LONDON WOOL SALES.

Gisborne Times, Volume XXVI, Issue 2190, 14 May 1908, Page 4

LONDON WOOL SALES.

finish of a poor season

(From our, special correspondent.) LONDON, April 3. Yesterday the March series of Loudon wool sales came to a finish, buyers being glad to go home. During tho past week a much bettor buying spirit developed, the closing week being by far tho best of tho series. It is really surprising what can bo done when the trade meets with a little confidence, and with selling brokers knocking off Jive days, several fresh faces put in appearance last Monday. All through this week Coloman Street Wool Exchange has presented an air of business, and instead of half filled benches as was tho oaso last week, tho room has been well filled. Evidently with tho serious fall in prices, many firms thought it timo to begin to buy, consequently operations liavo been conducted on a much moro liberal scale. It might be interesting to readers to know what the withdrawals have boon .for lour successive nights ,nnd tho following just about shows what has been taking place. Last Friday 3000 halos were taken in, Saturday 2SOO, Monday 1800, Tuesday 500 bales. This shows conclusively that with moro men in a frame for buying withdrawals soon fell to normal dimensions, and on both Wednesday and last night tho improvement was well maintained. II tho same' conditions as seen this week had prevailed during the two previous weeks, then the March series would not liavo been anything like so depressing as wo have seen. Crossbreds have benefited tho most by the improvement in the market, and both medium and coarse qualities liavo sold at Jd per 11). more than last week. Bradford buyers who have have taken the bulk, liavo not sat listless ns they did, but the catalogues have been cleared with much more freedom. Even Germany has bought on a very much larger scalo, and generally speaking tho finish is much firmer and better than tho opening. And there is much room for it. Consignment© of wool which have been sent to London show awful losses, and New Zealand growers especially must bo side at the prices which their clips have made. This is tho worst stroke of bad luck which has befallen tho pastoralists of the world as well as importers since 1900, and losses up to £7 per halo are known as tho result of buying abroad at high prices, nml the owner having to realise in London this series. Merinos are, if anything, in sellers favor as the series finish. Very good, clean scoureds have now and again fetched Jd more than crossbreds. Of course, medium and coarse qualities were selling frequently at 2jcl to 3d below the best January rates, and tho Jd recovery is but the natural outcome of more buyers present, and a feeling that prices cannot fall much further. Good coarse crossbreds li ee only to fall a good ljd per lb. to fee them back at the low-water mark of November 1901, and stocks are rot 25 per cent, what they were at that time. Of course, the turn of tho tide came with the South African war, but wool stocks nowhere are largo or even normal, consequently there is about as much likelihood of to-day’s rates being maintained in crossbreds as there is for a further fall. Selling brokers in London seem disposed to carry forward considerable quantities to July and' September, and in that way help to maintain prices. The quantity available for the series was 201,000 bales. Of these the home trade lias absorbed 72,000 bales, the Continent 45,000, and America 4000, leaving about 80,000 bales to bo carried forward. This is racher a serious quantity, and it is a question as to how this weight of wml is going to affect consuming markets. My own view is that ■ this visible sign of so much wool in stock is like proclaiming from the house tops that nobody need fear for a shortage, and it is just a question if it will l.ot further depress prices. It looks as if there will lie for the May series something like 250,000 bales available, but it is not to be supposed that selling brokers will bring all this wool into the catalogues. From what I am told it is their intention to distribute this and other arrivals over the next three series, and so give tho trade time to digest and get over all these dear colonial purchases. All recognise that at present it is futile gorging the trade with large supplies, and if the trado is given time to turn around, then something better can be expected. Between now and tho May series there is room for much to happen. What nobody wants to see is failures, although this week in Bradford one well-known English dealer has put himself avay by taking poison. Moro than anything else the consumptive end of 1:1.0 trade wants breathing space, and tlen there would be some recovery. In America no improvement can he expected for some time to ci.’ne u.til more is known as to who the next President is going to be, but the fact of curtailing production shows the best preparation possible isbeingmade for the turn of the tide. In other departments of America’s commercial life there are unmistakable signs of recovery, and once Jet textile markets feel the impetus, and the recovery .will be sharp and effective. When compared with the close of the January series, the following changes have taken place: Good greasy combing merino lei to lfd lower; medium greasy .combing merino ljd lower; inferior greasy 2d; scoured faulty 2Jd to 3d; greasy crossbred 2d; greasy coarse crossbred 2d to 2Jd; fine sliped crossbred Id to lfd ; coarse sliped crossbred 2d to 2Jd ; greasy Capo combing Id to ljd; scoured Cape Id to ljd. The above is the worst “pill” that growers have had to swallow for the past seven years, and wool is now back to very reasonable figures, especially crossbreds. Wliat is mostly wanted is a return of confidence accompanied with fresh orders, and then there would soon be a revival all round the market.

Last Wednesday the full committee dealing with the big question of vegetable fibre in wool met in London, but I propose dealing with this subject very full in my next week’s letter. The changes suggested are only experimental ones. They will ibe very limited, and will not cover more tnan 100 to 150 bales of next season’s Arstralian wool. This business is moving very slowly, and before anything furf ther can be done, thorough tests will have to bo applied in Australia itself.

MARKED WEAKNESS IN PRICES Bradford throughout the past week has been utterly .demoralised, and at times a very panicky feeling has prevailed. Every quahtv hts taken considerably, no trade is doing, tnd everything is more or l"fs normal.

CLIPS AND PRICES. Sold by Messrs. Thomas and Ccck, March 25.: H in flag; .Greasy, 57 Ist. ersibd 53d; 14 Ist. do SRI; 6do 53d; 36 Ist. Lincoln sld; 6 do B do bid;* 9 2nd. do 5d;.13 Ist. do pcs 43d; 13 do, do 5d ; 10 do bellies 4d; S serd do locks 7RI. These prices are very httle, and about half what they t/ould have fetched a year ago. Good 40’s wcol rather heavy, and taken oy Bradford Sold by Messrs. Buxton, Ronald and Co., March 26: Humming Bee: Grsy 40 B ersbd 9RI; 24 do, do 9d ; 25 do. do SRI; 16 C do 63d; 9 D do 53d; 9 E do 6Jd; 15 do, do 53d; 3 do necks 6 jd; 13 Ist. do pieces 5Jd; 8 do bellies 4RI; 2 2nd pcs 4RI ; 15 Ist. do lambs BRI. This is a well-known clip of first class character, very good growth, well classed, and in good average condition. Pouka wa/C: Grsy. 29 Rbred 13d; 11 3-bd Did; 11 do 8d; 28 ershd withdrawn ; 25 Lincoln withdrawn; 7 Rbd pcs 8d; 2 do, do withdrawn; 4 do bellies 5 jd; 3do pcs withdrawn ; 6 do bellies withdrawn ; 9 Lincoln pcs 4RI; 8 Rbd lanilbs 7RL; 5 2nd do, do 6RI; 10 Ist ershd do 7RI; 4 Ist do, do. Cd ; 4 Ist Lincoln do withdrawn. This is one of New Zealand’s best clips, the first lot going to America : wellgrown, and first-class wools. Triangle/CJiN: Grsy 21 B ershd 7d; 08 C do 6d; 8 do s)d; 7 Ist do pcs 4d; 6 do bellies 4f d; 4 do locks 2;d; 11 2nd do lambs withdrawn. Good 40’s to 46’s quality, wellgrown, sound, sliafty, and l in good average condition.

Sold by Messrs Charles Balmo and Co., March 27: Wnihuka: Gray 3 A ersbd com. withdrawn; IS, do, do SRI; 6 B do, do 6.Hi; 52 do, do 53d; 55 do, do 6Jd; 58 C do, do 7jd; 5 D do, do CJdj 15 do, do 5(1; 13 iM do, <lo sd; 12 A do lum’bfc withdrawn; 4 B do, do 4Jcl; u do pcs withdrawn; 18 B do, do withdrawn ; 24 silipo do com withdrawn, Hero wo had some nice lots ranging from 3G’s to 46’s quality, and the pity ia that higher prices w<?ro not forthcoming. • Tnuros: .Grsy 11 AA ersbd com 12d; 26 A do,'do 9Jdi; 23 B.do, do 7.Jd; 12 O do, do 7; 4I) do, do 6Jd; 22 Ist do pcs withdrawn; 6 do, do 4'ld; 10 do hollies withdrawn; 7 do locks Gjd; 4 Ist do crutohings 7id. A very good clip, 40’s to 50’s quality, the*first lot I thought being taken for America. Sound, well-grown, nicely classed and went, mostly to (Bradford. Sold Iby Messrs .Buxton, Bon aid and Co., 'March 30: ESC: Grsv 16 A ersbd lOd; ,39 B do 83d; 38 do, do 7Jd; Go Cdo 73d; GF do 63d; 7 Edo Gd; 27 1) do 5Jd; 14 Ist do pcs 5d ; 3 2nd do, do 4d; 15 do bellies 4jd; 29 Ist do lamibs SJcl*; 15 2nd do, do Gd. A very good clip of well-grown, useful, stylish wool, and sold readily, though at poor prices. „ , „ . Titui: Grsv 76 B ersbd BJd; 9 do, do 8d; 50 C do Sd; 67 do, do 81(1; 30 do, do 7d; 15 do, do 71(1; 14 do, do 7>d ; 5 do, do GUI; 5 do, do GUI; 25 E do 63(1; 3G F do GJd; 12 do, do Gvd; 16 D do G'|d; 14 Ist do pcs 5d ; 21 Bdo 5Hi,; 7 do', do l jd; 20 Ist do lambs BJd; 19 do, do 8d; 14 2nd do, do 7d; 18 3rd do. do sid; slipo 14 Ist crebel lambs skin 81(1; 5 2nd do, do SHI; 4 pelt GJcl. This is a big, bulky, well-grown clip, which always sol's well on Bradford account. It showed first class characteristics, and ought to have made wore money.