LONDON WOOL SALES.

Gisborne Times, Volume XXVI, Issue 2287, 4 September 1908, Page 2

LONDON WOOL SALES.

GOOD AMERICAN DEMAND AT HIGHER PRICES.

[Elton Ouit Special Correspondent.]

LONDON, July 24/ 1908. Another week Inis paused with no abatement in the better demand lor wools which developed towards the end of last week, and the .series are ■making very good progress On all hands the raw material is boing called lor, and anything of decent character and growth is selling well. It is surprising what demand there is for wool considering the poor reports coming to hand from consuming centres, and instead of the call slackening there is a keenness in the bids and a persistency on the part of buyers which is vtory significant. Neither is this spirit of enquiry confined to one section, but all alike are following up their values with determination to gel wool if it comes anything like reasonable. The home trade is no doubt operating on the largest scale, hut for ull that the Continent is keen on all classes ol merinos, while America has set a grand pace, and outstripped everybody else in taking greasy medium crossbreds. This really is the surprise of the series, hut moro oil this subject later on. The’ character of the olforings has boon good, each day's sale bringing out some splendid catalogues. No complaint whatever can be oifered on the score of poor wools being put up, it being a pleasure to see dinportors, growers' agents, and financial institutions willing to meet tne market. The merinos have been splendid, some of Australia’s best clips being submitted. This no doubt has Helped much to bring out the best buying power of the market, the call for good combing and clothing wool being very good. America has not bought a great quantity of merinos, purchasing crossbreds on a more liberal scale. Tlio Continent has 'been tne most activo in this particular, and but for the splendid support of Germany, merinos would not have sold as they have. Some Bradford top-makers havo been forced into the market, and this lias given much staying power to good combing wools. Lambs tare scarce, and selling well, oftentimes being id to Id more than in May. There is also a good call for Faulty scoureds at about id advance over May. The advance is certainly most on greasy medium merinos, tne very best only being par to id dearer, while on wools worth last series round 9d to lid, the rise is id to id. The offerings of crossbreds have been both large arid good, and all qualities have soid splendidly. Hero American competition has been felt In an altogether unexpected manner, growers, of course, benefiting. United States buyers have shown once more one of their peculiarities, and concentrated a good deal of attention on medium crossbreds. The result is that good 44’s t<> 48’s wools, which were selling last series round 7d to 7id, have made this week 9id to lOd; that is, where the wools have been suitable for America. It is otherwise where the wools are not good enough for the United States. Then prices di'op down to the level ot Bradford, when means not raoro than Id advance. Neither fine nor coarse crossbreds are selling like medium wools, the advance on 36’s to 40’s, and 50’s to st>’e not being more than Id. Then the sensible rise in medium is caused almost entirely by the action of one buyer, and directly he gets filled tip, there is certain to be a set-back to the moro .reasonable level which is being determined by the general buying of Yorkshire and the Continent. Crossbreds are therefore in better favor as a rule, and it is to be hoped they will continue to sell at the unproved level of the past week. Another leading feature has oeen the cataloguing of many important Tasmanian clips, some of the very best wools grown in the island being offered this week. Up to 16d wag paid last Tuesday, the wools being of splendid character and growth. It is ’many years since we saw such a large supply in one week, due mostly to these wools being withdrawn at Launceston and Hobart-, where growers would not accept the prices then bid. The majority must have lost 2d per lb. by not selling at home when they had the chance. Some complaints were heard at the tendency’ several clips showed towards strong, starey, Unify staple ends, the wools not being as carefully bred as they used to be. This is a serious complaint, and more is likely to be heard of it. What does it mean? Have leading stud sheep-breeders abandoned all regard for uniformity of quality, and gone in for producing sheep so wrinkley that the folds aie going to ■ show 20 per cent, .reduction in quality to other parts of the fleece? Several clips showed distinctly less ahana<3ter. and breed, the wools being worse in*many important particulars. Whatever the cause it is to bo hoped that the remedy will- soon be applied, for deterioration here is a very serious matter.

NEW ZEALAND SALES. Sold by Messrs Thomas and Cook, July 15. —Emerald Hills; Greasy, 24 crossbred 7d; 6 do 7d; 150 do 6sd; 3 do bellies sd) 4 do locks 3Jd; 10 do lambs 6fd; 36’s to 46’s, well grown, sound, average length and condition. Sold by Messrs Charles Balme -and Co., July 18. —Crown/Ormaglade : Scoured, 7 Ist com. 22d ; 5 do do 21d; 8 2nd do 20!d; 11 Ist pcs. 22d; 20 2nd do 2ld; 7 3rd do 20d; 4do 17id; 6 bellies 19id; 7 locks 10d;4 do 15LI; 5 Ist half-bred com. 19Jd; 5 2nd do do 18d ; 2 Ist half-bred pcs. 19d; 3 2nd do do 15d. Gin circle : _ Greasy, 29 B crossbred com. 10id; 37 C do do lOJd; 12 Ddo do 7d; 3M do GJd; 7 A do lOd; 14 Bdo lOd; 45 do do 10id; sdo do 9Jd; 19 Cdo do 9)d; 59 do do 8d; sdo do 7d; 7D do Old; 17 M do Gild; 4 R-B do 7d; 3do 6jd; 8 Lincoln do GJd; 12 A crossbred lambs 7Jd; 9 do do 7Jd; 8 C do do SRI; 11 B pcs. 4ijd; 10 d 0 bellies 54d; 6 do sd; 4 scoured -do locks Bd. HOME MARKETS QUIET BUT FIRM. Bradofrd hasLiow had time to thoroughly digest tlio situation in London, and is fully -alive to what is proceeding there. Many top-makers and spinners have returned and state that there is no harmony between the two centres, there being nothing in Worstedopolis to support the higher values in Coleman Street. The only practical outcome so far has been the raising by top-makers of their quotations, though some say that they cun buy at what were asking prices on the eve. of the sales. Users from this district are operating in London 1 to cover past contracts more than anything else, land this is very largely responsible for the upward move in Coleman Street. There is no bulk business doing, tho turnover being strictly confined to a few insignificant sales which in the aggregate do not amount to much. Bradford users see no justification for any advance, and are content L, let tilings take their own course, preferring to wait developments. There would ho some incentive to operate if spinners could obtain yarn orders, but tlio offers from abroad are at such prices that they cannot be entertained unless a man is willing to face a direct loss. Most top-makers are to-day asking 23Jd lor super 60’s, and a penny more for 64’s, but very few sales are taking place. Forties -have been dragged up to lid, though many state they could still buy at less if they would take deliveries. However, there is no attempt at forcing the pace, users being satisfied to let matters take tlicir own course. Yarn spinners admit to having plenty of orders on their books, but they cannot obtain delivery particulars, hence short time is being continued. There are still shipments being made to America mostly of English wools, and these in the classes which they favor are commanding a shade more money. A good many looms aro standing, and soveral commission wool-combers are only running during the day. Mohair remains quiet and unchanged. Even the low prices for the mw material aro not bringing out much new businss, though most spinners aro running full time on old contracts. Business generally is disappointing, tho turn-over is limited to simply supplying pressing needs, and more money is difficult to make.