LONDON WOOL SALES.

Gisborne Times, Volume XXVI, Issue 2300, 19 September 1908, Page 1

LONDON WOOL SALES.

A FIRM FINISH WITH VALUES GENERALLY HIGHER, [From Our SrnoiAi. Correspondent.] BRADFORD, August 7. Since writing last the fourth series of sales have come to a finish, and we have now entered upon the longest vacation of the yoar. The last few days of the series produced‘nothing fresh, and, as I have fully outlined tho leading events in past letters, 1 will now give the export opinion of one of our leading selling brokers. Messrs C. Balme and Co. say that of the quantity sold, about 86,(100 bales have been taken for export, including somo 10,000 bales purchased for shipment to America.

Towards the end of June some revival in file American demand for crossbred wools of medium quality, which at the moment was directed to English descriptions coming within that category, led to an improvement in values of crossbred tops in the Yorkshire districts, and sympathetically hardened quotations for merinos. The movement was. not accompanied by any actual increase in consumption, but this American demand had the effect of restoring confidence, and caused users, who had allowed their stocks to run down to ail unusually low level during the previous six months of decreasing trade and shrinking prices, to come into the market more freely than for some time past; consequently a sharp recovery in values occurred, which gradually extended to the Continental centres of consumption. The sales liavo been well attended and competition li.-is been active and general, top-makers, who acted with considerable caution during the March and May series, operated freely. A feature of the auctions has been the keenness of the American bidding for greasy medium crossbreds in light condition, which at times liavo realised extreme rates. 'Merinos have sold at an average advance on May quotations of 5 per cent.; prices for the best Australian greasies have not shown any material improvement, but on average to ;good sorts the rise amounts to fully 7i per cent, and oil inferior descriptions from 5 to 7\ per cent; good scoureds are from 2} to 5 per cent., .and other grades 5 per cent, dearer; 'this figure being frequently exceeded :in the ease of short and inferior scoureds.

Fine as well as course greasy crossbreds advanced 5 per cent, "at the outset- of the auctions, while the medium qualities, in light condition, lin'd er the 111111101100 of 'keen American demand, were at one time fully 15 per cent, higher. Later, however, competition from all quarters, including Am'erica, became less active, and at the close, although the hotter sorts of medium sold from 5 to 10 per cent, advance, prices for the general run of ’medium, as well as for coarse descriptions, had weakened, and was not 'appreciably tin excess of tlujse ruling at the' end of 'the previous series, while the finer sorts were at 5 per cent, below that level. At the commencement of the sales, scoureds and slipes were about 5 per cent, higher, hut the improvement was not'lnaintained, the finer qualities of scoureds being ultimately 5 per cent., mid medium and coarse par to 5 per cent, cheaper than in May, while the final quotations for slipes showed' practically no alteration from the values then current.

South African greasios havo been in good request throughout, combing wools realising an improvement of 7 per cent, and clothing par to 5 per cent. Competition for scoureds, however, which have been in larger supply than usual, has not been so satisfactory, the prices paid falling shout of May rates by .about 5 per cent. { Prospects have not undergone any material change during the past two months. Trade continues depressed in Europe as well as in America, although recently somo signs of recovery have been noticeable an the latter country. Stocks in manufacturers’ hands all over the world, however, have been so reduced during the past few months that any expansion in consumption resulting from improved business would at once be reflected in a higher level of values for the raw material. In spite, therefore, of the large supplies which are likely to bo available for the September auctions; a maintenance of present quotations during their currency seems possible. When compared with the closing rates of the May series, the following alterations are seen : —Gr'easy crossbred fine par to jd cheaper, do medium light Id dearer, do do medium ordinary Jd dearer, do do coarse -Jd to id cheaper, dp do pieces id to id dearer, do do lambs id to Id dearer, scoured do fine id cheaper, do do medium and coarse id cheaper, do do do fine par, do do medium par, d© do. coarse par. The fifth series is fixed to open on the 29th September, the list of arrivals being closed at 4 p.lll. 011 the 21st of that month. It is expected that about 200,000 bales will bo available. The total deliveries to the trade up to the present show a decrease of 215,000 bales, the Home trade having taken less by 23,000 bales, the Continent 119,000 bales, and America 73,000 bales than last year.

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