LONDON WOOL SALES.

Gisborne Times, Volume XXVII, Issue 2605, 13 September 1909, Page 2

LONDON WOOL SALES.

THE FINAL VERDICT OF COLEMAN STREET. (From Our Special Correspondent.) LONDON, July 23, 1909. Last Tuesday tlie fourth series of Colonial wool sales terminated, and Coleman Street is onoe'more silent A good stroke of, business lias been done, although the .final results will hardly have pleased all parties. No changes of importance took place during the closing days of the series, the attendance being well maintained to the finish. The net total available amounted to 152,j 0 bales. No less than 136,000 bales have been sold; 75,000 bales being taken by the Hornet trade, 52,000 by the Continent, and 8,000 bales to America, leaving" 16,000 bales to be carried forward to the September auctions. I don’t think I can do better in bringing the present series to a finish than quote the expert opinion of one of the leading selling brokers. Messrs Charles Dalme and Co. state that “although consumers have been fully employed since the close of the May auctions, they have found themselves well stocked with the raw material; moreover, as the excitement engendered by the extensive operations of American buyers subsided, it was realised that there was no actual scarcity of wool, consequently, with the prospects of ample supplies next season, values , have had a drooping tendency iii the manufacturing "districts during the interval. The attendance of buyers throughout the sales has been large, but competition has not been so. active as in May, particularly ofl the part of the American section of the trade, who, however, on this occasion, while exercising much greater care in their purchases than last series, have acquired a considerable quantity of the best fine and medium greasy crossbreds, as well as a few of the lightest and best greasy .merinos. 1

Merinos must be quoted in average five per cent, cheaper. The position of the best greasies, which have attracted keen competition from all sides, was unchanged, but medium and faulty descriptions have sold generally at 5 per cent, below previous rates, this decline being often exceeded in the case of New Zealand shipments. The best scoureds were also 5 per cent, cheaper, but on average to good parcels, as well as ■faulty and inferior lots, the fall usually amounted to 7| per cent. Light conditioned fine and medium crossbreds realised full previous quotations. The'heavier conditioned lots of fine quality also sold well, but the general run of medium and coarse sorts, which were 5 per cent cheaper to begin with, lost ground during the progress of the auctions, and at the close medium were 7\ per cent, and coarse 10 per cent, under May final parity. As is usual a’t this time of the year, scoureds and slipes have been in large supply, and have met with a somewhat unsatisfactory market; the finest descriptions have occasionally commanded previous values, but more frequently have ruled 5 per cent, below the former level, while medium and coarse kinds have also sold irregularly at from to 10 per cent, decline. ~ In view of the large consumption now in progress all over the world, and the moderate suoplies which will be available for the" fifth series, •* any further decline in values for either merinos or crossbreds seem improbable; moreover; the long period which has to be provided for before the new season’s wool arrives in Europe may force manufacturers to operate during the September sales with greater freedom than might be expected in view of the large dimensions of the new season’s output, and thus bring about a firmer market than at present seems likely.” CHANGES SEEN. ' As compared with the closing rates of the previous series, we now' quote: — AUSTRALASIAN.

Crsbd. grsy., fine par. » » med. 3 , , ~ ~ coarse, par to fd cheaper, superior „ grsy., coarse, Id. „ ordinary ... ' ~ grsy. infer. |d to Id. ~ pcs. & locks £d ~ ~ grsy. lambs to Id ~ ~ scoured, fine par to Id "• „ ” c ” me<L u & coarse. ... Id. ~ ’ sliped, fine to Id „ „ med. Id „ „• coarse Id ~

Sold by Messrs Charles Balm© and Co., July 16: — 1. Wakarua: Grse. 10 A crsbd. com. 8 do, do, do lOd; 15 O do, do lid ; 45 do, do, do;10§d; 7 H do, do, do 9ld; 8 do, do, <?o 9d; 35 B do, do B*d; 12 do, do, do 7|d: 26 D do, do Bfd: 27 H do, do, do 8d; 15 E do, do. 7|d; 6 do, do 7Jd; 34 Ist do lambs 9d; 9 2nd do, do do 5Jd : 13 don bellies s|d; 3do locks 4d,: ■. ■: ■ - THE OUTLOOK. Messrs H. Dawson and Co. iirispeaking about the outlook, say: “The series just closed has been somewhat perplexing and unsatisfactory. - While good support has been given to all straight attractive parcels, there has not been the keen all-round competition which was so conspicuous! in the May sales. Many consumers have been so well supplied with stocks as to be able to wait until September. New demand at the various manufacturing centres has also been lacking, and the continued pause in business has been sufficient to severely test prices, so that at the opening the market was. nervous and values somewhat irregular. Happily, the nervousness of the first week has . given place to a returning confidence and a better tone as the safes have progressed. Crossbreds have been in large supply, but have been mostly of the heavier and more faulty type. Bradford has taken freely and courageously, but at' a slightly lower level. The large disposals of. cased wools to America have helped the situation very materially in Yorkshire.' but this business has, of course, left the shabbier wools oh hand, and it is not surprising that while good wools have fully maintained values these shabbier sorts have proved less attractive and have lost ground to a small extent.

Despite tlie dearth of new business at the Home centres, the position during the next few months’is remarkably safe from any weakening factors in the shape of supply. It seems quite improbable that the new arrivals for September can exceed 90,000 bales, and the interval is a long one. .The reported heavy stocks in Roubaix, which have been mentioned so frequently lately, are steadily diminishing and going into consumption at a rate almost unprecedented in that district. So far as can be guaged there is in that centre not more than about two or three monthsi’ work for the combing mills at the present rate of consumpThe new clio from Queensland is coming to hand" earlier than ever which will fortunately helo to relieve any difficulties of supply, and it is hoped will save the market from any spasmodic rebound in values. But there is no cheap wool from the Colony on the way yet that can depress values by its competition. The sales in Brisbane have realised full London values, American and Continental buyers havsecured the bulk: ok the offerings. The next move must come from the manufactured goods end of the industry. Raw material holds a strong position, and despite the large arrivals from the last season closing on the 30th. June, it seems almost that the industry will be empty and hungry for the new clip wbols when they arrive. There is a widespread caution in • all European centres, and this disposition indicates a hand to mouth business until the next season’s rates are established.

The prospects for the hew clip are good so far as Australasia is concerned. Queensland starts the season with a large increase of sheep, but New South Wales is reported' to have considerably less sheep for shearing than twelve months ago. The news from South America is unfavorable, and owing to the severe drought a decrease of production seems unavoidable in that important source of supply.”