LONDON WOOL SALES.

Gisborne Times, Volume XXVI, Issue 2185, 8 May 1908, Page 1

LONDON WOOL SALES.

COLLAPSE IN CROSSBREDS

(From our special correspondent.) LONDON, March 27, 1908. AVhat n week this lias boon! Down, down, down, has been - tho order of things every day, prices for crossbreds simplv collapsing. Tlioso who Ibough last iveok did wrong, ami nobody can say that what Bradford buyers have picked up this week all right. Tho past week in Coleman Street is without parallel, and everybody is about disgusted— * V*. Crossbred .Wools all along tfitMine liavo suffer'd heavily, and since tho initial fall of Id to ljd per lb., another Id decline has taken place. Just think of Bradford’s topinakers payiug sid to Gd por lb. for good fleece wool that sold for fully double at the correspond if •* r.ories in 1907. Nobody over dreamt of seeing anything like what has taken place, and naturally importers and thoir olionts are sick. AVhat to say about things nobody seems to know, and no tiling overyono.

Lot us look at merinos. Here we do not. see a very great deal of difference when compared with tho oponing decline, and unquestionally tho best selling wool on tho market is good, long combing merino. Anything showing character and quality commands good competition and Bradford Jjbpmakors bid very freely for all Swim River and New South Wales "'greasics. Plenty say they are solling-at last sales’ closing rates, but that I fail to see. The decline is a good jd to IS, blit then a good 60’s top is going to cost 24d, and some say more. Short, shabby. wools which are plentiful are Id to ljd down, and faulty seoureds 2d. Anybody that can use these wools can now pick up some very cheap lots. But these do lioffhffect Bradford so much as outside districts. Brokers. or rather their prinicpals seem terrified at bringing out thoir best wools, but I say that they will get no bettor prices than to-day if they keep them till next September. Yesterday, for instance 13}d was paid Jor the Goonoo GOOIIOO clip, and 13d for a not over light conditioned Queensland brand. The catalogues look worso after a sale whemrtho numerous speculator lot are. withdrawn, and the owners must drop a "“bonny penny.” Yesterday I was shown an invoice on some crossbreds that have cost in New Zealand lid, and theprico bid was actually sd. Perhaps the less said about imports tho bettor, but toffav a Tiig lino of crossbreds are up for wmeh Tho grower refused lOd last November, and he won’t get a bid more than 5-)d when they como on. So muiJh for imports, and merinos show very heavy losses as well:

But crossbreds “cap” everybody, and hero things are simply demoralised. Prices for decent fleece ore now only about lfd per lb. above the lowest point ever touched, and still there is no confidence. Bradford topmakers are picking up some very cheap parcels considering what prices wore like even in January, but it all depends how long they will look cheap: 'All kinds of figures are named as the price of 40’s tops, and I had them offered yesterday as low as 9d. This is awful,’but they call ,be made .certainly at 9Jd, and show a good profit.

AA’hatover things are coming to, it is bard to say. There is about tlio sale room no feeling of business wliatover, and last night things were no better except in tho caso of a few lots of very fine light- conditioned crossbreds taken, for America, Scotland wanting tlierii also. This really affected only about two clips, and when 13d •was paid for a nice line of i-bred, followed by 123 d and 12d for the 3-bred, buyers gave tho usual “whistlo.” Apart from these, good J-breds all through the week have been selling at 8d to 9d, and some splendid lines of 40’s to 44’s crossbreds nave only made s)d to GJd. Many feel deeply for the disaster which ’has overtaken colonial growers by consigning their last clip to London, and in many cases they will lose 2d per lb, oil the lirices . they had bid at home, poor as they were then considered. Tlioro is not a sound feature in the'situation, and nobody can see the least, daylight. Selling brokers have received in many cases instructions to bold over wools till next September, but how far this is wisdom remains to bo seen.' Brokers met yesterday and decided to curtail the series by knocking oft four selling days and this means that something like 60000 hales will ibe carried forward. There is now every prospect of being something like 2£ft),ooo bales available next series, and as tho vacation will only be about five weeks, I fail to seo where the improvement is to come in. Bradford is the only party practically in tho market, America so far only having bought about 2000 bales. Germany is doing next to nothing, and this is tho flattest seriqgrthat-I. have ever known. ; GISBORNE SALES.

Sold by Messrs. Buxton, Ronald and Co., March 20:— L.H ; ’Greasy 10 A Jbd 9d; G ,B creh'd--8d; .11 do, do 8); 7 do, do 7; 14 iC do 7; 13 Fdo 6); 8 D do 61; 19 do, do GJ; 22 Mdo 6s; 13 Ist do pcs s}; 9 2nd do, do 43; 5 3rd do, do 4; 9 do. bellies 41 • 10 Ist do lambs 61; 4 2nd do, do 6V; 3 3rd do 51; 2 4th do 4)., AHAA 7 : (Greasy) 3 A ersbd wilfi--dr-awn ; 7 B do, 8d; 18 C do, 8)d;. 14do, do 7-id ; 12 E do, 6:]d ; 8 F do, Gld ; 11 D do, 61; 4 Ist do, pieces 43d; 3 B do, 4RI; 3 2nd. neck do, 4Jd; 4 Ist do, lamibs 8d ; 6 2nd do, do 7d';, 5 3rd do, do 51. CHW (Greasy): 11 ersbd com. 83 d, 26 do. do. 83d, 8 Ist do lambs 73d, 6 do. do. 43d, 3 -2nd do. do. sd, 3 do. do. 4Jd, 3 serd do. locks 73d.

BRADFORD STILL DEPRESSED No change for the better can be reported in connection with the'Bradford trade; and the tone of the market continues flat. Reports from London do not tend to stimulate this centre at all, and Coleman Street prices are down to the level of things here. ‘The signs are stronger than ever that raw texible commodities are gradually working to a still lower basis, and with more persistant complaints of business contracting, it looks as if the bottom has not vet been touched. If proof pf this is required, practically every quality of tops can be bought on a cheaper basis than a week ago, and even the big Laisterdyke firms have come ten a penny tor their super BO’s within the last fortnight. Other good,,topmakers are not wanting more th&E. 24d, and on all hands holders are willing sellers. Machinery continues to he fairly well employed, but there is increasing concern among spinners about the- future. They are not only willing to take less, hut “particulars” are not coming to hand anything like as frbely as they, were doing. There is no pressure now in any department, and even commission woolcombers are not finding tons go out so freely as recently. Regarding crossbreds, reports are frequent thafthere are topniakers willing to sell a good 10’s at; 10id, and there is no stability here. Some surprise seems to

have boon caused at London coming down to the level of Bradford, hut nothing - different could, he. expected when topmakers from this district are the only parties that are practically ibuying this class of -wooil. The Continental department does not improve at all, ami on all hands new business is reported as very slow. Not until there is some improvement hi export conditions, can we hope to see much betterment anywhere. Everybody seems.to bo buying as little as po.ssi’blo'and anything hut a fceliivr of security obtains. Nobody seems to have pluck to do -anything, and in Huddersfield it is reported that many mills aro going short time, even the "Colne Valiev district being quieter today than for ten years past. This is the, district 'where is produced the cheap shoddy woollens, and if slackness obtains,there, it obtains still moro among tho makers of first-class fancy worsteds. Mohair is as slack as ever, and Capo descriptions are ;practically unsaleable. Alpaca if anything is a turn cheaper in sympathy with mohair. ■ -