LONDON WOOL SALES.

Dominion, Volume 5, Issue 1447, 23 May 1912, Page 5

LONDON WOOL SALES.

ANOTHER GOOD OPENING, WITH PRICKS VERY FIRM. (From Our Special Correspondent.) London, April 12, 1912. Once more interest centres around Coleman Street Wool Exchange, where a very important and extensive scries of sales began yesterday. We are glad that this big event loses none of its importance, and during the current series the actual standing of the raw material will he demonstrated to the world once more. It does seem a long time since the trade separated- during the first week in February, and to-day it is history that the' March series were deleted because of the coal strike which has played sad havoc with the trade and commerce of Great Britain during the past month. However, wool has in no sense suffered, and we certainly think, that the postponement of the March auctions, aim the amalgamation of the second and third series was a step in the right direction. There is no doubt that if the March sales had taken place, prices would have suffered, and although there is a net available quantity of 273,000 bales, stocks in manufacturing centres have been so depleted that there should bo no. difficulty whatever in lifting the weight of wool now available. This year only five series arc going to be held instead of the customary six, and although members of the trade will be called upon to stop longer in London than usual, by exercising patience tho quantity of raw material available will bo got through. There is no reason for expecting anything but continued prosperity throughout the textile circles of this country. No doubt various views are entertained regarding the ultimate effect cf the coal strike upon the purchasing power of the people generally, but we think that in the course of a month or two the ill— effects will to a large extent have passed, and that the demand for new clothes will continue to expand. There is abroad a fairly cheerful feeling, and, when all things aro considered, the recovery which tho wool trade has made, and the amount of business 1 done in manufacturing circles during the past three weeks are really surprising.

QUANTITY AVAILABLE. The trado to-day is confronted with a larger supply of raw material than it has been called upon to lift during Tecent years. Still, 27,1,500 bales is no more than we have frequently seen in tho early nineties. It was a wise departure when those in London responsible for regulating the sales decided to hold fire series instead of six, and we are glad to think that for once in a while the trade finds itself in a position to deal effectively with the arrivals at present to hand. As one glances down the list of arrivals neither the supplies of merinos nor crossorods should cause anyone to have the least misgiving, for tho wool hunger today is so keen that we shall be much surprised if, at the end of the auctions, the bulk has not been Shifted into the hands of buyers... As the wools this season aro made' up of the combined offerings for the March and May sales, we have added together the quantities available for these two series in past yeaTS, and present our usual table showing tho gross arrivals, tho quantity forwarded direct, and the net total available for sale:— ARRIVALS FOR THE SECOND AND THIRD SERIES. Gross Forwarded Net. Arrivals. Direct. Quantity. Year. Bales. Bales. Bales. 1912 602,500 313,500 273,000 1011 843,400 4G5.000 433,300 1010 ' 790,000 499,000 311,000 1909 801,700 .149,500 372,000 1008 655.700 301,500 46-1,200 11)07 749,400 430,000 327,300 • 1906 622,800 314,000 2.88,800 1905 662,800 332,000 345,000 1901 569,400 235.500 351,000 1903 582,300 233.500 375.000 1902 619,600 244,000 401,000 1901 471,800 157,000 480,000 1900 525,000 155,500 405,100 A UNIQUE INTERVAL. The present generation of woolmen have never kuoiv.ii a time like the one we have recently passed through. All along the line there have been poriods of boom aud slump, but the recent interval has been unique in many ways. For a series of sales to bo delayed a full month on account of n coal strike is in itself a record, aud all alike liope that we shall never see the like again. Some question the wisdom of postponing the series, but we certainly think that those responsible acted wisely in deciding to put off the opening and amalgamate the March and May auctions. The interval has given importers tirao to shift successfully their arrivals. It has also furnished an opportunity to meet financial obligations, while the stock !on hand has also been cleared in a most commendable way. In past years tho resources of tho trade have always been taxed to their utmost from February to the end of June, and being called upon to deal only with direct imports, has afforded somo relief in quarters where it has been much appreciated. Now that these are out of the way, a good deal of of the offerings this sorieshavealso been mortgaged, thanks to a fairly big volume of business which has been done during the interval. Under ordinary circumstances prices might have been expected to decline, but instead of that values havo slightly hardened, particularly for crossbreds. Those who sold forward last Noveralier for the delivery of tops during tho months of March, April, and May, sec to-day what a serious mistake they made, and instead of being able to purchase 40's prepared tops at 12|d. and 12Jd., they will havo to pay at the coming London sales at least 13Jd. It is high time that some Bradford topmakers benefited by tho unprofitable experience of the past three years, for it seems to-day as if the requirements of the world are such that 40's wool is not going to drop so low as to bring tops in under Is. per lb. However, the amount of new business done during the interval, notwithstanding many standing mills and much short time, has been really good, and the members of the trade are again in London prepared to operate on a very free basis indeed. ' A GOOD START. Yesterday saw the commencement of the second series of colonial sales for tho curient year, every available scat in the Exchange being filled. It was really delightful to see the spirit that w;as manifest, there being no reserve whatever. The offerings for an opening day were about an average, crossbreds predominating. The home, Continental, and American trades gave unmistakable signs of wanting the raw material, and an excellent buying spirit was manifest. It was gratifying to see that the disastrous coal strike ha.s had practically no effect upon the trade, for all alike were prepared to buy. Merinos found a firm market without quotable change, at last sales' average rates. Crossbreds met a strong Yorkshire competition. The selection consisted principallv of topmaking sorts, and prices were very firm at last sales' average rates, ruling occasionally against the buyer for good parcels in the lower grades. Slipes and scourods showed no quotable change. There was a good offering in Capo greasies and the best combing sorts realised January rates. Wasty and inferior parcels, also faulty scoureds, ruled par to 5 per cent, lower.