London Wool Sales

Horowhenua Chronicle, 19 January 1914, Page 3

London Wool Sales

DALGETY AND CO.'S RE-

POUT

London, Dec. 12, 1913

The sixth series of London colonial wool sales, which opened on the 25th November, w T as brought to a close on the 9th inst. The following figures shows the quantities catalogues, out of a net available total of 144,000 bales, about 4,000 bales of_ which were second-hand wools: Sydney, 30,251 bales; Queensland, 32,031 bales; Port Philip, 10,975 bales; G,734 bales; Tasmania, 307 bales; Western Australia, 13,172 bales; New Zealand, 40,IGS bales. Australasian, 139,G35 bales; Cape, 2,172 bales; total, 142,347 bales. Some 129,000 bales have been sold, distributed as follows, namely, 59,000 bales to the Home trade, 07,000 bales to the Continent, and 3,000 bales to America, leaving about 15,000 bales to be carried forward to next series. In addition to the above quantities, there were included about 3,400 bales Punta Arenas, 1,500 bales River Plate, and GOO bales sundry wools. The series opened with prices much on a level with October sales' closing rates, the only exception being greasy merinos in heavy condition, which were rather lower, and fine and medium cross-breds, which also showed a decline of 5 per cent. We mentioned in our report on the opening that this slight variation in prices had come almost as a, surprise, as from the gloomy reports of Yorkshire manufacturers and the falling off in trade in this country generally, a lower range of values might have been expected. All through the series there has been a large attendance of buyers, French and German operators displaying by far the greatest activity, whilst the few American buyers pretest did not operate to any appreciable extent. For the first week the Home trade was practically out of the market, prices being much above a working level as compared with the values of the manufactured article. In the second week of the sales the aspect changed, and much of tho buoyancy seemed to go out of the bidding, prices gradually receding for everything except the best merinos, both greasy anjl scoured, and fine and medium slipes, the last, thanks doubtless to American competition, having maintained theii^ position throughout the sales. The decline was principally on heavyconditions merinos of doubtful yield, buyers no doubt having found they had rather over-esti-mated tHe yields of their former purchases. Cross-breds also declined after the first week, coarse cross-breds, which at the opening showed no change, being at the close id per lb. cheaper, whilst fine and medium sorts lost further ground. ? As compared with last sales closing rates we quote: Greasy merinos, good quality and condition, par; medium sorts, 5 per cent, lower; inferior and faulty, 5 per cent to per cent, lower; scoured merinos, good quality and condition, ; par; medium sorts, par to 5 per cent, lower: inferior and faulty, 5 per cent, lower; Greasy cross-breds, fine and medium, 7.1- per cent, lower; coarse, J) per cent, lower; scoured, generally, 5 per cent, lower; slipes, par; lambs' wool, par. A lower basis of values having now been established for all except the finest wools, the Home trade should find the position rather easier, and' it was evident that English buyers were operating more freely during the second week of the sales when prices had by the quantity taken for "Home consumption, namely, 59,000 bales.

With an easier money market, 011 the Continent, and, what Ave hope, is a guudually increasing demand from America (confined though it. is at present one might say to "samples" of wool and lops etc., more or less as a test oi the new tari(V conditions) and small shipments tro.ni New Zealand for January sales consequent upon the wharf labourers' strike, a m ivilenance of present prices of I lie raw material is not too nnrli to hope for, especially il Yorkshire manufacturers can see their way to operate freely onoo moi'« now *t'hn< "tfhp keAn edge o# tii» f;on«linenta! demand has worn oft a,ad thus allowed rates to fall Im* h more workable basis.