AUCTION SALES

Dominion, Volume 14, Issue 27, 27 October 1920, Page 10

AUCTION SALES

FORTHCOMING FIXTURES. | * TO-DAY. Riililiford Street, Newtown', Wellington. 10 a.m.—l'urniture eale (Johnston ami £0.). 157 Lambton Quay, 'Wellington, 10.30 a.nii—Jj'urnituris sale (Johnston and Co.). 3G Britannia Street, Pctone, 11 n.m.— Proporly salo (liobertson and Co.). Dnnnevii-ke Yards, 1 p.m.—Cattle salo (Wairarapa Farmers'). 181 l'Vatherston Street, Wellington, 2.30 p.m.—Property sale (Dunbar Sloauo iind Jones). Oddfellows' Hall, 303 Lnmbton Quay, Wellington, U. 30 p.m.—Property sak> (Longmnre and Co.). ■ 105 Customhouse Quay, Wellington, 2.30 p.m.—Property sale (Nathan and Co.). Waikftime—Stock sale (Dalgety and Co.). TO-MOBROW. Upper Hutt, 1 p.m.—Stock sate. 137 Lambton Quay, Wellington, 2.30 p.m. —Property sale (Hodgkins, Carver and Co.). 105 Customliouso Quay, Wellington, 2.30 p,m —Property sale (Nathan and Co.). Chamber of Commerce, Customhouse Quay, Wellington, 2.30 p.m.—Property sale (H. E. Leighton). FRIDAY. Martinborongli Yards, 1 p.m.—Stock salo .(Wairarapa Farmers''). Waiivakaiho Saleyards, Now Plymouth. —Sale of contracting plant (Newton King, Ltd.). Eeilding.—Stock sale (N.Z. Loan Co.). Tupunipuru (near Jlastertoi>), 12 noon. —Stock sale (Dalgety and Co., Liiriii and Co., Murray, Roberts and Co., N.Z. Loan Co.). YORKSHIRE WOOL LETTER SOME IMPROVEMENT IN INQUIRY VALUES STEADY (From Our Special Correspondent.) London, .August 2fi. There is, rightly, conccrn among wool growers throughout the world in regard to the prices .which are likely to' rujjo for their new clip, Australian pastoralists being to-day engaged in shearing their sheep. New Zealand pastoralists will tyjgin in September, so will South African and South American sheep men, hence a big weight of newly-shorn wool will shortly by available. As a matter of fact, some fair weights of merino'clips have beeai bought privately 011 the stntion, some Bradford merino topmakws having already commenced operations, both 111 filing forward merino tops for delivery next December-January, and covering some in -wool 111 Australia. This looks liko pro-war times, and as the auction sales are beginning in Sydney about the first Tuesday in' October we aro certain to see by the end of the year colonial auctions in full swing, tiro same as in pre-war days. The uppermost question relates to that of prions which are likely •to be ruling, and in Bradford many are of the opinion that around Gs. for .111 1 average 04's tops "ivill Ox; tlfe price to work upon. In other words, buyers will be prepared to phy something like appraisement prices, and it is reliably stated among thoslj who have just come from Australia that at Government appraisement pricos Australian growers will bo prepared to sell their new clip wools. Probably better prices will be forthcoming for really superior warp merinos, but in' any case growers will bo wisely advised to meet the market and turn their shorn wool into actual cash. 11l fac;> of there being 5,000,000 bales of wool of all qualities in the world available for consumption by the end of the year, wo cannot see much to lead one to expi:ct a rising market. Market Quiet, There is not much new to say in regard to the courso of the market, holidays haying recently been the dominating feature in consuming centres. Many would have been glad of machinery standing a full fortnight, new business continuing to 'be 'markedly absent. Tlieijo is a fairly cheerful feeling that wool values are now getting to a basis on which new business will be forthcoming. Another series of colonial wool sales' will commence 111 London to-morrow, when an opportunity will be afforded to test the standing of tl c I raw material. All the same fact his [ to be faced that the entire industry is experiencing a very quiet time, with hardly a single Kdecniing feature, and nobody seems to expect any radical change ill conditions until well into September. The threatened trouble with textile operatives lias passed over, the different labour unions unanimously agreeing to accept the masters' offer of a 10 pw cent, advance on current wages. Jinny niil owners wish that the operatives would have voted against the recent offer, which would have a strike,-but it is as wdl that 110 trouble is going to arise in that head, and if new business is forthcoming in anything like deccnt volume, there should be no difficulty in payi.ij; the increase. The" position of tliie American textile trade to-day' stands out in strong contrast to conditions prevailing in this country, and whereas'across tho Atlantic some 45,000 mill operatives are, out of work'owing to big woollen and worsted mills 'being shut down, not a single mill is-known to be standing jn the West Killing, and hardly a spindle or loom is yot going on short time. Some diiliculty is still arising over delayed doliveries and cancellations, but the Board of Trade returns for July show that our overseas trade is still considerable, although thoro is certain to be a falling off in the near future. There is a movement 011 foot in Bradford with a view to the Export Association acting in consort with a similar association abroad, to investigate the cause of cancellations. It is regrettable that home firms should b'3 mulcted in heavy losses in eon.sequcueo of orders for piece foods bain;: cancelled. Tho courso of prices is steadier than during the past two months, and it may now be assumed that values are reaching a basis that will afford a reasonably nafo foundation on which to placc new business. If,one takes the price nf merino yarns, values have fallen so materiall}* that a fair measuro of new piece orders have been placed, and many firms are determined to average their dear winter purchases by so" shading values as to encourage trade on retail account. This should help new wearing npparel being placed in the hands of the public at acceptable prices. Some Old-time Rccords, Tho writer has heard many an old wool man say that a bale of Australian merino wool coating £10 was never wrong, and ws liavo just been spending a happy half-hour in looking over old-time wool records. As wo write wo have before us an old mill book which gives all tho London sales purchases of wool from ISS7. On March 25 in that year, Messrs. II -P. Hughes and Sons sold Hawker Bungaree, a well-known South Australian clip. This clip is of a very shaf'ty character, til's quality, and is always marketed in the grease. At tli.it time it cold for lid., the lot averaging out at under XS per bale. Munvey, wo believe, is a Rivi-rina clip, this was a scoured bale which sold at ltd., and cost <£17 12s. -ill. DG/Avoca greasy Sydney combing made 7d. BFII/'Yabtree, scoured Port Phillip sold at 13d.; Willippa, scoured Adelaide lambs realised 13!<i ; on Juno 22, 1887. WBB for twelvo bales of grease Port Phillip 'broken llecc.cs only made 7(1. in Coleman Street; while tho well-known Central Queonsland clip NV.McM/Manor How for three bales of scoured bollies sold at lid., while Jit Jlurchison for scoured combing only realised 14Jd-. One has only to contrast the abovo prices with what liuvo been ruling in Coleman Street to see a world of difference, and no one could buy warehouse sweepings at double any of tho prices in the grease. Wo fail to soe wool values coming down ,to anything like tho abovo lovol, notwithstanding aucli big stocks as exist' to-day, and tho majority of people no doubt firm-

ly 'believe that ruling prices for merino wool are going to be about donblo preiray values. In regard to cro&sbreds, these are it very doubtful ouanlity. If medium and coarse crossbreds had to fall a further 120 to 25 per cent, they would bo back at the pre-war lerel, and we are afraid that these qualities must come to a pre-war level unless a further extensive Continental competition can he tapped. That is hardly likely in the present state of Central and Eastern and colonial crossbrcds will.have to fall to a similar level with South American wools if there is to bs any augmented demand. ■ Trade With the United States. Complaints have been made recently about tho falling off-of trade with tin United States, and it is quite possible that when latei' information becomes available it win compare unfavourably with what has recently been published'. It is not safe, however, fn rely too much upon casual comments, and' tho following figures certainly show an improvement ill trade during the past sercn months compared with the corresponding period of 1919. With regard to the fornior period, it will bo observable that whilst there has hcen a reduction In t tho value of raw wool exports the morcment in yarn exports has been in inrerse ratio. Tll any case, values are not a reliable guide to the quantity of goods sold, particularly under such ah-, normal circumslfmces as have prevailed during and since the war. In pre-war days when rallies were what was then oalled normal, quantities' ond rallies could be expected to muve in harmony with each other. This does not apply with equal force to-day. However, the following affords some opportunity for comparison woor,. Woollen and Worsted r.aw. Tons. Yarn. Cloths. 1919. & £ £ £ January — — 24,716 February - — — 12,173 3tarc.li - 15.726 April 43.416 — — 14,079 May 16.168 . - 31 16,924 June 14.777 - 6.490 17.W3 July 89.790 - 2,933 29,328 January 231.485 119 43,161 1ZU776 February ... 288,661 1.186 10b,SM 161,218 March 138.179 2,123 144,513 151.660 April 162,646 - 130,558 110,326 Mav '.33,748 687 139.626 854,465 Julie j62.155 43 128,911 112.937 July ...' £6.310 - 138,633 94,573