LONDON WOOL SALES.

Gisborne Times, Volume XXX, Issue 3604, 17 August 1912, Page 2

LONDON WOOL SALES.

CONTINUED ACTIVITY AT HIGHER "PRICES

(From Our Special Correspondent.) LONDON, July 12.

The sales are being continued under very favorable conditions, and everything seems to indicate that the raw material is resting upon a very firm foundation. . The catalogues put liefore buyers arc not as heavy as one might have expected in view of the large quantity of wool available, but this is entirely due to the inability of the warehouse keepers to show more wool per day than they are doing, while buyers seem satisfied with the average 10,000 bales per day which are being submitted. That is quite sufficient- for any section of the trade to get through," and considering the circumstances, we certainly think that, all things considered, the sales are making verv satisfactory progress indeed. " If they have done nothing more they have shown the world that the raw material occupies a most encouraging position, and that, given a continuance of favorable manufacturino- conditions, wool prices will be well slide to take care of themselves._ The fact is. everybody seems to lie in keen quest of the raw material, and to find both the Home, Continental and American trades all ready to operate is proof positive of the remarkable state of the wool world. Upon everyone s lips is the cry that the raw material is very dear ; in fact, the general verdict is “too dear,” but users seem helpless in the matter, for. all alike must have it, and are buying \ei> freely indeed. It does not mattei how dear wool or any other necessary article of textile manufacture may be, so long as those manipulating that mtiele can turn it to profitable account, f 1 seems to us as il wool to-day is the prime commodity of the textile 'world, and trade being good, all sections <ue entitled to a share of profit.

MERJXOS DEARER. There can he no two opinions respecting the course of merinos, it- being generally agreed that fine wools are quotable clearer compared with the opening. As days succeed each other there is a well sustained effort to secure adequate supplies, and there is no eiving way whatever in the Keen competition which has marked each sitting since the opening of the series. The selection of fine wools cannot »e called at all great. Some nice wools are -being catalogued, and some fairly lig quantities are sandwiched tor speculators' lots, and other faulty wools, though the former as a rule consist of good wools which are of a very useful type. At a time like this buyers cannot afford to play fast and loose even with second-hand parcels and those are receiving the full attention of everyone. It is remaikabie how few are being withdrawn, a proof that a profit is being bid on first cost. It will bo remembered that at the opening merinos were quoted up par to .1 per cent., hut since then the market has sensibly hardened, until to-day merinos must be called ftl to Id clearer, the advance being now as much emphasised upon good topmaking wools' as the superior parcels from "West Victoria. When 14id is paid for South Australian wools, -it is evident that the market is strong, and so mo excellent prices are being made for Southern Adelaide wools. All fine haired parcels are receiving very good attention, both Huddersfield and Bradford, as well as French spinners competing for these in a remarkable way. All buyers say that the prices they are having to pay leave nothing in the wool for them, hut having taken contracts for yarns, they must necessarily cover same with the raw material. Scoured merinos are being somewhat sparsely catalogued, but for these there is an advance being made of Id to Id, the penny improvement being most noticeable for good combing wool and the former for short carbonising parcels. Now is the time to get riel of the. latter with considerable freedom if importers hare them, for we know of several Yorkshire firms who are keen to buy faulty carbonising locks, pieces and

bellies. 'What is perhaps the most outstanding feature of alJLju connection with merinos is the keen enquiry for good topmaking wools. We like this circumstance best of all for it shows conclusively that trade is good, and we know that several leading West Hiding topmakers are short of wool, are considerably sold ahead, and must therefore cover.

CROSSBREDS SELLING FREELY AT TOP RATES.

Fleeces from the mutton breeds continue to figure prominently in the catalogue, and there is no slackening whatever in the demand. Both the Bradford, Continental and American trades are in evidence, though the bulk of the crossbred wools are naturally falling to the bids of the home trade. Since bur last report some fairly large weights have been offered, but oven 6000-7000 bales per day are nono too much for the trade to lilt. A bails seems to .have been arrived at, and the bulk of the medium and fine qualities are now fetching Id to more than last series, 46’s in particular selling freely at the advance. 011 an average, coarse crossbreds cannot be called more than pi up, though many think that lots suitable for America are making a penny more, and this view wo entirely endorse. When lOd to lOpl is paid for greasy Lincoln fleece wool, a marked improvement in prices is seen compared with April. There are not so many American buyers 111 Coleman street as we were led 1 to expect, but all the same the eight to ten representatives are doing some excellent work, and are taking crossbreds of a worse type than they did in January, or even April. American competition is very welcome from a growers’ rand sellers’ standpoint, for no doubt its influence is being felt in the less desirable parcels which the home trade are taking. Bradford buyers especially are operating extensively in good, and ordinary topmaking wools, and prices are certainly ahead of what can lie made today for the combed article 'in Worstedopolis. What we like about this department of the market is the excellent competition. Stipes are being catalogued in a moderate way, and for these competition i.s excellent. We call all classes now fully pi more than they made last series, and without doubt- these useful wools are being taken as keenly as ever bv the home trade. The series are making excellent progress and the market is very strong, prices being made daily which show that everything is still at the top, notch.

VEGETABLE FIBRE IX WOOL.Another dinner and meeting took place at the Garden Club, White City, last Saturday evening, the function being fairly well attended. This gathering was arranged 12 months ago at Roubafx, its purpose being to report progress. Representatives were there from all sections of the trade, home, -Continental and American. and a very good feeling was in evidence throughout. The Vegetable Fibre Committee have not yet been able to come to a satisfactory solution of this most difficult question, but a good deal of work lias been done quietly, and the Committee believe that before long they will he able to put their findings into definite form. There is an exhibition of paper lined wool packs at Messrs Brown and Eagles’ Back Church lane warehouse, and those who have inspected the sample -empty tares have been favorably impresecl with them. Another new tare came in last Saturday, which has also drawn forth expressions of appreciation from those who have seen it. The inside has been so treated that no loose fibre is visible. The tare seems to have been singed and then painted with grease or oil. and it has certainly many features which if permanent will help to minimise considerably the vegetable fibre ■difficulty. What is now wanted is a test of same.

After careful examination we certainly think paper lined tares offer by far the best solution of the present difficulty, but we have all along contended that- the trouble will never be abolished until buyers are prepared- to share in the extra expense of providing this pack. TOPMAKERS ALL WANTING MORE MONEY.

The effect of London sales has been to show the sound position occupied by the raw material and both Merino and crossbred topmakers are all wanting more money. There is no doubt as to the position of things on this market, although it cannot he said that users have yet shown any disposition to follow the upward trend of prices. The fact is, things are going a little too strong in Coleman Street, and many think that by waiting they will do a trifle better. If topmakers would go on selling at prices ruling before the sales opened, a big business could be clone, blit the majority are wanting 4d. more, and that is to a large. extent handicapping business. When one reflects on what has been done during the past two months, values have certainly shown a sharp advance, particularly in merinos, and in view of the time fast approaching when buyers will be leaving for Aiistralia, many think that it will he wisdom now to pursue more strictly a hand to mouth policy. Hence the present position of affairs in Bradford.

Merinos continue very firm, and quotations are all advanced. It cannot he said that what topmakers are asking can be actually made, time being needed to get users to a higher altitude. Consumption is tolling its tale, for large supplies of wool are being shifted, and top-s are going out as quickly as they are ready. Civ.rs brads also occupy a very similar position. It is commonly said that 4C s can yet he bought at 131 d, but it will be a shabby top, most quotations today being -Jcl more. Most spinners have yet some fair weights to come in at nearer 13d, consequently they prefer to wait until they see wliat is likely to take place. English w,ools are all strongly entrenched, country prices still being well maintained. Considerable shipments are being made to America, but local users are very reluctant to follow country prices, preferring to buy the cheaper Colonial article. On all hands strong confidence is expressed in the future of Home-grown wools owing to a prospect of America being a larger buyer. There is still plenty of activity seen in the country, and all fairs are passing off remarkably well. The fact is. business everywhere appears to hie good, consumption is large, and this to a large extent tends to maintain values. A little more is reported doing in Mohair circles, spinners being better off for work than recently. Takiim all things into consideration the textile industry is enjoying a period of prosperity, _ and everything points to a continuance of the present sound features. Spinners lately have sold some fair weights of both worsted and botany yarns, and many state that they are sold forward for the remainder of the year.