OUR YORKSHIRE LETTER

Dominion, Volume 8, Issue 2441, 21 April 1915, Page 10

OUR YORKSHIRE LETTER

SERIES CLOSE PRICpSaAT- HIGHEST POINT ffirom',Quß-oßeolal Oorrasvosdait.) j London) March 5, 1915.' Tho sales are drawing to a close under the best conditions, and as we look back over what has transpired nothing but saiibl'action can be expressed. There lias-not been a single, soft spot any- ; where, and it is remarkable to hud the 'call for wool so keen as has been witnessed. This must be taken as distinct evidence of a huge trade doing everywhere, and no doubt that is the , case. Tho hands of the Home trade ' buyers have been forced in an altogether unlooked for fashion, and do as we will ive" cannot but think that America has bought more hurriedly than she would otherwise have done had 6he been contident' that • licenses to ship would bo granted freely in the coming months. Tiiere is moro than a suspicion lurking iii the minds of American buyers, that the embargo will be again rep!aced, for they ; know full well that one leading authority in connection with tho Government entertains the view that tho Homo trade is able to lift all the' wool that remains unsold, and which is duo to arrive from our colonies. The writer may bo wrong, but from inside information he is able to say thatprices have only to keep mounting and the same urgent demand be witnessed from the outside world' helping herse'f to colonial wools, to cause the replace-, inent of the embargo. AVo know for a fact that in more influential quarters than one the view is strongly entertained that if the war is going to. continue another twelve mouths, as some still think," Great Jjritain and her Allies will want , all the wool , that is available/ hence America has shown great haste this last fortnight to buy freely while opportunity serves.

Range of the Rise, The past week has been characterised by some exceedingly good sales, and prices are all at the highest po'nt. . The call has.- remained unsatisfied: for merinos, and America has operated both extensively and encouragingly. Increased buying really began a week ago, and they have bought some excellent parcels of both greasy and scoured wools. No doubt big wants exist across the Atlantic, and we cannot but think they have been largely anticipating their requirements, in view of possibilities. - Then, too, the selection has been good, and our American friends know full well tie manufacturing properties of the Australian staple. All this has (tended to beep prices at the highest point, and there is no doubt that figures have been forthcoming which even the most sanguine importers never expected to see. On many parcels of good greasy wools, the advance to-day is 10 to 15 per cent., and the same must be said for 6coureds.' When we find Americans paying 2s. 4d. to. 2s. sd. for scoured .wools, it reminds one of the big figures ruling last July, and it seems as if we can do'without Continental competition so far as average-to good wools are concerned. The Home trade has, of course, bought very extensively, and remains a very free huyer,'but all tho. same America has made the pace,' and topmakers who have been used to having a good deal of their own way during recent months have had to step back and allow the American contingent' to take, wools -which Bradford could well have done with. We should say that good greasy wools are to-day anywhere from' Id. to 2d. more than last series, hut the fact is remarkable that When America is not on a lot, the advance cannot be called .any more than 10 per cent. Short carbonising wools have also'sold better, and these are by no means neglected.. We do not 6ee that the advance i 6 so pronounced upon these as upon, decent combing wools,' but all the same there aro no 3d. to 4d. locks, as was tho case last December sud early January, V * Crossbreds Moving Freely. , -There has not been any big quantity, iof. New Zealand crossbreds offered this <week,.but every lot is-selling freely at {.the enhanced level- of last week, and Jfthe sales are finishing with most crossibreds Id. dearer ia'ihe case of halfbreds, jand Id. to lid. on medium and coarse of raw material. No doubt '•,tho small offerings have all tended to Enhanced values, and if America could ihavo had a hand in the game,- we should Vto-day have seen good half bred wools selling at 19d. to 20qL, and even mediumjwools would also have sold at 18d., to J9d. As it is, 16d. to IGJd. is to-day (the price of average wools, and some •are forecasting that the limit has not •J'ot been reached.. Tne level of values Sfor crossbred wools is certainly remarkable, and yet there is no sign of anything else but unsatisfied requirements, ■and to all appearance at current values fthe. remaining New Zealand clip that is fto come to hand will all be wanted. .We have had the first lot of New Zea<-

•land ! scoured crossbreds, these being now clip wools scoured at Christchiirch, ■and they; have made excellent figures. Jlho Kaputone is a, well-known brand. iWhen 26Jd- is paid for scoured halfbred combing, 25d. for quarter-bred pieces, 24d. for halfbred pieces, and 23} d. for three-quarter bred pieces, it shows clearly what crossbred wool . is actually worth. Such .a record wo say is phenomenal, and only'the pronounced meeds of users can be responsible for such figures being paid. Some very su■iperior linos of West Victorian come--back wools have been offered, which Shave made up to 17£ d. in the grease, ■and wo feel certain that, America ab.isorbed three-parts of the GR clip last {[Friday,' and paid handsomely for it. jOf course, the wools were in a delightful condition, and would givo a clean (yield of 60 per cent, for the come-back ''combing, possibly a little over. Slipes ■are selling freely, but we oannot see 'Very much improvement compared with Hho close of last series. But, then, Uhese wools have been very dear for Snonths, and when sliped halfbred lambs are selling at, the price of pood clean scouved merino combing it is time to call i halt. How Long Will Priocs Last? 'flie question that is being asked on *&11 sides is, Will the present standard of values for merinos last? ; It seemp almost useless forecasting tho future of wool values. All prognostications have Msn falsified, due to the undeveloped vfactors which no one could see two (months ago: 'i'ho raising of the embargo has brought in the entire manufacturing world for merinos, apart from 'Germany, France, and Belgium, and jthese countries are having to appeal to England and America, to satisfy their wants. We understand that ®s. 6d. has actually been made for a jspinaer's 64's for spot delivery, a price •that seemed impossible at the beginning of the year. Some are of the opinion that we shall see merino wool cheaper probably in April, when 200,000 bales ■are on the market, in addition to . the /130.000 bales which are available for noxt series, but we prefer not to prophesy. Machinery is the master of the situation so far as top values are conccmod, and wo feel satisfied that with trade booming everywhere there is Roinß to ba an unparalleled consumption of wool; oven tho shoddy districts of Batlev, Dewabury, Ossett. Horbury, and Morley, including the Come Valley, are to-day using air immense quantity of wool.' all of which has replaced the consumption of vags and shoddy. All this is telling upon the present and future course of values, and while wool may possibly ease a little, there is not much chance of uricea for tops coming dowa

to a lower level, The situation is abnormal in many particulars, and the outlook for tho raw material is excccdH'Sb' good. Tops are as scarce as possible. and we find that Bradford is unable to cop© with the business offering. Topmakers are very indifferent about obliging their regular customers. The situation is unparalleled, and to all outward appearance is gomg to be until more machinery can be got to work in France to cope with the demands of tho outside world. Trade Good.

There is no disguising the fact that trade is excellent, and to all appearaiico is going to remain so. The labour difficulty is a growing one in the West Riding, and this is unfortunate, because now sufficient wool has arrived to keep running all combing machinery, and apparently the absence of stocks of tops is going to be a serious matter for •spinners in' the future. With so many export orders having come to Bradford, it looks as if the machinery available is not going to be able to cope with the requirements of home trade spinners and export houses, and to-day we find on all hands a very strong demand for merino tops, which present stocks are unable to supply. With a prospect of being able to ship freely, considerable new business has arrived from the United. States, and all this means a maintenance ;: bf a huge consumption of raw material. Business could not be better, and. that is conceded by everyone. The most pronounced feature in 1 the home trade is the absence of stocks of tops. In fact, the situation'here is chronic,, and.as already indicated there is difficulty in obtaining hands to work at night. Sk> many men have gone to the front, aiid so few are now available, that several firms have machines standing solely, for the want of labour. Of course, 1 women are not allowed to work during the "night, and it is here where the difficulty arises. The fact is, business is of such a nature that it noeds something more than abnormal' conditions to satisfy machinery demands, and in Bradford alone a good thousand night workers are wanted' to cope with the requirements of the trade. Last week wool combing charges were advanced, the' rates current last July again being reinstated, which means Jd. advance on merinos and 1-Btl. per lb. oh oarded crossbreds, there being no change in prepared tops.