LONDON WOOL SALES

Gisborne Times, Volume XXVII, Issue 2064, 31 March 1909, Page 2

LONDON WOOL SALES

!. ' A FIRM FINISH

(From Our Special Correspondent.)

BRADFORD, Feb. 12

Coleman Street Wool Exchange is again quiet, the first series having come tq a finish. Practically no change was seen as the series drew to an end, all the sound features remaining intact. The finish was an exceedingly firm one. wool selling in a very free and vigorous way.. In past letters X. have so clearly., outlined the full course of the market'that I don’t think-.I can do hotter than-bring the series to a finish bj r giving the expert opinion of a leading firm of woolbrokers. Messrs. Charles Balme and Co., say, in their circular, “the anticipations of an imih trade which were current at the'turn of the year have -not 'been realised} 1 the upward tendency of Values for tops' in ' the manufacturing districts being checked when the result of the Antwerp and Liverpool sales wed that manufacturers were not prepared to pay higher rates for their raw material. Throughout the series, however, competition has been active and general, American buyers operating freely, although on this occasion their purchases have been -almost entirely confined to the medium 'and coarser qualities of greasy crossbreds, whereas:} in December, ,they} bought large quantities of merinos. - "Atr.'the ontspt of the -auction .price’s for merinos ’ wterer'precticMly;/unchanged. although the better descriptions in the grease ruled in buyers’ favor owing to the want of .. American-support. Later on the market weakened to a slight extent, more particularly as regards scoureds; towards the end of the series, however, • competition ’ again broadened, and final rates for all grades; with the exception of the better class of both scoureds and greasies, were closely up to December parity. Fine crossbreds in the grease have sold readily throughout at unchanged values. American buyers have been eager purchasers of light conditioned crossbreds of medium and ctrarce quality at; 5: per: cent, advance'} but i the initial-improyeihent of; 5 to 7§r'per cerit. on the - general rtni of those grades suitable to Home trade was not maintained, arid at the end of the series quoV : tations for them were not in average perceptibly higher than at the close of last sales. The position of the finer descriptions of scoureds has not been appreciably altered } on the .other hail'd, valueS of eoarsb sorts bweie a turn dearer: Prices for slipes' of fine as well quality. were unchanged, but those for 'coarse lots ruled from, par to 5 per .'cent, cheaper.” 1 .J As compared with (the closing rates of the previous series.’ we now quote:—

AUSTRALIAN. Merino, grease, superior, id cheaper; merino grease, average to good, par to id cheaper; merino, grease, poor condition, par.; merino, grease, inferior, pieces and locks, par; merino, scoured, superior; cheaper; merino, scoured, average to good, id cheaper; merino, scoured, inferior, par to 4d cheaper;' merino?, scoured, faulty, pieces, - arid ”locks' par; merino, grease, lambs’ superior, .. id dearer umerino, lambs’, medium, par to id dearer; merino, grease, lambs’ inferior, par. Crossbred; grease, fine, par; crossbred, grease, medium, par to id dearer; crossbred, grease, coarse, superior; par to id dearer; crossbred, grease, coarse, ordinary, par-;/crossbred, greasy, lambs, id dearer; crossbred, greasy, scoured, fine par; crossbred, scoured, medium and coarse, par to id dearer ; .Crossbred sliped. fine, par; crossbred, sliped, medium, par; ierossbred, coarse;- par to id cheaper. ~ • id THE ' OUTLOOK.- I ' Messrs.' H. Dawson, and: Co., in speaking about, the outlook .say:—“A new situation - has been'' entered upon which presents an altogether different perspective.'yrWe ~haye emerged from the period of small supplies to a position when an abundance of raw, material is arriving at all centres of consumption ; when values cannot be inflated by urgent demands ; and also when the pressure ! of finance is at the greatest. Consequently, one would expect that the demand would be less keen, and fancy prices less frequently realised than in December. ; . ; ; i- The losses of-last year have produced a supersensitiveness throughout the industry, causing extreme caution. and a' tendency to pessimistic views which, at normal times, would • be. easily dismissed. But, taking it all round, the market has '■ -evinced ? remarkable: strength, and a general confidence prevails in regard to the "future.. When the'i larger outlook is taken it is realised that the 1 raw material occupies a strong position. " , The reports of the worsted industry, at Home and abroad (especially in the States.) indicate that the prospects for the year; whatever else ' they include, promise a large consumption, and the year’s supplies of raw material will be fully required. The thorough absorption of the clip' during the 'past; two years, -and especially during- this: last vear with its unsatisfactory conditions; was"a" remarkable proof of the soundness of the--industry. The paucity of stocks at the close of the year was a general experience in'• every centre. Probably ' there ' has- seldom,- -if ever, been .such a complete, clearance, ol 'greasy crossbred wools. ••• Consequently, with*-a- sustained and apparently somewhat increased consumption, in view, there is no fear, even amongst, the least sanguine, of any .material collapse in values. . *, The siipolies for this year arc not likely'to be greatly different from last vear’s. A slight decrease from the merino'growing districts of‘Australia is expected,- but the shipments from South America will show an increase, owing to the. arrears from last year’s clip being included. . : The woollen trade is still at an unsatisfactory position, but the effect ■iu the raw material is slight, because its consumption of raw wool is so small as compared ivitb that of the worsted industry. - which -is busily employed. Bradford values are still, .below the parity of London. This position is pro-tracted-by- the fact of the arrival of cheaper wools from South America (m crossbreds), and from the colonial markets (in merinos). ■ ; s •/ . / Tiie American situation is interesting at the moment. The. Boston/market is practically cleared of domestic Woolsr /although -the-neWr-clip will not be’ available till June or July- Meanwhile, despite tariff uncertainties', the/ Coining-clip is being largely contiac e for on the sheep’s bac'K, ,and consequently the demand for foreign wools '(B.A'd’or Australian) has : been 'stimulated, and has had a strong effect on values ifi our London and- coloniah mailcets: - XFhe-".recent" • keen- demand tor merinos in December • lias, during the present series, been transferred to; crossbreds. Choice merinos have accordingly suffered a decline, although values for medium sorts show strength. Meabwlplo at this rerios light :condi- ‘ tioned crossbreds have been selling at if ..

2d per lb above t Bradford values, and there is some anxiety, which may be quite understood, lest the U.S.A. demand should weaken iri March because of the arrivals of direct importations, and thus cause an experience in crossbreds similar to that which has happened in merinos. There is a growing confidence in the future prospects of trade in England, as well as in Europe generally, and a cheerful tone prevails lamongst consumers. The bulk of the merino wools this season are to hand earlier than usual; moreover, a much larger proportion of wool lias been cleared in the colonial markets than last season. Bt'cause of tliosc two facto tlioro Jins been 'a little anticipatory buying in merino wools at the past series.” Sold by Messrs. Thomas and Cook, Feb. 5. ‘West Ho : .Grsy, 9 A ersbd H, 10Jd; 20 Bdo H, 8 J a d; 4 do. do, 8cl; 15 Cdo H ;7id; llrelo, do bellies 51d; 2 do locks 4d; 3_scrd do crutchings, 7id ;• 4 do,, do, do 7f d. PRICES FIRMER. ’ The week’s business in Bradford has been characterised by a distinctly better tone, there is not the fl abbi ne ssa nd weakness that was apparent a fortnight ago, prices being firmer all round. So far as actual, transactions are concerned it is impossible to report much accession of new business, both wool .and top-men being in a position to do without that and be little, if any, the worse. At the same time; since the close of the London sales the market ;has in _no sense been• devoid of transac"tions' in wool, and in some quarters there Have,been quite large sales. There is no gainsaying the fact .that the raw material end’of-the trade is.a long way the best off, and wool sells when nothing else does. Crossbreds, both in coarse and medium qualities have received particular attention on export account, the Continent is doing more in them, and even America shows signs of ' buying larger weights both of Home and colonial sorts. This has had its effect on both holders of wool and tops, and a much firmer feeling obtains. There, is not that readiness on the part of topmakers to sell .at the bottom rates of a fortnight ago, and as Bradford prices are below Coleman Street, .'there is no disposition to accept any lower 'figures,. It is still possible to b«y some' good quantities of standard prepared 40’s from good makers at llgd. 50’s, at 16id arid 56’s at 18|d. -Imports are coming in which enable these quantities to be profitably done at the' figures named, for colonial bought wools are distinctly cheaper Jfchan those- recently -purchased in London. -Spinners/are nO.&taking upttlieir contracts in crossbreds .as . tliey : ;are doing in.inerinos, and while business is slow,- still there is hardly that depression there was. In the' ease of merinos there is a decidedly better tone, and valus as a consequence are firm to hardening. Plenty of first-class firms are sellers at 23d for super 60s and a penny more for 64’s. There has been a nice quite business, at tlie slightly lower figures topmakers have been quoting, and any ease at all voiild see some very large transactions. As last as fine tops are combed they are : goin" out, and. stocks exist nowhere. Botany spinners are busier than are those spinning crossbreds,-and incre^' ed business in the latter qualities would soon cause a brisk appearanre. Mohair is as-slow as ever; m fact, it is the most stagnant and unprofitable article in the entire trade.