LONDON WOOL SALES

Dominion, Volume 10, Issue 2959, 23 December 1916, Page 2

LONDON WOOL SALES

ANOTHER SATISFACTORY d OPENING s 0 (From Our Special Correspondent.) I London, October 26. ' There are times when wool interests appeal more' strongly than others, and t w'hen men's minds are absorbed in the ( "likely course of values. The whole in- j dustry this last two years has passed , through many exhilarating and also try- ( ing experiences. Fortunes have been ( made in many cases, and to-day when j one might expect to be taking things t more philosophically than of late, is seen , on every hand no diminution of interest in the course of public sales. Attention now seeiiis to bo about equally divided between Australia and London, the 6eventli series oponing in Coleman Street last Tuesday. Of course, it is always a big event, and to-day with a very large attendance of buyers, there is in _ evidence , a keenness to operate which is most commendable. There were some days last series when things were a little slack, particularly for medium and ■faulty wools, but owing to the very limited offerings this series, it is hardly . likely that we shall see any falling oil in competition,, the increased carbonising facilities making it imperative that owners buy' stock for. treatment. We havo felt, all along that what London sales lack just now is a little more competition for the medium and faulty wools, and no doubt'to many in Verviers'and Roubaix time must seem long, and the experience a dreary one for the towns to be' occupied nil these months by German troops. It would- suit the population better if mills were running, and what were once familiar faces were again treading the wool floors of the docks and tho Wool Exchange. A Satisfactory Opening. It is an oft-repeated "and true statement that any series of London • sales take tone and shape from the experience of the previous vacation. The interval lias been generally good, although every crossbred topmaker will not admit that. We, cannot expect them to, because not until the past fortnight has there been anything..like a move in medium qualities. In 'other respects, the interval has been good. Again and again the increasing scarcity ot- merino tops has been emphasised, in fact the market is more bare of these. than for years back. It only serves to show that i there is a decreased) production and i fully, maintained consumption, while the requirements of such markets as France" have also helped to remove consider- ' able quantities.' The drain is continuous, and with a shortage of" workpeople--1 the output is barely equal to meeting all demands. Khaki; orders; particu- ! larly for Russia," have made a big inroad into low preparers,- while the de- ; mand for France for 56's and 58's also means that ttereis no surplus there. Some wool merchants report that the interval has not been as profitable, as [ it might have been in tho sale of scours cd crossbreds and slipes, although the , woollen trade has bought fair weights. Still the fact is there that; business k might be better, and this may cause ; hardly that keen demand for these wools ' tliat importers would like to see; All the same the position; of things is most I satisfactory, and the sales open under r conditions which .ought'to make every ■ colonial grower . well satisfied with • prices. ' •' 5 Quantities Available.

The arrivals are a little one-fiided. The reader will 6ee from the figures below that New Zealabd will be very fully represented quits np fully as at any series this year. It is really amazing where all the wool has come from, but the : forwarding.? direct hava' been less than usual, which. .. is the best criterion of the character of the 1 wools available. It is a very uncommon thing to sell slipod crossbreds in the colony, these nearly all being consigned to Coleman Street for public sale. The offerings will largely consist of "this class of 6taple, the available quantity of greasy fleece being very limited. Merinos, ..tpo, will be by no means great, although a few new clips from Queensland will no doubt be submitted. A very confident feeling obtains ii regard' to prospective prices, it being conceded that fully last sales' values, and even a trifle more, would.be forthcoming, forecasts ■ which .gucceedings events have .'again fulfilled. The following is a detailed list of the quantities available:— . : ' Total avail- ' New For- able Arrivals wardings Old for gross; direct, stock, sale. Bales. Bales. Bales. Bales. Sydney 15,250 7,000 2,200 10,450 Queensland 23,500 ' 14,000 400 • 9,900 Pt. Phillip 11,000 4,500 1,200 7,700 Adelaide ... 1,500 — 300 1,800 Swan River 2,100 — — 2,100 Tasmania 500 — — 500 N.Z. ' 84,050 22,000 ■ 5,500 68,150 Cape i .. 25,400 17,500 1,400 9,300 . . 163,900 65,000 11,000 109,000 , About 1600 bales Punta Arenas, 1300 bales Falkland Islands, and 100 bales 1 Eiver Plate will be offered this series. '.

There were three sellers on the opening day, and the show of crossbrods was very good. The same can be said for snow white Capes, but having said that, nothing more can be added which can be called, creditable. The selection of merinos was the worst seen at any opening sale this year, the few. bales offered hardly being a criterion of -the standing of' fine wools. Still there was plenty of competition, and the lots 6old clearly., indicated a 5 per-cent;- advance for what could be called decent. Faulty wools, perhaps, hardly showed that improvement,'but it was plain to be seen'thatwhen anything of good character comes along, the wools will easily make a good penny more than laat series. Cape merinos were the turn against the' buyer. Greasy classes were 21 to 5 per cent., higher, and while snow whites showed an improvement of about Id., yet that advance was not acceptable to owners and withdrawals were considerable.

The 6how of crossbreds was, very good, and competition here was seen , at its best.. Wo consider that- fine classes were 7-Jd. per cent, higher, and medium and coarse mostly 5. Slipes did not show a great deal of change except halfbred lambs, which sold up to 2s. 5d., or }d. more than last series. Scoured crossbreds, too, were generally a good Id. higher. The opening advance just about harmonised • with general expectations. Values are exceedingly good for anything decent, and there is every indication that the current' series is going to pass off well, with everything of a combing character in very keen demand. The O.utlook, Messrs. H. Dawson and Co. mako the following observations with reference to tho outlook:—"The stability of tha maiv ket is very pronounced. Merinos continuo to harden steadily, and amazingly, although tho embargo on exports to neutrals is still effective.' in London and Australasia. The end of tho season scarcity of good combings in. London is severely felt, and unfortunately the early relief which might have been expected from the- South African new clip is not likely to materialise, as in that market, is open, United States buyers are keen operators at prices which are beyond Yorkshire limits. There arb, as is usual at this time of the year, two levels of values—one for immediate-de-liveries based oni London rates, and another for the new year based on colonial prices, which are, of course, somewhat lower. Owinjj to the inadequate supplies, spot lots ot tops command high prices, which maj probably be sustained until colonial supplies are more freely available here.

"The weaker prices recorded from Brisbane last week aro directly due to the enormous advance of 3d. to Jd, per lb. on freights, which increase has obviously had to ba deducted by the buyer from his bids. The freight rates now amount to about 23d. to 3jd. por lb. from tho principal Australian and Now Zealand ports to this country, and all freights have to be prepaid. The crossbred position is decidedly stronger. The supplies for tho pre sou I "year are visible, and cannot be augmented to any large extent by now arrivals. It is probablo that tho new clip will arrive more tardily owing to tonnage scai'oity. • Meanwhile, ""at Home there is a better demand,' and we aro informed that ■ tho -English clip is now going into .consumption very satisfactorily.' The policy of the Government (o sell" their: English wool at market

rates and mako„a .substantial profit ha 3 cleared the situation and given confidence to operators in colonial sorts. Ino advance of 2d. per lb. at the Melbourne auctions, is evidence of greater .confidence, while the prices ruling in the South American markets indioate very strongly the keen desire of America and other neutrals to obtain crossbred wools. Prices equivalent to 23d., c.i.f. J^ lver " pool, arc being paid for gteasv 40 s lo •IC's standard sorts of good style. "The Yorkshire niills are full_of orders with a long waiting list in the case of civil requirements, The chief trouble is that of retaining adequate labour, and many complain that outuut is being seriously imperilled by the depletions that are Being made for military needs. Everybody learns \rith gratification thfct strenuous efforts are being made to ensure the full day aud night working of the combing mills."