LONDON WOOL SALES.

Dominion, Volume 7, Issue 1994, 27 February 1914, Page 5

LONDON WOOL SALES.

A SOUND SITUATION. (From Our Special Corr-cßpondcatj,) ( . London, Jamtarv 16, 1014. Jhe event of tlie. week nas widoubte<(l,v been the opening of, the first series <?F woo! sales tor the., year, fl'hen one thinks of the close connection tliw'o is Uotwecn distributing and constraicu* markets, nmch interost is natural', 'there have been times when London seenrcd_ to exercise .no influence upon Yorkshire,. French, or German consuming ccHtres, but with the nn'ce of wool where it is, it is natural for users to be ltiore than ordinarily concerned regarding .the. immediate and future prospect of prices. It is very different buying ntej'ino weol. at', say, 7d.v arid payittg 13d. for a similar article, 'and if for no other rea«ott than- tho' novelty of it, many users would be'glad to see good merinos at that prise to-dav. The late Sir Isaac Holde-n oßce said that the'day would dawn when wool would-he as cheap as cotibu, and'.we saw that an accomplished. fact towards tho fsixd of 1901 and the beginning of IM2, when greasy New Zealand crossbred wool of really excellent. character eold from 3Jd. to 4-H. per lb. Similar 40's wool is well worth to-day, aud We do act think there is tho least prospect of good Wool.being much cheaper, In those days merinos were very* different • from what they are to-day. With the itniversal demand there is for the raw. ma« ferial, cheap wool.seems a very long way off.

A BETTER LNTERVAIi. Just for a ttioinent let us epitomise the factors which have hoCW in fiperatioH up to the o.pening of the .auctions. The vacation has been, better than we have seen for the past three or four months. Prices gradually sagged until consumers felt that tops were worth buying, consequently, there has b*ca. a very acceptable covering, movement which has stiffened wool values in every market, in the- world. We l .have seen even tho buying of the raw material take on a iiew lease of life, duo to th« belief that the.-outlook for weol is as good as. can be. esjiected; at least, there is nothing to indicate lower prises.' Top* makers having cleared.out all they care to at- low prisc-s, they 'have stiffened their quotations, and to-day we aro finding more interest in the course of the raw material than we have'sce-ii^ during recent months, Some- are debating the question as to whether prices are resting unoft a firm foundation or otherwise, nut-in <mr judgment the immediate-' future of the raw material is sound aud the situation healthy, One cannot believe that the course os the raw material-is likely to receive .a set-back, in tiow of the open market across the Atlantic.

THE WOOLS AVAILABLE, quantity available this.series is less' than wo have seen this century. This-, no doubt, is-due to the distinctly lessoned arrivals from Now Zealand. This is- the. series when we arc, most liable to fa>R,- but this winter-ifl England there lias been a most-acceptable absence of -it, and we hope Nature Will contiitue to smik upon us., These aro going to. be Some very good wools catalogued from Queensland, New South Wales, Victoria, and West Australia, aud oven South Australia is more larije' Iv rcproMntedtliaii usual.. Below is a list rf the wools available:-—

• ■ Not Qiiantiiiw , AraUabte. •rj °ogg -g >'' b •'S*' ci 3 - ** rt-S J ?'S ■ « - i.* *§. - 2. » ■ i<o c h f. • ■ . Bate. Bales.- Bate. Ssiles. Srdncy Ifi.«o 15ASD ~.3,71)0, .32.K4 QHonslanrt ...■ 2-UW 2;7f® 1,400;. 25.150 P»rt PSimiP"- *« s i» * J .,«« 1.660 "■ '17.950 Adol-aiflo '■ 84.950 ■■ 17,403 , : «lft :- 5.35 D Swa.D--Ittvcr.-... .25.71-0 -» . -.iEOO .-' 2?iSOO Tasmania' :■«* —•■ ■ > ■"" 's. ..?? New Z'ealaria 8.850 3C»' tO.COS -fZ.eM Cape ....: IC6.SSD i'A.sa) '3CO '6,5»

■.. , fi34,CSO -ITOJCO-.J6.tCO 12'0,53 : 0 A COMMENDABLE START.

Punctually at 4 p.m. Messrs'. Buston, Ronald and Co. opened the sale on the first day, the selection beift.'i a very good om?, at least .so far as merinos wers concerned. There were some really good wools pnt up, and this led to a very spirited sale. There was a particularly gsod show of Now; South Wales and Queensland wools, and'both the Home and Continental trader, competed keenly. America chimed i« occasionally, but we shall be greatly surprised if her operations balk at all largely. We aro rather inclined, to think that her bidding Will be prsctiraHy confined to the few New Jsca--Icnd crassbreds which will b<? available.

CVwnp-artng values with the ciosa of last series, memos show p-raetirally no change, these, remarks applving, more rmrtioidariy to good and though sosno sf the hftiricr and more wSsfy ATest Australian wools barely maintained tot sales' parity. During the interval theso wools have done very badly at the -scouring bowls, and there has naturally had to ho some rectification of yields-. The Howe trade particularly supported the opening sale, being ably seconded by the German coniinjjput, whik- France did very little indeed. The svpftly of ci'ossbreds was very limited, there bring only one i'i-ew clip frem New Zealand.,- These were deep, shafty wools, and sold freely 'vnoUfih to the Home trade, though one' firm of Bradford buying brokers secured several lots for tile United States. All medium and coarse cressbreds appreciated an all-round |d. Succeeding sales have passed off very Well; prices have shown no further appreciation, -but thfe raw material is being called for in an encourasinft way.

THE OUTLOOK. Messrs. H. Bawsott and Co. make the following observations respecting ths outlook;—"lite new year has opened with rather better prospects, and a somewhat, increased activity in the- wool markets. Yorkshire has at length commenced to show wore interest in the raw material, and after a long period of abstention is operating morolrcely in South America and the coteuies. This has had the effect, of a. distinct, bardeii-' ins of values in those cent-res where sales*arc' now-being held. Merinos show remarkable firmness everywhere, and although it is very disappwinthia; to Yorkshire consumers,' who had hoped for easier values to relieve tho'situation, yet most psople have reluctantly been obliged to come, to tho opinion that it is uot prudent to build their hopes ou any farther fall in merino values. •.

"The pasitioib in crossb.reds h somewhat difficult to gauge. The abnormal' ly small arrival ef now clip wools from New Zealand (owing to the labour troubles) will transfer to the nest series the importance which usually attaches to tho January aitetions, so far as ofossbreds are concerned. The accident of this, small'supply has not been altogether a misfortune to the trade, as it has hmttsliod the ohaiioo of clearing outold stocks which have been quite considerable. Since Christmas' prices have. advanced in, the South American and colonial markets about 5 per cent. Naturally, owing to the small offerings at this series, and the probability of large arrivals for March, there is a disposition amongst Yorkshire! consumers to wait! for thy nest sales. Consequently tlie crossbred operations will largely represent actual needs. Meanwhile it seems apparent that the market b gradually assuming a , stronger and healthier position, and with the lightening of old stocks a mftro buoyant and chwrnri Jcelina is reining bank to the firndfwd market. Tim American situation is but- slowly developing, and lite operations of L'uiW States consumers up to now have boon principally contincd to the colonial markets, where fair support has been given both in merinos and crossbi'fids."