YORKSHIRE WOOL LETTER.

Dominion, Volume 5, Issue 1457, 4 June 1912, Page 3

YORKSHIRE WOOL LETTER.

GOOD DEMAND AT FIRM TKICES. (From Car Boooial Correspondent.) London, April 19. Some years have elapsed since a series if London sales took place with so little ■ariation in values, and with, opening irices practically on a par with tlic averse rates ruling during tho January series, tho sales being continued at about he same level. It'is remarkable what .ittle alteration is seen as the days sne:eed each other; in (act, there is no :ha;ige, values continuing steady and firm lor practically every grade of raw _ material. In consuming centres some disappointment has been felt that the opening ivas not marked by a a per cent, advance, but when the case is carefully analysed it-mast be admitted that so far the series liavo been characterised l> v a sound business policy, which should be productive jf lasting good both to growers and the :onsuming trade generally. Many ol I ie most careful and thoughtful men in the trade doubted very seriously tho < n =dom it ain advance. Some had forgotten that for a month Great Britain has been in tho grip of a paralysing coal strike, and that a vast sum of money has been lost in wages, consequently, although the reiuced purchasing power of millions of n-orkers may not yet be manifest, wholesale and retail clothiers assert that they iro now feeling the effects of tho trouble in a greatly reduced call for new clothes. Iα face of the recent adverse factors, a rise in tho. price of the raw material hardly seemed justified, yet some were sanguine enough to believe that it would take place. Had there been a rise, and fchon a decline when the. more urgent requirements of the trade had been met, far more harm than good would have been tlono, and to find values so steady and firm is distinctly favourable to tho future interests of the" trade ns a whole. What \ve want at this time above everything else is a firm and steady market, and tho sale 3 so far have been of that order. SATISFACTORY CALL FOR MERINOS. Tho catalogues each day contain a very good selection of raw material, the-show Df fine sorts ranging from super Victorian to red, earthy West Australian wools, giving a clean yield of anywhere from 3C to £6 per cent. The variety is fairly laVge, but not more so than the trade appreciates. The keenness of the demand for the heavy, red West Australian classes is really surprising, and this clearly proves that although, they contain a good deal of earth and sand, "they have lost nonb of their popularity with Homn topmakers. This is certainly satisfactory. Many Bradford topmakers are endeavouring to buy wool on n basis of 2od. for a 61's top, but it is impossible to make them out of the wool already named; in fact, the writer cannot see such a quality of top being made at that figure out of good, straight combing fleeces. So far the Homo trade has given a long way the best support, thanks very much to many urgent requirements which have to be met. Ihe Continental contingent is giving excellent support to the fine-haired New S; nth Wales and Queensland wools, and it is hero whore their competition is the keenest. . Germany is doing middling, but i'rench buyers are fully as active, particularly on the shabbier carbonising merinos, as well as the fine fleeces from the States already named. America is doing practically nothing in merinos, up to lGd. has been paid for superior greasy West Australian merinos, but such a price is an exception, the bulk averaging from lid. to 13d. Anything above the latter figure must be called a, speciality, a well-known clip from the Darling Downs in Queensland making up to lid. for a quality that will spin anywhere up to 100's. These super-fine qualities are undoubtedly diniinishiiig in quantity, and are bought not so much on a "clean yield" basis as for special purposes oi manufacture. Prices do not show much change compared with the middle of the January series, but one fact is very significant, namely, that many lots withdrawn during this closing week of tho January sales arc selling better, a clear proof that the market is firm all round. Scoured merinos have not been offered ia any great quantity, nnd are practically unchanged. Some seem to think that faulty sort 3 are a little irregular, but taking an average, locks, pieces, and bellies are selling just about, on a parity with the average for tho first series. Both Belgian and French houses are liberal buyers of these wools, very few lots inilced being withdrawn. CROSSBREDS IN GOOD DEMAND. Turning to erossbrals, we aro glad to be able to say they have lost none of their popularity, Bradford buyers in particular showing great keenness to operate. It is certainly satisfactory to find that all classes from 3li's .to 56's aro selling freely, and there is very little indeed "to find' fault with. Prices cannot bo quoted up, but all the same'values aro verv firm with a keen demand. So far the ofto'rings suitable for America have not been large, purchases for that quarter being mostly limited to medium crossbreds, which are selling anywhere from 10s. to 12d. Both Yorkshire and German topmakers arc competing very keenly with each other, and nothing hangs fire. Jne New Zealand dip this season is undoubtedly somewhat lighter in condition and hardly so vasty as a year ago, but there, is stil'l ample room for an improvement in the general get up of many of the onerin"S. A large number of small brands leave -very much to bo desired in tho classing and skirting, but seemingly some cannot get away from the objectionable practice of leaving a largo quantity oi seedy britch and belly upon the shorn fleece There is a splendid spirit shown when these wools aro put up, and competition is as keen as ever'at the limits to which buyers are working. The supply of New Zealand shped crossbreds is somewhat less than usual, and we think there is a slight advance observable, say from par to 5 per cent. Lnglißh milled skill wools have this last month been fo keenlv sought after that buyers in Colcmim" Street are valuing to the wry top notch, and sliped crossbreds arc telling furiously. Various view- aro expressed among buyers that with the sales having yet to run practically a iortnignt. prices will probably sag a little, bat if the spirit and tone, as well as tho demand of the past week, is anything to go hy, then we can look forward with confidence to a maintenance of to-day s rates. There is less.room for an ease with the sales beginning and continuing ■ as they are doing, than if a rise has been chronicled at tho dart, and as already said, nothiiiK will do the trade so much good as steadv and firm values. If prices decline at all, then there will be a demand for the combed article at lower figures in such centres as- Bradford and Koubaix, and many arei convinced that there is yet a bi" trade to be done directly the ultimate bu°yer has confidence in the permanence of to-day's rates. We aro satisfied that the outlook is favourable, and ■ believe there is sufficient purchasing power still left to lift all the wool that is at present available. SITUATION FIRM AND INTACT. Naturally the course of things in London is being watched with a good deal of interest, and . if the truth is stated, some disappointment has been expressed that prices have not displayed a more hardening tendency. General expectations s°emed to favour an all-round advance of 5 per cent, but tho majority are now beginning to see that perhaps it is better that prices in London should have opened firmly, and that wool should bo obtainable at a reasonable rate, there is no disguising the.fact that Hie raw material is well above a parity with Bradford, and a steady nnd firm market in Coleman Street will no doubt do tho whole trade lasting good. The majority aro glad that buyers aro taking such a sane view of the situation, and no doubt it is to tho interests of nil for a firm market and good trade to bo ensured, rather than any series should be choked off nnd orders held back. _ ho far as this season is concerned, prices aro very steadv, and th'ero is no giving way whatever." Not a great amount of new business has been done since the series opened but lopmnkers hav« in hand plenty of'orders, and they have all their work on to make deliveries according to their contract time. It has to bo a very good fit's top to fetch more than 2.V.d., nnd it is "cnerally acknowledged that wind in Colwnan Stn-et is selling i.t n. higher price. No stocks exist in Bradford, ami ;i very healthy consumption is proecediiv daily So'far ni crnssbreds ure con-r-niod. 'there is litflo change to note. Those who accented cheap contracts some time age- are to-day finding it an up-

hill task to obtain wool to bring in topa nt anything like thoir contract prices; in fact, it is an impossibility. Spinners sire not keen buyers at present, and aro simply waiting to sets if values in Colenian. Street can bo maintained. Bradford needs a lot of wool in order to meet its requirements and no doubt users in that centre have set abont covering existing contracts in a very bu.iinesslike way. English wools nro well held, and during recent weeks stocks havo been lightened considerably. There is, perhaps, hardly as much doing as there was; still some fair weights are yet to be delivered, and it now remains to be seen if what is left of tho lust clip can be shifted on a. profitable .basis. Thore is no chango to report in mohair or alpaca.