LONDON WOOL SALES.

Otago Witness, Issue 2810, 22 January 1908, Page 8

LONDON WOOL SALES. -

OPENING OF THE SIXTH SERIES'. BOTH MERINOS 'AND CROSSBRED^ • SHOW A GENERAL FALL. (From Our Special Cobbespondent.} ■ LONDON, November 29, 1807. Ther§, never -was* a time in. the history Gf the trade when more interest was centred around the course of wool markets than, *s seen at present, everybody straining his eyes to see what is going; to happen. AID readers have been kept posted with the general course of wool markets on this side, and the fall in prices has been so material in Bradford, on the Continent, and America, as to make it absolutely certain that price*' would show a fall in Coleman street. No matter what the decline is, the situation cannot really be called weak, for after all the slight reaction is more the bacfc-waslft of the financial^-crisis in America and' thet burst up there, than, any Inherent weakness* of the article. Since the tall there trades has gone on just the same, and there has been no less turn-over by spinnerß andt manufacturers. Hence I say that all th,w

weakness has arisen from outside sources, fend if matters had been really bad, the fall would have been much greater. I don't think I ' can do better than show readers what were ruling prices at the close of the last series of London sales and what are current quotations for the tame description of tope : — Oct. 4. Nov. 2*.

The above shows, that the fall has-been |lii all round id to 3d^ per lb, and I say candidly, that trade is all the better for i% for at the last series of London sales p. strong feeling of nervousness had been engendered, because prices were me dangerous for merinos^ QUANTITIES AVAILABLE. The* question of supplies is, to-day an imJjortant one, and the current' series of wool Bales- hare- in no sense begun too soon, because wool is badly wanted. T ehould say that the trade generally is nearer the sheep's back to-day than was the case last gear, and many are glad of the opportunity to buy. It will be, seen from the list of quantities available that' more wool is available this series -than at the corresponding calee a year ago. These are preeminently auctions, where merino> wool, will largely ijredomihate, many well-known clips- fions Australia being offeied for the first time. 37he quantities on offey are as follows, and I show specially the quantity of New Zealand, bales,, which are practically- all crossb'reds, and which are taken out of tha net lotal, available r— . Total. New. Zealand.

. * This- waa the slump- year, tha Bfet series beginning, on October 9, and finishing: oa: Mbv-ember 3. ,It will be seen from the above that more \*rooL is available this series than since 1901* but the trade, unlike- then,, has no Wretched incubus to work off, stocks being completely exhausted 5 . .The larger supplies at present available are undoubtedly due to an earlier shearing- season ha Australia, and if the financial outlook was only a little more cheerful, the present series i»ould have been very little different from the- last. The situation is to-day waiting upon London, and the course of prices- in Australia shonld stimulate Ooierrtan street Jo db its very best. * FEATURES OP NEW €LIP WOOLS. . The /opening- • day of the sales brought feogotlier a large concourse of buyers, and $f numbers were anything to go by then a good opening:' -was assured. But such cannot be relied, upon," for I gathered as I. went round valuing- in the morning that » very indifferent feeling.- possessed the asajority. • One -could not help but be struck with the- marked, difference in- the attitude of men at the opening of the present series and in- September.- Two months ago it was patent to everyone that it was going to. be "hammer and tongs" with a vengeance, whereas last Tuesday buyers appeared callous and indifferent. I firmly believe. that "many had instructions to go to London, value as usual, but not buy a single bale till their .principals saw how things shaped. The three catalogues submitted were tebove the average for an opening day, the new clip merinos salting the entire offerings very, nicely indeed. I was particularly, struck 'with the clean, well-grown character of many of the offeringSj and buyers appeared pleased with the prospect of securing some good, well-grown wools. Two clips from South -Australia were in delightful condition, being . very deep and Bhafty, and just <£c ticket for America. The pity is that our American cousins are not here, otherwise I am certain^ they would haye fetched -a penny more. Riverina ■wools also were Al, and better style and condition ■ I never saw. At the same' time I think while Australian new clifc merinos «re finer they are shorter, and will probably "noil" a little more ieavily than last season. They were Very attractive in appearance, and it only- needs a good trade to see them 6ell at good figures. There is no question -of a doubt about there being a Scarcity of good warp 60's wool, a large majority. of c the new wools running from 64's to 70's quality. A FLAT OPENING. ;At * o'clock Coleman ' Street Wool Exchange was packed, ted the ball was* sat rolling very quietly indeed. Hesitation was a very pronounced factor, and bids came at times rather reluctantly. It was soon apparent that buyers were operating at a full penny less on good grease than last series, and in some cases more. Where 13^d would have been paid in September •without any compunction, 12d was-ihe price bid, and at the most 12^d. Competition was anything but keen, although the home trade took the bulk of the wools catalogued. Withdrawals were very frequent, especially in good high-class Queensland scoured; in fact, at times the sale dragged heavily. When compared with the close of the last series merinos showed a drop of 10 per cent, fine and medium sbpes ifche same, and coarse slipes 7£ to 10 per cent, decline. ■The opening results were about what we»-e expected, and no surprise was expressed' at the fall. All alike reeoenised that September prices were extravagantly high, and that some readjustment was necessary. f Since the opening a much better tone lias developed, the second sale being a ■fast improvement on the first, competition being more evenly divided between ihe Home and Continental trades. The initial sitting provided a basis to work on, and that was needed. The daily selection 3jas been, more comprehensive and a few tots have been taken- 'oh Inier.ican account. I: can't say that prices are much better on the opening, but bidding k keener all round, and there is" more spirit about the room, with fewer i^ifchdrawafe. .J^**? few , Si easy fleece " crossbreds are. available, and these are selling well at £d to Id fall. Taking things all round, shabby, faulty wools Jre fairing the won't, a^ <Jia»* »se do}s» Id t<> IM. JM* *- ...

1907 2906 1905 1904 1903 19021901 1900 1899 '* Bales. w „ .. 125.000 ..'-... .. 107,500 w .. ... 103.500, 79.000 -..' .. .. &7.000 1 101,000 ... „. .» 233.000< .. .. :. *366 000 .. ._* „ loe.oot Sales. 15,200 17,700. 15,900 15.400 32,800 45,800 92,000 122,400 28,800

Description. - 70' s Colonial tops „ .. 64' a Colonial tops ..- „ 60's Colonial tops, super.. E6's Colonial tops . . .. go's Colonial tops- „ .. 46' s Colonial tops „, .. 40's Colonial tops &?, .» S6's Colonial tops "ra .. d. 31 30 29 25 22 171 16£ 151 d. 29 28 27J 24 8131^ 15 -14J