YORKSHIRE LETTER

Dominion, Volume 8, Issue 2344, 29 December 1914, Page 3

YORKSHIRE LETTER

EMBARGO ON WOOL HOW IT IS AFFECTING VALUES (From Our Special Correspondents.) ■■ Bradford,, November 13. Although Coloman Street Wool Exchange is silent, there is no diminution in tho interest manifest in the course of the ran- material. The buying interests of the entire _ industry are focussed on the sales which, are taking place this week in Australia, and we now 'seo that directly tho first flush of buying is over, weakness is developing. First let us deal with last.Friday's Adelaide sale. The trade has missed very much the usual interesting particulars of tho clips sold by Messrs. Elder, Smith, and Lo.. Ltd., the writer being asked several times for them. They would have helped Bradford to see where things stand, at least what prices were being made for well-known South Australian marks. However, the report that ehafty merinos were no cheaper shows that good fleece wools are still in a healthy position, and it is the shabbier descriptions which suffered a little. Cable news last Monday from Sydney spoke of a weaker market, and at Melbourne on Tuesday things foil still further. All this indicates where things stands and the writer is in no sense surprised at the developing weakness in average combing wools and faulty descriptions. One of tho most competent judges of tho industry at this end remarked in October that the first sign of weakness would come from Australia, meaning that when wool came to be offered in considerable quantities week_ after week, there would not he sufficient buying power on the market to sustain values.

The Embargo. All' are agreed that the embargo is m some measure responsible for the present set-back, particularly with America being denied the privilege of purchasing the raw material. We certainly bave great sympathy with our cou6ins across the Atlantic, and regret that Australian wool interests have to suffer on account of the present prohibition. Everybody knows what it was done for, for oven to-day Germany is persistently inquiring for the raw material, but, of course, the embargo has silenced natural markets, at least they have all seen that it is impossible to ship wool, although they would like to. Only last week .the principal of the largest hosiery spinning firm in Holland was in Bradford and London doing his very best to obtain a license, but it was all in vain. It is well-known that American spinners and manufacturers are producing fabrics for the Continent, at least both the French and Russian Governments have orders placed in the United States, and we believe if the real facts were known, Germany also ie buying military fabrics. The writer personally had a confession from a representative in this country of one of the largest American mills, who stated •that they were exceedingly busy for France and Russia, Germany being too delicate a question to mention. . All this shows clearly that but for the embargo United States users would be keen buyers in Australia, and we think before long that something will have to be done by way of allowing America to purchase wool in Australia under guarantee that it is not for the enemy. Of course, even that privilege could be abused. VWhen wool once gets into any neutral country, we have only the word of the buyer, and he can sell his product to another firm in the same country without in the least controlling its ultimate destination. There are always loopholes to be got through unless bust ness , is clean-cut 'off, 'and' that 1 it what the British War Office has done in order to prevent the enemy from being clothed at our expense. The general opinion prevails that the embargo will last at least this year in Great Britain, but it is just possible there may be a little modification in Australia and New Zealand, especially to America.

Final Results In London. Wβ present' below our usual table showing the alterations that took place compared with the close of the previous series:— , '■ Australian.—Greasy merinos, superior, Jd. to Id. per lb. dearer; greasy merinos, average to good, par to Jd- per lb. dearer; greasy merinos, poor condition; Jd. per' lb. cheaper; greasy merinos, inferior, pieces and locks, par to Jd. per lb. cheaper; scoured merinos, superior, Jd. to Id. per lb. dearer; scoured merinos, average to good, par to Jd. per lb. dearer; scoured merinos, inferior, Jd. to Id. per lb. cheaper; scoured merinos, faulty pieces and locks, Jd. to Id. per lb. cheaper; grease merinos, lambs, superior, par; grease merinos, lambs, medium, par to Jd. per lb. cheaper; grease merinos, lambs, inferior, Jd. to Id. per lb cheaper; grease crossbred, fine, superior, Jd. to Id. per lb. dearer; grease crossbred, fine, ordinary, Jd. to Id. per lb.. dearer; Urease crossbred, fine, ordinary, Jα". to Id. per lb. dearer; grease crossbred, medium superior, Id. per lb. dearer; grease crossbred, medium ordinary, Id. per lb. dearer; grease crossbred, coarse superior, Id. per lb. dearor; grease crossbred, coarse ordinary, Id. per lb. dearer; grease crossbred, inferior pieces and looks, Jd. per lb. dearer; grease crossbred, lambs, superior, Id. per lb. dearer; grease crossbred, lambs, ordinarly, Jd. to Id. per lb. dearer; scoured crossbred, fine, Id. perlb. dearer; scoured crossbred, medium and coarse, Id. per lb. dearer.

New Zealand.—Greasy merinos, good condition, Id. to Id. per lb. dearer; greasy merinoSj poor, Jd. per lb. dearer ; greasy mermos, inferior pieces and locks, par; scoured merinos, superior, Jd. to Id. per lb. dearer; scoured merinos, average to good, Jd. per lb. dearer; scourod merinos, inferior, par; greasy crossbreds, fine, superior, Id. to ljd. per lb. dearer; greasy crossbreds, fine, ordinary, Id. per lb. dearer; greasy crossbreds, medium, superior, ljd. per lb. dearer; greasy crossbreds, medium ordinary, ljd. per lb. dearer: greasy crossbreds, coarse superior, ljd. por lb. dearer; greasy crossbreds, coarse, ordinary, ljd. per lb. dearer; greasy crossbreds, lambs, superior, Jd. to Id. per lb. dearer; greasy erossbreds, lambs, ordinary, Id. per lb. dearer; scoured crossbreds, fine, Id. per lb. deawr; scoured crossbreds, medium and coarse, Id. per lb. dearer; slipe crossbreds, fine, ljd. per lb. dearor; slipe crossbretls, medium, ljd. perlb. dearer; slipe crossbreds, coarso, 2d. per lb! dearer. I South African.—Snow white, super, par; snow, white, medium, Jd. per ]b. cheaper; snow wliito, inferior, Jd. per lb. cheaper; grease, combing, light, par to Jd. por lb. dearer; grease combing, heavy, par; grease, clothing, light, par; grease clothing, heavy, Jd. per lb cheaper. Movement of Supplies, Messrs. H. Schwartze and Co. published their usual particulars, and they aro unusually interesting as showing tho present movement of stocks. Adding transit wools, and direct imports, the total deliveries to tho trade compare as follows:—. .. . . Total year 1911. 1913. 1913. ■ Bales. Bales. Bale?. Homo consumption ... 873,000 967,000 1,013,000 Continental consumption 1,G88,000 1,457,000 1,670,000 American consumption 166,000 50,000 51,000 2,727,000.2,474,000 2,767,000 The deliveries' show an inereaso of 253,000 bales, Tho Continent hdj taken 231,000 bales and America 116,000 balee

more, whilst tho Home trade has taken 94,000 bales loss. Trade In Bradford, Conditions in Bradford do not show very much, change compared with a week ago. • Things are undoubtedly quieter, and they have been rendered all tho more so by the news from overseas markets. One cannot have such startling cablegrams as that from Melbourne last AYednesday without creating a fair amount of uneasiness, and the recent fit of buying lias completely passed. Of course, practically all firms have satisfied tbeii requirements for this year, and therefore are waiting developments in Australia. Wβ liave said for the past fortnight that merinos have seen the top, and are moro convinced of that fact than over. Should the embargo bo modified and America allowed to compote for the raw material, there will not be sufficient buying power in the Australian market to lift all the wools available, consequently selling brokers might as well make up their minds to meet the market as try to bolster up prices by spoon feeding the trade. The wool cannot be eaten, and if the war came to a finish tomorrow the mills of both France and Belgium could not possibly start running this year, consequently we think there is nothing else for it but a reasonable reduction. We cannot eee that there is going to be any serious slump, but to lift the current Australian and South African clips on a basis of 2s. 6d. on forward account is a sheer impossibility. We are etill of the opinion that average 64's tops will have to fall somewhere in the neighbourhood of 2s. 2d., which will bo the biggest stimulus to the Home trade that can possibly come. There are those who still assert that we shall see 64's at 25., but that remains to be seen. A fair amount of forward' sales have been effected on a basis of 2s. sd. for 64's tope, some firms having done more forward business than ever before. No doubt they have acted wisely, and we say without prejudice that Australian selling brokers will be well advised to accept. to-day's _ prices and meet the market, for stacking up wool only frightens the trade all the more, and finally.leads to lower values than would otherwise obtain. Bradford is quieter, distinctly so, and 64's tops on forward account are to-day being offered at 2s. 4d. to 2s. 6d.