LONDON WOOL SALES.

Gisborne Times, Volume XXVI, Issue 2354, 21 November 1908, Page 2

LONDON WOOL SALES.

GOOD COMBING WOOLS' FIRM

{From Our Special Correspondent.]

LONDON, October 8. ' The week’s business in Coleman Street lias been characterised by a good continuous demand for the best, classes of wool, anything showing stylo and character maintaining full opening rates. Without doubt, there is the best demand for-good, straight, greasy combing wools, those being strengthened by the increasing competition on American account. 1 can’t sav that the saleroom is on fire, or that buyers have lost their heads. The nice quantities of Queensland new clip that have been catalogued is- one of the principal features of this week’s sales, and it is plain to be seen, that but for these, the sales would have been rather tame. Continental buyers have competed very keenly indeed for’good greasy parcels, and assisted by the Home trade, these wools are" the turn, hotter. I can’t sav that values are higher than last series, but the somewhat sagging tendency which was in evidence toward the end of last week disappeared with the cataloguing of some good wools, the Home trade, unable to do as they would like with the better parcels, being compelled to look well after the medium and inferior sorts. All classes of merinos, if well grown, sell most readilv, but in the case of inferior and faulty sorts, these are still .ruling at 5 per cent. down. All scoured wools are a penny cheaper when compared with last series, these not selling like good greasy parcels. American coinpetition has proved most valuable in the case of the lightest conditioned grc'ase, both in merinos and crossbreds, their support being a valuable addition to the whole market. Crossbreds are faring very much after the order of merinos. All good halfbreds are keenly competed for by the Continent .and Bradford, while many of the lightest parcels are knocked down to American bids. Medium descriptions are perhaps the most favored by the Yankee element, but they arc not buying so freely coarse qualities. Cape wools are no hotter to sell, both grease scoured being in turn in favor of the buyer, especially scourcds. Withdrawcls here are frequent, the de_ maud being the best for long greasy combing Capes. NEW ZEALAND SALES.

Sold by Messrs Wilkuts and Overbury, October Ist: ' Tuarua: Grsy. 10 A ersbd, 6 .Id; 2 do, do 6d ; 42 B do 6d; 2 do, do. s£d; 24 D ersbd 53d; 13 Mdo sgd; 10 do pcs 4fcl; 6 do Jocks 3 I'd; 11 Ist do lambs 6d; 12 2nd do, do old. Nice soft wool, 40’s to 46’s, rather dingy, but- a decent clip. Sold by Messrs Buxton, Donald and Co., October 3 : Mount- Torlesse: Grsy 20 Ist com lOd; 32 2nd do, 9d) ; 10 pcs, 8d ; 6 bellies 6Jd ; 8 A 4-bd 9d ; 5 do, do 9d : 14 Bdo 8d; 4do 7-id ; 6 i-bd pcs 7d ; serd 4 Ist com lSd; -5 do *T7 Jd; 3 pcs 18d : 3 locks 14id; 5 sup i-bd com withdrawn; 4 Ist do, do withdrawn; 3 do, do pcs BAd ; 2 do locks lid. Sold by Messrs Du Croz, Doxat and Co., Octobero:— Rimuroa : Grsv. 11 ersbd 1 Ist lOd; 16 do, do lOAcl; 17 do, A.H. 9d; 35 do 8d; 13 do, B.H. Sid; 50 do. do Bid; 25 do, C. 6|d ; 22 do .0. 6Jd ; 9* do 7d; 22 do, 6d; 11 do Ist pcs o’.d : 13 do belly do od ; 14. do 2nd do 4|d; 6 do locks 3d; 10 do A lambs 71 d; 7 do Cdo 6d; 6do D do od.

FUTURE PRICES. AN AMERICAN VIEW. The present is a very critical time to wool growers throughout the world, and for months it has been recognised that America is going to play a very important part in determining wool prices during the next few months. This week’s mail brings the writer an American view of the situation, and coming from a very influential source, it is well worth giving. It says that “recent sales of 64’s in the Boston market have been made within a range of 72 cents and 75 cents {3s to 3s 2Jd per lb. clean scoured), the latter for the choicest Adelaide wools, and the former for the least attractive lines of Sydney. These prices represent a net loss to dealers of from 3d to 5d per scoured pound. Recent sales have included a little of everything in Australians from 50’s to 70’s quality. The clearing up of these old Australian stocks represents one of the last chapters in the history of the wool slump of 1907-1908. Tlie only considerable quantities of old wools now held by dealers on which losses have not been taken are carpet -stock and domestic olothiirg wools of medium and fine medium grades. Many firms would gladly take their losses? on these' wools if - there was a real market for them. The situation on such stock shows little change, but some dealers profess to see much more active' - times ahead in Australian crossbreds and merinos. These hopes are not based upon the prospective maintenance of current prices in thus country and abroad, but upon the probability of a still lower basis of values. More than one of the buyers who have sailed for Australia to attend the sales which open next, month expect to he able to negotiate commissions on a basis of 70 per cent, or Jess, landed here, for 64’s quality Port Phillip combing. In view of the well authenticated reports of the poor quality of Rivorina. wools this year, it would -seem improbable to the casual observer that such hopes could be realised, but against the decreased supply of well-conditioned, long and strong 64’s must be placed the radically restricted consumption of such wools in this country and the continued dullness of the wool and worsted trade in Europe. Australia is looking for support from America on such wools, as seldom before, and, failing to secure it at the initial sales, it would not bo surprising if, enough wools to meet the limited domestic demand were picked up on a basis of less than 70 cents, landed here, for choice 64’s quality. In any attempt to outline the prospective domestic demand for such wools -ft must be remembered that most former -users are now getting along very nicely with the -much cheaner domestic wools of similar, grade, and that 64’s Australian combing would have to be fane eel here at 65 cents to stimulate a very veneral abandonment of domestic or foreign wools. It- is this great chspaiity between the cost of Australian merinos and domestic* fine combing wools, and 'the restricted consumption hex e and abroad that is going to render it difficult for .Australian • al)Cl r . - • ; - .

selling brokers to maintain the present level of values, even with the help of the same methods of regulating the coming sales that liave. proven so successful thus far at London.”

THE MARKET.

A DOWNWARD TENDENCY

Bradford continues to manifest no life whatever, business is almost at a standstill, and London/so far has had no effect in stimulating the market. Whatever business is doing in Coleman Street, users here regard the situation in a very complacent way ; and tliero is not the least desire to begin to operate. If the truth must be told, every quality is sagging, and the price of tops is not so firm .as it was a week ago. Concessions generally of'id to id can be got, the general impression prevailing that London is not so firm as some are tiying to make otit. It- is. really stupiismg how slack business continues, .anti what .an absence there is of demand both for tops, yarns, and . pieces. There seems to be no enquiry anywhere, and few bids arc being made. To bo c.intlid spinners are unwilling to buy at more than 21-id for a. good super 60’s top, although most people are-still asking id more, lhore vseems to be a* general 'tooling that things are going to be lower, and this undoubtedly is tending to keep useis from operating. lu the ease oi crossbreds, it is quite easy for a man to buy a good'4o’s Lop at under lOd, although that figure continues -to be generally quoted. Where all the buying strength .is coming from to support- at tho present level both Lonilon, Colonial, .and South American selling centres is more than what can be seen, and without doubt users here want to see a lower range of prices, and will not be satisfied until wool can lio bought at less money. The only circumstance that can prevent prices slipping back to a lower level is an accession of yarn and piece orders, but it must be frankly stated that complaints from manufacturers are decidedly pessimistic. .London is maintaining a very respectable level, and prices are undoubtedly higher than they are here. Some seem to. think that, a “bearing” operation is on loot, but so far not a great deal of lorward business lias been done to influence Colonial markets, lmpoiteis seem rather .adverse to venturing far into the future, having had enough of that kind of experience during the past two seasons which has cost them dearly. The offers here made tor yarn are still a penny per lb. below what any spinner can -accept it he would get back his own, and. with trade keeping so decidedly quiet, is entirely .accountable lor the complete indifference that hangs over the trade. There is no healthy spot anywhere. Mohair is very quiet, but there seems to be a limited demand lor really line parcels of kids at up to. 20d lor Capes. ’