LONDON WOOL SALES.

Dominion, Volume 7, Issue 1953, 9 January 1914, Page 8

LONDON WOOL SALES.

jiyo'n't^bli'tlTe-flvtm j.sr't 11 j i"i nl\ s.o r ies-f o i'r tli i> '.v<;ai'vsVcnlonnii\s'ale^iJwliil'li ,^tdolfsi 'placo qnij.Tiiosdiiy.'i.'' cimnge never opens';its£dooYs>'.without tli<?:.".iiitcre.<ts ot largo. beiiigSibcussedjthere; n >lj'^ u " os d a y _ brotighi;'3ViU;VoxceptiosC to tiH'\-riile.;. to.kno'w bi;w:the had..reason 'to do/sd,f'as';-"tTie''intcn'a'l has''been, one-offtlie'quietcstf'if:hot the worst;;Xthat hasbeen,;seeii;:;foi';useveral yC3i's,::.thel..stt'ady.de'c!iiie. in values being noteworthy;*?; .Even. ;,1 he ; tha t was looked ;fqr^atithr/liuiids-of. America has memhers;of,jthe.homo: tradcjn'eed.something to extricate, thenv'lfrom the; Slough of Despond .into which'the majority seem to: have.j-fa!len:i;.%The;;declinei' in l tho price of,tops and yarns.'has ..been sharp throughout the' last six ;br seven. Weeks, this.-.no..'doubt being tho'chief cause of the '■■ uncertainty ;-tliat', seemed'' to bo entertained ?rcspocting.Vtlio course of tho auctions. Many were duhious about London, following Bradford.'. .Pnrsonally, never .thought, would, for as a rule ; the*'former centre stands almost head-and shoulders above other markets. :. Many' went. to. Coleman Street on Tuesday iwithsbuying. limits at 2s. 3ju7for 6-4's toj>s, : ;but Ihey had a rather rude awakening.:':;. .i-Tho : majority, came to the conclusion'that .tU;s could r.'ot be made under a penny, more, and Bradford.- topmakcrs; did 'not:;secure a great deal of wool.ou'.thei'opcfiing day,?!. ..-:;.:' ;': V : -y- Gourso.-ol Prices'.::-''',; v.- :

■ Wo : givc beldiy-.. a* rather '"interesting table showing the : 'eourso'of values since the the'sfiith series \ and tho opening of the'sixth, : It offers, the best possible exposition'of how.things have tared in'consuming'markets, and certainly 'the-.decline.'..is 'striking. .. Prices have dragged miserably, until a marked fall in .every commodity: iu which readers of this issue arc- interested has. be* come evident. .--.Probably thero has been a little "bear"- influence at work, but we think the strongest factor of all has ' been the 'a'bse.Heo.'- of new business in : .varus' and pieccv'tilthough wo'are'certain that during'the past- week a fair mcasuro of trade has. beeu done'at tho lowest point prices. have.reached. The course of tops and yarns is a most important factor -iu. determining .wooi values, and in the table below: we show where pricos stood for good standard tops and yams at the close of.the fifth and at'the ..opening of, the'sixth 'series of sales;—'■/ 'Si, .<>>?': .■■-,.. . r „ ■'■'*"/s■'?■'■ ;;^- : ;;:'v>Oct;.B' ; '.Nov. 0; 70's Colonial l , tops; 'avv s? d. i ; 5. d.' erago '.V.'.,;'.:;.'.;..„'.;■■■•'.*. 2'.: o| '.'■.■"2 1 .4J 6-I'sColonial^'tops^'av-. ■■■*.<■' ■■ .«■.'.'■ erago, .:..:>A. .;».-;.-;;.v- .2\oT- '~;2' J , ; ' 60's Colonial tops.; super,. 2 . .4 . '-'% ,■ 3.-". oil's Colonial, tops, nv-VT-'i-*. ";. f r'-i^ib erago .;.-.:■ :;...'..'.'.'■. "^l-'-:Tf''.■.; 1. '7' ; ' 48's Colonial tops,card- 'r:' ■",-.. .'.■''■' ed 'f..,...;X: x cJ,\o\ % : >X : . 5 - 46's Colonial •t6ps;l.pre--' , S ; : ; f"" \- ■'. j ; > : . Pared .; ■:?:.■.;.';' V. of. % I.' 4J 46's Colonial tops,cai'd-&rf ".-. r ? v cd J ....:;.:v;^.- ; -l':'-'4j; -~.1 4 40'sColonial tops, pre-j-S':'. '' ■■S^i pared ..'...■.'.;':...'.;■;■:■..■.■.'.'" 1..i.-33-";*;'*l 3J 40'sColonial tops, card-'':... ■'■• /-••' : - .ed J '.-.....;; .1 3*r 1.3 36' a Colonial: tops.' pre-':' ■■ ' pared ..:..'...,.... :. 1 3J . 1 3 l-30's super demi-lustro ~ ' ■","■■ yarns, per gross .■...._.: 8 ; ; \0 '-,8:0 1-30's dcmi-lustroyanis, '■ '■■■ . ..-. per gross .;..'..':.".'....-." 8 .'. 9 ■ i 8' 0 ' 2-fiO's super (64's), Bot : :^* ; '' '-■ '■".,'' : - ■:, ! any, per gross ...'.':/''■■" 7."7J -'7 fi 2-40's, 1 white:-■ (G4's),;? iV'- ,i,- , Botanv, 'per'lb'.■:;'.'.'... :"?3 2 "■' 3 0' ■ 2-32's worsted : (40 ! s),i .. ,■ .-;. crossbred, ner lb. .;. 1 9| '. : 1 8J 2-40's worsted (46's)', : ■<■. $ crossbred, per 1b....... 2- , 11J 3-12's hosiery,,.white,.■■ - -~' ': /.; : \- ' : 40's), per-lb.-,: ;.. 7 1 BK' ?1> 7J The V/cols Available. We need waste little space in giving particulars of. the quantity ; of wool available for the current series of auctions. Tho total amount is about 43,000 bales in' excess of- tho corresponding period of-a year ago, but this is made up almost entirely of tho wools held over from, the October auctions. These comprise nearly all crossbreds, and'will bo a welcome addition to the daily offerings this series. Tho remaining wools are all new.clip.merinos, and this is bound to be satisfactory to. Continental buyers in particular. At tho same tints thero aro several Bradford, topmakers who will, find it necessary to buy more than they usually_'do at a XovcmberDeccmber series, simply bcjatise of the small weight of wool that they have secured in' colonial selling centres. Thoso ( who have* sold forward for delivery .in 'December - will bo forced to buy, although we know several fifms wlto state candidly that they, will deliver out ofstock and wait for their new arrivals, \vhicli should be hero in araplo supply by the end of December. . The following is a list showing the net quantity which has been available for the sixth series during the past few years:—

A commendable Start. ... Four firms of brokers each put before the voora on Tuesday a good catalogue. I the aggregate total being about 9000 I bales." These comprised mostly new ! clip -wools from.. New South Vales, Queensland, and South Australia, to which full justice was done. The market showed a very good tone, in fact, a better buying spirit was in evidence than even the most sanguine expected to see. The sale-room was crowded to its utmost capacity... and competition was very goad, the representatives of the- French trade being 'particularly in evidence. •■ Punctually at -i p.m. tho series opened ,aild competition was very keen, exceeding, all expectations. The demand for the best merinos proved to be stronger than «■ everybody expected, French, German, Belgian, and oven Swiss buyers participating freely in the bidding. The home trade •bought very little. When compared with the- close of last series, we call good merinos no cheaper, but the medium and heavier wools often made. Jd. less, this being seen in the Smith Australian and heavy far-western Nevv South Wales ' wools. The supply of crossbreds was very limited and poor,■ medium 1 and fine qualities declining jd.,.butTT£f]q change was seen in coarse .descriptions.' l Fine "and medium... slipos'also -lost. a l , little ground, but ':the■ shorter ■ and ■■'coarser wools sold '.very freely: indeed at firm nricos. Cape grWs'os alio-sold' I .:slightly in buyers' favour, but there, wok no clmngc in' snow whites. 1 - .Opening .results ■ exceeded expectations,,and .revealed « sounder situation than' many .. thought act lift Ilj'rcxistod. ■'Of course,' wo are sis yet only at the beginning of .the series, many seeming /to think-.that-a littlo "propping" has been'done in-order' to get out reports of a .-Jimicr. ' opening I rhan the situation ,- vealSv ■ warrants.-*.: Still the' wools sold -splendidly.-A- '' Since- the:i'opeiiiiig f :nighi/''.vthe%isaiosT have"- made -splendid-; 5; progress,- .Stbcre' brine no giving way whatever iV (■■iiher; merinos or crossbreds.'. -'The bull; of the buying is being.dun-e by the. Continental') nn'tinn. :»imply bowurc the JiffiiU of; the home irade aja teo low.. &o vrnjJ

|dhcvraw v niatorial is selling is surpris-kingftcvorj-bocly, and proving that tho Isirly healthy. *,- Tllß . Outlook, ■ ''■'' ;; ' ; «* f'/;*i; the 'outlook, ; .M.fis>rs:;'.H: Dawson and Co. make- tho .following ■ .■;■■: pbscrva lions:—' 'The wool :*j l "atiou.;js > .iust now at, an interesting l-.j1.--.notr a'.? critical conir-r."' Our" -ran" • material is hoinor S iiJ,jpct«rl t 0 strong yet . wiflol-Avai'vins; .inlluuiirp*, which make tin-outlook voirporploxiua;.■ -Theoversea supply-markets -.vie. active an:!. steady, willP'ii innarkaiilv good support being given from" niofit oi the wool centres < -scenting England. The' present slack--ite.ss of our home .trade is a great cliango from its activities of tho past .two yea-.-,; .It is more surprising that, while in th* principal Kmopesu consuming district's, and also in Japan 'and America, ail tho conditions are tending to. become snore favourable tlmu at the. earlier part, of the .year, tho position in Bradford has become, considerably worse. Influenced by the diminishing trade, there has been a .strong and almost general effort on. tho part of consumers, led initially by tho spinners, to fores ■ flown. ■- values, to a ■tnor« reasonable? . and workable basis, and this widely supported movement lias already bprought down the price, of tops in Bradford to a level below that of any buying market, in t'he world. - Unfortunately, it has had the effect of destroying confidence rather than encouraging business at a lower level, and it has riot had up to uow tho effect which might have- been expected on the- colonial markets. Merinos aro still in strong, steady demand' from France, and also from Germany, where stocks of tops are abnormally low, and this, together with valuable support from Japan and America, combine to render somewhat- precarious the chances of the Bradford movement- being entirely successful. The stocks of ■ tops available in' Yorkshire have- now become insignificant, and unless machinery is to bo stopped the English demand must soon ■he forthcoming, as purchases .abroad have been extremely limited this season.''''

The- position of erossbrods. is even more 'perplexing than in fine wools, am] nrohahly not. so. near a .solution. Bradford is a stronger factor in erossbreds than in merinos, in which It has seldom been able to exercise predominance. The iirimary cause <if the trouble'in cresshrods may bo traced to over-trading during the .year on the'expectation'of an' American' demand which.- unfortunately,'has boon delayed.' There are, consequently-, somewhat, heavy- stocks in' wool and tops. , JFortunately, the delay to the new season's clip in South America (flue to heavy rains and late shearing), and the postponement of the auctions in' New Zealand, owing io lsiobur troubles, will give estra hrMthing time, while ivrospects of good business from the States in the new year are apparently givin'r encouragement to holders,, but meanwhile Home, spinners nrfi :i!»ck, niul now business - is very limited. The American markets will b?. pocned fv«e to raw wool on Monday next,-.', and the supplies which have boen.;acenmubiting during tho Kreater part of. the.year will soon find* their way' to hungry machines. The period of waiting has been so wcarving that traders in Europe havi almost lost interest,'but if onnwt fail to result in a very marked addition of sunnort to our markets in wool and tops, if not in yam and cloth, in the course 'of a few months. It is satisfactory'to he»r that some of the American n-il's are heavily hoeiced with orders for tKV» coming Year, and that- the orospoets of a big trade are excellent."

Last. *■'' y Net ; Last ■ Net Ffries ': ' ■' Quantity. Series.' Quantity. ■ of ■ ', '.■ Bales. . ■ of Bales. 1913 ■'<:.■;■:■.. 139,770 1907 125,000 1912 '..../. 97,200 1900 107,500 1911 ■■ .■ 128,500 '- 1905 107,000 1910 ■ ■;..;.. 117,000 ■ 1904 m 79.000 1909-';.'.l; 93,500 1903 ,84,500 1908 . r." 1 ... 177,500 1902 . "101,000