OUR YORKSHIRE LETTER

Dominion, Volume 8, Issue 2416, 23 March 1915, Page 8

OUR YORKSHIRE LETTER

LONDON SALES MERINOS EASILY MAINTAINING IMPROVED POSITION (From Our Special Correspondent.) London, February 5, 1915.' We have to record the continuance of the sales under very satisfactory conditions, and although tho auctions are due to finish to-morrow, there.is no evidence of the trade being satisfied. We have had a gradually hardening market, and the results are now distinctly better than at the beginning. If tho trade could now go home for a month and digfest what it has got, it would be a very good thing, but the next series are due to begin on February 23, after a fortnight s breathing space. This is a record; in fact, we are constantly making records in connection with the wool trade of Great Britain. The writer has been familiar with the London sales for well on towards twenty-eight years. In all that time the trade has never been asked to assemble again in Coleman Street after the short space of fourteen days, and yet we fully expect that when the opportunity conies again to buy there will be plenty of operators Wo are now coming to something similar to what is seen in Melbourne and Sydney from the month of October till the end of February, namely, weekly auctions, except that whereas at tho two Australian centres the sales last three and four, days per week, iu London there are six consecutive sales, the week's auctions only being broken by the Sabbath. However, we must take matters as they stand, and believe that when the time approaches buyers ■ will be ready to take further supplies, the arrivals to date for the seco.id series being about 70,000 bales. All Supplies Freoly Absorbed. There have again been submitted every ,day some lery good catalogues, to which full justice has been done. We find even a stronger market than a week ago, and that is saying a good deal. We are certain that scoured merinos are selling better, for whereas Is. BJd. and Is. 9d. were all that could be got during the first week of the auctions for shafty good combing wools that were a little gummy, and will no! give a "clean yield" of more than 87 per cent., to-day Is. IOJd. has been realised for the withdrawn lots. That we say is a wonderful accomplishment, and snows conclusively tho position of the market. If we como to greasy wools we have'the same experience. Half of the same clip offered the same week and re-catalogued this week shows a general improvement of o per cent., and certainly more wools are selling at over Is. than we have seen cilice Novern \ber. Anything of a sliafty nature which shows good.combing length is selling at 12d. to 13d., and to-day topmakers are evidently operating on a clean scoured basis of 24d. Of course they are trying to buy broken, pieces, and. bellies at less money, in order to bring down the cost of the combing for topmaking purposes, .but anything of a shafty nature is to-day selling at 25., clean scoured. This is certainly very satis-, factory. No doubt the increased competition of the home trado is largely due to the better prices ruling, and also the larger takings of the United States. France lias not been a big buyer this series of really good combing wools, but has certainly bought more freely- of, the shabbier carbonising parcels. Here we have had help of a very acceptable order, because a. good deal of the wool submitted every day will have to be carbonised before it is useable, and therefore the French operators have been doubly welcome. Wo call merinos 5 per cent, better than they were ten days ago, and tho demand is also sensibly keener. Good Prices for New Zealand Merinos. It is just a little early to fee any really large selection of New Zealand merinos, but there has been proof this week that the Dominion can turn out some really excellent wools. Last week wo saw 12-id. realised for some decent wools, hut this week the Lansdowne clip has realised 134 d., and a tip-top clip it was. Many people regret that only 50,000 merino sheep are being depastured in New Zealand, but there can be no question as to the fitness of the pastures of the Dominion for rearing them. The Lansdowne clip was never in better order than when it appeared last Monday, and for 14d. to 1-Hd. to be realised for wool that will, not give 50 per cent, clean yield is by no means a poor achievement. New Zealand merinos show a beautifully soft handle, the quality is anywhere from 60's to 40's, but there is a soundness and wealth of character that makes a few buyers prejudiced in their favour. We have just used the word "prejudiced." Is that a correct term in the wool trade? Certainly, for we could name many West Riding manufacturers who, if there is New Zealand merino wool on show and they are there, will have it at all costs. Why? Simply because of its freedom from shiv and' burr, and also because of its sound manufacturing properties. If a man wants to produce really good Army cloths they are there for him. Sometimes New Zealand merinos are tender in staple, but if they arel sound there is always a buyer to be found, and as a rule a topmaker is little use in bidding for the very small quantities cf merinos from Now Zealand. Tho Richmond Brook clip showed plenty of quality, but was rather fatty. As a rule this is the leading characteristic of New Zealand merinos, but that feature can be easily dealt with, for buyers' know that they are not the best yielding wools, and consequently in valuing they make allowance for 3 to 4 per cent, less clean yield which the wools usually give compared with similar material from Australia. At the same time, the quality, handle, good length, and general soundness, go to make New Zealand merinos popular among woollen manufacturers who produce really good cloth. Grossbreds Selling Readily. There remains an undiminished call for crossbreds, in fact tho competition for them is still at its best. Of course, tho Homo trade is the sole buyer and will probably be for many months to come, the conviction growing that all the crossbreds available will -be wanted to satisfy their needs. We have before mentioned that the clip from New Zealand this season is of the best, , and that is the case. It certainly shows a very attractive condition, the wools are on the whole fairly well grown, and best of all, competition was never better. We have taken the trouble to look at tho prices realised for certain clips catalogued in London last year, and find that on an average tlie.y are now making 2d. to 3d. more, by no' moans an unsatisfactory advance from the grower's standpoint. Good lialfbreds are selling anywhere from 15Jd. to IG.Jd., 46's to AO's are making from 145 d. to 151 d., while deep 40's or 36's to 40's are selling mostly at 14d. to 14£ d. A few of the wastier lots are selling at 13Jd., but this price is the exception. Wo candidly say that 13id. to 14d. is being realised to-day for wools that would not have made moro than 9Jd. to lOd. -last July, a proof of tho exceptional consumption that is pro- : ceeding, and the strong urgent wants . of manufacturers of khaki yarns and fabrics. It is rather noteworthy that no complaint has been heard this last ■ two months of the scarcity of khaki dye . wares, and to-day both topmakors and .spioaers as well a,s stubbing dyers ara,

all eagerly looking forward to a full supply of wool in order to cope with the requirements of the trade. Scoured crossbreds, too, are well maintaining the initial advance of a good Id. Slipes ;\lso are selling at extreme rates, and these wools are doing splendidly. In fact, the call for crossbreds was never keener, and to all intents and purposes there is every likelihood of the wool selling continubusly at current prices, for a much larger supply is today urgently wanted. American buyers arc itching to he taking the crossbreds, .but they know it is useless submitting any sample of such wool, for an export permit would bo unceremoniously refused. Tops Rising. Turning from London to consuming centres, it is noteworthy that as weeks pass there is no stoppage in the upward movement of top prices, and although this week tho advance is not more pronounced than last, it is a factthat 64's tops are to-day worth 27£ d. for spot delivery; in fact, some say they can make }d. more, but a man paying more than 27} d. has to be really fast for the tops. There is certainly, a much larger consumption of fine tops than wo have seen since the outbreak of war, and no doubt the difficulty of getting wool from the ships as well as the London warehouses is largely responsible for the advance seen m merinos.. But we think the rise is due more to the business offering on export account. The raising of the embargo has certainly brought into the market all neutral Continental countries, as well as America, and if topmakers and combers could get hold of a big supply of wool they Would then be in a position to deliver big weights of tops. That is really the position today. A great volume of business is offering, and until urgent wants are satisfied, there is. no likelihood of any setback in merino values. All machinery is running at its utmost •capacity, and will do for many months to come. In fact, hands are wanted in Bradford to mind spinning frames, and those who were previously engaged on export account are now running on Home trade business, but as already said, there are several firms who' have frames standing because of their inability to obtain hands. Crossbred topmakers are on velvet. They are asking some very big prices, and seem able to sell, notwithstanding that they name exorbitant figures. To-day 40's prepared tops are worth 21d., 46'6 are at 23Jd., and 50's 25Jd., prices which make one's mouth water when ha thinks of what wool lias been bought at abroad. The market is certainly in .a very healthy state, and with mills continuing to bo fully run, there is every prospect of to-day's prices being well maintained both for merinos and crossbreds, although some doubt if fine wools can maintain to-day's standard.