LONDON .WOOL SALES.

Dominion, Volume 6, Issue 1739, 2 May 1913, Page 3

LONDON .WOOL SALES.

SERIES FINISH WITH PRICES A LITTj-E irregular. "(From Our Special Correspondent.) Bradford, March 21, 1913. Tlio close of the second series of London sales carao last Wednesday, and when i'll things aro taken, into consideration they must bo described as fairly .mfisfactory. When n comparison is made with tlia opening -lays of the sale, values at tlio finish arc somewhat irregular and disappointing, particularly from the producers standnoiiit. But it must be buino in mind that definite influences have been at work upon tliei market, and that in spite nt them the position shows no really weak places, except in crossbreds, the close being' firm for combing merinos compared with last series. Tho foico of Americau and Continental'' competition has been lucking, &nd this has (lone vasty mennus and crossbred sorts no good, in respect to keeping up values at any rate. It has been a foregone conclusion that the former would buy little, as they aro waiting to see the turn events would tako with -regard to the tariff question, for they knew it would be policy to holt! off as much as possible until they could operate under more favourable conditions, under ordinary circumstances, Continental buyers might have boug.'it more, but it must remembered that tremendous weights of raw material have been secured at other centres befo:e tho London sales commenc-ed,-consequently a large amount of capital has been absorbed, and comparatively speaking less money has been forthcoming for later purchases. Besides, money is dear, a fact recognised by both the Honw end Conti ; i9.ital trades, and when this along with the state of the Berlin stock market, and the possible increase in Ger man taxation, is taken into account, im real fault cam.be found with the way the sales have closed. Throughout the auctions the best support has come from the Home trade, j nd thsy have done the lion's share towirds keeping values up to their present level. The last few days of the series brought cut irothing new, merinos continuing to occupy the leading position. If anything, the Continental section lapsed intc. even deeper silence, the result being that somo very reasonable wools were secured; particularly in crossbreds. Tho decline which these wools hare, encountered lias been a most uniomfortablo feature to selling brokers, and if the truth must be stated, Ajierb;v.i classes of crossbreds have on an average declined Id. per lb. The number of clips selling this series from lid. to 15d. has been very limited, all because of an abstention of Yankee support.

AUSTRALASIAN WOOLS. The following summarises the course of tile auctions, and shows what alterations have taken place:—Greasy merino, superior, par; greasy merino, average to good, par to id. higher; greasy merino, poor condition, id. lower; greasy merino, inferior locks rfnd piece, par; scoured merino, superior, par; scoured merino, average to good, par; scoured merino, inferior, par; scoured merino, faulty locks and pieces, }d. higher; greasy merino, lambs, superior, id. higher; greasy merino, lambs, medium, id. higher; greasy merino, lambs, inferior, id. higher; greasy crossbred, fine superior, par to Jd. lower; greasy crossbred, fine ordinary, par; greasy crossbred, medium superior, {d. to Id. lower; greasy crossbred, medium ordinary, par; greasy crossbred, coarso superior, par; greasy crossbred, coarse ordinary, par; greasy crossbred, lambs, superior, id. to Id., higher; greasy crossbred, lambs, ordinary, id. to Id. higher; scoured crossbred, fine, par; scoured cross-bled,-medium and coarse, par; slinc crossbred, fine, Jd. higher; slipe crossbred, medium, id? higher; slipe crossbred, coarse, Jd. higher; greasy Pnnta. Arenas, well conditioned, par to Jd. higher; greasy Punta Arenas, wasty, par; greasy Falkland Islands, par to Jd. higher.

SOUTH AFRICAN WOOLS. Snow wliite, superior, Id. higher; snow white, medium, Id. higher; snow white, inferior, Id. higher; greasy combing, light, pnr to kl. lower; greasy combing, heavy, id. lower; greasy clothing, light, par to id. lower; greasy clothing, light, par to id. lower; greasy clothing, heavy, Id. lower. THE OUTLOOK. Messrs. H. Dawson and Co., dealing with the outlook report, as follows: —"The result of the sales just closed has been slightly disappointing to thoso who expected a further substantial advance all round. While some sorts, notably sliafty 60's to Gl's combings, lambs, and all sconreds, have improved in values, other merinos, especially the shorter, fine-hair-ed, and wasty wools, liave remained stationary. This has been due, not to any weakness ill the ultimate markets, or in the values of tops and yarns, but to disappointing yields from the January' and November purchases, and rectifications had to be made by , tho buyers on these sorts.

"In crossbreds the market opened too keenly, and excepting for top-making sorts in the lower grades, and in lambs, tho opening advance could not be maintained; The best parcels havo lacked the American support, which was such a help in January, and which then gave these wools a relatively high level. "In addition to the serious abstention of United States buying, the market has had to encounter a series of unpropitious circumstances. The principal factor in tho case has been that the trade, taking it all round, has not been hungry. The imports from the colonies and from South Africa are pouring into the virions manufacturing centres in largo bulk. They have, moreover, to be paid for, and money has been both scarce and dear. Consequently," the buying power has been very palpably restricted on this account, as consumers do not readily pay advauced prices when tliey are well supplied. "There has been also a natural 'midseason' pause in business in, the consuming ceutres for some weeks, and this, during a period of high prices, always constitutes a danger, but tho top markets havo remained wonderfully stable. "The sale of a few thousand bales of old stocks from Boston at the London sales has been an item that would have disturbed a less confident market, but in this instance it has had little significance. It seems that tho wools had to bo cleared out of bond or pay duty, tho time limit having expired. "The general situation seems to be unchanged. The statistical position is iust tho same. Colonial and overseas purchases aro glutting the markets at the moment, but are steadily going into consumption. The temporary congestion is in raw wool, but tops aro being cleared as quickly as the combing mills can uroduco them, and this doubtless accounts for the generally cheerful tone which prevails. There is everything to gain by the settlement of the Balkan trouble, and if it will' bring an easing in tho bank rate so much the better. "The Americau depression with its consequent abstention of support is being feit in all wool centres, hut there aro strong hopes being /expressed that, a settlement of the tariff question is now within early reach. The fact that tho market has remained sound at a period when business Ims been dull, and when t'Aero havo been such strong adverse factors to contend with, should maintain confidence throughout the industry. Any weakness that might arise is more likely to develop from a decline in the consumption, rather than from the raw material end of the industry, and the new season's orders will therefore be the determining factor in the question of future values." THE WOOLLEN TRADE. Easter this year is very early, but it finds the wholesale clothing industry of the West Riding full of work, and with a prospect of having a good spring and summer trade. .There 'has been a good average turnover for Easter, and many "specials" are already in hand. It is .really wonderful what a large quantity of garments are made in Leeds, and for its size it turns out more than any other city in tho world. It does both a big koine and export trade, and it is wonderful what a variety of fabrics are mvle up. Even the mantle trade has wonderfully increased during recent years, nod many firm who have never before made up'garments are now resorting to this line of operation, there being several sluff goods houses who now make up garments in a wholesale fashion. In fact, very little indeed is now sold over the counter compared with ten years ago.