LONDON WOOL SALES

Dominion, Volume 6, Issue 1602, 20 November 1912, Page 10

LONDON WOOL SALES

CLOSE OF A VERY SATISFACTORY , SERIES.

(From Our Ssecial Correspondent.) London, October 11, 1912. As I write this tho curtain is about to fall in Coleman Street Wool Exchange, thus marking the end of the _ fourth series of colonial sales. The series seem to have been short and sharp, setting forth at ono stroke the sound standing of th© raw material. The improved position of wool to which I called attention in mv last letter, has remained intact, the cud approaching with values practically'at the top notch. There can bo no doubt that the absence of large stacks in consuming centres and tho urgent' requirements of many users have been entirely responsible for prices being well maintained to tho finish, and right up to the closing day many users seemed to bo as keen as ever to obtain all tjiey could. Some, as usual, held oft' operating until the series were half through, while tlioso who went home to Yorkshire and other centres at the end of the first week camo back last Monday with definite instructions to buy at the best prices possible. There has been a larger _ contingent of buyers operating tjiis series in Coleman Street than we hare previously seen this year, at least, more have sat through the entire sales than for some considerable time. Those who have never been absent have kept steadily at work, but it has been a rarity to find "cheap lots," and those who like to do a "bit of picking up" candidly state that they have not been able to do so this series, and that they have only been. able to operate at tho . very top limits which they had. Some of the Bradford topmakers came in Coleman Street wiifh a 27d. limit for G4's, but after tho first few days reports were sent home that such a figure was absolutely useless, and that topmakers must raise it Id. to be of any use. The result is that buyers have hud to operate this series at higher prices than at lany time this year, that really accounting for merinos going -so well. But after all, combing wool has sold uncommonly well. If wo take West Australian descriptions, it has been no uncommon thing for Gl's wools that would give no kiore tlian 44 per •cent clean yield to cost 25.,5 d. Of course, the usual degree of blending will have to bo done in order to cheapen these tops, but those , wanting a good, genuine article, have had to pay prices which will cause a little surprise in the course of the next month. But tho very fact that buyers are willing to Pfty those figures illustrates the sound standing of wool, and shows clearly that they, must have it in order to complete their, contracts and provide for future requirements. There, are many topmakers to-day who have machinery that must bo kept going at all costs, and if wool to-day is having to bo bought at- higher prices than the majority care for, it is cheaper to do this than.'-let machinery , stand. UNDIMINISHED DEMAND TO THE LAST. There is no feature which has impressed itself so forcibly, upon our minds during the past three weeks as the well•sustained demand for the raw material. I'rom first to last men's , wants seem to have been extensive, and tho 11,000 bales which have been catalogued daily have been put through with comparative ease. There has never been the least evidcnco of a set-back in values, and unlike last scries nobody seemed "fed up" with the daily offerings.-*. Tho fact is, the recent saries lias been sufficiently long to satisfy all, and the. trade will now be furnished with an opportunity to digest their recent purchases. For tho fii'st time this year it looks as if tho who.lo textile,industry is. in a normal condition. 5 Last series everything was topsy-turvy, and I know -for a fact that even at the beginning of thfj recent auctions more than one firm had wool at the docks whi'ch was undelivered, although paid for when tlie account was due. -.However, that state of. things is now ended, and everything lias •gono sweetly. Merinos maintain their position to tho finish, and .prices , were, practically intact r.w.hpiiiflio last, lot was knocked won. The fact' is, everybody went homo yesterday feeling no regret. A soft finish provides a handlo for those who want to get prices down, but .'-this time . .there have been.no "soft, spots," a clear proof that practically all were prepared to buy and to give full current rates. The catalogues during the closing week naturally got very scrappy,-and somewhat poor, at least that was so as far as merinos were concerned, the bulk of the wools submitted consisting of .scoureds' and slipes, and where all these wools pamo from was a mystery to everybody. CROSSBREDS REMAINED INTACT. ' The sales concluded with crossbreds sound and firm, .thanks,to a very healthy and satisfactory demand. All descriptions of crossbreds'seem to have increased in favour witli th® incoming of the American contingent, and-although the quantity purchased this series for tho United States'' is not as much as last scries, they have practically eleared the catalogues of .all good to superior parcels. After all tho 'strength of the series has not been the demand for special lines so much as the "undiminished call for good averago' wools. The big quantities of scoured crossbreds .and slipes have continued to sell uncommonly well, and prices remained firm to the very last. The home trade has given excellent support, and nothing is more satisfactory in connection with the series than to find crossbreds so sound and firm. Perhaps the scoureds and slipes hardly reached the extreme point seen during the middle of last week, but, after all, the wools left nothing to bo desired, everything selling remarkably well to the finish. Ths following sums up the results ■ compared with tho close of July:- : ' AUSTRALASIAN WOOLS. Greasy merino, superior, par; greasy merino, average to good; M. to Id. dearer; greasy merino, poor condition, id', dearer; greasy merino, inferior locks, and pieces, id. dearer; scoured merino, superior, Jd. clearer; scoured merino, average.to good, id. to Id. dearer; scoured merino, inferior, |d. to Id. dearer; scoured merino, faulty pieces_and locks, id. to ld. dearer; greasy merino lambs, superior, nominal; -greasy merino lambs, medium, Jd. dearer ;-.greasy merino lambs, inferior, id. dearer; greasy crossbred, fine superior, id. dearer; greasy crossbred, fine ordinary, Jd. to Id. dearer; greasy crossbred, medium superior, id, dearer;. greasy .crossbred, medium ordinary, id. to Id. dearer; greasy crossbred, coarse, superior, Id. dearer; greasy crossbred, coarso ordinary, Id. dearer; greasy cressbred lambs, superior, id. dearer; greasy crossbred lambs, ordinary, id. avarer;' scoured crossbred, fine, Jd. to Id. dearer; scoured crossbred, medium and coarso, Jd. to Id. dearer; slipo crossbred, fine, Jd. dearer; slipe crossbred, medium, id. to Id. dearer; slipe crossbred, coarse, id. doarer; greasy, Punta Arenas, wellconditioned, J-d. dearer; greasy, Punta, Arenas, wasty, id.,-dearer; greasy* Falkland Islands, jd. dearer. SOUTH AFRICAN WOOLS. Snow whito, 6uper, firm, unchanged; snow white, medium, par to id. cheaper; snow white, inferior/ par. to id. cheaper; greasy combing, light, firm', unchanged; greasy combing, heavy, par; greasy clothing, "light, par; greasy clothing, heavj-, par. TRADE HEALTHY AND GOOD INMANUFACTURING CIRCLES. . With the close of the fourth series of auctions, wo- cannot do -better than look nt conditions obtaining throughout manufacturing areas, for wo contciid'lhat what is prevalent in tho West Hiding and other' centres always determines tho prico of the raw material in London, Adelaide, Melbourne, and Sydney. There . is no more satisfactory, feature' in connection with the textilo industry than the maintenance of- good manufacturing conditions in every place whew wool is consumed. The. writer was in . company with a leading West Rklifig mamiiacthret' during tho past week, and ho Said that if they could at tho moment double their output they could sell the pieces. He further remarked that their seemed to bo excellent prospects, for tho coming-season, and that even tho recent wet summer had in no ,sense spoiled -the prospects for trade., This is certainly good news; it finds endorsement at the hands of tho majority, and it must be said that wool would never have sold like it has in Coleman Street had tluro been the least misgivinf in the. minds of buyers regarding the future. With the prospect of a shorter supply from Australia, it is already patent toot there is to be no, surplus, ntid ulthoug'h, tho majority contend that jraal is ao»' dear <mou£h, moaufaQUUors.

are endeavouring to enfofce the advance in fabri:s; in fact, they will have to re--coivo more money in order to enable tliem to mainta ; ii their present standard of excellence. With values keeping up at the reoent auctions, this has suited admirably those who cater for Government orders, and the coming season's trade will to a largo extent he based upon current prices for wool. So long as a steady market is experienced, there is seldom any difficulty in inducing' wholesale fabric buyers to accept deliveries, and it is significant that already in the flannel trade large buyers bave inado overtures to manufacturers to fix next season's prices, a .circumstance which has not been ieen for years back. This may be taken to mean that wholisalers \ feel that they have nothing, to lose by fixing up next, season's contracts, and already we know of largo orders being- placed for 1913, at least three mouths'ahead of the usual time.