LONDON WOOL SALES

Dominion, Volume 13, Issue 44, 15 November 1919, Page 3

LONDON WOOL SALES

STRONG AMERICAN AND CONTINENTAL COMPETITION (From Our Special Correspondent.) Bradford, August 21. Satisfactory progress is being made witli' the London sales, and so far as the maintenance of prices is concerned it is being- proved that tho action of the Government in allocating certain quantities of raw material to America and 'neutral countries is the right one. It was.mentioned last week that merinos were selling firmly, without much change oh the previous sales' closing rates, but it is now possible to say that in consequence of American competition values for that class of raw material have shown a distinct upward tendency, particularly in the case of good Sydney grea-sy coiubinga, UJ) to 58d. beiiig paid for good spinners' 10's which would givo a clean yield of well over 50 per cent. The question of exchange now a "serious one for all firms in this country interested in export business, aiid there is 110 doubt that, during the past week American wool buyers in London liavo had a great ndvautago. Probably ■ Bradford buyers would have operated on "it larger scale in the wool taken by America if they had been ablo to compoto on a corresponding basis. Altogether - a fair quantity of greasy merino -has been available, but much of it was not long enough in tho staple for Bradford users, arid lllio percentage of burr was often' very large, These wools, however,'wero largely taken on Continental account, but competition was not sufficiently strong to bring about any further enhancement of values.

Dissatisfaction of Bradford Buyers. Taking the sales as a whole, Bradford buyers have- not been very enthusiastic about/ them. Wlhen tho opening date was announced there was a feeling that they might' as ivell, bo abandoned, the coal . strike, delays in railway transit, along with tho large of. wool which are being offered by description all t.ending to create feelings of dissatisfaction. Bradford's best 'opportunity, seems to have arisen, however, in taking fine crossbreds from Australia, there being'fairly keen competition botween Bradford aud the Continent for thes.o wools. The. result has been an appreciation, in prices rang'llig "around 2d. pea* lb., compared- with the-opening-of the Series',, .'but on the whole there' has been very little tion since the auctions which closed in. July. It has been noticeable that anything from 16's downwards has been somewhat in the btiyer's favour. .'With regard (© the sales .by description, one .of; these was held on-Saturday, the quantities allocated being as follow v" ; „ 1 * ,' ' Bales, i\ew .'Zealand 'greasy crossbred (North Island): c,250 Australian greasy merino comb...ing -fleece 5900 Australian greasy merino pieces and bellies .....v..... 1,000 Australian greasy crossbred combill# ; 3 OQO Australian greasy crossbred pieces '750 Australian greasy, .merino "carbonisidj* ' 900 Australian grc-asy merino carbon--'lsing lambs - 1,800 Australian scoured merino carbon- ■ . isnig- . s(jo Australian scoused merino carbonising lambs '„ ; 900 Australian scoured merino defld • UflO n. u ' 1, "! ' 21,400 on August 20 and 23. I'ho weights which will then be brought forward are given below:— August 20— Bales. Australian scoured merino (medium X-S-W-) 5,200 Australian greasy merino combing 't ™, pce , 1,400 Australian greasy merino pieces .and lambs 2100 New ■ Zealand greasy crossbred (South Hand) .jjoq New Zealand scoured crossbred (South Island 200 Now Zealand greasy crossbred . (North Island) ; . goo New 1 Zealand'' islipo crossbred freezing works v.'..............;.'. 100 New.Zealand slipo crossbred freezing works 2,400 , ■ ■ 16,300 August 23— Bales. Port Phillip scoured crossbred ekin 3,50<j Australian' greasy- merino combing 2,200 Australian greasy merino pieces'... • 400 Now Zealand greasy crossbred 'North Island) 3^ New ZeaTand scoured crossbred ' Island " 100 New Zealand greasy crossbred (North Island) ~ 4,500 New! Zealand greasy crossbred ' (South -Island) 200

14,700 .With regard to the sal© by description which took place on Saturday, the. prices paid' were not on a parity with those realised at the regular auctions. Merinos were often 5 to 10 per cent, cheaper, and crossbreds'about 5 per cent. This.is very largely a repetition of what took place at tho previous sales when wool wag offered in this way. French buyers took' a fa:r quantity of short combing and carbonising wools, whilst ?omo-good spinners' wools were also purchased on York-' shire and American account. In order to facilitate the handling of the large weights of raw material coining to hand, the Committee of London Wool Brokers have altered the dates of the remaining series for the present year. The arrangement is now as follows:— September 15 to October 3; October 20 to November 3; November % to December 12. Three Liverpool sales were originally intended to be ho'.d on dates which included the above, but'it may now he expected that-theso also will bo altered. Government Tops. In consequence of mills and ma.ny offices being closed this week, there is not much to say-aliout market operations, but one or two things have happened which go to show that values for tops on spot account have in no wise .depreciated,, when merinos. and , fine crossbreds nro concerned. .:A sale was held in tho' Mechanics' Ijijs'titiite, Bradford,'on Wednesday; when a quantity .<Tf Government surplus tops was offered. 1 A Jargo number of buyers.from Yorkshire and other districts was present, the salo being quite 'an interesting event! The competition for 50's quality wag very strong, record prices being paid. One lot made by a well-known firm realised G4Jd.,' and another lot 64d., the weights taken in both instances'being by no means small. A record price was also paid for super 50's carded colonial'tops'—7Gd. The only weakness, was in anything bfl'ow 4G's, which did not often sell tip to the rese'rvo prices. This seems'to be quilo'in harmony with what is happening in London, where it has been possible to buy low crossbred wools on such a basis as -will enable them'to be offered iii the top at prices somewhat more reasonable than tho Government iisue into for corresponding qualities. The following is a comparison of (a)-Government issue prices and (b) the pi-ice-s realised at the above sales:— ! (n) (b) DnseViption. i d. d.. English prepared (nil's) ... M 5G.57 English prepared (IG's) ... .41$ 43 English cariM (Ill's) 3SJ . 441 Colonial carded (50's) 47 1 GO-G4\ to 76 Colonial carded (48'sl 4U 4IU-47V Colonial prepared (IG's) ... '40 45-JGi Tho position in the top market lnrgely coincides with the foregoing. Quotations for. spot delivery for merinos and fino orossbreds are very high,, the disparity between theso and forward quotations if anything becoming greater. . . Combing Charge?. Another advance in combing chnrges is oxpecled to como into i'urco on September 1. This is the fourth increaso so fm this year, and so long os working expenses and wagM are maintained, tho charges are not likely to come down. Tho following table shows the actual advanca imulo since March :— . ■ Sept. Mar. 1' 3 ■Peril). Per lb. d. d. Merinos— . Tearing sto 1 .and over 7} !>s- - 4 and under , r > ,lo 1 7} (U Tearing !1 and-under f> 10-.l- 8J ll| Tearing 2 and under :i to I fi(- 7 Tearing under:2 to 1 lIJv . 74 .Tearing 12 to 1 and over ... (ij ' r>< Teariug 8 and under 12 to 1 7 .5i Tearing under 8 to 1, same . as merinos .— — sG'»— | Tearing' 7to 1 and over ...

Tearing 5 and under 7 to 1,55. Tearing under 5 to 1 6 n 4S's nnd 50's—. ■ Tearing 7 to 1 end over ... 5i n Tearing 5 and under 7 to 1 5} 4} 30's to 4G's—' . Tearing 8 to 1 and over ... 4} •>! . Tearing 0 iind. under Bto 1 5 ■ 31 Tearing undor 6- to 1 5J 05