LONDON WOOL SALES.

Gisborne Times, Volume XXVII, Issue 2504, 18 May 1909, Page 4

LONDON WOOL SALES.

A SPLENDID FINISH

(From our own Correspondent.) (Special to “Times.”)-

BRADFORD, April 2. Since I last wrote the second series of Colonial wool sales are over, and buyers have dispersed. It has been a glorious time, and every description of wool has sold remarkably well. No new features developed during the last two or three days, competition being of the keenest character possible, the series finishing with prices at the very top. The best thing I can do this week is to give the expert opinion of one of the leading selling brokers, Buxton, Ronald and Co., making the following statement:—

“Merino wool at the opening showed an average rise of about 5 per cent, whereas all fair to good descriptions shared fully in this appreciation, superior lots were more or less stationary. As the tales went on, while the latter remained steady, all ordinary descriptions of grease hardened gradually, until at the close prices often marked a rise of 10 per cent compared with closing January rates. Scoureds, also, which during the first few days showed no pronounced improvement, went dearer as the sales progressed and closed at the best point of the sales, with values about 10 per cent dearer than at the end of the January auctions. The selection of Australian wool was not' up to the January level, with the exception of Tasmania, which, on this occasion was represented by some nicely grown wools. Greasy: There was only a moderate supplv of Western Victorians, and of these the choice was not so good as in January, and at Is 3|d to Is 4|d prices rulod about steady, New South Wales was best represented by growths from the North Eastern Districts, but here, again, the attractiveness of the offerings hardly came up to January level; the top price secured was Is 11a. There was a small supply cl New England and settled clips, which made up to Is 3d and 12|d respectively. There was a fair show of Queensland grease, which made up to Is 2d for stout "combing lots, and Is lid for fine quality clothing, but little of really high merit was catalogued. South Australia was chiefly represented by several nice clips from the south ' eastern district, for which up to Is 2d was secured. West Australians met with very active demand, mostly on Home trade account, and up to Is Id was secured for choice growths. Scoured wools at the outset did not rise in the same ratio as grease, and as far as felbnongered parcels were concerned an- improvement was easily covered by par to 5 per cent. During the second week prices begad to harden, and from thence to the end ruled strong and finished at the best point of the sales, with a rise of about 10 per cent compared with January closing fignres. Lambs in grease met a strong market. There were very few really choice Victorians: one good lot made Is 9]d, about equal to last sales’ average, but all mediuni to fair lots rose fully 10 per cent above January. South African: The offerings of these, neither in quantity or quality, came up to the standard of the January auctions. At the beginning prices for grease were quoted par to 5 per cent dearer, but this applied more particularly to combing wools than to short descriptions, which showed little change. During the latter jiart of the sales prices hardened a little, and at the close combing lots were about 5 to 71 per cent dearer than in January. Scoureds proved a rather better market than grease.

Crossbreds, of which 100,500 bales were offered, met a strong and active demand. Fine half-breds, more particularly New Zealand, on average made about 7$ to 10 per cent more than in January, and all through the sales were very firm. As at previous actions, American competition was mostly confined to good medium and the best description of coarse staple, but prices paid did not show much difference from the high level of the January sales. Ordinary medium and coarse sortsopened at an advance of some 5 per cent, and as far as the former were concerned prices ruled steady throughout, with a hardening tendency towards the close. Scoureds sold freely at about 7 j per cent advance. Greasy crossbred lambs were keenly competed for at a good 10 per cent rise.” THE OUTLOOK. Messrs. H. Dawson and Co., in speaking about the outlook say; “The fear of inadequate supplies later on in the year, and the fact of a generally accelerated consumption, have led to a remarkable all round activity in our markets. The worsted branch of the industry has been, during recent weeks, the centre of a strong movement, first evidenced in .Continental centres by an unusually large call for worsted yarns. German manufacturers and spinners appear to have become impressed with the possibilities of healthy trade, and also with the prospects of a somewhat limited supply of raw material in the London market at the ensuing series of the year, consequently huge contracts of yarn were negotiated, in many cases requirements being covered for practically the whole year. The Homo trade were sceptical and slow to respond, but during the latter half of tlio series have become alive to the situation, and have joined issue, forcing values to further appreciation. Continental consumers in general have scored advan-tageously-at the past scries, in fact, throughout the season, as compared with the Home trade, having secured their supplies both in London and in the Colonies at the cheaper rate. The most careful estimates stow that the total available supplies remaining for London will probably range between 300,000 and 350,000 bales. The Importers’ Committee have limited the quantities for the May series to 150,000 bales, and the offerings in July and September must lie of necessity be small unless thei'c are unusually large resales, which does not vet appear probable. On the other hand, it should he clearly borne in mind that-this does not imply that there is a reduced supply for the year. Wools have arrived Home more quickly than visual this season. Combing mills and warehouses are so full that they find it difficult to cope with arrivals. But the raw material is going into consumption at a rapid rate, and in every centre the same report given, that tile tops are being used as quickly as they can he produced, and the, chief difficulty is the securing of prompt deliveries. Merinos have now come within the range of what is generally regarded as being the danger /one of values, and, although prices are apparently fully justified bv the largo consumption- arid the state of the future supplies, yet .the general trade of the country, and of some of the allied industries in particular, is far from being satisfactory, and

i / - ■■■■■'•■ " >.\v any : boom could hardly fail to be danger* X ous'and probably short-lived. The story as regards crossbreds is a littlfe different. ~ Fines crossbreds have received a strong upward impetus, § thanks to a persistent call from U.S.A.. ; and from several German spinners or these sorts during the past series. The lower grades have been more steady, | due to the large supply, and also to the 1 fact that, excepting the American do- : mand for the choice parcels, they are dependent chiefly on the Yorkshire demand. There are evidences, however, of a sympathetic hardening tendency, and ns' values are still relatively cheap, and demand in several centres shows signs of improvement, the prospects for* crossbreds appears to be very healthy.” Sold by Messrs. Willans and Overbury, March 24. Pare : Grsv 28 A ersbd H 12; 13. do. do Iff 101; 35 do B do withdrawing do, do 8; 74 do, do E withdrawn; .21 do, do withdrawn ; 10 C do 8; 28 do, do 1; 13 do EB;l2Edo7; 8F do 7|; f 4 do 8J ; 51st do pcs 7\ ; 11 do, do/ cl 7; 3 2nd do, do s\; 13 do, do, do 52; 4do tallies 6s; 13 do, do 6; 6do locks 4 ;