LONDON WOOL SALES.

Gisborne Times, Volume XXX, Issue 3602, 15 August 1912, Page 2

LONDON WOOL SALES.

SERIES OPEN WITH AN ADVANCE ON MERINOS AND CROSSBREDS.

(From our own Correspondent.) LONDON, July 5.

Renewed interest is being taken in the course of Wool owing to the opening of the July series of sales last Tuesday. A large contingent of buyers put in an appearance, America being represented by a greater number than usual. This alone can be taken as an indication of the sound standing of the raw material, and notwithstanding the impendin'’- reduction of wool duties, the fact remains that no change is imminent, otherwise United States- representatives would be in a far different temper from v/hat they ere. at present in regard to buying Colonial and English wools. It is rather significant that renewed interest is being taken in the attitude of American buyers toward the. foreign grown material, and it shows distinctly that the-v cannot do without merinos and crossbreds when they are over in London and Bradford taking up suitable lots as has been the case during the present vacation. At present the political world of America seems to be in a state of chaos, and that being the case it can be taken for granted that importers have faith in the future, and firmlv believe that there will be no alteration .in the duties this year. What is going to be the perplexing problem during the next few weeks is not so much the unreadiness of buyers to operate, as the probable dislocation of the series by warehouse people being unwilling to get in tile wool for sale. At the time of writing it is hard to say what is actually going to take place. However, buyers came together on Tuesdav with strong feelings of optimism, being quite prepared to operate, and it is some satisfaction to know that trade is good in manufacturing areas.

QUAXTITY AVAILABLE. The weight of wool available this -.cries is greater than usual, and we have to go back quite a number of years to find the trade confronted with such a large line as at present. The extra, number of bales to hand is chiefly the result of the very long vacation which has followed the close of the last series, and the trade as a whole will be heartily glad when Labor troubles are at an end, and business flows with comparative ease and freedom. The March and May auctions had to be amalgamated on account of the coal strike, and it. now looks as if the present series will be very much interfered with on account of the dockers’ strike. It seems to l*> anything but plain sailing at present in the textile world, and it is to be hoped that peace will once more reign. There is nothing out of the ordinary to need comment, except that the large quantity of New Zealand crossbreds ■ 150,000 bales is a fairly largo slice. During the past fortnight the trade has considerably changed'its attitude towards this class of material, and the influence which at one time seemed unikoly to lower values, have been entirely removed, and it now appears as if higher prices will he the order of the day. . The trade came together fully expecting a very good series, and the initial sale passed off remarkably well. Even if the sales go through without being interfered with by the dockers’ strike, it is almost certain that 50.000 bales of New Zoaiands will be carried forward to the September series. The following shows what quantities have boon available for the July series during recent years: — 1 ARRIVALS FOR- THE JULY n-rn r-» mu

JllUt) I/O.UUU 190,3 183,C00 80,000 119,000 A GOOD INTERVAL. Regular readers of this issue have been kept apprised of the eoiiise tu tilings in consuming centres during the recent interval, and the good trade done has all. been a kind of loader for the current series. A big business has bc-en done in both tops and yarns, and the whole trade came together on Tuesday quite prepared to buy. The fact is, several firms have oversold, and must have new supplies. Although it cannot be reported that prices have been much higher during the interval, there has been so setback, and in the aggregate both merino and crossbred tops are about -Id above what they were at the close of the last series qf auctionsThis has certainly paved the way for an excellent time, and with everybody" being keen to acquire new raw material, the foundation was already laid for satisfactory prices when the members of the trade assembled on Tuesday. A GOOD START. Before a very full room the initial •sale passed off remarkably well, a good buying spirit being in evidence from the very start. The catalogues comprised altogether 10,000 bales, the inquiry being keen and well sustained. The bulk of the offerings on the opening day consisted of crossbreds, and tlio sale passed off uncommonly well. The home trade led the van for oro'sbreds, and anything suitable .for America went to that quarter. All through the sittings the bidding was excellent, all sections alike being keen competitors. Considering the character of the offerings no one coidd find fault with the’ tone and spirit of the sale room and when compared with the close of last series good merincis frequently made Id more the less desirable parcels easily making ist sale’s rates. No doubt when the selection is better, fine wools will easily command a full 5 per cent advance. The way crossbreds s'haned was creditable, and American influence was distinctly felt on all wools suitable for that quarter. Both fine and medium qualities when suitable for the United States frequently made kl to Id more, ordinary topmaking wools being quotable Id dearer, while coarse crossbreds were par to Vd better. Slipes which were generally somewu.it better in character than last series, frequently sold at |d more. ‘1 be same can ho said for the Puna Areas, while South African wools in the grease also made id advance, though Snow Whites showed practically no change. _ _ ! . . Since the opening night, the initial advance lias been fully maintained, and tho sales arc progressing in a splendid way. Not much trouble has yet been experienced in regard to the

lotting or showing of the wool, although the staff at tho docks is considerably under normal.

THE OUTLOOK

Messrs H. Dawson and Co. make the following observations on the position of tho raw material. “During the long interval which has followed the close of the second series, s-ev- I oral factors havo been operative J which have caused considerable nnx- | iety to those engaged in tho wool trade. Happily the long period, "of drought in the Australian Colonies, which was the most serious item, is now at an end, and the disastrous consequences which were feared a few weeks ago will not be realised, although there have been in several districts heavy losses of sheep, and as a result there will bo a decline in the production of the next clip. In this respect some sensational figures have been spoken of during the past month, but welcome rains have saved the situation. It is too early to make reliable estimates, but the latest cabled reoorts indicate that we may expect at least 100,000 bales lessened production this next year. The anxiety of the trade has been seriously increased by tlie labor trouble at the London docks, which unfortunately is still unsettled.- The work ot showing the wools is being done under great difficulties, and unless there is a settlement in tho early days ot the series, the offerings will not lie necessarily smaller per diem, but it mav even be found essential to adjourn the series for a few weeks until the strike is terminated. There is, however, not expected to be any veriserious block in securing delivery ot the purchases. . . ~ , “Meanwhile the situation m the ultimate markets compensates in some measure for those troubles. Hie nc>',\ season’s business has opened up very satisfactorily, a revived demand and harder values' being reported from almost every centre. Stocks ot the raw material have been heavily drawn upon, and speaking generally, buyeis will come to this series (hungry tor wool. The United States demand noises to he fairly active, especialor medium crossbred grades, and already a considerable business has boon done during the past ten days m Bradford in cased wools. I here is a large offering available (if it can be handled at the warehouses), but the demand appears to he fully equal to the supply, and the prospects aie undoubtedly good for the maintenance of values in all combing wools, both crossbred and merino.”

Xc-t uantity. Bales. ogoccgo O O a O 5 O O l - IJOOJSO t - I'd 1" drt cd O cr: 1- i" icncoh O' in s O cc ~ w O' 5 o o o oo O o cp o ooo oo OO O OO OJO t-T j—T io »o ro'aTic H -H H r— 1 w | g i o o © o © o © ooccsoc i- i-s o '■? o a o~x -t t " 1-0 -t< c: o O CO CO ON -r CM CM <M CM r— !>» io \s. M «—i o o CO t - c H H r—- w Q o C CJQQ^CiQC: