LONDON WOOL SALES.

Dominion, Volume 6, Issue 1832, 19 August 1913, Page 3

LONDON WOOL SALES.

TREND OF PRICES. A LITTLE IRREGULAR. (Prom Our Special Correspondents.) London, July 11. The past week has witnessed no marked development, and we are unable to chronicle anything different from what we did a week ago. Naturally, after a good week's sales, we are tetter able to see where prices stand, and fortunately or unfortunately, a little ground has been lost. Some are trying to make the most of this, and . make out that London, is "wobbly," and that values are the turn against tho seller'. That no doubt is correct, but no man can correctly say that things are at all weak. The fact is, before the whole trado that the raw material is being called for in a wonderful way, and there is no ease of any note. It simply amounts to this, that conditions in manufacturing centres being some indifferent, the whole trade is induced to operate on a slightly lower basis, and no doubt in certain descriptions of raw material prices are not so strong as they were. At tlie same time there is no seri-

ous weakness, and in new of the very slack and unresponsive attitudq of consuming centres, wool continues to sell in a most favourable way. . Position of Merinos. Fine wools occupy a leading position oar the market, although the ofierings aro not so large as in .crossbreds. The demand for merinos continues satisfactory, and this is one of the outstanding features of the series. • Fairly big quanti-

ties of second-hand parcels, chiefly, from Victoria and New South Wales, are being catalogued daily, and on some days there has been a large number of star lots. A good many parcels are fetching frotn 13d. to 15d., and for these there is no fallingoil whatever either in demand or price. Some of the lots are withdrawn on account of owners not seeing a profit bid, but, generally speaking, the demand is good and satisfactory. Some nice Queensland new clip wools have been catalogued, but they are disappointing both in yield and growth. The clip is nothing near so fine as last year, and even tho length of staple is deficient. Thero is no doubt that ! London values, aro fully up to the letel ruling in Bradford for the combed article. In fact, Coleman Street offers 1 nothing cheap so far as merinos are concerned. Good combing wools are still making prices on a parity with the close of tho May sales, but on the more faulty and wasty descriptions there is usually a decline of }d. No doubt, many buyers are working to a slightly lowor limit than they did last series, and in many cases topmakers are buying on a 2s. sjd. basis. At least, they are attempting to do so, but aro very unsuccessful. Wo calculate average 64's top 3 ■will cost to-day half-a-crown. Some nice weights cf scoured merinos are being catalogued,- and for theso tho demand is very poor. New Zealand has furnished some very nice parcels, which have sold up to 2s. Sid., Victorian scoureds selling up to 2s. 3d.; in fact for good combing merinos prices figure round 2s. to 2s. 2d. Some surprise is expressed at tho great demand for faulty ecoureds suitablo for carbonising purposes, there being three or. four,buyers who are evidently in want of them. •, One well-known Belgian house is buying ■ very freely of pieces, bellies, and locks, and paying very good prices indeed. These wools are considered to be no cheaper than they were last series, in fact buyers will either have to lower their limits or become more re-

served if faulty scoured carbonising wools come in at all cheaper. Lambs are fetching: good figures, both' in the greasy and scoured state, and are not a particle cheaper.. No doubt their scarcity is one reason for them commanding such good figures, and as far as ono is able to judge it will take woollen manufacturers and flannel people all their time to carry out their' obligations until new lambs' wool is available. American Tariff. Many people have been looking for important things to bo done by American buyers, l/ut so far they are a disappointing quantity. There seems to be 110 "vim" whatever in their operations. The wools so far absorbed have been exceedingly limited in quantity. The few lots taken comprise medium and coarsc crossbreds, and what they have purchased is full up to opening rates. Wo dare say they aro purchasing medium crossbreds mostly at id. less than last'series, but so far as tho quantity 'taken is concerned, nothing but disappointment ran be expressed. Buyers frankly admit being here mostly on an errand of observation and. to gam experience, and no doubt their first-hand knowledge will give them to see where they are likely to stand when the new tariff becomes law. Crossbreds Sell Freely at Less Money. As previously stated big weights of crossbreds are being daily catalogued, and after tho doleful reports which come from Bradford. it is surprising how the wools catalogued are being absorbed. It is a fact that withdrawals are comparatively, few compared with the weights daily submitted, although prices have slightly receded for medium and fine crossbreds since tho 1 opening. But wliut elso can be .expected? The fall is a good jd., but that is of little consequence comparatively speaking, although importers who have bought in New Zealand with the idea of

making a profit in London are naturally disappointed. Fine crossbreds seem to be faring the worst, although for good wools the decline is no more 'than }d. The more wasty parcels aro naturally faring the worst, and hero the fall is Jd. to Id., including medium crossbreds. What surprises everyone is the great demand for low crossbreds, and deep-grown parcels are selling- the best. The Homo trade is giving by far the best support, and there seems to bo no falling off whatever in the demand on Bradford account.' It is really a marvel where all the wools are going in face of the stagnant state of the Bradford trade, but it must be a case of buyers having faith in the future, and knowing what is likely to happen. Sliped crossbreds are also plentiful, and are selling freely. ■ We call lialfbred and fine crossbred lambs ;Jd. down; in fact, all descriptions of lambs are easier, but in tho short clothing wools thero is iio change whatever. These are selling verywell, providing they aro clean, and all sections are here keen buyers. When one considers the present state of consuming markets it is cause for real surprise that the demand is so good, and withdrawals so limited. We think that thoso .responsible for conducting the sales have acted wisely in deciding to withdraw 40,000 bales' and close the ourrent series next Tuesday.

Very little new can be reported respecting the conditions which have been prevalent in, Bradford market during the past week. New business has been extremely scarce, and hardly anything has transpired to infuse any life into the market. With regard to prices, these are generally where,they were a werk ago, but the absence of new business is so much in evidence, and sellers themslves are also in such an independent mood, that to speak about them is a very difficult matter.