LONDON WOOL SALES.

Gisborne Times, Volume XXVI, Issue 2232, 2 July 1908, Page 1

LONDON WOOL SALES.

A TURN !N THE TIDE, GREAT ACTIVITY AT HIGHER PRICES. (From Our Special Correspondent.) LONDON, May 22, 1908. Coleman Street tins week liaa risen to tho occasion, and it lias felt like old fames back again. Except that prices nro on a much lower lovol than they wore last October, competition is quite, as keen as then, operations almost as extensive, and wool is taken with great avkiity. It is really surprising what a groat chango has come over tho market, and einco I last wrote prices have displayed a strong hardening tendency. It is really surprising what a different tempor now possesses tho whole industry, and prices this week havo been made which show a penny to ljd per lb. inoro than what was bid for withdrawn lots in March. Thero is great eagerness to acquiro wool, there being nothing whatever in tho way of hesitation in the bids given. The 'selection of wool has boon much better, and this has helped somewhat to improve market conditions. Tho greatest surprise of all is the sharp recovery in medium and coarse crossbreds. Tlio latter are nowjdto id hotter over the, best rates current. 1 iii/March, uU t!m initial decline 4iawing 'beeu 'f eco ye red. -Whero -good 40’e nooce wool was selling at od the second week in March, the same wool is to-day making Cd, while sliabbv pieces and bellies which soldom inade more than 3Jd to 4d last series, are to-day at 4Jd to sd. Brokers arc meeting tho market freely, and this is holping to stimulate everybody. During the last three nights the. Continental section lias bucked up : wonderfully, and is to-day operating with considerable freedom. Better reports are coming from tho Continent, and this is undoubtedly what was wanted. All along both France and Germany have been vory sparing in their demands, blit buyers think that with the outlook sensibly. improving, that it is time to buy. 1 can’t say that men havo lost their heads and are buying extravagantly, but at the higher prices thero is great activity, and withdrawals are very few indeed. The "uome tfiade continues to ho the chief supporter. Bradford especially taking tho lion’s share. It is really delightful to see the extensive operations on homo account, and all the moro so when Bradford so recently was depressed. The situation in crossbreds wears an altogether different face, and trado is hound to benefit. ' Merinos have not hounded forward like crossbreds, but are unquestionably better. , Prices arc now on the highest level 1 of tho close in March, the 10 per cent initial decline having been fully recovered. Wools offered this week and which were tip at the close of last series havo made same prices, and frequently id ,moro. There is a very good’ demand for long combing grease, which, is scarce. Even average grease merinos are selling better than scourods, duo I think, to the Continental section not buying as freely as they might. What jis selling the worst is short, heavy, seody, hurry, extract parcels in the grease, and these seemingly are not wanted. Bradford topmakors and Continental spinners, aro certainly buying everything very freely, and • there is now ovory prospect of a firm finish.

Capo produce is also mooting a firmer market, and part of the initial fall has been recovered. Good snow whites iare selling -Jd to Id better, long combing greaso is fully Jd to Jd higher, while shabby, heavy wools remain unchanged. With wool soiling so much bettor, tho reader ca-n see that the outlook has vastly improved, and everybody appears to be in bettor heart. The rot is stopped, and we have seen the bottom. I am open to admit that like everybody else I am greatly sur-\ prised with the sharp recovery, and' especially with the great buying, spirit which has come over all alike. Everybody came to London expecting to obtain cheap wool, and with everybody buying,-has lifted things.out of the ditch. At tho samo time tho future is very hard to skill. It seems strange that in face of general trade slackness, many manufacturers going short time, a, big carry over of something like 90,000 bales, a new English clip just being shorn, and the prospect of a large and glorious clip from Australia next season ,that the temSer of tho market should have so sudenly changed. It must be said that the “bear” factors appear stronger than the “bull” influences, and if trade only responds t 0 tho inspiration of Coleman Street, prices cannot help bub improve. During the week more yarn orders have been' placed in Bradford, and much better reports are t 0 hand from both Germany and America. The situation has considerably improved, wool is being picked up most readily, and there is now a prospect of a general improvement alt round the market.

Sold by Messrs Thomas and Cook, May 13: SALES OF CLIPS.

-T: Slipe. 4 .J-bd lambs 9; 30 do, do 8J ; 18 2nd do, do 53; 30 3-bd do 6; 11 ershd do 5; 3 2nd do, do 42; 3 Jbd 73 ; 2 2nd do 4} ; 3 3-bd 7 ; 2 B do 4J ; 9 J-bd clo 73; 2 2nd do, do 53; 2 3-bd clo s}; 2 ersbd do SJ; 11 do pelt 3; 2 2nd do 4}; 2 3rd do 3J. Dingy and unattractive.

Sold by Messrs Buxton, Ronald, and Co., May 15.—Ashwick: Scrd. 8 Ist 3-brcd com 16}'; 4 do, do. do 141; 8 2nd do,do 14}; 22 do, do, do 12; 8 3-bred pcs. 10} ; 2 do, do 11; 5 do. do 12} ; 7 2nd 3-bred do 15} ; 7 3rd do, do 14}; 3 do bellies 15; 4 cr6bd. pcs.. 9; 3 3-bred do 8: 7 }-bred crutchings 8; 4 }-br«d locks 12; 3 3-bred d 0 11 • BRADFORD PUZZLED. As could only be expected, the situation in London has “capped” all Bradford, and no ono can reckon np -tlio true meaning of Coleman Street. It is recognised that prices there have gone considerably ahead ,of those current in AVorstedopolis, and bow to size up tho situation nobody call tell. Spinners naturally resent the idea that tile upward move in London is due to actual consumptive requirements, but that speculation is the order of tho day. It is certain that- many people have taken the bull by the horns and arc determined to pay money into wool while things are low. In Bradford there is certainly a stronger disposition to advance prices, and it is certain that topmakers are now demanding more money. While prices have been advanced, now business is not forthcoming as one would expect in view of London, and tilings in AVorstedopolis are not by any means on fire. That centre is rather going to feel its way to improve prices than be rushed into something that is not warranted by actual trado conditions, hence thero is likely to ho a great struggle between these two strong factors. The

way Coloman Street is going is suiting well thoso who aro carrying stocks of dear wool, but tho largo quantity of standing machinery and the many mills which are going short time is not such a healthy sign in face of rising prices. If Coleman Street can induce manufacturers and fabric buyers to placo yarn and pieco orders, then real, lasting good will bo done, but that issue is not vot so clear. Topmakors aro still asking a penny more for all qualities, but thero is ns yet not any largely incro used turnofer. Tho tone is better, the feeling is more hopeful, but business gonornlly is not by any means active. Mohair shows no improvement, everything being quiet. Bradford as a wliolo is waiting to receive an impotufl from some sourco, and if London, can bring about a hotter feeling it will do lasting good to tho wholo industry. What is wanted is more confidence, and this should now bo forthcoming.