London WOOL SALES.

Gisborne Times, Volume XXXIII, Issue 3685, 21 November 1912, Page 2

London WOOL SALES.

CLOSE OF A VERY SATISFACTORY SERIES. [FROM OUR OWN CORRESPONDENT! LONDON, October 11. As I write this the curtain is about to fall in Coleman Street Wool Exchange, thus marking the end of the fourth series of Colonial sales. The series seem to have been short and sharp, setting forth at one stroke the sound standing of the raw material. The improved position of wool to which I called attention in ray last letter has remained intact, the end approaching with values practically at the top notch. There can bo no doubt that the absence of largo stbeks in consuming centres, and the urgent requirements of many users have been entirely responsible for prices being well maintained to the finish, and right up to the closing day many users seemed to be as keen as over to obtain all they could. Some as usual held off operating until the series were half way through, while those who went home to Yorkshire and other centres at the end of the first, week came back last Monday with definite instructions to buy at the best prices possible. There has been a larger contingent of buyers operating this series in Coleman Street than we have previously seen this yeai*, at least more have sat through the entire sales than for some considerable time. Those who have never been absent have kept steadily at work, but it has been a rarity to find “cheap lots,’’ and those who like to do a “bit of picking up” candidly state that they have not been able to do so this series, and that they have only been able to operate at the very top limits which they had. Some of the

Bradford lopmakers name to Coleman Street with a 27d limit for 64’s, but after the first few days reports were sent home that such a figure was absolutely useless, and that topmakers must raise it Id to be of any use. The result is that buyers have had to operate this series at higher prices' than at any time this year, that really accounting for merino’s going so well. But after all, combing wool has sold remarkably well. If we take West Australian descriptions, it has been no uncommon thing for 64’s wools that would give no more than 44 per cent clean yield to cost 2s sd. Of course, the usual degree of blending will have to bo done in order to cheapen these tops, but those wanting a good genuine article have had to pay prices which will cause a little surprise in the course of the next month. But the very fact that buyers are willing to pay these figures illustrates the sound standing of wool, and shows clearly that they must have it in order to complete their contracts and provide for future requirements. There are many top-makers today .who have machinery that must be kept going at all costs, and if wool today is having to be bought at higher prices than the majority care for, it is cheaper to do this than let machinery stand. UNDIMINISIIKO HUMAN D TO THE EAST.

There is no feature which has impressed itself so forcibly upon our minds during the past three weeks as the wensustained demand for the raw material. From first to last men’s wants seem to have been extensive, and the 11,000 bales which have been catalogued daily have been got through with comparative ease. There has never been the least evidence of a set-back in values, and unlike last series nobody seemed “fed up’’ with the daily offerings. The fact is, the recent scries has been sufficiently long to satisfy all, and the trade will now be furnished with an opportunity to digest their recent purchases. For the first time this year it looks as if the whole textile industry is in a normal condition. Last series everything was topsy turvy, and I know for a fact that even at the beginning of the recent auctions more than one firm had wool at the docks which was undelivered although paid for when the account was due. However, that state of things is now ended, and everything has gone sweetly. Merinos maintained their position to the finish, and prices were practically intact when the last lot was knocked down. The fact is, everybody went home yesterday feeling no regret. A soft finislj provides a handle for those who want to get prices down, but this time there have been no “soft spots,” a clear proof that practically all were prepared to buy and to give full current rates. The catalogues during the' closing week naturally got very scrappy and somewhat poor, at least that was so as far as merinos were concerned, the bulk of the wools submitted consisting of seoureds and slipes, and where all these wools came from was a mystery to everybody. CROSSBREDS REMAINED INTACT.

The sales concluded with crossbreds sound and firm, thanks to a very healthy and satisfactory- demand. All descriptions of crossbreds seemed to have increased in favor with the incoming of the American contingent, and although the quantity purchased this series for the United States is not as much as last series, they have practically cleared the catalogues of all good to superior parcels. After all the strength of the series has not been the demand for special lines, so much as the undiminished call for good average wools. The big quantities of scoured crossbreds and slipes have continued to sell uncommonly well, and prices remained firm to the very last. The home trade lias given excellent support, and nothing is more satisfactory in connection with the series than to find crossbreds so sound and firm. Perhaps the seoureds and slipes hardly reached the extreme point seen during the middle of last week, but after all the wools left nothing to be desired, everything selling remarkably well to the very finish. TRADE HEALTHY AND GOOD IN MANUFACTURING CIRCLES.

With the close of the fourth series of auctions, we cannot do better than look at conditions obtaining throughout manufacturing areas, for we contend that what is prevalent in the West Riding and other centres always determines the 'price of the raw material in London, Adelaide, Melbourne, and Sydney. There is no more satisfactory feature in connection with the textile industry than the maintenance of good manufacturing conditions in every place where wool is consumed. The writer was in company with a loading West Riding manufacturer during the past week, and lie said that if they could at the moment double their output they could sell the pieces. He further, remarked that there seemed to be excellent prospects for the coming season, and that even the recent wet summer had in no sense spoiled the prospects for trade. This is certainly good news; if finds endorsement at the hands of the majority, and it must he said that wool would never have sold like it has iu Coleman Street, had there been the least misgiving in the minds of buyers regarding the future. With the prospect of a' shorter supply from Australia, it is already patent that there is going to be no surplus, and although the majority couteud that wool is now dear enough, manufacturers are endeavoring to enforce the advance on fabrics; in fact, they will have to receive more money in order to enable them to maintain their present standard of excellence. With values keeping up at tlfo recent auctions, this has suited admirably those who cater for Government orders, and the coming season’s trade will to a large extent be based upon current prices for wool. Bo long as a steady market is experienced, there is seldom any difficulty in inducing wholesale fabric buyers to accept deliveries, and it is significant that already in the flannel trade, large buyers have made overtures to manufacturers to fix next season’s prices, a circumstance which has not been seen for years back. This may be taken to mean that wholesalers feel that they have nothing to lose by fixing up next season’s contracts, and already we know of large orders being placed for 1913, at least three months ahead of the usual time.