LONDON WOOL SALES

Dominion, Volume 9, Issue 2873, 11 September 1916, Page 8

LONDON WOOL SALES

DEMAND FOR MERINOS STILL SATISFACTORY (From Our Special Correspondent.,

London, July Tt. | ' The sales are finishing on the whole satisfactorily, although a few weak spots have developed during the last ten days of the series. Still they 'have boon nothing to shout over, ami buyers are returning home satisfied regarding ■ the sound standing of the raw material. The fact of the matter is, wool lias sold quite freely jit every sitting, and the small carry-over clearly indicates that there is no heavy woight in stock that can possibly disturb the equilibrium of the trade. " There is already to hand something like 80,000 hales tor the next series, which begin on September 5, and possibly when 100,000 bales have arrived the list will bo closed. The object of tho Importers' Committee has all through been a worthy one, namely, to keep; arrivals moving as quickly as possible into users' hands, and to-day there is no heavy weight anywhere that is helping to crush values or in the least injuring prospective prices. The one disturbing element ever since Juno S has been the declared policy of the AVar Office to commandeer the English clip, and this has exercised a little effect upon the course of Now Zealand crossbreds. It is. now definitely known that the Government is going to take hold of a clip the size of that of JN'cw Zealand, and it is going to solely dictate even its purchase and sale, and the home clip being bought at sensibly under current vahio9 for old wools, has naturally exercised some untoward influence upon similar qualities of colonial growths. Apart from that tho auctions have been successful, and wool still ocenpies a most conunendablo position.

MERINOS MOVE FREELY. The- last few days of the series have not shown much change of a inarkod character. The selection has remained on the whole good average,' and further excellent values have been paid for good combing wools, in fact, to-day there Is littlo distinction between any class of merino produce. Still wo have had the spectacle of Queensland wools selling up to Is. Old. for scoured merino, which of itself is a record for the produce of the northern Stale. Such, a price is indeed a famine one, and to what extant certain .members of tlte home trade are prepared to force tlio hand of Russia determines tbo price for the scoured article. It is these scoured prices which have been tho "mountain peak" throughout the entire series, and Adelaido scoureds would have done equally as well as Queensland when one considers, tho little difference in quality and general appearance. If there had been any really good lots of the GUH clip available, it is the writer's firm conviction that they would have fetched in tho neighbourhood of 3s. Sd., possibly more, if there had been auyone to force tho hand of two or three home trade buyers, including Russia. It seems as if the wants of Russia are far from being satisfied, in fact, it is not generally known, but in Bradford, Russia is'buying good merino mato'hings, 'having them scoured locally and press-packed and then exported. The consumption in Moscow and district must bo phenomenal, for there seems to bo no end to tho purchasing power of our Ally. Most scoured crossbreds have continued to make rates equal to last series, while medium scoured merinos have also made 2d. above rates then mling, scoured faulty wools also selling freely, and must now be called 3d. above May.rates. Probably this last few days there has Ihardly been the same extended call at tho extreme prices ono saw during the opening week for scoured locks and pieces, but anything free and which can be used without carbonising is still mairing the top side of half a crown. Turning to greaso merinos, the selection of West Australian wools has goc gradually worse, iu fact, tho show tnjs week has been on tho whole somewhat scrappy. Buyers have been very ready to pay Is. Sd. to Is. 10(1. for red wools, and nothing of any decent character has been bought under 4s. Id. as a clean scoured basis. In fact, tho price 3 paid for niorino wool of any length hnvo been extraordinary, and if the sale of a few second-hand lots of "West Victorian wools is any guide, straight parcels would easily command from 2s. 2d. to 2s. 4d. for the comhing lines. The trade is still very'keenly wanting combing wools, notwithstanding tho price, it being a • fact that topmakers and even spinners have faith in the future, although tho former are finding it difficult to get back their own when the wool is combed. At the present time all the advance is coming from the wool end of the trade, spinners candidly stating that they cannot sell yarns on to-day's basis of prices for wool aud tops, but they are so sure about the future that they are -prepared to run all risks by buying.at to-day's market values. What else can they do? Everything points to there being no surplus of merino wool this year, and as there cannot be any .Teduced consumption, all alike feel that they must provide for. the future, and therefore they are buying with every confidence that tho wool will be wanted and they will get back their .own.

CROSSBREDS. The offerings this week of crossbi'ed3 have continued to be considerable, and the.demand is running on very similar lines to the two previous weeks. Of course, greasy parcols predominate, although ou some days there has been a nice offering of sliped and scoured parcels. We do not seo that there has been any improvement on last week's' rather lower standard of values, and oven halfbreds havo hardly mado tho extreme prices of tho first week. It is in crossbreds where topiuakors have the least encouragement to operate, no doubt the want of new business in consuming cen-' tres and the uncertainty prevailing in regard to the Government scheme all helping to keep topmakers rather on the pessimistic side. That really, is tho position to-day. Really fine halfbreds can he called steady, but anything wasty is certainly easier, whilo modium and coarse crossbreds are all to-diay Id. to 2d. below what the wools would have made in May. This is due to the pronounced inactivity of three or four West •Riding firms. There are a few hig importers who bought heavily in New Zealand last January and February, when prices were distinctly higher than they are to-day, and therefore they feel as if they cannot buy as they would like. One is a little surprised at this because they could to-day "average" those dearlybought wools, but somehow they llia-ve done practically nothing, this being largely responsible for the decline one has seen iu crossbreds. f Scoureds and slipes • have sold well. Here again 50's and below have been the turn in. favour of the buyer, but all 'through the series scoured crossbreds have sold relatively' better than greasy parcels, and sliped halfbred lambs havo continued to make very-satisfactory prices. When one thinks of the quietness which "has prevailed in Bradford during tho past month, it is really remarkable that all crossbreds have not declined further, but this is duo to the largo consumption that is proceeding, and to the prospects of a continued satisfactory trade. BRADFORD MARKET. There is very litllor new to say about tho market, all tho features of last weekstill being present. At tho consuming end of tho trade very little actual business is passing, and prices generally' aro about steady. Merino topmakers report having made full prices during last week, and having hud fair.sales they aro not to-day disposed to sell unless they can command a further advance Tho comb- ! ing position is becoming increasingly ! difficult, and appears iikoly to be intensified. Tho taking away of combing hands continues, and it is reported that one large combing firm havo closed down their combing plant for qualities below 50's. For the time being all the demand for tops is running on the qualities above tho one named, and instructions arc being given to clients to tako away their wool, as there is no immediate prospect of getting it through the machines. Prices for botany tops are steadily maintained, but there is only a slow drag"ine; clement in medium and low crossbreds. In these latter, values to-day are nominally unchanged, but tho absence of business and tbe'moro reasonable tendency peon in medium and inferior wools in London, as well as the dolay anti limitation of prices for English, has taken some of the strength out of tins section of the top market.