LONDON WOOL SALES.

Dominion, Volume 6, Issue 1731, 23 April 1913, Page 5

LONDON WOOL SALES.

CONTINUED ACTIVITY.AT STEADY VALUES. (From Our Special Correspondent.) ' London, March 14, 1913. Tho sales have been continued under favourable conditions. Every day's sitting has been marked by keen competition, the inquiry for the raw material still being oV the best. We cannot soy that prices show any further improvement, simply becauso buyers seem at present as if they want breathing spact, and are in no sense disposed to pay more until they sep if values are going to' be maintained in consuming centres. Xt looks us if prices' have' touched the top for tho tinio being, and until tho large direct arrivals aro financed, no one can expect to seo higher prices for the raw'material, At a tinio like the present, it. behoves everyone to 'look well to their bearings, tor a spirit of caution is abroad, and we aro not going any higher until booming trado and prospective limited supplies begin to operate in a still moro forceful way. All along we have stood out strongly for reasonableness, und feel to-day that that policy will bo bast. No one likes the thought of having to pay increasingly more for tho raw material, and all buyers who aro now ill London have a feeling of that kind. At the sumo time, tho demand for wool continues unabated, and in- the aggregate as much confidence. is expressed in the 1 future as ever. The strength of .tho situation lies in 'the aforesaid spirit of caution, together with the excellent ' manufacturing conditions liu consuming centres. :

MERINOS READILY ABSORBED,

No one can look at the'situation without being very favourably impressed with tile course of merinos, and without doubt ull available supplies are being readily absorbed. The selection this week has again been. ti„good average one, and although nothing like so good as wo sawlast series,. some first-class clips are being catalogued,, tho New England merinos again commanding excellent support and realising big figures. When 14d. to. 16d. is being paid for fine merino wools, it can be taken for granted that such material possesses excellent properties, audi no doubt the! Australian clip this season, is distinctly . better grown than even the ' most sanguine expected. So far as merino combing wools are .concerned, tho opening advance .is not always in evidence, although .we cannot see fine wastj- wools aro fetching any more money th-m in January, «omo of the prices that were then paid'were too high, almost all estimates of clean yield liavn had to be modified, the result being that wools of . doubtful yield, or which are seedy and. burry, are not making anymore than they, did in January, and riot always that. The same remarks apply to red, earthy wools. When v,-o come to average top-making descriptions, tho improvement of par to id. is still apparent, and some excellent priocs are certainly baing pnid for good wools. ; Those from West Australia are selling- splendidly, and it is quite evident that class of wool is grown in that State, when up to 15d. is being paid for grease combing. Scoured merinos do not show much change. Hera again big figures are certainly forthcoming to-day. Both Prance and Germany are keen to purchase scoured merinos, and even, Russia is by no means a disappointing quantity. Faulty scoureds, such as pieces and bellies, are selling yery freely, and these are all a full kl. dearer. The Home trade is making the largest purchases. x -

CROSSBREDS MAKING GOOD PRICES. ' Tho selection of crossbred wool has been excellent, and the Home trade has certainly been fully at. case. Wrst liiiitfng topmakers- who.' use , crossbred wool kiiow ,that if'they do not operate ifreely at the March and May . series of London sales, thero will be none for thorn later.in tho year, consequently, with a feelii.-g of conlidenco still uppermost, tl:cy are all'-tuy-iiig freely, competition being exceedingly keen and well sustained. Tho number of .buyers .from, across-the Atlantic is very limited .this series,''consequently operations on their account are ■ somewhat small. ' 0110 or two '.firms- aro buying quietly,' but there is nothing like tho evidqncu of strength in that_quartcr_t'hat we saw'la'st series; The result is ..that sonii: excellent 'wools are .being talcen by tho Home trade at. barely tho full prices wlr.ch were paid, in .January. Of course, it suits Bradford topmakers well to Le ablo to pick up some realty excellent wcols at current, prices, and there is no lack of competition 011 -Home '• tradoaccount. When ,we come to medium and coarso qualities, .thero is also evidence of pronounced strength,-tho rav.'-'material being absorbed, in a most commendable way. Tho opening advance of Jd. is not now so much in evidence, and wc cannot see that -Hi's to oG's' wools are .fetching tho best of last week's rates. What impresses us most about crossbrcds is the free'way that the catalogue \are being cleared. Supplies aTe large, but there is uo evidence whatever of tho Home trade being choked, and as far as one can see there is not going to be, much wool carried-over , at the ond of the auctions. Both France and- Germany aro taking a few parcels of medium crossbreds, but not ill biff weights. Thero is iv very keen inquiry for crossbred lambs, and these are certainlyJd. to Id. dearer. These wools'are. all wanted by .West Riding, South of Scotland, and. West of England buyers, while even Germany is also keen to acquire aiiy nice parcels. Scoured' crossbreds are not more than Jd. dearer, but the inquiry is good.

' Slip-cd frossbreds are also moving in a very commendable way, and are certainly fetching more money than last series. Of course, their scarcity to somo extent accounts for big figurts being realised. When we seo line halfbivd clothing lambs making 1G.1d., it can be taken for granted that the market is a strong one. Anything ol this character peems to bo very urgently wanted by woollen and lioisery manufacturers. Quito as significant a feature is tjic demand for pelt wools, ami if all we hear is true,; a few blanket manufacturers have been caught short. Deep slic-it Linc:>l 11 pelts are selling at from lfljd. to lid., aiid these aro worth 2d. per lb. ir.ore_ than they were at the corresponding series a year ago. ,

As we summarise the week's doings, wo must say that the situation appears to us to be still sound. There is 110 slackness whatever ill.Coleman Street, and the catalogues are being cleared -in a wonderful way. ,It is quite true that the Home' trade, is having to bear the full brunt of the battle, but we think that so long as confidenoo in the future is maintained, prices are well able to take care of themselves. It is quite true that ■tho majority of users are well supplied with the. raw material from direct imports, but at the sanjo time there is nothing to indicate any slackness-whatever <>n their part and they- are willing to buy for requirements later in. the year. No matter from what standpoint tho auctions are viewed,_ nothing but good can be reported. 'Ihis last few nights' comnetition has been, if anything, 011 a br&ule'r scale, and so long as we can rolv on this, we aro satisfied that wool interests are well ablo to take care of themselves. American buyers are still purchasing a few lines of deep-grown crossbreds, and aro paying .11 Jd. to 12Jd.' per, lb. for them. We are not seeing such big prices paid lor crossbreds as was the case in January, bill all tho, same full market rates aio forthcoming, and on that account growers, cannot grumble.

CONDITIONS IN BKADFOKD. • Hie market. this week does not show vory- much change compared with recent weeks, and the verdict of Coleman Htrset has teen taken in a very philosophical sort ol way. It has shown users that the raw material ■ still occupies a very firm position, and all holders arc worse to deal with. It seems to bo a vexed qucstiou whether tops can be bought at the same price they could before the London sales pagan, and we are reliably informed that in a few eases G'-l's can still lie secured at half a crown. A decent article will command more money, but the outstanding feature is that less business is doing. Of course, this is but natural, for many people suy that It is impossible for users 'to go on buying when they have bi« contracts still to take up. ' AVe should say that in the aggregate a bigger weight of forward {business remains to bo carried out than (Bradford has known : for many years, and williout doubt busine« Of 110 mean ordcl- has yet to be completed in io|W. yarns, and pieces. A very good ton? obtains, and commission woolcoinbsrs report that they are making bi" deliveries every week, so that stocks of lops are not accumulating. This is certainly a very healthy sign, and it shows conclusively that, wool and tops are moving in considerable volume.-. Crossbreds are.-holding their 6wn,,-l)ut it is difficult

to make moro money. It is still possible to buy 40's prepared toiis at lOJil., 16's carded at Id. more, nud 48's nt lSjd. The exportitrade is not what it outfit to be, but all the same sufficient is moving to prevent stagnation. There .is really no change to report in English wools. Stocks flre very low, and with the approaching now clip many do not now desire to see prices any higher. The fact is, a difficult situation has been created \vith colonial crossbreds commanding the prices they are doing, hence a lull in the English fleeeo trade would _ be a very acceptable feature. Mohair is also quieter, but prices are very firm, and everything is well sustained. Alpaca is selling in fair weights, and full prices can easily be made.