YORKSHIRE WOOL LETTER.

Dominion, Volume 5, Issue 1490, 12 July 1912, Page 6

YORKSHIRE WOOL LETTER.

OUTLOOK FOR THE NEW ENGLISH CLIP. • (From Our Special Correspondent.) Bradford, Mny 31. Ihe time of the year has arrived which to English sheep-farmers is all important, for next to lambing, shearing not only absorbs a good deal of attention, but is also an important source of income. It used to bo quite a common thing for tho wool clip to pay tho rent of tne farm, but that is not so to-day. There are farmers living who well remember tho early seventies, when they received as high as L's. Gd. per lb., and although there, is perhaps at tho moment no immediate sign of these prices being anything like a ruling figure for Home-grown wools, it is well within tho range of possibility. Look where wo will, tho population of the world is increasing far more than its ehcep stocks. Asithis goes on inoro land is being put down to agriculture, and it only needs a. few years of drought in Australia to drive wool values to a distinctly high level. • This is a fact which wool ■users know too well, and the signs of the •times seem to indicate that the Commonwealth is coming- to the end of. its fat years, nnd that another dry period lies ahead of the pastoral industry in that part of the wcrld. This is a thousand pities, for when all is said and done, reasonable prices, plenty of feed, and full paddocks are moro desirable than "rocket" prices and small flocks. However, to-day -uc will look at the etandiiiß of English wools, for although it may not directly interest pastoralists in other'pnrts of the world, thtre is a very important relationship between the colonial clip and that of. the United.Kingdom. .1 feel certain that the importance of the domestic clip is not appreciated or even under.stood as it should be by'those outside this country, but when I inform renders that no less than thirty millions of sheep are being depastured throughont these isles, it will be seen that there nro ns many sheep hero as in Queensland and South Australia combined, or to put it another way. there are more slieep in Great Britain than in Victoria, South Australia, and West Australia, and even 25 per cent, moro than in- New-Zealand. It is therefore patent that if the Home-grown clip could be got together in. one spot.like that from New Zealand, it would cut a fairly big figure, and that it is .important for both its size and monetary value.

A DISAPPOINTING YEAR, / from-what standpoint English dealers look at last year's trade, nothing: but dissatisfaction can..be expressed, therp being a unanimous verdict that no good whatever was done with the clip. Buyers went to the-country fairs in hot haste, and whilst (hey were boiling over with exuberance, their actions not being guided by a very -wise principle. They picked the wool up very hurriedly, extravagant prices were paid/and tho expected boom in English , wools "missed tire." AVo could never sec any justification for tho haste that was made to acquire nc\y clip, wools, although we certainly think that every pastoralist is entitled to a full market- price for tho fleeces he turns out, no matter whether it be merino or crossbred. At the same time, if buyers misjudge the market and pay too dearly for their purchases, they naturally feel sore throughout the remaining part of the year, and that is exactly what has keen experienced since the summer of 1911. One more important reason why the last English clip turned out to be unprofitable was the continued "absence of American support. It is quite true that during the last two months-more' Home-grown wool has been shipped across the Atlantic than for many months previous, but during 1911 the exports were very much below normal. Our produce still occupied a front position among spinners and manufacturers in this country, and when all is said and dono bur export trade in Homo fleeces is considerable. The great need is a largo American demand. The fact is remarkable, that our total export of.British woobkst year Avaa less than it has been since 1907, and below we give some very useful figures showing what an important factor America is in helping the sale of domestic fleece wools, also setting forth fho.-quantitj- of Home-grown wools exported from tho United Kingdom durins recent years.— '

-- Export from Great Britain . Total exports to the ' . to •■ . United States.: all countries. ' ■• £ .-'' ' :'■£ '.. . ■ 1911 10,331,000 ■ ' 30,652,000 1910, ' 18,072,000 36,973,000 1909 44,189,000 ■ 02,209,000 1908 • 24;999,000 37,837,000 . 1907 17,922,000 30,955,000 1906 •■ 18,971,000 29,809,000 The above figures need no comment. They verify the statement made above that our shipments across the Atlantic in 1911 were by far the smallest since 1907. THE RIVALS OF ENGLISH WOOLS. English wools have keen, rivals in the raw material produced in Now Zealand and Argentina,, which is grown by tho various breeds imported from England. This crossbred wool is certainly excellent in quality, well grown, sound in staple, and usually hotter prepared. lor market than the bulk of our home-giown\ sorts. Owing to the postponement of the March series of London sales, consequent upon the coal strike, a larger weight of New Zealand crossbred wool is yet to market than we have seen at this season for a loug time back. Still, in the aggregate, the quantity of wool of a crossbred nature is no larger than we usually sec; in fact, there is almost certain to be a decrease of 25,000 bales from New Zealand, and possibly 20,000 bales from the River Plate, all of which should'bo in favour of the home-grown article At the last series of London sales there were catalogued in round , figures 15,000 bales of crossbreds from Australia, New Zealand, and South America, and fully this quantity will bo available at the next,series, which begin on July 2. It is a well-known fact that the standing of colonial crossbreds always plays an important part in determining the price-of home-grown wool, and it is significant that values to-day for New Zealand crossbreds aro }d. to Id. below what they were at /the corresponding date a year ago. The same thing obtains with regard to the coml>ed article, that is, tops, nntl it tlicreforo seems ns if English wool-growers will have to take a little less than at last shearing. Wo show below tho standing of New Zealand crossbreds at the London' May sales during the last three years':— ' •

AVERAGE PRICE FOR NEW ZEALAND CROSSBREDS. . May. May. May. Average. Average. Average. 1010/ 1911. . 1912. '■ perlb. perlb. perlb. Description d. d. d. Half bred, Super ■ sO's-sG's 14J-15} 12-13 .JIJ-I2J Crossbred, medium ,46's 11-12 10J.11} 10-101 Crossbred, coarse 40's 9J-10} 9}-10} 85-9 Crossbred, coarse ' ■ » 3G's ....; 9-9} 9-5} ' 8-8} Although.prices are slightly below what they were at the corresponding date a year ago, they are fully normal.'Trade continues to be pood, mills are busy, and so' long as tliis obtains it hnrdly looks as if-values will suffer much: in fact, fo Ion? as the present consumption continues wool values will maintain to-dny'e level.

WHAT OF THE FUTURE? The nVstion of price is an important one both to growers and users. As far as one can see thero will b? a good demand for the coming blip, but I doubt Furiously if buyers arc prepared to pay last year's rates. With colonial crossbreds being sensibly cheaper than n year ago, English wools should cbthe.down a penny per lb. to bring them oh a level with New Zealand crossbreds. So long as users can meet their requirements from the colonial article, it is certain"-that they will uevcT pay moro for domestic noois. nnd this factor is bound to oi>erate during the forthcoming season. Already the Irish clip is being bought j<l. to 3d. below last year's "rices, and I hoar that in the South of England,' where clips me b»ing bought, about the Mime basis of values is being raid. T fully exneel to tpe a good demand for the raw material; but if. is hardly ■ likely that buyers will rush to onerate as they did last year, and unless they can purchase the wool on n slightly 'low?r httf-K thin a. year ngo, niahy will be o.llowed to kwp their wool. At the same, tinic. with consuninhon Wirig , large and milk busy, a, good business will V* done if croTWj are prepared to sell at about id. :JssL tfesaiJaet. efigaena -