YORKSHIRE LETTER.

Dominion, Volume 5, Issue 1348, 27 January 1912, Page 6

YORKSHIRE LETTER.

LONDON SALES' AFTERMATH.

(From Our SpeciaJ Correspondent.') Bradford, December 15, 1911. Trade has once , more become normal, .and now that the final series of sales tor the current year have terminated, wo are able to sum up the final doing for ' 1911. So far as prices are concerned, it is very remarkable that they show practically no change compared with the beginning of the year, but when all is said and done the results must be regarded as very satisfactory. Many have summed up the situation by stating that values were surprisiugly good, and no doubt they were. I certainly think that the situation generally showed considerable strength, and has certainly done something to dissipate the overhanging clouds, and put at ease a large number who were growing uneasy about values. When all is said and done, 1 am certain that the position of the raw material has been strengthened, and whatever tho future may have in store, the recent, scries of London sales passed off splendidly, the prices realised being .higher than many expected. I am beginning to think that so far as Bradford users are concerned, many will have to alter their views, and - make a moro vigorous attempt to get out of the old way. The home trade took the largest quantities, but all tho same the hands of Yorkshire buyers were foroed by the German section, and, right or wrong, the prices paid were in the majority of cases slightly ahead of thoso current in October. The last few days brought forth nothing new, all the sound factors remained intact, and I don't think I can do better than sum up the-' series by giving the usual table showing the final results when compared with the close of the previous auctions:— AUSTRALASIAN WOOLS. Grease merino, superior, par; grease merino., average to good,' par to Id. dearer; grease merino, poo, 1 condition, par; grease merino, inferior' pieces and locks, par; scoured merino, superior, Id. dearer; scoured merino, averago to • good, IUI. dearer; scoured merino, inferior, id. dearer; scoured merino, faulty pieces and locks, " Id.. _ deafer; grease Jambs' wool, superior, Jd. dearer; grease lambs' wool, medium, Id. dearer; greaso lambs' wool, inferior, par; grease, crossbred, fiue superior, lid. dearer; grease crossbred, fine ordinary, Id. to Id. dearer; greaso crossbred, medium superior, Id. dearer : grease crossbred, medium ordinary, }d. dearer; grease . crossbred, coaTse, superior, id. dearer; grease crossbred. coarse.ordinary, Id. dearer; grease crossbred, lambs, superior, par; grease crossbred, lambs, ordinary, par; scoured crossbred, fine,-Id. to lid. dearer; scoured crossbred, iiedium and coarse. Id. dearer; sliped crossbred, fine. Id. to Id. dearer; sliped crossbred, medium, Id. to Id. dearer; sliped crossbred, ooarse, Id. deader. SOUTH AFRICAN. WOOLS. Snow white, super, Id. dearer; snow 'white, medium, Id. dearer;'snow white, inferior, !d. to Id. dearer; grease combing, light, par to Jd. dearer: grease combing, heavy, par; grease clothing, light, par; groa.se clothing, heavy, -Jd. dearer.

Moure. H. Rawson and Co., in their cir* pular, seom to sua up the situation in' a very creditable way, and as their views aro well worth consideration, I give their remarks on the outlook: "The series closing to ; da.y has had a most satisfactory culmination. The competition has boon so steadily sustained throughout, and the maintenance of values lias been so pronounced, that the effect can hardly fail to bo beneficial to tho industry." Tho firmness ol the market has becu surprising to the majority, lor tho level of values here is difficult to reconcile with tho values of tops in the various manufacturing centres.

Business in the Sno woratod ' trado has not been bribk, and tho prices for yarns and for tho manufactured articlo liavo in consequence been mora difficult to enforce; it is not surprising, therefore, that with this experience, and with machinery not fully employed, most pcoplo had looked for a lower level of prices. Of course, such a situation gavo force to a "Iwar" movement, which waa probably carried too far. It must not be forgotten, however,, that there has been some shrinkage as compared with valuca in July and September, and that tho colonial-bought wools arc generally cheaper than the prices which havo ruled in London.

Tho strong tone which has. prevailed has undoubtedly been due to urgent machinery requirements, together with tho sentimental effects produood by some American demand. Yet the outlook for tho future is not altogether as encouraging as could be wished at, the manufacturing end of the industry; thero is still anxiety and distrust, and . when tho colonial and South American wools arrive in large bulk at tho commencement of tho year, the position may bo a little moro difficult to maintain. Mcanwhilo the pro sent firm prices should strengthen tho ■ultimate markets, and have a beneficial effect all round.

As regards crossbreds, these are enjoying a very strong and welcomo apprecia- ■ tion. An adjustment in valuos, which was quite due, has been made, for medium , crossbreds have been for some timo ro-' latively cheap as' compared with fins wools. Tho high cost of living is a prominent question in many countries, and especially in tho States, and it seems aa though a strong call had set in for tho cheaper crossbred fabrics. The somewhat largo stocks of crossbred tops in France : and Germany constitute, however, a factor that must be reckoned with, and there is still o big supply of orossbred wools to come on to the market - from South America and New Zealand, 60 that .'any intermediate boom or undue inflation in values is hardly to bp expected. It would perhaps not bu prudent to accept as a criterion of values for the futura 1 the prices ruling at the present series, which. has seen a remarkable strong call for crossbred sorts from U.S.A. in a timo of somewhat restricted supply; but, nevertheless, the general position o{ crossbreds seems to have improved from whatever standpoint it is tested. Mcanwhilo tho foreign markets are also enjoy, ing the benefit of this American demand, and prices everywhere have made marked appreciation. The continuanco of U.S.A. demand is the principal factor to be noted in attempting to gauge' the future maintenance of .valueg, and that demand at present seems to favour crossbrcds moro than morinos. THE YEAR'S IMPORTS. With the closo of tho sixth series of sales an important sidelight is thrown on to the consumptive capacity of the trado by the publication, of Messrs. H. Schwartze and Co.'s .invaluable figures. Those who remember tho trade thirty to forty years ago express great surprise nt tho tremendous weights of wool which the industry is now called' upon annually to lift, and during 1911. the Home trade has taken 1,086,000 bales, the Continent 1,760,000 bales, and America 52,000 bales, tho total being 2,895,000" bales. Theso figures must baffle comprehension, and show at onco the importance of the industry. I have often wished that tho various takings of the Continent were specially detailed in order to- show the 'respective requirements of- each country, France and Germany in particular, for considering tho size of these two countries, their absorptive capacity is still behind that of tho ; .Home... trade, . n Ono wonders what'the world would havo'don© ff Australia had been visited with droughts as was the case from 189G to 1901, and it is to be hoped that nature will continue to smile upon' the ' large pastoral areas of Australasia, South Africa, and South America. Still, the' dis. tribution of such a largo quantity of wool offers the finest commentary possible upon the great wool industry of the world. Many new avenues of consumption must have been discovered during the past, decade, or so much raw material could cot havo been and it is remarkable that the total takings of tho trade during tho current year are more than double those of 1900. Tho exact figures are 1,467,000 bales in 1900, compared with 2,893,000 bales in 1911, the increase being no fewer than 1,431,000 bales. Even so recently as 1904, the total takings of the trade were only 1,576,000 bales, henoe the increase this year amounts to nearly, 100 per cent, more than in 1904. Thero is, therefore, no wonder that tho figures to-day 'cause general ' surprise to practically all branches of tho trade, and notwithstanding the huge quantities which have been sold, thero is no sur- ■ plus stock. • For the second timo in tho history of the Home tr-ade, its purchases amount to over one .million bales, tho deliveries actually boing 78,000 bales more this year than last, while the Continent has absorbed 115,000 bales.

At Portsmouth Police Court Hemiich Grosso, a German captain, was committed for trial on six chargc6 of espionage. During the proceedings counsel for .tho prosecution read a decoded cipher _ letter', which, he. said, throw a sinister light on the prisoner's doings.. This document, which was signed 'P.," made a number of inquiries with regard to the arruiugof the new British submarines with guns, asked where tho guns were 6tored for arming merchant steamers in time of war, and - stated that more information was required about tho system of rangolinding. The accusation against Grosso was of "obtaining information which was calculated to be, and. was intended to be, of uso to an enemy,"