LONDON WOOL SALES

Dominion, Volume 10, Issue 3095, 28 May 1917, Page 8

LONDON WOOL SALES

A STRONG OPENING GOVERNMENT WILL CARRY THE WOOL IT SELLS (From Our Special Correspondent.) London, March 22. The whole trade finds some interest today centred upon Coleman Street, whero tho third series of .sales began last Tuesday. The event itself was significant, notwithstanding only two weeks havo elapsed since the finish of tho second series. In an ordinary way there would have been much, grumbling owing to tho prompts of the last series not yet having actually matured, /but these are war times, everybody puts np with inconveniences,' and no ono to-day sings the song of being "short of brass." Although money is being, shall we shv wasted, at tho rate of .£6,000,000 per day, yot credit is comparatively cheap unci easy, bankers are quito willing to make advances to clients, notwithstanding that wool is averaging cfi-jfl per bale, and nobody seems to trouble in the least about being hard itp. In {act, wo should say that, the wool trade to-day is more comfortably situated in regard to £s. <1. than ever before, simply because tho Government is financing the English clip, and tho majority of {firms have, now credit balances at the bank, and some are dabbling in colonials, which they havo never touched before. It is not too much to say that essentially English firms aro interested in morinos, the oxcuso being that they must employ their capital to some purpose, and find themselves with work. Under such conditions tho trads assembled last Tuesday prepared for another three weeks' auctions. Quantities Available. . . The list of arrivals is considerable,, averaging in all about 88,000 bales. This is quite as much as ono expected. South Australia is represented by 2800 bales, but everything is going to depend upon how much wool is actually monopolised by the Government, and taken over without, being knocked down at all. Thcro is a very good lot of wool from Victoria, Queensland, and New South Wales, and even West Australia, with -12,900 bales, will offer a ! very good selection. . Tho arrivals from -New Zealand aro inadequate- for the time of the year, and tho wholo of tho 9600 bales will probably lx> couaigned ,to tho vtirious tononakers in Bradford, who.aro working entirely for tho Government. The offerings of merino wools should be very, good, as many well-known new clips are to hand. 'Tlip catalogues as a. wholo should bo good, although everybody expects them to bo vary much mauled on account of scoured and sliped erossbreds being again commandeered by the Government. Tho following is a list of fhbquantitics available:- • S Bales.' , New.South-."Wales 27.W0 N Queensland - 19,200 Victoria \. v :. :... 6,300 South Australia 2,800 ' West Australia ....: ' 12,5t)0 Tasmania — New Zealand 9.600 Cape and Natal 5.500 81,000 Old slock 1000 Total 88,000/ Sound Opening. The opening sale was very short, and although 6500 bales were catalogued only 2800' were actually available. Tho Government had withdrawn all Uie rest, and among the withdrawals were all classes of Australian wools. For cither the reserve stock or Government manufacturers, withdrawals included superior sconreds and greasies, faulty ditto, including burry and greasy Australian crossbrods.

At tho opening there was 6omo hesitation, but this soon passed away and, generally speaking, greasy wools mado rates fully equal to those of last scries. Scoureds were in somewhat small supply, and no really tip-top wools wero offered, though, one lot sold at is. 9d. These wools generally were slightly dearer than last series, probably to tho extent of Id. or ljd. Tho Government announced that tho sum of Jd. per lb. would be added to the prices realised at tho sale of wools that it owned to cover conveyance to first destination in Great Britain. Previous to Tuesday's salo opening, Sir Wm. Raynor asked the president of tho London Selling Brokers to give any information he could about this. Tho trade desired to know more exactly what was meant by first destination, as it was manifestly unfair that buyers who stored their wool in London, or who shipped it direct from there, should have to pay id. per lb., whereas those who wanted it in Scotland could have it transferred 300 miles for the same sum. No satisfaction was contained in Mr. Jacombs

reply, except that he thought the authorities would make adjustment if tho caso were put before them,

State Control. Last week the most important conference ever held between the Government 'and leading representatives of tho textile trade tooft place, and some very straight talking ensued. It is well known that the trade as a whole has been very much incensed at being hardly considered at all. The so-called Advisory Panel existed only in namo, and a crisis was.reached a fortnight ago. Tjiis led to a very important letter being sent to the Financial Secretary to tho War Office and also to tho President of the Board of Trade, which was tantamount to a resignation on tho part of the eleven members. It is now known that that letter was u very straight one, the Government being candidly told that there wcro serious grounds for dissatisfaction, and the trade demanded moro favourable consideration. The conference was really the outcome of this letter. A full day was spent in formulating a. programme, the interview taking pla'c'o at 5.1)0 between about fifty members of the trado representing Chambers of Commerce and influential institutions throughout tho whole of the textile manufacturing areas of Great Britain. The official report furnished at the close showed clearly enough that the Government had its back to the wall, the deputation' in effect being told to get; out and stay out. That, however, is not the view of the Bradford and London members of the deputation. They contend strongly that they gained all that they expected, and therefore came away fairly satisfied with the interview. The Financial Secretary to tho War. Office made a distinct pledge that the Advisory Panel would'bo abolished, and in its place a General Advisory Committee of the trade .would be'established for tho purpose of assisting and making recommendations to the Deparlent. Air. Forster did not go so far as to say that tho advice of tho now committee would always bo adopted, but he stated candidly that its recommendations would receive very careful consideration.

There, now seems on the part of tho Government a more conciliatory attitude, tho officials seem disposed to consider the interes.ts of the trade more than they linvo done, and therefore while it cannot he expected that the General -.Advisory Committee will got. all ife own way, .still it will have tho opportunity of representing more fully the views of Hie trade, which if reasonably acted upon, will do away with much of tho friction which has existed. Tho deputation made an urgent request that when (lie Government had satisfied its own military needs and created rcasonnble reserve slocks of raw material, the balance should bo offered by public; auction and tho present: trade machinery kept, running as smoothly as possible. Even that ceque&Mlid not call forth the reply ono might have exuocted. but i'.io deputation came away feeling tlvi't they had accomplished, something, and with the temper of the trade what it is, it is to be hoped that the authorities will recognise those claims. It is now more than ever patent that the shipping difficulty lies at the foundation of the whole trouble. The president of 'tho Board of Trade, made that clear enough to tho deputation. What everyone feels to-day is that no more wool is going to l>n •brought homo from Australia than tho Government needs for it* own military purposes and those of our Allies, and a considerable reserve stuck. Main; e.stimale this at , r )00,«l(l hales, and think that in future there will be little more available cveo)it. .for export' purposes, .the civilian trade being left 10-tako cam of itself.