LONDON WOOL SALES

Dominion, Volume 13, Issue 85, 5 January 1920, Page 6

LONDON WOOL SALES

AUCTIONS CLOSE PRICES AT THE TOP NOTCfI (From Our Special Correspondent.) London, November 20. Since last writing the wool auctions have come to a finish, and they have been marked by records which have novor been equalled since tho first arrival of Australian wools in this countrv. It is recorded that in about 1820 Mr. "John M'Arthur sold two bales of wool at Ids. !2d. per !b., and they must liavo been something very special to fetch such a price, because th? bulk of the wools when sold only real : sed 4s. to ss. a lb. Last Friday the handsome price of 10s. 3d. was paid for seven hales of scoured super combing H, the brand' being S. YTilson/Ercildoune; 11 bnlcs of scoured super combing ewes lealiVed 119(1., and 15 bales of Ist combine II 115 d. Then followed S.' TVilson/Mt. Bute, c'ght bales of scoured super combing II making 191 d., other lots selling from lOfld. to 111*1. These must bo regarded as sensational prices; infnet, the whole scries have hcen sensational in more senses than one. Tho writer never saw so many Continental buyers present during Jus whole 32 years' attendance at Coleman Street wool auctions, a clear proof of tho interest that is being taken in the course of values. The fact is, the world's needs are tremendous, and everybody is beginning to see that it is imperative that they set about meeting those needs. Eenco the unparalleled activity nt- the sales, and tho extraordinary prices which are forthcoming. The writer well remembered when the Ercildouno warm woter washed lambs which were always regarded as a speciality, sold _ from 4s. to ss. per lb. In this instance the wools had been scoured, and on the authority of a Melbourne appraiser it is understood that all these suner west Victorian wools were on tlip_ tender side, which is quite true, otherwise they would have been marketed in the greasy state.

Switzerland a Keen Buyer, Tlio prices already referred to wore mostly paid by one buyer from Basle, in Switzerland, that gentleman paying the record price. It is yqty patent that money cannot be scarce in Switzerland, otherwise they could never afford to pay the prices which have often been forthcoming during the course of the auctions, and tlip remarkable, thin? is that tli.it part of the world always buys the best class of raw material. It is the. writer's firm op : nion that if any other buyer had bid' 12Stl. for the Ereildnuno lot, the .Swiss buyer would have bid Id. more; in fact, if anybody had been bold enough to bid 129 d.. the Swiss gentleman would have gone to l,lod. Pome very bid figures have also been paid for greasy merino wools, and hero again 83d. is the "mountain peak" no far. One's mind pops back to Inst April and May. when tho crack "West Victorian clips realised 60(1. to fi?d., aud which at the time was a record for greasy -.raol. Anything very choice is now selling in the oight'es. ond wool of 70's warp character that will give a clean yield of around 54 per cnt., can lx> relied imon to fetch anything from SOd. upwards. America, has bean keen to buy these super combing wools, and anything choice in that direction has lieen Inl for most keenly. As usual, the Continent has been a very keen huyer of what we call French combing merinos, and nothing lin.s been so amnzinp as- to see about 42 per cent, wools with no more than 11 to-2-inch staple, seedy n nil hurry, selling at the top side of «(d. Such prices, we should say, are nhenomenal, and it makes one seriously nsk as to how lona- such values can lie expected to continue. Channcs Seen, We give below a. useful table showing the alterations which have taken place durinc tho mictions compared with the closo of the previous series:— Australasian Wools. Greasy Merino, superior, Bil. dearer; greasy merino, average to good, 4d. dearer; greasy merino, poor condition, Id. dearer; greasy merino, inferior locks and Dieces. 2d. to 3d, dearer; scoured merino, superior, 7d. dearer; scoured merino, average to good, sd. dearer; scoured merino, inferior. Sd. dearer; scoured merino, faulty locks and pieces, 6d. dearer; irreasv merino, lambs,.superior, 3d to 4d. dearer; greasy merino, lambs, medium, 3d. dearer; greasy merino, lambs, inferior, 2d. dearerili greasy crossbred, fine, surxsrior, -Id. to sd. dearer; greasy crossbred, fi.no, ordinary, 3d./dearer; greasy crossbred, medium, superior, 4d. to sd. dearer; greasy crossbred, medium, ordinary, 3d. dearer; greasy crossbred, coarso, superior, 2d. to 3d. dearer; greasy crossbred) coarse, ordinary, 2d. dourer: greasy crossbred, lambs, superior, 3d. dearer; greasy crossbred, lambs, ordinary. 2d. dearer; scoured crossbred, fino. 7d. dearer; scoured crossbred medium and coarso, 5d dearer; slipe crossbred, fine, • Cd. dearer; slipa crossbred, medium. 3d. dearer; slipd crossbred, cOnrse. 3d. dearer; greasy Punta Arenas, well conditioned, 3d. dearer; greasy Punta Arenas, wasty, 2d. dearer; greasy Falkland Islands, none offered. South African Wools. Snow white, super, Bd. to 9d. dearer; snow white, medium, 7d. dearer; 6iiow white, inferior, sd. dearer; greasy combing, light, ii. to sd. dearer; greasy combing, heavy. 3d. dearer; greasy clothing, light, 3d. dearer; greasy clothing, heavy, M. dearer.

The Demand for Australian Auctions. There is nn increasing demand for the reopening of the auctions in Australia, so mttting more wool <m the markot. That, in tho minds of many, will bo tho factor which will arrest the upward tendency of prices and bring them down to a more reasonable level. From what wo arc told, the reopening of the auctions in Australia is not being looked forward to with any degree of enthusiasm by tho powers that be, and our authorities, who certainly have the last say in the matter, appear to he convinced that the wisest thing is to brinr all the wool to London and offer it there as fast as possible. But it isimpossible for Coleman Street to deal with all tlio supplies of raw material. Many contend that if they would restart tho auctions in, say. Sydney and Melbourne, n good deal of wool could come direct to manufacturing centres on the Continent and England na well as America, without being reliandled In London or other British ports, and anything to relieve the present congestion and chaos would be welcome. There is <vool that was naid for l.iflfc %lv that has not yet reached Bradford, and wlini it will bo combed no living man can tell, Whether tho Government will allow the sale, of Australian wool after next June 30 is a question that is engaging pome attention, but the writer fails to see how they can hinder either private nr public auctions taking place in Australia. Business' is beinir continued as in pre-war days in South Africa, then whv not in Australia and New Zealand? Of course the Government still have a very light hand upon shipping, but the same privilege should be held out to Australia and New Zealand as fnuth Africa, a'iM tho writer sees no valid reason why the Australian auctions cannot begin after next .Tune .10. Another important matter, however, is whether any wool will be allowed to como home until tlio whole of the Ofovernmont-owncd wool is shipped. A Broker's View, Tho abovo question may be looked at in various lights, and it is interesting to note that the well-known firm of selling brokers. Messrs. IT. Dawson and Co., say that "though the demnnd is phenomena) nobodv Miovcs it will bo permanent," and that "at these .dizzy heights price: are dangerous." Mhssrs. Dawson would not make such a statement as this If they were not justified in doing en, hut apart from thu steps which might be taken at the raw material end of tli< trade, there- arc those, in spinning and manufacturing eircks who think that good would be done-if no moro forward business were to he hooked for somo time. Any such business which is now done must, in order to be safe. !x> at prices fully equal to the current level, which means that when tho orders are actually covered the <?amo rush as has characterised the markot' recently will be. enon. This suggests that prices havo not yot

done advancing. Nobody in (liis oentro wishes to sec wool become unduly- cheap, but it ia certainly felt that if tho manufacturing end of tho trade were to content itself with disposing of all its present orders and with saving all further buying till such times as now consumptivo needs were of a more immediate character than is the enso to-day, it would probably, bo possible, to buy on n, basis which would be safer for the trade as a whole. There is no need for anyone to take fright, but a cautious policy will certainly servo all interests best.