own tops, for then thevknow what their yarns arc compessd of. There are a few firms who will, guarantee thfir tops to be made, from greasy colonial wool-only, but they aro tho exception.. . The spinner, who buys his own woo!, rests satisfied .that-he is turning out a very good article,. and he can always afford to pay the top price of the market. It can, therefore, bo concluded- that all the superior lines of greasy wool which made from 12d. to ltd., have been taken by those who spiu and to some extent consume their own yarns. When we come to deal with the ordinary topmaking wools worth, say, from' 9d. to lid., then both Homo and Continental topmakers have been well to the front. Here, I say, there is in evidence at least a 5 per cent, decline. Tho wnstier clips from West Australia. Norlh-West Xew South Wales, and South'-West Queensland have all sold at a g&cd Id. to Id. under last sales' rates; in fact, there is definite proof that, compared with the openin?, this class of merino lost a further Id.

The net total available amounted to 138,000 bales. Of these, 112,000 bales have been sold, 70,000 bales for Home consumption, 40,000 bales to the Continent, and-20HO bales-to America.-leavine 25.000 bales to ho carried forward to next series. •-•;■■'. CHAXGES .'SEEX. Perhaps I cannot do bettor than set before readers the changes sevn coniparrd with the close of the July, series:— AUSTRAL-LAX WOOLS. Merino grease, superior, par; merino grease, average to good, .Id: to Id. cheaper; merino grease, poor condition, Id. to Id. cheaper; merino grease, inferior pieces and locks, Id. cheaper; merino scoured, superior, Ad. cheaper; merino scoured, average to good, Jd. to Id. cheaper-; meri'jo scoured, inferior, Id. to lid.' cheaper; merino scoured, faulty pieces and locks. Id. to lid. cheaper; merino grease lambs' wool, superior, par; merino grease lambs' wool, medium, par; merino grease lambs' wool inferior, par to .Id. cheaper; crossbred grease, fine, Id. cheaper; crossbred grease, medium, Id. cheaper; crossbred, grease coarse, superior, par; crossbred, grease coarse, ordinary, Jd. cheaper; crossbred grease, inferior pieces r.nd locks, id. cheaper; crossbred grease, lnr.il s, par; crossbred scoured, fine, Jd. te I .d. cheaper; crossbred scoured, medium, Id. cheaper; crossbred scoured, coars.\ id. cheaper; crossbred slipod, fine, par to Id. cheaper; crossbred aliped, medium, id. cheaper; crossbred sliped, c-oaisc, Jd. cheaper'.

SOUTH- AFRICAN" WOOLS. Snow white, super, Id. cheaper; Siioto white, mediunij Id. cheaper; Snow white, inferior. Id. to Id. cheaper; Grease combing, light, par to id. cheaper; grease combing, heavy, Id. cheaper; grease clothing, light, par to Jd. cheaper; grease clothing, heavy, Jd. to M. cheap?r. THE OUTLOOK. 'Messrs. H. Dawson and Co.. in speaking of tho outlook, say. "The series wlilch c!o=?d on Tuesday has been remarkable chief!v- for its- anomalies and- irregularities, although amidst it-all certain tendencies have been strongly indicated which aro worth noting. The European markets are-possessed wilh au all-pervad-ing pessimism in every section of tho industry, yet the supplies cf gocd combing merinos havo been easily cleared without much change, from tho Jnly values. This indication of tho actual condition of stocks and of the continued consuming power is valuable at this juncture, showing that, machinery requirements still need the raw material in fine sorts. The. chief characteristic of I he present situation is that the whole industry is calling for lower values; and it is probably true, as is everywhere asserted, that" next year's prosperity is largely dependent on cheaper raw material. There has seldom if ever been such universal acquiescence iu the endeavour io 'bear' prices to 11. lower level before the. new supplies are offered. "Consumers andclcalers alike show great determination, and hold aloof from the market so fir as future contracts are concerned. It has to be borne iu mind, however, that machinery needs will havo to be supplied very shortly, ojul that tho 1 trade is very-likely slocked. Everybody waits for the establishment of a. uov; 'base,' which, of course, will be secure or insecure according to tho volume of dfrnand, and this year, those who are at the manufactured'end of tho industry will be best able to gauge the prospects in this respect. Dealers and top-makers -are too nervous and uncertain to speculate largely without, first having made their contracts. Consequently, if,"is quite possible that if (lie level were forced down much lower, the influx of demand under the present conditions of supply might cause a teuiimrary read ion. 'Die new clip is being marketed very early and.the new shipments to dale from the Queensland and Xew South Wales dis- | triets- are at least 00,000 bales ahead of lost season. In addition to ,-1 large offering of Queensland wools we have, already had soveral good batches nf New .South Wales new clip wmls in Loudon, which is 1111 usual. "As regards ciossbrecls. there are moderate stocks of tops and wools in the various centres, but there is yet considerable opportunity for clearance, as the Xew Zealand and' South Ajnsrican wool?.

cannot arrive in anv di.-lurbing volume before the end nf I In. year. Tin- position in crws.-lnvds is fa.r 11- being .-.a(isfacte ry and I here is peril for same read-ju-lmenls in value-. Compared wiih mevnin-.. all cre-.-bred-. ale lol.alivelv cheap, but medium gi ide- e-pi-iallv are al a very Imv level, and should speedily create for themselves an outlet and ail increasing rmi-iiiiipiiuii. "The supplies of wool for ll,c remainder ot the year .are .;, small that I here is <lill a lair chance |„r a clearance of stock-., and certainly than, is na justification for alarm or far further shrinkage in value.-, as there cannal be anv heavy neniinnlatiaii of sleeks la be iaj'ricd oyer inf. Ihe new .\rur. There has been during the series a wide and vcrv keen eoiiipetiliim for erossbreds al the owe,- ovel, which has still been higher ■ban Ihe values <! lop in Bradford. ) •'•■ A. has been operating a little during the series, but il h«- kr.-'ii a disappointment that their support has n.,1 been stronger in - nm p of Ihe medium cnissbreds. (he price of which Ins brought hem. very close In tlm point at which they can compete wilh dome-tic wool the situation in Ihe Slates K however, not sufficiently allied ~„■ ]„rge operation.", although a healthier posiliun is being gradually developed. ],nw values in raw material and in cloths is, however, the only way of salvation from their present difficulties until the tariff is hxod Meanwhile, Ihe downward I rend °i v - ,7 •'" ,"'"' - or< %'» markets will be all in (heir favour."