LONDON WOOL SALES.

Dominion, Volume 7, Issue 1897, 4 November 1913, Page 10

LONDON WOOL SALES.

! THE FIFTH SERIES. SATISFACTORY OPENING. (From Our Special Correspondents.) London, Scptembor 26. Olico more the trade finds its interest turned towards Coleman Street Wool where tiio fifth series began last Tuesday. Thero was tho usual large attendance, both tho homo and Continental trades being well represented, and a lew buyers were present from across tho Atlantic. At tho samo timo the number from the United States was jess than _ some expected, though we must admit that we have been sceptical regarding tho arrival of any important contingent of American buyers, notwithstanding that the timo is fast approaching when wool will enter the ports of America free. To be candid, wo do not expect any important increase in America's takings until next January, when users wiii know moro fully whero they stand in relation to the new conditions thoy have to i'aco 011 account of the lower duties on partly and fully-manufactured textiles. Some time must olapso before American spinners and manufacturers will altogether know what the extent and keenness of European competition will be, consequently, with the fairly adequate stocks they havo at present in bond, wo aro not likely to seo any important accession of now business until they know exactly what they want. All the same, the sale-room presented a very animated appearance, and so far as the attendance went, thero was nothing whatever wanting. A Slack Vacation. . Looking oyer tho past interval, it must be said that things have been anything but satisfactory, tho result being that.the majority of the members of the traao camo together on Tuesday not in the best buying spirit. At the same time, there is always strength in numbers, and frequently 0110 sections inspires another. Still, the vacation has been far from profitable, and although stocks aro not heavy in consuming centres, tho unprofitable nature of the business done caused many buyers to speak in somewhat doleful tones, let beneath the surface thero is nothing to indicate that anything is wrong with the situation. Still the fact remains that business has not always been put through at cost pricc, and tho memory of this mado buyers less optimistic than we havo seen diiring the past few years. There is nothing like a good turnover at profitable rates to put the trade in good heart for a series of sales, and although very few came expecting to find cheaper wool, nobody relished having to buy in face of the difficulty that has been experienced in turning to good account last sales' purchases. It . is surprising that prices have not fallen more than they have dona after two months of extreme quietness which have been experienced, and considering the fairly high' altitude at which values stand to-day, thero is just that little feeling of uncertainty present which in 110 sense bespeaks satisfaction. All tho samo, prices havo only declined a fraction, a clear proof that tho raw material occupies a sounder position than has appeared on tho surface during recent weeks. We give below figures showing where values stood at the close of tho July sales, and what were quotations on Tuesday for leading descriptions of tops on Bradford Exchange, the latter being given below 311 parentheses: 70's colonial tops, average, Juno 15, 1913, 30Jd. September 23, 1913 (29H1.); 64's colonial -tops, average, 29yd. (29d.); GO's colonial tops:, super -28 Jd. 29Jd.); GO's colonial tops, ordinary, 2Sjd. (2"5 d.); 58's colonial tops, average, (21Jd.); 56's colonial tops, average,'22;jd. (22d.)-, 50's colonial tops, average, 20$-d. (19id.): 48's colonial tops, carded, lSd. (17jd.); 46's coionial tops, prepared, 17Jd. (17Jd.); 46's colonial tops, carded, 17d, (16Jd.); colonial tops, prepared, 16d. (lojd.); 40's colonial tops, carded, laid. (15} d.); 36's colonial tops, prepared, 153 d. (15£ d.). Quantities Available.. Looking down tho list of arrivals thero is nothing extraordinary about tho quantity of wools available, except that fairly big weights of New' Zealand crossbreds are ready for being catalogued. No doubt these wools will form the bulk of the offerings at eyory sale, and it will test tho buying power of tho Home and Continental trades to lift tho 100,000 bales which aro available. For a fifth series tho amount of wool to hand is larger than- usual, and i.n view of tho quick movement of tho Australian now clip, there is a likelihood of tho trade being well supplied with tho raw material for tho eoming winter months. Tho series will provide some fairly decent lines of Australian new clip, but when all is said and don© the crossbreds available will dominate tho offerings. We givo below our usual table showing the gross arrivals sinco the close of tho list for tho July sales, the quantity forwarded direct to manufacturing areas, and tho net quantity available:—

Arrivals for the September-October Series.

Few Changes seen. The sales opened 011 Tuesday in a very creditable .way, and distinctly better than t!ie_ majority were expecting. The select-ion was bv 110 moans a good one, although tho slipe lots which ■were verynumerous, were 011 the whole a decent lot. A better show of greasy crossbreds and merinos would have been most acceptable, but the few lots offered" found a ready sale at values which showed • no change, compared with the close of the July auctions. Of course, Wednesday's salo provided a better selection, and prices were fully firm. The most irregularity was seen 011 Tuesday in the slipes, and probably this will decide tho future of the current series, duo to, tho large quantity which will be available practically every day.' Of course, they are at their best this series, particularly in length, though, probably most lots will carry a little more condition than last series. Still, tho active inquiry and the free sales were quite a feature, both the I-lome" and Continental trades being keen to operate. The greatest change took place in half-breed and threcquarterbreed lambs, the coarser descriptions selling very readily at practically last sales' prices. Capo wools commanded good competition, but tho bulk had to bo withdrawn 011 account of limits not being realised. Last sale's prices were, however, readily hid, tho same can also be said of tho Punta Arenas wools,those being taken freely. After the close of t'lio sale 011 Tuesday night, a large number of buyers compared notes, and tliero was general agreement that the series opened in a very satisfactory w.ny. Of course, we aro" barely through the first week, and probably it will take* values all their tinio to bo maintained. Still, the initial results show conclusively that the run - rosito.-inl rests upon 11 very satisfactory fouiidatkm. SuommkUiis; aaloe

have seen opening rates fully maintained. The Outldok. With reference to the outlook, Messrs. H. Dawson and Co. says:—"Tho ten wcoks' interval since tho closing of the July series has proved to be very uneventful, the .chief feature being its unvarying dullness, together with soiturwhnt numerous holiday interventions. Business has been generally disappointing in tho liomo trade, although jn sonie of the Continental ccntres thero are indications of a reviving demand, and more satisfactory conditions. The strong hopes that havo been 'held of an American demand have not yet materialised, and although the tariff settlement now seems close at hand there seems _to bo little likelihood of any immodjato rush of demand. Tho new conditions will call for adjustments, and until the mills find out tho quality and extent of the new competitive factors wliieh hay-o to be met thero is naturally a spirit of caution and resolve. Moreover, the stocks of wool in bond have beei accumulating nil the year, and are now considerable, although. not .serious. Apart, however, from all these adverse conditions, thero is still tho greater fact to take into account. There is a great vacuum io fill in thft goods market to make up for tlio largely reduced production of the mills during the last two years, mid it is reasonable to expect a gradual and steady improvement in United States demand immediately tho Bill is signed, and tho dates of its operation aro fixed. It is probably a good thing for the wool trade that there is eo little semblance of anything in tho nature or a "boom" to disturb our market in faeo of the opening of a new Colonial season. Such a boom would only havo created grave difficulties for the European industry whero the existing high priccs in merinos havo not been easy to maintain, and havo militated towards a lessened demand during the past few months. Meanwhile it is pleasant to feel that in somo resnects the general conditions, political and financial, arc becoming more hopeful rather than detrimental. The Balkan troubles are 110 longer a menace, and the burden of heavy holdings and tight money is no longer a serious factor as in July. There are also indications that support to the raw material will be forthcoming t'his season from both America and Japan, who have been so long out of the market. _ Consequently, although cheaper wool is much desired, ft is difficult to seo whero and by wh'afc means prices itfm bo seriously weakened, for, although the trade "boom" may have passed the crest of the wave, there is still a healthy trade, and it is a hopeful feature that there is undoubtedly a return to more favourable conditions commercially."

Gross Forwarded Net Sept. Arrivals. Direct. Quantity, Series. Bales. Bales. Bales. 1913 149,1-12 44,000 170,100 1912 170,000 oGiOOO 142,800 1911 130,400 43.0U0 128,000 1910 132,000 49,500 115,500 1900 125,483 47,500 93,000 1908 221i1.44 54,500 254,500 1907 100,013 38,500 91,000 1906 10L000 30,000 102,000 1905 88,963 25,000 83,000 1904 87,900 24,500 90.000 1903 ...... 182,958 40,000 158,000 1902 221,657 68,000 192,000