YORKSHIRE LETTER.

Dominion, Volume 4, Issue 1110, 25 April 1911, Page 3

YORKSHIRE LETTER.

OUTLOOK FOE THE COMING. SALES. (From Our Special Correspondent.) Bradford, March 10., 1911, Wo arc now within measurable distance of the opening of the March series, ami next Tuesday will see tho- trade once again centred in Coleinan Street. This will be an occasion which nieaus Rood or ill to a large number, and naturally muck interest is manifested. Tho trade at present could really do without any tones of sales until Way, but they will have to come oil whatever the consequences. Although we are confronted with a record quantity still 1 am glad to bo able to bay that to al appearances I lip bull: or the wools available will be lifld, and 1 do not think prices arc going to sutler a Si .1 : ''' / V'K- V calil,B essentially with he out ook for the coming sales, 1 am glad to be ablo to fay that the rofiuireiuents ol users arc still pronounced, and I am certain that many firms aI .J Roiiig to make provision for the next lew months, (several realise that if they do ■h?, ii PUr fi nB! Whi C Ul °- V I,avo tho «Pl»™ I nlj .then good merino combins wool nil not be there when it is wauled. I do not suppose that during the forthcoming series wo shall seo a big quantity of speculator's lots catalogued. As a rule owners keep these back till tho May, July and September series, when they know that regular lines are distinctly" scarce, and when buyers are compelled to value odd l<, s more carefully than they do when there is an' adequate supply of growers wool, It seem*, to me as if tho qunn >ty to be offered at tho March series Mil be a lon- way the largest likely to bo_ submitted during the reinaimuc series

THK OUTLOOK TOR THE SALES. What can one actually say respecting no outlook lor tho lonkcoming Series? 1 have already dealt with the question, of supplies, and without doubt tew in. deed are hungry. We have only to look at the large weight which has Men sent forward direct to manufacturing centres o realise the tact.that all .alike .must nave at the moment eomo big weights ol wool to be going, on. ■with. At tho same time 1 am in a position to eay that whatever wool is in tho hands of consumers is to a largo extent mortgaged, ami that is one important factor to beremembered as we look towards Coleuiau iii , , 1 alu infolmc( l by Uioso who should know that combing establishments in liradlord, besides warehouses, aro very lull ol the raw material, and all hands are to the pump in getting tho wool cased, sorted and blended, and away to tho combs. So long as those conditions obtain I have little fear about the lutuie. Wool, no doubt, is wanted, and will be, tor we are not yet at the end ot the present good trade. Whichever way one looks a very satisfactory state ot affairs obtains, and tho March series will open with general confidence in tho future of business. No party can call wool actually cheap, neither is it very dear, and I am glad to be able to say that from tho lop-maker (o the manufacturer a living profit can bo made. Of course, somo ol tho imports which are arriving are not creating a very comfortable feeling, for too much wool was bought on.n basis of 2s. 3d. for a C4'e top. To-day's price for a good articla is not more thim 2s. 2d.,, and 1 do not think that any party would have any difficulty in getting in at id. less, providing he would take delivery beginning with, say, end of April. 1 am certain that wool will bo bought in London at the forthcoming series on a 2Cd. basis for a good Cl's top, and unless I am greatly mistaken the majority will be valuing at a fraction less. Of course, tho wool has to bcsold, and it is now well-known that out of last series good (!l's top 3 could be made at 25Jd. and 253 d. I ■ ain glad that is so, and even growers themselves will not begrudge buyers the fractional profit which they h:;vo been nblo to obtain. It simply means that they have still the appetite to operate freely on that basis, and in face of quantity of raw material to bo offered. I cannot see much 'chance'.. flf,;''Jil[i)irr piices. So ' far as Yorkshire 'is concerned, there is little fear but what last sales' prices will bo maintained, and if tho Continent at all rises to the occasion, then we are in for a good series.

'HIE QUESTION OF SUPPLIES. No question at present is agitating tho wool ireile like tnat ui ■ supplies. There has emanated from one 'source hero in isngland an estimate that Australasia is going to turn out during the current wool year, which ends next June 30, another increase oi 200,000 bales, and ittlie expected increase .from- bouch Africa and tlio Kivcr Plato is put to that, the wool trade of Europe will be called upon to absorb no fewer than 300,000 bales. Wo were told at cue- lime by a well-known. Sydney authority that wo might expect a combined increase from Australia and New Zealand of 175,000 bales, but there is now. a tendency to reduce the estimate from even 150,000 to 125,000, while wo seo Dalgoty's stands for 100,000 bales. 1 honestly think we can dismiss entirely tho larger increase of L'oo,ooo bales, and as 1 far as ono can zee, with sheep clipping less both in Australia and New Zealand, the increase will not bo muck more than a good 100,000 bale*. Of course, Australia is enjoying a magnificent time, and sheaving lias already begun on big properties in Queensland. There is no doubt we are going tj see a sensible development in autumn shearing in.the northern Stato, and to this no party can object. It simply means that there will be available an increasing , quantity of "new clip" wcols'froin May to August. This is bound to relieve the heavy ollcrings in the Commonwealth markets say from October, to March, therefore autumn shearing is undoubtedly a step in the right direction. Then, with tho season being so uncommonly good, sheep are fat, consequently wo may expect a largo increase in the.exporls of frozen mutton, all of which will mean an increase in the amount of.skin wools and slines exported from Australasia. As 1 write this Dalgoty's usual .monthly cablegram announcing tho experts to tlio end of February is not to hand, but in any case I fnil to seo how there is going to be much more than 100,000 bales increase, unless, as I liavo already said, larger weights of wool from killed slippp un ;;oing io ho exported. In connection with supplies, we'must'not forjjet (ho fact that .America has been completely out of the running in' Australian merinos and its takings arc over 110,000 bales fewer than at the corresponding date a year ago. Now it means that this wool will have to come to Europe for consumption, and I think wo 'sce.au echo of this in the large increase in the gross arrivals for the March' series of sales. Last year the new arrivals were 301,300 bales, against 47(»,500 bales for the March series this year, or an increase of 112,500 bales. Practically speaking, wo have here the quantity which America ought to have purchased in Australia and taken direct. Of course, it only represents about a nine days' sale in London, and with trade lie-ins good there should be no difficulty in absorbing this increase, but; the real issue must bo faced by putting this 100,00,1 bales to another 100,000 bales, which is tho expected . incroaso from Australasia. It therefore means ■that as far as ono can s.c-c European 'manufacturers will bo called upon to lift this increased quantity, and it is that fact which makes the majority think that prices are sufficiently high to V.c consistent with safety. Tlio quantities available for the forthcoming series are as follow:—

MARCII-APRIL SKR1ES, 1911. j|| fl if II ■ 'HI « II ft! P" U s* .8 Bales. Bales. Hales, lialos. New South Wales- 4.000 51.0S2 28,000 .USS2 Queensland 2,000 10,7112 IS,202 Victorian ... 2,300 101,IS! 80,500 22,"St Tasmania!! — Sl.i 500 315 South Australian ... 500 35,202 31,500 4,202 West Australian ... 1,000 22,187 — 23,187 New Zealand 4,700 170,488 05,000 110,188 Cane ami Natal ... JMO 00,008 52,000 15.0GS ' Total ... 17,000 470,77S 201,500 232,2(8