COMMERCIAL.

Gisborne Times, Volume XXIX, Issue 3176, 23 March 1911, Page 2

COMMERCIAL.

LONDON WOOL SALES. A RISE IN PRICE. [UNITED PRESS ASSOCIATION- -COPYRIGHT. J LONDON, March 21. At the wool sales the. Manuka clip realised 241 d as top price, the average price being: 22« d; Glendhu, top price, iOid, average 9§d. At the wool sales there was keen competition at full rates. LONDON WOOL SALE. The Gisborne branch of the Bank of New Zealand yesterday received the following cable from their London office : —“The market is strong for the following classes of wool: Coarse crossbred, prices are unchanged; medium crossbred, prices are higher by 5 per cent, to 7\ per cent. All kinds of lambs’, wool, also halfbred, prices are higher by 7\ to 10' per cent. Current prices for North Island farmers’ lots: Coarse crossbreds, 36-40’s quality, 9d to 9-}d per lb; medium crossbreds, 44-46’s, 93d to 10 2 cl; fine! erossbredis, 50’s, 123 dto Is 2d. Current prices for ■South- Island farmers’ lots: Inferior merino common, 60-64’s, to 10d' per lb; superior merino super, 60-64’s, 124 d to Is ljd; half or quarterbreds, 56’s, average condition, Is 3-1-d to Is sdi” The New Zealand Loan and Mercantile Company received the following cablegram from their London office yesterday:—Wool: As compared with last sales closing rates, prices are about 5 per cent, to 7£ per cent, higher for greasy crossbred lambs; about 5 per cent, 'higher for scoured crossbred', coarse greasy crossbred, greasy merino and fine greasy crossbred': about par to 5 per cent, higher for scoured lambs, and crossbred slipe. Good general demand for all wool except for America. THE FIRST SERIES. Messrs Williams and Kettle, Ltd:, are in receipt of the following wool report from their London agent, under date 10th February, 1911:. — ibq first series of colonial wool sales for the current' year, which commenced on the 17th ult., concluded on the 7th inst. During the 16 selling days 184,836 bales have been catalogued, giving a daily average of 11,532 bales, about 152,000 bales having been sold, of which about 112,000 bales go to the home trade 64,000 bales to the Continent, and 6000 bales to America, leaving 17,500 bales to be carried forward for future realisation. During the interval between the auctions a period of considerable uncertainty was experienced as to the real position of the raw material throughout the world, doubtless influenced by the "bearing tactics which took place on the Continent towards the latter part of December. In addition to this, the Aus-. tralian market at that time showed a decided weakness. These various points tended: to influence operators here; it was therefore generally anticipated that a decline in values would take place when the sales started. At the outset prices of merinos fell from. 5 per cent, to 10 per cent.; as the sales progressed, however, the better descriptions of greasy merinos recovered the initial back of 5 per cent., and remained steady at December rates, but other kinds, both scoured and greasy, must be queued generally at 7 \ per cent, below last currencies. As far as crossbreds are concerned these have undergone some considerable fluctuations. After opening at a reduction, of 7\ per cent, to 10 per cent., medium and coarser grades recovered a portion of this decline, but the improvement was only temporary, for prices again gave way, and at the close must be quoted at 10- per cent, on medium, 7i per cent, on coarse, while finer qualities depreciated about 5 per cent. Scoured and slipes have been in comparatively small supply, and have shown a reduction of 5 per cent. The general result of the auctions is disappointing, particularly in regard to crossbreds. The borne trade have taken a large share of supplies, but unless the Continental and American operators are prepared to take a larger proportion of available supplies, values are hardly likely to improve in the near future, when the full weight of the clip comes upon the market. There are, however, slight signs of improvement in America, which it is hopel may- develop further. A larger quantity than usual of the New Zealand clip figured in the catalogues. .The condition, however, is somewhat disappointing, being very fatty, shorter grown, and often tender. We quote latest prices*for tops:—s6’s, fine crossbred. Is 9d; 50’s, Is 6Jd; 46’s, medium, Is 23d; 40’s, coarse, Is 1 Jd; and 36’s, coarse, Is Id. The next auctions will commence on 14th March, without limit as to quantity.