OUR YORKSHIRE LETTER

Dominion, Volume 8, Issue 2409, 15 March 1915, Page 8

OUR YORKSHIRE LETTER

BETTER PRICES RULING (Prom Our Spccial Correspondent ) London, January 29, 1915. Nothing but good can bo said in regard to the work of- the past -week in Coleman Street, and we find that business of a most oncouraging naturo has been transacted. To-day we find the sales occupying a stronger position than they did at this time a week ago. In this respect the very opposite to what wiis generally cxpected is taking pfa e, and there is just as keen a demand to acquire the raw matorial as'on tho first night of the auctions. Tho raising of the embargo has boen the strongest factor of all in inducing outride buyers to come to London and Bradford, where instructions have been given to purchase both wools and tops, all of which has reflected favourably upon the sale of merinos in Coleman Street. The demand for wool is 'most pronounced, and both importers as well as selling brokers are all meeting the market freely, for there is still the belief entertained that enough merino wool is in sight to satisfy all prospective requirements. As things 1 have turned out, Australasian and South African woolgrowers stand to benefit materially, and on that account nothing but satisfaction can be expressed. Merinos Dearer. . During the week a. very good selection of fine wools has been catalogued, and practically everything has gained ground. It is a fact that whereas during tie first few days of the auctions 5 per cent, easily covered all the advances, to-day it is more often 10 to 15 per cent., and at a ■good lid. per lb. more for decent wools, $he_ market i 6 strong. At the same time it is worth while noting that the imis more-pronounced in greasy wools than in scoureds, arid, buyers today. are very keen in seeking anything sound and well grown.' . That is the feature of this .week's auctions, although faulty scoureds seem to have gained a little more ground than the medium classes of combing wools. As one plainspoken YorksEireman said this week, "We want something with more ■ 'gutts' in it," meaning, of course, somethingthat will comb and produce a.good ehafty top. We understand that many in Australia are wondering why Yorkshire is not making a big effort to capture French and German trade in short wools, but as a matter of fact no attempt is being made to do this, because no one has any time for the work at all. Topmakers and spinners are to-day busy enough, and will be for the next six to eight months, "hen they aTe on velvet as at present, and able to sell tops and yarns at a good profit, it is hardly likely that they are going to make any effort to put down frames. There is not a mill in the West Hiding that is not filled with work and running till 8 p.m., and the cry is a shortage of hands, all due to 60 many having joined the. colours. As W6 j i e al F eai y eai d> every comb, spindle, a -1 K ' s rnnn i n ff to its utmost capacity. Topmakers, spinners, and manufacturers have more than they can comfortably get through, the result being , that- they are now unable to make any developments on the lines that some Australian writers want to If mills were slack and there was little business no doubt there would be a big attempt to produce yarns on the Continental' sysitem, but no one is going to do that when they have enough and to spare.* Crossbreds Selling Freely at Firm Prices, the crossbreds available are moving out of .hand, with the same alacrity as seen a week ago, and there is no falling oft whatever in prices. Bradford topmakers and a few oufcide manufacturers are all seen at their best in competing for the raw. material, and Hd. is still a market:- price for ordinary 40's fleece wools, 46's fetching 14id. to .15d., and 50's to 56 s are selling anywhere from Isd. to 16d., according to, length and condition.It can be 6aid with' all truthfulness that the New Zealand new clip has started well, and as far as one can see, there is every prospe'et of it continuing in the same happy vein. Of course, the selection is only an average one yet, although the wools on offer are of a most useful character. There is great desire to secure crossbred wool and get it Home]' and certainly'iall prospective supplies are going to be taken- off, the market with just -the same freedom. Competition for crossbreds is entirely confined to (the Homo trade, because they are not allowed to be exported, and we do not' think they will be for some considerable time to come. As a'matter of fact, the Home trade seems to want all the crossbred wool which they can lay their hands upon, and we find even pieces, bellies, and erutchings making prices well above the price of good fleece wools in July. It is really wonderful to see such , figures forthcoming for crossbred material, buit it is indicative of the strength of the market, and even if American buyers were allowed to join in the fray and compete for crossbreds, it is doubtful whether values would advance a great deal further. Scoured crossbreds are being offered very sparsely, because ilt is too early- in the season for these to come to hand, but anything submitted is making about Id. more than last series. Manufacturers from the South of Scotland are all very keen for . these .wools, and are eagerly longing to see a bigger selection. When we come -to' slipes, we have here a red hot market to face, and it,is really astounding to Bee' the prices which are being made. A new record has beea made this week when 25d. was paid last Monday for halfbre.d combing, 24d. even being , paid for three-quarter-bred, prices which will be looked back to when normal conditions obtain as being high-water mark. 1 Difficult Shipping. . The difficulty connected with getting wool from the docks and warehouses to manufacturing centres does not show a great deal of amelioration, although some improvement is reported from Liverpool.. This, of course", is the result of the special order of the Board of Trade to discharge . at' once. 10,000 bales and get forwarded to Bradford. -It i 6 common knowledge that railway companies are so understaffed that they are taking much longer to shift wool from tho different warehouses to the Ta.ilway stations, and a good deal of grumbling is being heard among buyers, who feel themselves, to be in a very queer position. They want to oblige their customers and work off their, contracts with all possible speed, and when they are held up for wool, it is certainly tantalising. It is common "knowledge that a great number of spinners have bought tops and paid ponce per pound above what they have their contracts running for, in order to keep spindles going, and until there is some improvement on this'head, there is littlo lkelhood of the present dfficulties being smoothed oyer. ; ""Tops Advancing. Looking for a moment at the position of things in consuming centres, wo find that in Bradford there is still an active market, with prices all tending upwards. The position thore is equally as astonishing as elsewhere, and values _ are all against the buyer. At the beginning of January the writer had good 64's tops offered for March delivery at 24d., and this week paid 26-ld. for the same top. Moreover topmakers are still able to sell forward right up to next June and July. The price of spot 64's to-day is 2s. 3d., these having advanced fully 2d. to 2Jd. from the lowest point of three weeks ago. In crossbreds, there is just the samo state, of affairs, except that topmakers have been able to sell on forward account right up to next summer, in fact we have actually heard of contracts being fixed up into 19161 The textile industry of Great Britain never enjoyed such a time as it is doing to-day,' and orders literally pour into manufacturing centres both for the Government as woll as ,the ordinary trade. American, too, is buying freely of tops, yarns, and noils,' anil this has given additional strength to the whole market. There is evory indication of to-day's values being maintained. and this notwithstanding the big quantities of merino wool which are still to be jnarketed. We understand that there is also a big business offering in fi.no tops and yarns with Continental neutral countries, nil of 'which has given additional strength to the wool position, and is leading to a very active market everywhere. Bale Sells for £230&. A remarkable scene was witnessed on. Wednesday in Coleman £ treat Wool El-

been given by a firm of Australian squatters, was offered for sale for patriotic purposes. Tho chairman of the Associated London Soiling Woolbrokers, Mr. Reginald B. Jacomb, offered the bale for Bale at 3.30. In the first place, the bale ifras competed for privately among the selling brokers, il6o being realised. When it carao to be offered by public auction the bidding started at .£SO, and the wool was resold over eighty times, the bale finally realising <£1800, or, in all, with a sura of ,£SOO which had already been paid for it in Sydney, „C 2300. This constitutes a world's record for a bale of wool, and the proceeds will be given to the war funds. A very interesting conclusion to the whole proceedings was reached when tho bale camo to be finally offered outright. First it commanded a bid of Is. '4d. per !b. —a good market value. Then Sir. H. S. Fernau, who is a well-known member of tho trade, bid 2s. Miss JacomO, daughter of the auctioneer, finally bid 2s. Old., and it was knocked down to her. Probably this is the first time in the history of the trade that a lady has bid {or wool at tho London colonial sales. The auctions have been conducted in the City for over one hundred years.