LONDON WOOL SALES.

Gisborne Times, Volume XXX, Issue 3614, 29 August 1912, Page 2

LONDON WOOL SALES.

CONTINUED ACTIVITY AT FIRM PRICES. (From Our Special Correspondent.) LONDON, July iff. The sales continue t-o make excellent progress, and there is no giving way whatever in values. During the past week everybody seems to have been alert, and there is no doubt as to the general course ol : tiro sales, ii. cannot he said that the trade is overburdened with catalogues, and with the present spell of hot weather, 8000 to 10,000 bales per days seems to be quite enough for buyers to get through. The somewhat small offerings tend to keep the market very firm, and there is no disguising the fact that a strong disposition to buy is still, in‘evidence, all sections alike being prepared to take the offerings. That-is a good sign, for although it is. often seen that towards the middle of the series when the most urgent wants of buyers have been met. there is alittle slowing down, to-day there is in evidence as much keoness to absorb the raw material as ever, and without doubt business is being done which can only be described as very creditable. Tin’s series the prices which have been paid are not n« high as was the case in April, simply because there is not the same class of material offering. At* the same time, very good figures are being bid, and average descriptions of wool are fetching a distinctly higher range than last series. This is certainly good and it must he said that the prices paid cannot but give satisfaction to the grower. The continuance of the dockers’ strike is rather handicapping the work at the docks, but considering the adverse circumstances which are baying to .be fought against, it is certainly satisfactory to know that those responsible are making a great effort to have a decent .show daily. The catalogues on the whole must be described as fairly good. All sections of the trade, are finding their wants about met, with the exception of those in search of scoured faulty pieces and locks, which seem to be conspicuous by their absence. MERINOS SELLING FREELY-

There continues to bo an excellent demand for .fine wools, and although both French and German sections are not buying on the same scale as last

> scries, still with til© activity of tho j horn© tratls, all merinos are going out !of hand splendidly. Competition com j tinues to be of the best, and no soft spots” have yet been revealed. Oood average topmaking wools are bid foi | very keenly,' and the home trade.is I very much in evidence for all dcsonpI tions of fine wools. . Huddersfield i manufacturers are giving excellent support for superior greasy, and it is no uncommon thing to see second hand parcels from Victoria making from 13d to 14-d per lb., superior linos ox, fine grease making up to 15d. J.asmanian wool has been available during tho week, and here too very good figures have been paid. bp to has been realised for super combing grease being in tip-top condition, fine -and well-grown. Tasmania is capable or turning out some very superior parcels of raw material, and it is ia pity for many reasons that k«s merino wool is being grown in Tasmania than formerly. Other considerations, particularly the increasing demand for frozen mutton, have been largely, responsible for wool growers .going in for mixed farming, and keeping crossbred sheep. At the same time, it will be a thousand pities if Tasmanian sheep breeders ' entirely discard the merino."and we do not think they will. Scoured wools continue to meve Id to Id dearer than last series, and as already said the scarcity of faulty wools is responsible for a ful 15 per cent, improvement. The home trade is a very ready and large operator, and it is remarkable what keenness is displayed to take up the raw ma.terial particularly , for topmaking purposes. There are some firms, who must .«v part covering, and this is responsible for the continued eagerness to obtain wool, and their willingness to pay enhanced prices. CROSSBREDS AS FIRM AS EVERWools from New Zealand continue to figure prominently in the catalogues, there is no disguising the fact that all sections of the trade are ready to operate, and prepared to pay the recent improved values. The selection continues to be very good, tu. qualities from 3G's to 06’s are well ! represented, particularly medium j crossbreds, these benefitting consid-er-ably by the increased demand cn the ! part of America. Both French and j Herman buyers are taking a few fine ; crossbreds, but on the whole these can- , not he called more than -Jd tolddear--lor than last series. Medium crossI breds are faring the best, those often i being Id to lid dearer, and the same ! must be said of coarse crossbreds. Everything depends upon the condition and style of the wool. America still shows the greatest inclination t-o secure the lightest and best conditioned parcels, especially lots which have bec-n well skirted, though it has frequently been remarked that even average qualities have come in for a fair measure of support. This is very significant, and shows that America is prepared to buy liberally.-The soundest factor of all appears to be the belief that these wools will be wanted by United States manufacturers before the advent of the next New Zealand clip. There is no doubt that the present measure of consumption across the Atlantic is such that a larger quantity of average grown wool will be required, and we are pleased to say that this class of staple is being so persistently called for by American buyers. Bradford topmakers are all very keen to operate and whatever America leaves is readily absorbed by them, in regard to course crossbreds, one of the most surprising features of the series is the freedom with which 36’s to 4-o’s fleece wools are being takc-n .lip for the United States. Last series good wools could be freely obtained at 9d per lb., whereas to-day similar parcels are being readily absorbed at lOd to 10. Id on export account. This is rather significant, and 'shows that buyers generaly are moving towards somewhat lower qualities. The home trade is giving very ready support"to all pieces and bellies, and although these are often somewhat shabby and daggy, yet they will do for carded tops, and fully -Id more is being paid for them than last seriesSline crossbreds are being readily bought, and are not- so plentiful as | many 'expected. No doubt more would | he available if they could be brought ! forward, but it is well-known .that selj ling brokers are handicapped in get-t- ---| ing their offerings forward, and .it j would be a very good thing indeed if {the lightermens’ strike had to collapse. ; Good half-bred lambs are easily mak- | ing -Id more, and on the medium and j deeper wools tho advance is often id |to Id Scoured crossbreds are also not at all plentiful, and here'too there is ! a- full advance. Taking all things j into consideration, crossbreds are «?!- 1 ling splendidly, and the enhanced i- rates- are being readily conceded. Perhaps th-e most surprising feature of the entire series is the incoming of the American contingent. We need hardly say how welcome is their competition, and what influence it has exerted upon all European wool markets. In the home trade, it lias had i the effect- of stiffening the l acks of all holders, and the fact has been demonstrated that the raw material occupies an unusually sound position. | It is certainly remarkable that tho ef- | feet of American competition lias been | so far-reaching, but we have here an j echo of the expected larger consumption across tho Atlantic, and with the textile industry of that country continuing to use wool on a fairly big scale, it simply means that its users must turn to Europe far larger supplies. ;It is nm^o. fully conceded that there will he no change in the tariff until the election of the next President, and no doubt American buyers are. operating with that • assumption jin their minds.. It is certainly satisfactory to think that in English as well as Colonial wools larger weights are being consumed outside Great Britain, and the present spirit and tono of the sale room is certainly indicative of the healthy state of affairs obtaining throughout all manufacturing districts both at home and abroad. A NEW LEVEL OF PRICES ESTABLISHED. With the sales continuing firm in Coleman Street, the Bradford market has picked up wonderfully, and every description of wool, tops and yarns is on a higher basis than a fortnight ago. There is no doubt whatever as to the influence of Coleman Streetupon this market, and all sections alike are now doing their utmost to bring values to'a- level that London warrants. Wo need hardly say that sellers are meeting with considerable difficulty, and it is no light task to command Id more for G4’s, and a good Id more for even low crossbreds- At the same time topmakers have, no alternative but to maintain their quotations with considerable firmness, and it looks as if users will be compelled to accede to the topmakers’ demands, and this notwithstanding that considerable weights of tops have to be delivered at sensibly less than is quofc"od here. Those who are having to do part covering' in Coleman Street have a very thankless task, for there is no disguising the fact that tops have been

sold too loir, id id wool is sensibly above recent current quotations in this market. Merinos continue t-o occupy the premier position, and taking things altogether. the market is very sound and healthy. Commission woolcombers continue to be exceedingly busy, and there is little complaint to make on that score. Spinners continue to call for tops as readily and freely as ever, and without doubt consumption is large. It is possible to buy today average 64's at 27d, although several leading top makers are all quoting Id more. The quotation is to a large extent made in self proterticn. and there is no doubt- tliat- little business so far lias been done Oil his basis. The continuance of the dockers' strike in London is preventing wool from arriving freely, and even direct imports are coming forward very slowly indeed. Tile fact is, this district still wants a big weight of raw material, and there appears to be no prospect of any surplus. Fine noils are also moving a little more freely, and a shade more money can be made. Luring the past ten days a fair weight of new business ha-s been done in carded tops, 44" s to 4S’s selling in considerable weights both on home and export account. It is very difficult to make an impression upon buyers, although -topniakers are -mostly quoting 4d more. Business is moderately satisfactory. but it is still possible to buy 4-o’s prepared at- 131 d. Taking ail things into consideration the market is healthy, and with a continuance of the present measure of consumption, all wool supplies bid fair to be consumed. English wools are now moving more freely than they have done lately, and on the early purchases, it is possible to obtain a fraction profit- Business on tile whole is good, but prices still mount upwards, and this is rather handicapping sellers. Mohair is better than it was, and more business has been, done in . yarns than recently. The manufacturing situation is sound.