OUR YORKSHIRE LETTER

Dominion, Volume 8, Issue 2454, 6 May 1915, Page 9

OUR YORKSHIRE LETTER

CROSSBREDS RISE-MERINOS FALL (From Our. Special Oorresuoncleiita.) London, March 19, 1915. Two woolmen were talking the other day,, when one remarked that nowadays it is all bed and work, series after series of colonial sales following each other in such quick succession as to scarcely allow breathing space. That is no doubt quite correct. Never before iu the history of the colonial trade has a third series of auctions been seen in so short a time, and to find the trade once more with its interests largely centred in Coleman Street Wool Exchange is a very noteworthy fact indeed. There are still many living woolmen who remember only four sales in the whole of the year, then five series came, and during recent years six have been held. It looks to-day as if there are going to be this year nine or ten . series, it largely depending upon the quantity of wool which remains to be sold in Coleman Street, at least how much is retained and sold at the various selling centres in Australia. No doubt the present standard of values will induce far freer sales at the sources of supply than when values were low, maay contending that at to-day's level nothing is to be gained by shipping wool to London, acting upon the adage that a bird in the hand is worth two in the bush. That is no doubt quite correct, for when prices have appreciated, say, 25 per cent, since the opening of the year, there is naturally a strong inducement on the pait of growers to realise their clips in Adelaide, Melbourne, and Sydney.' " Of course, the New Zealand • sales are now over, and we. fully expect by the end of July to find very little left of the .present New Zealand clip, and that will give more chance to the marketing.of merinos under better conditions than ever.

Merinos for Khaki Cloths. One of the best-informed spinners in Bradford made the remark to the writer a few days ago that there were unmistakable signs of the British, French, and Russian. War Offices looking more favourably upon cloths made from merinos. He said.that from inquiries he had received he felt certain the representatives of the Governments mentioned were on the point of placing more important contracts, and as far as he could see preparations were being made for the coming summer campaign. We mention this for what it is worth. The present khaki drab mixture serge weighs about 210z., some 240z., these b?ing the cloths out -of which both trousers and tunics are made. An ISoz. cloth is quite heavy enough for summer wear, in fact even IGoz. will give ample protection in summer time, but with soldiers having to lead such a rough-and-tumble life it is always safe to err on the side of weight and strength, <ind an 18oz. fabric seems to us to bo light enough for the coming summer mouths. The point hero raised has hot yet taken definite shape, but with this in mind, several firms have come to Coleman .Street this, week intending to buy fairly largely of merinos, and so be ready for auy emergency. Of course, there is the question of finding machinery capable of carding and spinning merino wools, but if orders are placed they will be tackled in a business-like way. This has lent a. little colour to the current'auctions, and while to-day, as already said, nothing particularly definite has yet resulted, the current series are dircctly benefiting on account of the present huge consumption of fine wools. Wools Available. The quantity to hand for the current auctions has turned out to bo larger than the majority expected, there beins; all told About 142,000 bales, 01 theis 100,000,

bales oonsist of merinos, the remainder being crossbreds. This means that the trade has another excellent meal to digest, and from all appearance buyers are going to do their utmost to clear the catalogues in a business-like way. What a different attitude the whole trade has assumed compared with last December! That serieß will live long in tho memory of many people. Ono night in December one of the soiling brokers repeatedly asked buyers, "Docs anybody want anything on this page " and in a listless way eomo buyer would make a sporting biu, only to find it ignored, the selling: broker passing on to something which elicited a reasonable bid. To-day things are at the other extreme, and a real good spirit has been seen every night this week. We find that tho offerings from Sydney nre | the largest, there boing no fewer than 52,000 bales from the premier State, Queensland comes next with 29,500 bales, but the offerings from Victoria are less than usual, comprising only about 9500 bales. South Australia is very poorly represented, there being only 2000 bales available. West Australia is better with 6200 bales, Tasmania has only a paltry 600 bales, New Zealand figures, with about 38,000 bales, and South Africa 320(1 bales. It follows that tho trade' will have a very good selection to consider comprising a wide varioty of wools, this meaning that there will be quite sufficient to satisfy the most fastidious tastes. Many have stid that they would havo preferred to havo seen more Victorian wools, but 9500 bales is an average offering, and these wools are certain to be taken readily. j A Recent Opening.

There were four sellers last Tuesday, the offerings comprising 10,500 bales of good average wools. There was really nothing brilliant about the offerings, but .the wools were all of a useful character, and perhaps most suitable for Home trade requirements. The saleroom was well filled, although we have often seen a bigger crowd. A few American representatives were seen, but there was a marked absence of competition on their account. The continued refusal to grant licenses on wools bought last series no doubt has affected the attitude of American importer's;' and w'e may easily see throughout tho entire series decidedly less activity. It was not long before it was evident that merinos were the turn in buyers' favour.. The bost and lightest grease combing wools can be called about on a par with the close of last series, but medium and faulty sorts certainly lost ground to the extent of 5 per cent. Nothing like the extreme prices were forthcoming for 'merino scoureds, all due to the lack of active American competition. The Home trade led the van, although some good useful bids were put in by France, chiefly for medium and faulty merinos. All these certainly experienced the decline already noted.

Crossbreds were a good offering, and for these excited competition ensued. The Home trade naturally took the entire lot, prices mostly appreciating 5 to 7J per cent., the improvement being the most noticeable in medium and coarse descriptions. Pine crossbreds mostly appreciated id. to Id., but other classes easily made a thick penny more. Sliped crossbreds were unchanged, realising the extreme figures of last series quite easily. Succeeding sales have gone Tory similarly to the opening, and while the catalogues are being readily, cleared, the absence of American competition is accountable for the extreme prices of last series not being forthcoming. Otherwise the auctions are going'splendidly.

The Outlook. Messrs. H. Dawson and Co. make "the following observations with reference to the outlook:—"The strong position secured by crossbred wool at the last series seems likely to be further improved, thanli to the continued strength of demand. New orders for army cloths for the Allies are again being placed in the market, and promise to maintain the consumption of crossbreds until the late autumn. Owing to the reserve of American buyers, merinos did not show the buoyancy of last series. "The principal trouble of the market at the moment is the serious and growing congestion, with its consequent delay of deliveries. It is not confined '<> the docks and to the railways only, though most acutely evidenced there, but it extends in a lesser degree to the combing, scouring, and dyeing sections of the industry. The shortage of labour and the inability to run the combing mills by night is a serious drawback at this juncture. The block, moreover, is such that the serious locking up or capital involved, and the length'of time in getting the raw material into the manufactured article, may conceivably account for the quieter tone in merinos. There is now great need for a breathing space which will offer to both docks, railways, and combers some chance of getting abreast with the demands made upon them. It is quite possible that although the values of the manufactured articles may resist any such weakening influence, the raw material may not be so fortunate. The export question continues to be a difficult one. The licences for shipment to the United States are still withheld for the last sales' purchases, pending tho final arrangements for American supervision under the auspices of the United States Textile Alliance. Some alleviations of the original conditions have been secured, but the whole arrangement is still subject to a justifiable criticism.

"If the war is prolonged the demands of the Allies Trill be such as to call for a serious consideration of the necessity of limiting the export of shafty merinos as well as of crossbreds—except to such neutrals as require wools for Army contracts. It is assumed that if the Allies' requirements are to be supplied the assistance of United States mills may be necessary. It becomes increasingly evident that the year's supplies of crossbreds for Army cloths is likely to prove inadequate. It is estimated that of the New Zealand clip about 320,000 bales have been sold, and altogether about 450,000 bales have been already shipped from the Dominion, last year's New Zealand shipments amounted to 540,000 bales. Meanwhile, Italy, Japan, and Russia are all keenly interested in merino wools. The announcement that wools and tops have been declaied to be contraband of v/ar has given, general satisfaction to the trade."