LONDON WOOL SALES.

Dominion, Volume 6, Issue 1589, 5 November 1912, Page 4

LONDON WOOL SALES.

another satisfactory OPENING. (From Our Special Correspondent.) London, September 2i, 1012. Once more the eyes ol' the wool trado are turned towards Coleman Street, where the September series began lust Tuesday. The position of things is to-day 60 interesting that it is ns well (hat this biff event takeS place periodically, and the trade is given to see where the raw material actually stands. It is certainly surprisijig to'find everything so healthy and sound, a clear proof that the. textile trade occupies to-day a very .nniguo position. When one thinks of nil tho. adverse factors which have had to bo reckoned with this year, the more tlraii,. .usually strong. position which. the raw ..material occupies is clear proof that business is certainly good, and well above tho average. The condition of tilings to-day is 'just'the opposite from what it! was at the .corresponding date a year ago. Tho opening of the September-October series in 1911 was marked with a slight setback in values, but to-day everything indicates a further movement forward. Probably tho majority would have welcomed a slight ease at tho present time, ■ but stocks are. so limited, trade so good, and consumption so large, that wool is in a very unique position, and instead of there being any .evidence of weakness, everything is moving in the opposite direction. It-is quite 'true thai the raw material does not spoil with keeping, yet, although values aro high, they are willing to buy as froely as ever. Tho trade came together on Tuesday with evident confidence!; the opening sale passing off remarkably well. • A GOOD INTERVAL. Regular readers of this paper hayo been kept. apprised of what was going on in" consuming centres. There has been no soft spot anywhere, tho • vacation being characterised by a big business both- in ttool; tops and yarns... It is somo years ago since and September ..have been marked with siich pronounced strength, all due to the active demand for !t'hernw material, and the_ extensive in-, "quiry witnessed. The . incoming of America has to a ltiTge extent 'revolutionised the standing of the . raw material, and it is safe to gay that if there, hail not been:a oontinuanco of operations on the part of United States buyers, wool would not be figuring -.so conspicuously to-day. However, thefe'has been a very active inquiry, continuous laTge sales have been made both on, Home and export account, and the doors of Coleman Street Wool. Exchange were opened with everything in sellers' favour. 'TJsers of both tops and yarns as a rule at this timo of tho year adopt a policy of going 4 strictly from hand to mouth, with a view to ultimately affecting- the selling. centres in Australia, hut conditions this year fc&ve been such as to prevent the least possibility of anyone holding off. Trade has been so good (is to compel topmakers arid spinners, as well as manufacturers, to largely anti-, oipato the future, and knowing .that they had nothing t0 lose by operating; a big forward business has been done. Below we show where prices stood for the combed article at the closo of the third series, and what were quotations last Tuesday for good average standard tops on the Bradford market:-^ Sept. 21,. Sept. 23, 1911. 1912. Description— d. d. 70's colonial tops . 28 28 §4's colonial tops 27 274 CO's colonial tops, super ... 2G ' 2i>|-' 60's colonial tops, ordinary 2-1J ■' 25J 58's colonial tops, average 23 ' • 22J 56's colonial tops, average 20} 20 ' 50'S colonial tops, average 18 , 18 4G's colonial tops, carded... 151 10's colonial tops, prepared 1,3 j UJ : 40's colonial tops, carded... 13 14 .QUANTITIES AVAILABLE; The question of arrivals is one of great interest, for by the Wool coming to hand .it can . always be Seen whether the trade is well supplied .with the raw • material. As a rule, the September series sees the end of the last Australian clip, but.-.this year there will be "a'fair supply of Queensland new clip, whichwill help to "salt" the somewhat heavy quantitios'of carbonising'wools which-are certain to be catai logned. The amount to hand this series is ;larger than usual, although in 1908, owing to largo quantities being carried forward at tho close of each series, the shpply exceeded that of to-day. Still, ■ with manufacturing conditions being fairly healthy, there should be no difficulty in moving the 143,000 bales available. The following shows tho quantity on J offer, compared with tho corresponding series a. year ago:— " . , Sep.-Oct., 1911. Sep,-0ct.,.1912 Avail- AvailNew. able New able Bales. Bales. Bales. Bales. N.S.W. and Queensland... 61,000 44,200 58,817 37,317 Victoria ...... 7,150 9,250 11,030 "11,630 S.Australia... , 850 2,250 3,230 2,630 W. Australia 2.300. 2,900 5,385 5,985 Tasmania ." 150 ■■ 150 304 . 504 •New Zealand. 38,451). 64,f>5U 62,518 77,54b S, African ... 17,500 6,000 27,931 7,231 Totals ... 130,400 127;400 169,931 142,845 : ■ 1 A GOOD START. TIIO opening sale on Tuesday must bo regarded as very satisfactory, no matter from what standpoint it is viewed. The catalogues were very miscellaneous, thero hardly being a straight clip of merino wool submitted. The bulk of the offerings consisted of sliped New Zealand

cfossbrcds, and full justice was done to tllom. Practically all tho wools wero suilublo for tho homo trade, although a j few lots of scoured Queensland merinos j went to tho Continent. J'rom tho start, competition was very keen, there bring no holding back .whatever in tho bidding. * When compared with the close of the previous series, merinos showed an improvement of par to }d. on the best classes, but on faulty wools thero was no advance whatever. For the greasy cross- ' breds tho call was exceedingly good, fine greasy parcels being part to |d,, medium id,, and coarse descriptions a good }d. higher. There is 110 doubt that the riso was tho most marked in tho latter, and while tho bulk of tho wools were {d. more, they were slightly heavier in condition. Fine half-bred lambs were no deafer, but medium qualities wero mostly id. per lb. more money, while coarse Lincoln classes often sold Jd. to Id. higher. Punta Arenas sold similarly to tho New* Zealand greasy crossbreds, and were mostly id. better. Since tho opening, the selection has sensibly improved, .and tho advance has been "fully maintained. There is a very encouraging feeling nmong buyers; although it is significant that nahody secure disposed to force the paco, The way slipes sold surprised a tew, but there is no doubt that tliis- class of wool is wanted, and it is benefiting ns A result of English skin wool being advanced. THE OUTLOOK. Messrs. IL Dawson ajid Co., in speaking of tho future, make tho following observations:—"Tho general situation at this period of the year- always assumes a greater importance than at most other periods, because it affects vitally the new Season's-, business and helps materially to determine tho level of values for a new season's trade. It 16, however, difficult to say whether it is wise to gauj;e the future by the present situation. The position is almost too rosy. The wools available for the consumer are not large, and values perhaps are in. danger of being unduly appreciated by the strong demand for Urgent, needs which undoubtedly obtains. Trade reports are excellent from all centres, and the year's supplies are practically; fill gone into consumption which is the Factor that always counts in the ultimate reckoning.. Perhaps tho most remarkable feet Of tho past decade has been th'e easy and complete absorption of the record clips of the last two or three years, and this year the ■■ .markets promise to bb still more hungry for the new season's, supplies. The Home trade continues • to- enjoy a w:onderful run of good business/. and a largo turnover, while from the Continental centres there are reports of' -steady, healthy trade without any boom, although an increasing optimism as. regards future business, is noticeable during the past few- weeks. The United States markets are also distinctly cheer-" ful despite tho fact that it is the Presidential election year, and that the election is a vital -one for, the wool interests. A-s a. matter of fact, all the old theories of bad business in election years and the fears of the pessimists have been upset, ■iihd there is an undoubted revival, of trade in the American woollen industry. The nervousness of tariff alterations which has prevailed .during the past two yeqrs naturally led to such a senOus curtailment of production that.a very sound and healthy position' has been created. The demand for goods appears to have : got ahead of the supplies, and consequently the mills are busy and the domestic wools are being rapidly cleared from the market. , There are some important facts, however, to be token into account in ganging the whole', position.. In the United- States of America tho' alteration of the tariff appears to be a, foregone conclusion and will involve some adjustments in values, although it seems as if in- the present healthy state of business tlieso might be made with the minimum of loss and inconvenience. In European niarijjts it has to be remembered that merinos, are' already, at a fairly high level of Values. I That level has been supported l>y tho strong call for fine worsted fabrics for the East and by the favour shoivh to nieriiios iii ladies' dress fabrics.. Such strong support may not always be maintained, although the season opens with--Qut.isigns i.of diminution. Fortunately - a strong, calm toiie', Which is .quite inimi;cai to anything in the nature, of a boom controls tho market." In fact,' a resolute determination not to be carried .off one'sfeet by any speculative movements appears to be the prevailing' mood. ■ Conse- ; cjuently a,- sound, cautious iSolicy is being happily pursued, despite the signs of good trade which are so abundant, and this is the best augury for the season's prospects and for the maintenance of a steady market. . ,