LONDON WOOL SALES.

Dominion, Volume 5, Issue 1332, 9 January 1912, Page 8

LONDON WOOL SALES.

OPENING PRICES FULLY UP TO LAST SEKIES. (From Our Special Correspondent.) ■ Bradford, November 30 Another chapter will'soon have to be added to the long story of the wool trade, for tho sixth series of colonial sales were inaugurated lust Tuosdnv. Hera we liavu focused tho buying no,,™ ot practically the whole Wl ,ol 'world, and it is noteworthy that what Coleman Mreet now to-day, other markets will do LO-monw. This is really the first series at ivJiich any quantity of "new clip" wools iiom Australia is offered, and it will -.oon bo seen what !dud of a reception tho jaw material JiashiUt at tlie muds of buyers. Jlembsrs -X the trade know that the new teasjn proper opens when Adelaide throws .lo'.yu tlis gauntlet at tho end of September, but this year Sydney forestalled the South Australian caiiihu by be<:.u.-.i.. early in that nontli. By this ti-no bomething like SOO.CUO bales of ,vodl im- been "old it now umr.un,!! tor 1. 11 on tii submit its first ciiv-ignmen'-. i\ is too early yet to five a miiuito opiiii-ju as to the nature ivuil ciaracter f Uμ; new clip but it *m be wanted (I.=-.fc some verv good wools will be catalogs-.!.! this season, both in Cmuuan Strc-dt au.-i elsewhere. We are yiristioj tint with picnty of rain from 'heariig to sheiriii., a very good clip can bo t,!om, and iii face of largo supplies it i.s gratifying *j know thiit trade is jtfil fairly. g.>jl, ami that the demand is lively to bo f.w.'i and well sustained liirough the se.ies. Regular readers of tlrs isfu'e have been kept fully apprised week by v.eek of what has transpired in consuming centres, and it is well known that, while business has been somewhat on the C]tiiet side, yet all things cai-dovid,' a «!tad,v trade has Ivcn uonu, the best featui'e being a continued 'briskness of nearly' all mills l tinwigliotit the Unitcr-. K.iigilom. 'There '.re hore and there a f<r,v exceptions to the rule, it being well known that in both Bradford and Huddersfield some, manufacturers are far from enjoying that tfate of briskness which has bscii their experience during tho past few years. As one looks over the history of tho past year it is- pleasing to know that record. supplies have met with a record consumption, although thero is hardly tho pressure that wo have been accustomed to see. The trade came together on Tuesday in fair good heart, although tho continued rise of prices at colonial selling centres is to many people a conundrum. No doubt, the majority fail' to seo any justification for increased prices, but still the various members of tho trade seem quite prepared to continue buying.- The most surprising thing of all is the onslaught of both I'rench and German buyers in Australia, particularly the latter. All their complaints of the past threo months seem to many people to be little more than moonshine, for they have not been as quiet as many said they were, or there could never have boon the activity in Australia that has been witnessed. Although mills in the West Riding of Yorkshire are not running up to their usual high standard, machinery is fairly well occupied daring the day, and owing to so many firms Raving recently increased their spinning 'machinery, thero has been a larger consumption of the raw material. All things considered, the position of the woollen and worsted industries is to-day fairly satisfactory, and this circumstance paved the way splendidly for a good opening in Colem'an Street. The outstanding feature at the present time is a knowledge- that the raw material will bo wanted at about to-day's rates, and so long as mills keep going at their present pace, prices will bo well ablo to tako care of themselves. The question of supplies is of importance and concern to everyone, and affects both tho selling broker and the buyer. Shearing began early in Australia this year, in order that supplies might either catch tho November sales, or sell early in the markets of tho Commonwealth. The gross arrivals this season are slightly less than those for the corresponding sales a year ago, while the'quantity forwarded direct also shows a shrinkage of .4000 bales. Including the quantity held over from the fifth series, there is a net available weight of 128,500 bales, which is about 10,500 bales more than at the sixth series of 1010. Of course, this cannot be called a crossbred series, but if we reckon the quantity of Falkland Islands, Punta Arenas, and River Plate wools, thero will, probably be about 36,000 bales of Australian size of crossbreds available. If we climimte the total for November, 11)08, which it will be remembered was a slump year, when large quantities were carried forward each se-rics, then ihc quantity being sold at present is about normal. There is nothing very significant connected with the arrivals, and with the offerings being good, (lie trade will no doubt put forth every effort to lift the wools, many purchasing in tho hope of being able to test thorn before larger supplies are available in .Tanuary. We fully expect ownors will be disposed to sell at current rates, and that policy can be reuommended. We feel ccrtaiu from what, has already been seen that prices in Colcinan Street are better than those obtaining in Australia, whom some very cheap wools have been picked up this season. When'one surveyed the animated scene in Culciunn Street Wool Exchange on Tuesday night, it was- surprising to see I ho largo concourse of buyers, for practically every firm was also represented at one cir more selling centre in Australia, New Zealand, South Africa, or South America. This fact will give t.he reader a general idea of the ramifications of the wool industry. In this respect alone there has been a great development, and to find firms represented in every other selling centre speaks volumes for the important position of the wool trade in the business of the world. Tho truth

is, Ihe production grows apace The offerings of supplir.-. where llin wool is grown is so important; that firms of any standing, can ill aii'ord to ignore other telling cent res, and to find I'olcinnn Street as crowded as ever shows distinctly thii siroiijjlh and using capacity oi buyers both at homo and abroad. In this respect alone tlicru has been n tremendous development during recent yt'ar,\ The opening day saw .submitted a very good oli'uring, two catalogues being particularly good. The wools were mostly "new clip" merinos, which were generally well grown, sound, and in good dry condition. The usual large number of buyers filled Cnleman Street Wool Exchange, and from tins very .first keen competition prevailed. The Continent undoubtedly led the van, l'Yc-neh buyers being particularly active. Bradford (opmakers camo next, and between them the whole O."i00 bales werp soon disposed of. All descriptions, including merinos, ciossbreds, and Capes", sold at prices which were quite equal to last series closing rate! The opening" seemed to give every satisfaction, and proved that things iit the bottom are better than has been generally supposed. Of course, we are yet, only at: the. beginning of the series, and probably there are some, urgent wants to be covered, but all the same, (he good all-round general competition proved a most welcome feature to the dull depressing times that have been seen in Bradford. Since the opening, each day's sale has passed off well, and prices .arc fully maintained for till qualities of merinos and crossbreds. TIIIO OUTLOOK. .Messrs. 11. Dawson and (Jo., in speaking of the outlook, say:—"The situation during the past interval has been an cxtremoly difficult one to interpret, and it is to he hoped thufc some of the anomalies in values which have been so puzzling may find adjustment at the present series. The position at the opening i< still perplexing, for while the oversea markets report hiirdp'iing values for the raw material the outlook for the winter season's 'worsted trade in Europe is somewhat dull, the preference having been given to woollen goods. The hosiery and woollon prospects are fairly bright, but this docs not greatly help the top trade, and does not; guarantee such a heavy consumption of wool as when combs are employed to' their full capacity. I'erlups the 'bears' and those who generally have been holding pessimistic views of the future may have been too extreme in Ihcir opinions, but so far as European business is concerned there is certainly no such outlook as tn encourage any 'bullish' tendencies. The better lono which lin-i coino to the wool markets may be chieily. attributed to the fortunate and welcome arrival of some I'nited .'-'tales demand. There is also a little iiiaciiin-'ry hunger in the combing mills, and this . will doubtless benefit the present fei'os. "In crossbrods there are heavy stocks of tops in Koubaix-Tourcoing as well as in the German combing mills, and these are a block to an immediate and general improvement. The United States demand, which is principally for medium and lowpr-gnulc cro.«brcds, has, however, given a new aspect to the situation, and in South America crossbrods have made an advance of 7 to 10 per cent since the opening, while in New Zealand the market is also fully a to 75 per cent above the level of Bradford values. Whether the improvement will bo iniintain 'd »t not depends on the pcrimuiMsy o: other wiso of tlio United Slates demand, which is always diflicult to gauge. Their mills are reported to be well employed and to have good orders in hand, but these have been taken at very low prices and are chiefly in medium and low crossbred fabrics. Values in erossbreds had come down to a reasonable level, and their position consequently would appear to be more secure than that of merinos. Business, howover, throughout the world is seriously hampered by the unsettled stato of foreign politics and by the struggle capital and labour. A settlement of some of these conflicts is greatly needed to restoro confidence and thus to effect a real and general revival of business."