LONDON WOOL SALES

Dominion, Volume 10, Issue 3059, 21 April 1917, Page 12

LONDON WOOL SALES

» 'offerings limited. (From Our Special Correspondent.) London, 15. 1917. Another series of London sales has commenced, all hands being aloft to make the best of the present situation. We have the prospect before us that London sales will grow less in number after the current series, the Wool Importers' Committee being now very largely a more cipher in the gome. It is remarkable tho number of people who have been "torpedoed" by this Government scheme of control, and naturally not the kindliest feelings are expressed. But the days of adverse criticism seem to be past, and to-day the trade must accept the scheme and make the best of it. Of course the j whole idea of Government control is unI palatable, but we must not forget that ; exceptional conditions prevail, ami it is hoped that it will inflict a permanent crushing blow upon the forces of Germany and her allies. Strong feeling of Tese7itment have been - expressed throughout the entire trade, but thatwill serve very little purpose. We think the officials have made a mistake, in not allowing wool to be free which the Government cannot possibly use. and if the Army Council had simply 'said io tho trade that when their wants' were fully met, Tree business could be done with the balance, that would have brought latent forces into oneration, and certainly led to every effort being put forth towards making t!)o whole position vwy much better. If the way the English clip has been doled out is anything to go by, the trade knows before hand what grent 'tlelny is going to take place, and what formalities will have to lx> gone through before a. single bale of Govern-ment-owned wool can be obtained, the delay leading to no little feeling.of exasperation. Quantities Available. 'Ihero is.a good -deal that is interesting in connection with the 'wools. which, are available for sale; in fact, when viewed from this standpoint, the situation is unique. At the current series there arc dayeset apart for the offering r/ Government wools, and if they do not realise tho limits as valued on the clean scoured basis, the selling brokers, tales tlie;a- in? We shall have more to say upuvi this question in a futiiro commiuVicatioo, and the feeling is gererai that ftfr!er tiie current series the 'London sabs tvul be held very irregularly. It- is now iv.oivu that wool sales tak.i place at northern centres of disembarkation,- and no one need be surprised if we see sales at Liverpool and Hull, it depending entirely I upon where boats discharge their cargoes for Yorkshire manufacturing centres. The present Government scheme breaks ; down all preconceived ideas in connec-. tion- with the colonial trade, and everybody; will have to do their very best in making their plans fit those of the Government. . Tiere are 91,000 bales available, but how much of it will go direct to manufacturing centres and not see the sales at all, no one knows. It is simply a case day by daj of every party making the best of the catalogues put before the trade. We have a very nice offering from New South Wales, and Queensland makes by no means a bad second, New Zealand really being the dark horse. The large quantity of Cape wonls .is a surprise to many; but although 18,000 bales are available, -we ,may not I B?e- above 12,000 bales catalogued, it entirely depending upon the whims and fan[cies of importers ns to what they'will I offer by public auction. It is a common : thing for South African merchants, if ' they see the market is going against them. I to either scour tho wools or else send ; them to Bradford to be combed. There ■ is also a very nice selection /rom Smith i Australia, but the arrivals from West i Australia and Tasmania are much below the average for this time'of the year, I particularly the former. We give bolow the particulars of the wools to hand:— Total \ For- availNew \ ward- able arrivals,) ings t Old for gross: -, direct, stock, sale. . ■ Bales. Bales. Bales. Bales. Sydney 76,550 51,000 2 200 27,950 j Queensland 19,950 9,000 900 11,850 * Port Phillip 35,100 29,500 300 8.200 Adelaide '... 33,600 29,500 100 4.200 j Swan River 1,250 •— 100 4,350 Tasmania ... 150 — — 150 New Zealand 16,150 500 600 16,250 Capo 52,250 3G,000 ISOO 18,050 j Totals ... 240,500; 105,500 6000 91,000 j ■ . ! A Disappointing Interval. ! The past vacation, lias been very mud' I disturbed with several announcements of ! .the Government, and the trade is very ! largely in a fog. Of course, the C-ov- J eriiment scheme is now approaching com- ■ Miction, tho latest aspect being the fi.:i- ! nouiicemeiit that 19 firms of Governice;it ! topmakers are to absorb quite a, number ; of lesser firms. It is patent that everybody is going to have to work on u commission basis, but it is some satisfaction to know that no firm will be driven, to i the wall with tho exception of uierohauts.] and dealers. The outlook ie certiiu-.ly i bad for those not owning machinery, that ' really being the position to-day. ' ; Firm Opening: All Government Woo:. 1 The opening day's catalogues were very j thin and poor, all'.lia wool offered in: them beiug owned by the Government. I Previous to the e.ur users engaged or. ' Government work had been loiind the I warehouses, and lots they had chosen tn bo Bent direct to their'mills had. bean withdrawn from Hie catulogu2B. Out of UOOO bales, probably one-quarter wero ro disposed of, almost every bale of Australian crossbreds, as well an many very good lots ol merinos, being withdrawn. No wool from Now Zealand, the Capo, or South America was offored, although it is knoivii that about 6000 bales of New Zealand wool were valued for the Government last Friday. It certainly seems as if the Government has none too much crossbred wool on hand. Crossbreds are being wtit direct to Bradford for combing, and br the way the merino offerings wero limited on the'opening day, one would also judge that fine wools are by no means too plentiful. Many lots wero withdrawn at pence per lb. below the price the Government wanted, its ' limits looking ridiculous, even though full market prices were bid. In fact, compared with the close of January, we consider that the best combing merinos are sometimes a penny dearer; although the market is irregular. Medium sorts are firm, and inscoureds tho medium qualities, which wero casing

towards the end of last series, have regained most of the ground they lost then. Superior scourods aro selling well at last euW beet ratee. Bradford Market. Last ilonday there was a somewhat sensational development, a Government meeting being hold with the topmakoKS in the , trade, when it was decided that all crossbred tops from 58's quality and below should not be offered to the trado, but all stocks should bo first offered to 'the Government on the price basis published in the list of prices at which they recently expressed their willingness to sell to topjuakers. It is understood that the levins are net cash in fourteen days, bttt that there will bo a reduction of 5 per cent. It is also expected that where tops are not actually taken for Government use the makers will bo allowed to sell them in the ordinary way. In addition to this, those firms who have their tops commandeered, but where under obligation to deliver to some particular firm,- will be protected by the Government themselves. Thus the Government is now tire only source to which the hade can go for crossbreds, and undoubtedly the motive prompting this action is the urgent need of Government spinners and manufacturers who are wanting yarn.? for military orders. This has altered the whole outlook entirely, and confirms all that we have previously 6tated, namely, that -everything to-day is completely under Government control aii'l likely to continue eo. The market is somewhat upset, but everything is firm. Merinos can be dealt in freely, but until the outlook clears there is apparently little to indicate much accession of new business. The quffttion of forward contracts and their legality is engaging the serious attention of the trado; it is generally understood thnt topmakers have to send full details, and if it is found that the tops have been sold for either military or export purposes tho contracts-will hold pood. The price of lU's remains very 'much as last week, r.nd ss. 7d. to os. Bd. appeal's to be the market value for a good article. Business lately has been limited, but yet 6ome fair weight , ! have been sold quietly, chiefly fine crossbred?.