LONDON WOOL SALES

Dominion, Volume 7, Issue 1905, 13 November 1913, Page 4

LONDON WOOL SALES

PRICES MOVING HIGHER.

CALL FOR CROSSBRED WOOLS.

(From Our Special Correspondents.) , ! London, October 3.

The past week has again shown tho strength of tho raw material. Instead (•f a set-back taking place as many predicted at tho opening, tho auctions are being continued under the best of conditions, and, if anything, prices aro all ill favour of tho seller. London seems to stand out prominently as a separate factor, and it is strange that wool values should bo so strong in face of practically an unrelieved market in Bradford. : The two centres do not harmonise, for the raw material 'continues to sell freely without there being much-actual response- in consuming centres. It is to bo sincerely hoped that the distributing centro is right, and tho Wost Riding wrong. There are times in the history of tho textile industry when ono has to'buy very largely in the dark, and it seems to us as if that is what tho majority are having to do io-day. In manufacturing circles there is still a good deal of complaining about tho unsatisfactory stato of business, "ihings being anything but what they should be. Still, wool _is being called for in a most encouraging way, which makes one, believe that at the foundation things must be right. Prices today are such that no man can buy the raw material for the fun of it, and it is noteworthy that' users aro operating freely, believing that there cannot be a great deal wrong when prospective needs are so large.,

Merinos Selling Freely. The catalogues during tlie past week l;avo continued to present a fairly attractive appearance, the selection being on the whole a good one. A fair proportion of Queensland new clip has been catalogued, which has greatly enhanced the character of the merino offerings, while some considerable lines of secondhand parcels continue to be submitted. It seems to us that tho only difficulty that is being experienced is in commanding satisfactory prices for tho finehaired wools from New South Wales and Queensland, and somehow buyers are not taking too kindly to these re-offered parcels. The fact is, tliey havo cost too much in tho first instance,' tho clean yield of tho wools being considerably over-estimated. Wo .understand that a good deal of theso second-hand parcels in particular belong to France, and it looks as if owners aro going to lose money on them, simply because they are turning out badly. If tho wools have teen bought on 5 per cent, more yield than they aro giving, some effect is certain to be produced upon prices. There are practically no withdrawals taking place except for'the second-hand parcels, and they still somewhat damp the market. When we come to straight lines of new clip, there is no slackness whatever seen, prices paid being full market ones, and although we cannot chronicle a general out-and-out advance, any change is in sellers' favour. The market is exceedingly good, and tho French, German, and home trades are still calling for tho raw material in a very encouraging way. ' There seems to bo a particularly keen demand for good combing wools, ami we believe that stocks in consuming centres are fairly light. French buyers are perhaps not as keen as they were during the first few nights of the series, but collectively they are giving a fair measure of, support, while' Germany is also a keen buyer of frno wools. It is rather noteworthy that for superior wools, say, anything from 80's .upwards.'the. demand is, particularly keen. Scoured combing wools are also selling' splendidly, and making prices which many peoplo never expected to see realised. Good Queensland combing is selling up to 2s. 2d., whilo the demand for faulty wools such as pieces, bellies, and locks is exceedingly good. The whole market for merinos seems to us to manifest all the healthy signs that one could possibly desire, and apart from tho second-hand parcels to which we have already alluded, there is no fault whatever to be found with tho way the raw material is selling. Most, wools aro now making Jd. more than in July. Crossbreds Fetching More Money. Pei'haps tho most significant feature of the past week's busuiess is the call for crossbred wools, and this stands out in strong contrast to the continued apathy among spinners of crossbred tops in consuming centres. There is general agreement that so far as good parcels of wool are concerned, prices are mostly -}d. dearer than they were last series; in fact, there is. no doubt whatever that July provided distinctly cheaper wools than any that can bo obtained to-day. This is a surprising, if not exactly a contradictory, state of affairs, and to find users paying prices above a parity with in face of the recent unprofitable vacation, is most remarkable. It is commonly understood that crossbred tops can be bought in Bradford to-day at little more than lias Been taken during the interval, say, 15? d. for 40's and 16id. for 46's carded, with 50.'s at 19Jd. to 19} d. Yot we doubt if wool can be bought in Ldiulon to bring in tops at anything near these quotations, and that is aii anomaly which baffles'explanation. Tho demand for good straight combing wool is certainly very good, while American classes are also doing somewhat better. _ It is quite true that we are not seeing any inoro than 13d. paid for tho best halfbreds, still theso figures were very seldom seen in July, and to-day the hope is expressed that tho wools still ill stock will do better next series when American buyers have a free hand. Scoured orossbrcds are not being freely offered, but are making prices fully equal to last sales. Some big weights of sliped crossbreds aro being catalogued, and tho way these aro selling is indeed remarkable. It does seem strango that in face of the big weights submitted, prices should display a hardening tendency, and whereas 16d. vo 16kl. was the top prico mado durmg tlie first few days of the auctions foi good halfbred lambs, 17d. is now frequently- paid, which shows that tho better quality lambs' aro making a good -id. more. Even if , an increase were not forthcoming, tho big offerings aro being absorbed in a most commendable way, and business for theso is undoubtedly better than tho majority expected to see. , . , . A rather notowoithy item is the incoming of America, and tlio purchasing of a few nice useful lines of raw material. Dp to last Saturday practically nothing had been taken for' across tlio Atlantic, but it now being a certainty that frco wool will coine into operation at the beginning of December, several firms arc disposed to buy a little. Tho quantity taken is by no means large, but still tho better wools both in crossbreds, fleeco and slipes aro certainly making a good 4d. moro than last week, the demand for the raw material being distinctly good. The fact is. the week's business has been characterised by a good inquiry which is noteworthy, and confidence continues to be exceedingly good. Prices are all in favour of the seller which would surprise all Bradford users who havo not been in London; in fact, to buy wool to bring in tops to fit Bradford spinjiors' ideas, there should be an all-round decline of 10 per cent, instead of which tbero is now ovcry likelihood of there being a full 5 por cent advance at tho finish. The markot is better all round. Bradford Responding Poorly to Coleman Streot. In view of how things aro going in London, tho market here .is still disaijpoiatinKj and it is almost impossible

to mako any more money for tither merino or crossbred tops. There is no doubt a better tone, but topmakers and spinners require something more tangible before being able to say that things are as good as they should be, and there is no doubt about taps being procurable at practically last week's prices, 2s. ud. still being the price of a real good G4's top. This cannot becalled satisfactory in view nf how fine wool is selling in Coleman Street., and no good will be done until more can be made at this end or wool bought cheaper. The utmost that spinners are doing is to satisfy their urgent needs, and business is limited aii round the market. Crossbreds do not show much chango compared with Thursday. No relief comes from tho export end of tho trade, and as most spinners have recently covored all their requirements till tho end bf tlic year, business continues to be done on a very small scale. The yarn trade opens out in a very l>oor way, and somehow tliero is stiil a lack of confidenco in the permanence of to-day's values. One finds iiot the least disposition to follow the dictates of Coleman Street, and topmakers complain bitterly' at the unprofitable times tliey aro experiencing, there continues to be a fair inquiry for English wools, but hero too tho price question prevents an aotive turnover. No doubt a big businoss • could bo done if holders could see even a fraction profit,, but on the bulk of wools in stock it is stiil impossible to make more than cost prico. Trade is quieter if anything in skiu wools, but prices are unchanged. The settlement of tho mohair sorters' strike has been productive of a better feeling; in this branch of the trade, but there is still an absence of real good business, the most activity being seen at the sources of supply. Since Thursday Capo winter has been bought at Hid., and winter kids at 16d.. with a few firsts at 13 Jd. Tho sale of 126 bales of alpaca fleece is reported at Liverpool on a basis of 17d.