LONDON WOOL SALES.

Gisborne Times, Volume XXVIII, Issue 2753, 7 March 1910, Page 2

LONDON WOOL SALES.

OPENING OF THE FIRST SERIES.

MERINOS FIRM, COARSE CROSSBRED ADVANCE 10 PER CENT.

[From Our Own Correspondent. | LONDON, Jan. 21.

Once more the whole trade finds itself assembled in Coleman-street Wool Exchange, - last Tuesday seeing the beginning of.-the first series of sales for the current year. This- is always a big event, and a great deal depend® upon what is there done as to whether or no sound markets obtain in consuming and distributing centres. The effect of the London sales upon the wide world, so far as wool is concerned, is tremendous, hence it is some satisfaction to 'know that the trade came together last Tuesday _in a first-class frame of mind, everybody being quite ready for the fray. This is always the case when we see a vacation like what took place between the closing of the Novemher-December scries and the opening last- January. N-obody need have been surprised if things had suffered a setback, for since the sixth series of 1909 we have experienced stocktaking holidays, and last, but by no moan® least, a general Parliamentary election. Any one of these factors, under ordinary conditions, would have been sufficient to have seen the trade in a quiet way, but instead of that wo have had active markets, with values all the while either firm or appreciating This is really the outcome of excellent manufacturing conditions, and look where we will trade everywhere is sound and healthy. Wc aro glad to ho able to chronicle such good conditions as at present obtain in connection with the raw material, this being a far better record than slack markets and falling prices. The opening of any series of London wool sales is a matter of very great, concern to thousands of colonial pastoralists, cousequentlv all eyes are strained to-day in the direction of Coleman-street. Before entering directly upon the. question of opening results, I do not think L can do better than briefly epitomise what has actually token place during the interval, and the standard table supplies the particu bars. I show the actual price for good standard combed tops in Bradford at the opening of the January series, 1909, what they, wore when the last series closed, and what they could be bought at last Tuesday :

THE QUESTION OF SUPPLIES There is no question connected with the wool trade that has been so hotly debated during the oast few months as that of supplies. This series sees tlie beginning of the marketing of “new clip” wools from the* Dominion, and the trade is hungry for every halt*. The fact i.s the whole industry seems at the present very hard up fur cross-bred wools, and I should not be surprised to see all qualities sensible clearer before the series finish. The* trade has only about 41.000 hales of Now Zealand crossbreds to go at until further direct arrivals come to hand. Below will he found particulars as to the arrivals for tlie January sales during recent years. 1 also show the cross arrivals, what have been forwarded direct to manufacturing districts, and the net quantity available:—

Gross forwarded net First arrivals direct quantity serie® bales hales bales 1910' 405.500 229.000 180.000 1909 354,500 157,000 187,000 1908 353,300 181,000 187,000 1907 275,000 124.500 155,000 1906 291,500 125,000 165.000 1905 230.000 89.000 117.000 IPO4 190,000 58,000 137,000 1903 " 216,000 82,000 141.000 1902 211,500 61,000 193,000 1901 250,000 41,000 339.000 1900 194.800 55,000 144,000 Coleman-street TV col Exchange, last Tuesday, wa® thronged with tlie usual crowd, men from almost all quarters ot the globe* putting in an appearance. The Yankees wore there in good number®, and before the finish they will gi'-w a good account of themselves, much to the satisfaction of New Zealand wool growers. The selection was a. long way above the average for an opening day, merino® being the pick of the basket. Considering' the large quantities of direct imports it i® surprising how ready many buyers are for operating, and' there is no misgiving on their part as to paying freely full market rates. The .sale room was crowded to its utmost capacity, and punctually at 4 p.m. a host of men were on their ieofc bidding like fury. Tfc was soon plain to be seen that merinos showed practically no change’. Competition •ruled keenest between Yorkshire and German buyers, France being a good third. Tlie crossbred® catalogued were.somewhat meagre, but for all that thev received exceedingly strong support, all Bradford topmakers are down at the sales, and not a lot was up hut what had been inspected bv dozens of buyers. They were all ‘'new clip ’ wools from New Zealand, and created a good impression. TT’hou, thev came, to be orfered. the scene was indescribable, and America was well to the front. Tlie opening sale passed off very well, and those New Zealand growers who woie fortunate to have here a portion of their clip for sale will reap a good harvest. When opening prices are compared with the close of the lao.t series; the following changes are seen:--Greasy merino combing par . Greasy merion clothing par. Greasy merino pieces, etc. par. Scoured merino combing pat".

Scoured merino clothing par. Scoured merino inferior, locks, and pieces, par. Greasy merino lambs par to $d advance. Greasy crossbred, fine, par to id advance. . 1 Greasy crossbred medium, cl. Greasy crossbred, eoarae, id to Id. Slipeci crossbred, all qualities, id. Cape merino combing par. Cape merino clothing par. Cape snow-white super, par. Cape snow-white medium, par. The opening results fully confirmed general expectations, and the opinion of everybody was that the initial sale left nothing to be desired from a seller’s point of view. The sales continue to make splendid progress, and the opening prices are being readily paid. THE OUTLOOK. Messrs. M. Dawson and Co., in speaking about tlie outlook, says:—“The opening of the first series or the year has always a special interest, and the representatives of the trade nave foregathered here in a very cheerful mood. There is a widespread feeling of optimism with regard to business in .1910. Prospects are generally good in our industry, judging by the facts of healthy trade, fair working margins, and a very large and well maintained rate of consumption of the raw mater, iai.

The remarkable absorption of last season’s production with its increase ci about 300.01)0 bales (including South African wools) has revealed to the industry it® growing powers and requirements, and the'New Year opens with no sign of slackening in the demand for wool. Happily we are now receiving such substantial quantities of this season’s clip that there is no such shortness of stocks as was experienced during the closing months of last year. The present offering of 180,000 bales should help to steady values, and so far as merinos are concerned, should favor the buyer than otherwise. There has been recently a greatlyquickened interest in crossbreds alike in Bradford and on the Continent, and fashion seems to l#e inclining more in this direction. The advance in these qualities has been more rapid than was expected, and perhaps more rapid than healthy. The American demand, which lias been very persistent and heavy, has been chiefly responsible for the appreciated values. The Home market is bare of crossbreds, and an excited demand seems to be probable. In the colonial markets the freedom from any noteworthy fluctuation in merinos and comebaelcs has been as remarkable as it is> satisfactory. Medium and coarse grades have, however, been making continuous advances in value as the season has progressed. In South America the market has been most difficult owing to the combin. ntion of an inferior clin with hardening values 'ii r.:-b"' Is. Nevertheless, the bulk of the wools have new been cleared, and the season will terminate earlier than usual.”

Colonial Jan. Dev. Jan tops. 19. ( ] 12. A 18. (1 70’s ... 25:1 2S 281 fit’s ... 24:1 27 27-j 60’s ordinary ... 22125 251 56's ... 181 221 231 50\s ... 161 20 21* 46’s prepared ... 131 161 171 46’s carded ... ... 13 16.1 17 40’s prepared ... 12 14 151 40’s carded ... ... 101 121 141 36’s prepared ... 11' 13 141 44’.% pick hog ... 131 16 171 64’s Capo ... 241 261 27