A Sensational Opening.

Dominion, Volume 12, Issue 213, 3 June 1919, Page 8

A Sensational Opening.

The event of the week has been (ho opening of the first series of colonial wool sales (Government auctions), and Coleman Street Wool Exchange was never more crowded than last Wednesday. It really marked the change from absolute State control to one of partial freedom, and tlio "ancestral saleroom," lo which Mr. Ueginald. B. Jacomb referred, resounded with shouts, indicating that life and vitality still existed in the great industry. The record altendanco clearly showed the universal interest which waft being taken in the market, and seldom has such a sensational sale been witnessed. Buyers were requested to bid in pence per lb., and J'd. bids were taken, but. the sooner the trade reverts to tlie order of things which existed in pre-war days the better. If buyers aro allowed to Rive Id. bids up to lOd. and Id. afterwards it is enough, and far better than carrying things to extremes by allowing M. bids to 3s. 80. However, tho initial sale provided more lhan one sensation, but above all confirmed what wo Jjavo always contended,, namely, that colonial wools have not lieen turned to their real intrinsic value, and directly buyers are permitted to competo without let or hindrance, then they are prepared to turn to the maximum good the varied qualities and descriptions of raw material. The offerings at the initial pale and also on Thursday were remarkably good. The outstanding feature was the highclass merinos and fino crossbred*, particularly (lie latter, some of the very cream of.the West Victorian clips being catalogued. This brought out the unreserved attention of buyers, and some record prices were easily paid. It will be remembered that on April 1 the Department lowered its issue price for lops

by 7| per cent., Ilms placing raw material" al* a very useable price. Tliat proved to be no barrier whatever. As a matter of fact, medium to super merino combing woolsgenerally showed a full 10 per cent, appreciation 011 thonew Government schedule of prices, and good merinos were of ton 15 per cent. dearer. All conelmcks and fine crossbreds fetched sensational prices, sonic choice Geelong lols Celling from 39(1. io .fid.; these being fully 15 per cent, more than the present Government schedulu values. Medium crossbreds showed an appreciation of 7,J per cent., while coarse (|imlilies were fully 5 per cent, above schedule prices. Slipcd crossbreds from Now Zealand wore keenly competed for aMd. to fid. above schedule rates., Thursday's sale passed off equally as satisfactorily, full opening rates being well maintained. The opening results clearly show flic sound position of the woollen and worsted industry. Both French and Belgian buyers are in attendance, tho former purchasing on the opening day some good lines of both merinos and fine crossbred*. As a matter of fsst both Home and Continental buyers .seemed to bo operating without limit. Tho pnee is being made entirely by spinners and manufacturers who a'poarently are determined to got the wools most suited for the purpose of making their pre-war yarns- and pieefs. Tt is too much to expect current values to last indefinitely, especially ill view of the fact that 600,000 bales of colonial wools are afloat. All the same warehouses everywhere are empty of raw materials, and given reasonable facilities for doing trade, 'especially 011 export account, the Government can expect to eet rid of its huge stocks at'a most profitable basis. '