LONDON WOOL SALES.

Gisborne Times, Volume XXVII, Issue 2654, 9 November 1909, Page 2

LONDON WOOL SALES.

OPENING OF THE FIFTH SERIES.

ANOTHER BIG ADVANCE

.LONDON, Sept. 24. Seldom has a series of wool sales boirun with so much interest displayed as was seen last Tuesday afternoon when the. trade met together for the fifth time this year, Coleman Street Wool Exchange being eroAvded to its utmost capacity. That there would be another sensible advance was already a foregone conclusion, there being just a dilterence of opinion as to how far prices would move upward. The September series of auctions, as a rule, sees the finish of the last Australasian clip, and the offerings, this series of about 94,000 bales is very small compared with 254,600 bales at the corresponding series a year ago. To should be borne in .mind that that quantity was above the average offering, the arrivals being largelv augumented by a carry over of 88,U00 bales from the previous July series. The quantity brought forward this year was only 15,000 bales, and the last clip has moved so quickly that next week the trade will be quite prepared to consider seriously the Australasian new clip. So far as supplies go, there are no accumulations, although it is our firm conviction that both in Yorkshire and on the Continent, as well as in America, there are larger supplies of wool than some Avill acknowledge. Take, for example, the stock of toils at German combing establishments. Nobody, a year ago, when the trade was just beginning to recover from the nasty slump could be found to affirm that” supplies were not large, and yet, last August 31st., at German combing establishments the stock of merino tops was returned at 3,800,000 kilos, compared with 3,700,000 kilos at the end of July 31st. 1909. This seems to us to he fully an average for the time of tlm year. A SPLENDID VACATION. The past vacation has been the longest that is seen any series of sales, and considering that it is practically a holiday time, the. business dono has been on a very large scale. August Avas a particularly busy month, and large shies of both ayool, tops, and yarns Avere effected in Bradford, on the Continent, and also in America. All users seem to have been in a buying frame of .mind, and plenty of Yorkshire spinners have covered all their wants to the end of December. Throughout the trade there has been a general anticipation of one’s Avants, and there are at this moment more contracts existing both for tops and yarns than has been for some years back. No doubt the fear of dearer avool has been the prime factor in causing these operations, and it seems strange that Avitli the beginning of a new season in Australia there should haA'e been such big sales which were bound to have their effect upon prices. We cannot resist saying that it appears to many that there has been an unnecessary anticipating of one’s wants unless the ultimate fabric buyer can bo got to pay the enhanced prices which manufacturers .are being forced to quote, and to find merino and fine crossbreds in particular so high and dear at' the beginning of an importing season-" look£, on the face of it, a little absurd. Hoavever, wool is uoav a prime commodity on the markets of the Avorld, and witu business being everywhere good, the demand is consequently large. At the same time a most difficult situation confronts the trade, and the present activity is going to determine a high range of values Avhich Avill take a good deal of negotiating. As already said the vacation has been characterised AA'ith a "ood deal of activity, with the result that prices have, all round sensibly advanced. The folloAving shoAvs what good standard tops stood at Avhen the last series finished, and what they Averse being quoted at last Thursday on Bradford Exchange:—

ANOTHER SHARP ADVANCE. At, Tuesday’s opening sale all trades were well represented, including a fair contingent from America, and: great' competition obtained. The catalogues submitted-were very scrappy,: crossbreds largely, predominating. -Frpm;the very start competition ruled exceedingly keen, there being no reserve whatever. The Home trade was in strong evidence for crossbreds, and it was plain to be seen at the very start that prices were on a higher level. When compared with the close of the July auctions, the following changes were seen Greasy fine crossbred, Id higher; greasy medium crossbred, l£d higher; greasy coarse crossbred, Id higher; sliped fine crossbred Id to l£d higher; aliped medium crossbred to 2d higher: sliped coarse crossbred l|d higher. No one can analyse these 1 advances without being convinced of the great demand for wool, and in many cases the above improvement is frequently exceeded. At the same time we certainly think that no man can look at the price question with indifference, and while, no doubt, there is going to be a big demand for the raw .material, to say the least, it is very desirable to exercise caution. Never yet have users been able to do any good out of wool bought at extravagantly high limits, and we shall be much surprised if, when new supplies are more plentiful to-day’s high prices can bei fully maintained.

July 20. Sept. 16. d. d. 70’s Colonial tops 27£ 29) 64’s Colonial tops 26£28) 60’s Colonial tops super. 26-)-27) 56’s Colonial tops 21£22) 50’s Colonial tops 18 19) 46’s Colonial tops 14 15) 40’s Colonial tops 12) 13 36’s Colonial tops m - 12