128 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, 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. A large portion of the fur-skins 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, es- 

 pecially from the viewpoint of the sellers. With so many diverse inter- 

 ests, 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. The 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. 



"There are no detailed figures as to British imports or exports. 

 The only way in which the imports of any particular skin can be deter- 

 mined 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 

 imports of undressed fur skins as: 82,327,101 rabbit skins, value $3,675,- 

 483; 333,033 seal skins, value 11,491,573; and 18,515,682 other skins, 

 value $15,390,209. In 1909, when the total number of undressed rab- 

 bit skins imported was 66,135,374, valued at $2,548,537, the countries 

 supplying the larger quantities were: Germany, 39,462; Belgium, 

 11,255,772; France, 3,845,158; Australia, 43,442,559; New Zealand, 



