LONDON WOOL SALES

Dominion, Volume 12, Issue 241, 5 July 1919, Page 10

LONDON WOOL SALES

BEST WOOLS AGAIN DEARER (From Our Own Correspondent.) Bradford, May 8. Tho whole trade again finds interest centred in Coleman Street, whero (he second series of free public auctions of colonial wools began last Tuesday. The attendance was large, and after the record prices seen in .April many wanted to see whether the some keenness to buy and high prices would be witnessed again. There is no doubt about the position which wool occupies in the commercial world to-day. It is an article of first importance, and unless the writer is really mistaken, it will continue to occupy an exceedingly strong position. There can be no doubt qbout wool being wanted in all manufacturing countries. Millions of human beings in liurope are on the point of starvation, and unless they can lay their hands upon renewals they are bound to suffer (itill more seriously in health and physique. News has come to hand this last month of the plight in which Germany finds herself from the standpoint of clothing, and the same can be said for all the Central Powers. There is no disguising the fact that Europe is undergoing great privation, but although national bankruptcy is spoken of very freely providing peace terms can be satisfactorily arranged, there is Teason to 'believe that there is still left sufficient financial power to lift Central Europo from its present state to one of greater commercial soundness. A Robust Vacation. ~~ The interval has been characterised by an influx of trade which leaves very little to be desired. This remark applies particularly to every branch of the trade from 50's quality upwards. It is still true that there is much to be desired below that quality, it being a remarkable fact that the demand of the general public is running on fine crossbreds and merinos. Fashion favours the finest classes of goods and price seems to ho no object. A great deal has been made of the high cost of fabrics, but an attempt has been made to sell medium crossbred fabrics by one of the leading firms of manufacturers at around os. per yard. Little success has been met with; in fact, it is stated by all dress gcods manufacturers that they can sell fabrics far better ,it lis. Cd. per yard' wholesale than at ss.' to 7s. Gd. per yard, the crux of the matter being quality. Even in men's wear the demand is still for-any-thing from 15s. per yard upwards in solid worsteds, and the fact is remarkable that the price "of solid worsted blue serge of medium quality is Is. per oz. That means that an 18oz. serge sells at 18s. per yard. One would • think that such figures would block tho way to nil business, but such is not the case. As a matter of fact, the extent of the business done in p'ece goods compares well with what one thought could possibly take place Inst February. There is no doubt that tho direct outcome of tho London sales has been to bring forth big orders for fabrics. It is significant that woollen manufacturers have practically their whole output sold right to the 1 end of this year, and some firms have their travellers from the road. This is clearly indicative of a Inrge weight of business having already been done. The current series will "see rates ,well maintained for all desirable parcels of combing wools, this directly affecting the best classes of piece goods. English Wools Likely to bo Dear, i Frequent inquiries have been made re-, centiy as to when' tho English fairs and wool sales would reopen. It is now understood that public sales will be held in Glasgow about the end of June. This is the first practical evidence of a return to more normal selling conditions for British-grown produce, and thero is every indication that tho season will prove to be a profitable one from tho . farmer's standpoint. The opinion is freely expressed that as soon as free selling connnencesoprices will show an advanco of 100 per cent, on tjie 19M pre-war level. Of course, it remains to bo seen whnt actually happens, but judging frdm tho present position of values for colonial wool and the demands' which are likely to develop there is every probability of these anticipations being realised. English store sheep have already been sold at enhanced prices, and this has been accompanied by a further rise in tho price of woolskins. The advances mado in these have been phenomenal, averaging as much as a shilling per lb, This may be taken as ono indication of what is likely to happen when the new fleeco wools are available.' English merchants hnvo had their hands tied for quito a long time, and it may be expected that as soon as they feel their old liberty they will be-anxious to make tho best of it. Manufacturing requirements are a!so exceedingly largo, and tho removal of all export restrictions, which is expected to follow the signing of peace, will open out the old export markets for Scotch and other British wools. American Competition. f 'Unjustifiable fears still seem to be entertained in some quarters respecting American competition in the world's market. There is no doubt that traders in that country are wide awake to the present possibilities, and the writer thinks they aro quito' justified in selling their goods wherever they find a reasonably profitable market. The most con-cern-seems to have been felt in this country liecanse of what America has done in Scandinavia. The point seems to be overlooked that Germany and her allies, along with all neutral countries, are in a verv impoverished state for want of raw materials and manufactured goods. Reference has been mado to this in a preceding paragraph, and the interpretation which the writer prefers to put upon the situation is that Great Britain and America together have an -opportunity to provide for the needs or the countries which are now in such great, straits. It is difficult to see now, in view of tho fact that prices for wool in the United States have advanced so considerably above the British issue rates, American manufacturers can be in a better position than those in this country. Undoubtedly those issno rates have been greatly exceeded at the London sales, and judging from reliable information the United States are comfortably situated in tho matter of wool supplies. Whilst the success of Anierican travellers in Scandinavia is admitted, the writer's own private information is to the effect that other countries, are showing a decided preference for British goods, and largo export, houses in this country do not seem at mil alarmed about what America has accomplished. They are being faced by a large amount of inquiry for*all descriptions of goods. Even scoured English wools, which are vet practica-llv unobtainable, are wanted, and whilst tlie popular demand for tops and yarn is running'on fine qualities, it is also a fact Hint, crossbreds are notentirely ignored, and an increased call may be expected to come for them almost automatically. ■■

A Good Opening

The London sales opened last Tuesday beforo a crowded room, the Home trade being i'ullv represented. There was a Rood selection of wool to put before buyer.?, and from the very first competition lacked nothing. Those who were present witnessed a reflection of what has taken place during the interval in consuming centres. The entire trade has bcoi; in a buying mood, the result being that r. colossal business has been done at almost the highest point which prices have touched since, the war. It is expected that the wool sliii to be catalogued wiii cover all There is a good selection of merino and crossbred eembiii!! wools, while carbonising descriptions will also figure prominently in the_ daily offerings. Tlie. trade would be gad to seo if otherwise, but so. long as Hung; aro what they are enc expects all offerings to be freely absorbs:!..

When' compared with the close uf list series, a'l good combing merinos and linn crossbred:', showed nv appreciation .or about. 5 per cent. Medium and coarse crossbreds and earkmising merinos showed verv little change, though some of the latter were sold at very rcasonab's prices. If tlie Department could only get a move on in shifting wool to consuming centres it'would be a real good thing, but, taking nil things into consideration, the opening results must be regarded as quito satisfactory.