LONDON WOOL SALES.

Dominion, Volume 6, Issue 1690, 5 March 1913, Page 10

LONDON WOOL SALES.

MORE MONEY BEING PAID FOR MERINOS AND CROSSBREDS.

(From Our Special Correspondent,) , London, January 2t. The sales are being continued under very favourable conditions, and instead of values losing ground, as some ventured to forecast, prices aro all moving in the opposite direction, wool continuing to sell lroely at exceedingly good rates. Tlio fact that a buying basis was established at the opening, and that cach section uf the trade saw tlic determination of the oihers to obtain the raw material no doubt inspired one and all to step out l.oldly. When one thinks of the position of things, it is surprising to find some people who are large importers among the more extensive operators in Coleman Street. Eiom now to the end of May big weights of direct imports will be pouring into consuming centres both at homo and on tho Continent, and to find the same parties keen to operate, and prepared to pay full current prices, is of itself one of those incidents which go to show that the raw material stands on a firm foundation. The past week has seen everybody keen to bid, and there has not been a single slack night.' Even in good.times there ore frequently one or two nights when the rccm presents hardly so active an appearance, and when a little "picking up" oan be done at a fraction under current rates, but so far this series nothing of the sr.rt has occurred, and the fact that Uio various sections of the. trade are still ptepared to buy has undoubtedly had an important influence on tho sales. The attendance lias kept up remarkably well, and it is pleasant to bo able to record that American buyers are ready to buy freely of the lightest and best-conditioned crossbreds. Some seom to think that the operations of this, section are being conducted on a larger scale than seemed likely at the opening, but if there is any buying spirit left in the Yankee importers, the wools from Ivew Zealand this series cannot but call it forth. < It is rather noteworthy that merinos bought twelve months ago, after having been to Boston and back, should be returned to Coleman Street again to bo turned into cash, and although full market prices have been paid, the owners must liave lost a nice sum on them. MERINOS DEARER.

The show of merinos lias been splendid, and the wools this Reason from Australia present a very different spectacle from what wo were led to expect. If over there was a season in the- history of the Commonwealth when the benefits of a dry, fine season wcro seen, it was last year, when the current clip was being grown. We readily grant that rain, would have been a great blessing,. and would have helped thousands of squatters to save their lambs, but there aro very few clips indeed which present a spoilt appearance, while anyone wanting fine and super-fine quality can have his wants supplied to his heart's content. Many complimentary remarks havo been heard re-specting-the character of the current clip, and when Is; lid. is paid for greasy lambs, and ICJd. for grease combing, it does indeed show what Australia can do. It is a pity that more of this class of staple dees not come to Coleman Street, for undoubtedly West Victoria must bo turning out some really excellent wools, but what do come to London are sampled very extensively, and elicit extraordinary competition. In addition to the few superior West Victorian wools catalogued, West Australia has also risen to the occasion, and we havo hail clips which liavo realised in the grease up to 13id., New South Wales wools having made Is. 5d., and Queensland grease up to Is. 3d. It makes 0110 feel that'-, tho days of high prices are upon the trade once more, and yet a very optimistic tone obtains. The trade seems, to havo paid special attention to West Victorian grease, for from the very increased prices reamed to be paid. These wools still remain tho favourites with Bradford top-makers, whoso competition i 3 extraordinarily keen. Only ver.jii r.ed, earthy■ and wast;i% wools* selling around lOd. seem to b9 commanding 110 more than they made last series, but for all wools worth lid. and upwards the demand'is keen'beyond measure,"at about 5 per cent advance. It was remarked by a'Bradford top-maker tho other night that Swan River greas3 has been sold, which if combed by itself would cost "2s. Bd.: per lb. in tho top. South Australia, has not been stronelv represented, although a few elips like the . Hummocks and Mortlock havo bren submitted, and sold very readily. Ono finds a great scarcity of super 60's combing wool, there being an abundance of Gl's and 70's. There is practically no super CO's wool in the New South Wales or Queensland clip, and before the s"enson finishes this . class of staple bids fair ■to. be an exceedingly scarce commodity. Wlien compared with the close of last series it is new patent that merino wool is mostly 5 per cent.. dearer, although we cannot seo scoured merinos fetching much more than last December rates. Still, when scoured wool is fetching 2s. per lb. and over,-it is by no means a bad price. Scoured locks and pieces arc somewhat scarce, and these, too, .are easily making December rates. Firms, from Verviers ore very keen lipon faulty carbonising parcels, 011' d are paying extreme rates. French spinmersvare also taking freely fine spinning wools. Germany is also a very good sup. porter, and perhaps running the home trade as keenly as ever. At the same time, Yorkshire topmakors and .'pinners are by a long way the largest operators, and are, certainly clearing the catalogues in a most,commendable fashion. V.'hen one looks carefully at prices, .it must bo said that everything is on an exceedingly high plane, and all classes of greasy merinos are mostly Id. dearer, with scoureds selling at last sales' best rates.

CROSSBREDS DOING BETTER. A worii of prise must be given to the New Zealand • new clip wools,. for they certainly present a very' handsome and respectable appearance. 'The wools this season, are very well-grown, there is less of the short and stumpy stapled, deepgrown crossbreds, .while the condition and character have never been better. Whether it be a short supply, or that American buyers are moro ready to operate, the fact remains that prices have ccrtainly hardened since tlie opening, and :my apparent weakness in low crossbreds ' has gone. It is true that tho response in Bradford may liave been to ai large extent of little account, but it is undeniable that , wool is selling splendidly, 10ld. to lid. being paid for ordinary Lincoln crossbreds. We are very pleased to see the attitude 'Of the American seotion, and to find them ready buyers of all the lightconditioned classes is indeed a surprise to many. The notion had got abroad that America would do-littio because of prospective tariff changes, but all. (he same the half dozen present aro operating nicely, and are paying priccs above tho expectation:, of many. Of course, when the wool is there, they do right to buy, for it will be wanted some time, and as four or five months must elapse before any tniifi' changes take place, there will be an op; portunity of using this wool before then. There is a marked absence of half-bred wool, and ono misses good regular lines of 50 s to 58's. There seems to be almost any quantity of 40's to 48's, and hero seme .excellent figures are being paid. Some good quantities of deep-grown •ill's are being catalogued, and it is a pity that Lradford top-makers aro not in a position to buy these wools more freely, but whether tops are moving or not, the majority feel that it is policy on their port to secure good weights, and arc therefore prepared to operate, and risk tho future. Crossbreds are all selling splendidly, ami certainly making very good rates indeed. MARKET FIRMER. It cannot bo said that the movement of priccs in London Ims exerted a very marked influence upon the Bradford market. At the same time, values for all classes of tops have received a slight impulse in an upward direction, this being particularly evident in merinos. Thero cannot Iw found anywhere a maker of fine tops who is now willing to nitaopt 29d. for his standard (14's, .and all reputable makes are being quoted at 29Jd., this being ait '.itual selling price, At this figure a moderate amount of business has been done during the week, and the attitude of those who a few days ago, professed their determination not to sell at any less than tho price limned soems to have been fully justified.. Fine crossbred sorts am sharing in tho slight lift which merinos have received, prices nro Armor aud tho consumjjtioa lart;o. The cross-

bred trade lias not been influenced as milch for good'as merinos. Medium and coarse sorts arc certainly better than they have been, though even hero only a moderate business is being done. More consistency is in evidence in i) rices generally, as those sellers at the lower rates Laws' either withdrawn their quotations or >:old at them, and after doing so have como into line with the of, the market. Coarse qualities of tops arc the worst of any;, the lack of an open market on the Continent doing no little harm here. Toomakers cannot be sure of their ground when they know that yarn men cannot get orders through, and no small weight of tops has changed hands at rates which aro not on a level with London prices. To hear of 40's crossbreds tops being sold at 15Jd. when the prime cost is ' 15Jd., does not suggest profitable business, but during tho week there has been some business aono at the former price, and now quotations liavo been put up a fraction. Thus, though it is true in one Benso that crossbrcds have appreciated, time only will show whether the advance 1 \V-illvbo,,Mistainedy.<this being particularly "Wife"lif the 'The general selling price to-day for 40's prepared is 15jd., occasionally a fraction more can be made, but only, for an exceptionally good article. Yarn spinners generally are well employed, those' engaged in turning out 'fine counts being/particularly so. Crossbred ;nen arc inipelled by the price of tho raw commodity to keep up prices, but they are overruled by the second-hand market, out of which manufacturers can biiy at distinctly less than spinners aro asking. A. little business still continues to be done in mohair, both in Capo firsts and winter hair. What is bought is being taken' chiefly on American account, and values are a triflo higher. Yarn business is only moderate, and what is being done is chiefly in S2's.