106 COMMISSION OF CONSERVATION 
A report made in the spring of 1911 by the United States com- 
mercial agent at London, Mr. J. D. Whelpley, to his government at 
Washington, and published by the Bureau of Manufactures of the De- 
partment of Commerce and Labor, gives considerable information on 
the London fur trade. The following extracts from it are informative: 
“London is the fur market of the world, and the prices paid at its 
famous auctions are the determining factors in making prices the world 
over. Practically all the fur gathered during the year is sold at one 
or other of its five auction sales. The first is held in January, the second 
in March (by far the largest and most important), another in June, and 
a fourth in October. In December is held the annual seal sale, at which 
nearly all the seal furs taken during the previous 12 months are offered. 
This selling of the furs in one market has its advantages, especially 
from the viewpoint of the sellers. With so many diverse interests, 
representing practically every country in the world, it is utterly im- 
possible to form a dealers’ ‘ring’, as would almost inevitably result if 
the furs were offered in a smaller and more restricted market. That, 
probably, is one of the considerations that brings the furs over thou- 
sands of miles of land and water at considerable expense to be sold in 
London and returned for final disposal, perhaps, to places within a few 
miles of their capture. 
“There was a time when only dealers bought furs at these great 
auctions. Now, however, several of the larger and richer wholesalers 
bid, eliminating the dealers’ profit. Tht principal reason why this is not 
done to a larger extent is a financial one. Few of the wholesale houses 
wish to tie up capital for the long period necessary if they buy direct 
from the auctioneers. Buying for cash in January and March, it is in 
many cases close on to a year, and in some cases, when business is poor, 
two years before the wholesalers and manufacturers can hope to realize 
on their investment. On the other hand, the dealers extend liberal credit 
terms to their customers, and consequently the burden on the latter is 
not such a heavy one. 
“Information concerning the fur trade of London is most diffi- 
cult to obtain, owing to the nature of the business and the reticence 
of those engaged in it. Prices vary so much in any one skin that the 
rise or fall can be determined only by experts, and then merely approxi- 
mately and by very general averages. 
“There are no detailed figures as to British imports or exports, 
The only way in which the imports of any particular skin can be 
determined is to totalize the sales. This is difficult and unsatisfactory, 
as there are several small sales and some private offerings in addition 
to the great fur auctions. The English trade returns for 1910 give the 
