LONDON WOOL SALES.

Gisborne Times, Volume XLV, Issue 4012, 19 August 1915, Page 2

LONDON WOOL SALES.

EXCELLENT DEMAND AND PRICES FIRM. -

(From Our Own Correspondent). LONDON, July 9/ Things are making excellent progress here in Coleman Street, and the market leaves nothing to bo desired. Perhaps tlioro is hardly the same extremeness about prices as there was towards the end of last week, but all ino same the market shows a most encouraging state of affairs. One cannot expect everything to remain at concert pitch during the whole of a five weeks’ series, and apart from the big figures which are still being paid for the sliaftiest combing wools, here and there a few things have come often at a shade under the extreme point. At the same time the market t i an excellent one. It certainly is a mystery to find merinos moving as tlioy have been doing, for the simple reason that thore_a.ro still available and in prospect big supplies, and to find these realising such figures as they are is indeed marvellous. The selection this week has again been on the wholo good, and the call romains first class for wools showing decent character and good growth. There is no question of a doubt as to where the interests of the trade cliielly lie, and it makes one feel a little regretful that no more better class wools are being grown, at- least ono feels a little sorry that the entire fleece cannot grow the same high standard as is found upon the shoulder. But that is a physical impossibility, and therefore one must satisfy himself with the thought that the utmost is being made by Ausralian souatters in classing and preparing the fleece for market in the way they are doing. One American writer a-short time ago had the ignorant audacity to condemn the Australian system of wool .classing, saying that pastoralisls would do bet--I,tor if they simply skirted Abe fleeces by removing the heavy britch arid throwing the entire fleece as it was into the bale. Although that writer occupies a very responsible position as managing editor of a leading American wool journal, wc venture to say that he never saw an Australian clip prepared for market. Otherwise *-e----would never have penned such ari ant nonsense. Australian nastoralists are doing some excellent work, it is appreciated, and the sale room prices this series are a splendid testimony to the work and the wool whim they' are preparing for market.

MERINOS MAKING BIG FIGURES. The outstanding feature of the past week has umioubtedlv been the excellent figures for merinos. It is a fact that- dips, a part of which wore offered in. May and again this last week, have realised very different prices, the advance being anywhere from l.jd to 3d per lb. One cannot but have been impressed with the excellent demand for really good wools, everybody seeming to want something that is sound, and of good length. We do not think there was over a time in the history of the trade when length of staple was so much appreciated as to-day. Of course the exceptional circumstances are the cause of this, the Sell ger combs in France, Germany and Belgium being silent. These Fpencil combs are practically unknown in Bradford, although one firm has up to a score, but 99 per cent of the .English combs want a decent length of staple, and firms outside Bradford who in the past have spun a good deal ot French combed, tops, having had i a taste of tops combed on the Noble machine, will use most in future. Wo call to-day good shafty combing wools on ail average 2d more than last series. Even red earthy Adelaides that will not give a clean yield of more than 45 per cent have realised IUL to 2d more than the' same din last series, and to-day anything showing docent character and good length must be called 10 to 15 per cent abovelast sales prices. Monday’s sale this week was not so lively as some, and certainly here and there a few lots came in at less than the extreme values of last week. At the same time tho demand for good merinos is of the* best. Even faulty descriptions are to-day 5 to 71 per cent above last series, in fact we think that even tho faulty merinos are doing a shade better, although perhaps they are hardly quotably dearer.Scoured merinos are also occupying an excellent position, and all things considered the market hero is red hot. When brands of wool like GU/H from Adelaide sell at 2s SUI for scoured combing, there can he nothing wrong with, the market, and we certainly think the position of good scoured mc-rinos is an excellent one. Russia maintains its record for being a good buyer of clean scoured parcels, paying anywhere from 2s scl to 2s 8d according to the character of the wools. The transformation here is more than anyone ever expected. In fact somebody remarked last week that tlioy thought tho last word had been said about the price of scoureds for Russia in May, but to-day higher prices are being paid quite readily, due to increased competition from that quarter. Even ordinary combing wools are doing better, and certainly are making an all round Id more than last series. We cannot see faulty bellies and locks doing much different, but tho demand if anything is a httlo healthier.

CROSSBREDS. IN GOOD DEMAND

AT FIRM PRICES

There lias been an excellent display of crossbred wools during the pastweek, and a very active time lias been seen. The market for these wools "is a very steady one, nobody seeming disposed' to push things higher. On one or two nights some buyers have said that they have been able, to pick, up medium and coarse classes at a fraction under the extreme point of last week, but when lSd to 19d is being paid for greasy wool, there can be nothing wro*g '"with either market or price. Good half-breds are soiling extremely well, the opening advance being maintained without any further rise. We did think at the beginning that there was not more than a 5 per cont improvement in any class of crossbred wool, although all brokers quoted a 5 to 7J per cent advance. That moans an all round Id per lb on wools worth Is 6d to Is 7d, and this improvement covers all the advance that one can see. Of course, it is the clean scoured basis on which one must actually judge. Bradford buyers are very skilled in valuing crossbreds and working 'lip same, and to-day we are inclined to put the advance oil coarse, medium, and fme crossbreds at Id to Id, the improvement being the most pronounced on wools of 50’s to 56 s quality. Buyers aro taking crossbreds very freely, not that they want them for the time being, but under the impression that all the wools in sight will bo wanted, for the back will bo entirely broken of the last New Zealand clip when the current series comes to a finish. Wo believe we aro right in saying that something like 250,000 bales of the current New Zealand clip will have been catalogued in London, together with that quantity in New Zealand, leavinrr only about 50,000 bales to be submitted lor the remainder of this year. BRADFORD STEADY AND FIRM.

The topic of interest in Bradford is the offering of American tops, which, of course, are merinos. Several firms have been able to submit them, but so far little progress has been made in regard to other sale. We find a steady healthy situation without the activity that one. has-been accustomed to during previous months. That is really the crux; of tno whole question. One cannot expect the avalanche of buying to be continued which we saw during Juno, and >w that American tops are bpinc altered, the tendency is to check pc.;/ further upward movement of price,i. The best feature of all is the huge consumption, and this will- go on week by week right to the end' of the year. We find tops if anyth it g being combod a little fnster, but there are no surplus stocks anywhere, ai d

topmakers still remain much behind hand in carrying out their contracts. We do not anticipate any important selling _ of American tops among Yorkshire users. Tho quotations named are not a fra cion l sr; than tops Can be bought at from Bradford topmakers, .and the question of delivery is by no means so clear as one would like to see. Although they promise delivery say this month, no guarantee can be given, for freights are high and ships are charged to the very utmost; therefore a month can easily elapse between tops being shipped from Boston and delivered in Bradford. In the meantime spinners arc able to pick up a few spot lots in the neighborhood of 3s 8d to 3s 9d, and they see no advantage to be gained by purchasing from America at this price. While the market is on tho whole a little quieter, there is no giving way whatever in values. A very healthy tbuo is soon, winch will remain as long as consumption is what it ia.