YORKSHIRE LETTER

Dominion, Volume 10, Issue 3019, 5 March 1917, Page 8

YORKSHIRE LETTER

1 WOOL OUTLOOK FOR 1917 (From Our Special 'Correspondent) London, January i, 1017. The new year opens with the wool world inoro or loss in a topsy-turvy condition, and nothing can be said, wk|i absolute certainty regarding tlio future. Manufacturing conditions are in a stato of boom, which in normal times would havo meant correspondingly oxccllunt prices for the raw matorial, with a demand for same after the heart of the most optimistic colonial wool grower. Whcnj-.iewed from that standpoint things are rosy, and tho only fly in the ointment appears to bo tho Government control, which at present overshadows everything. It was facetiously stated the other day by a well-known Bradford woolinan that it is not mereTy a fly in tho ointment, but a wasp, and the figure, of speech is a timely one. Tho presont state, of Government control no doubt has upset tho equilibrium of both growers and manufacturers, and vet presont conditions aro of tho best imaginable when viewed from a consumptivo standpoint. As indicated, tho cause of the whole disarrangement is tho war which is being waged, and without doubt the thing will have to" bo seen through before we reach tho desired goal of tho Government relinquishing its hold on tno entiro trade. It is not generally known in wool-growing circles that tho reason i'of such drastic steps boing taken is that the Imperial Government, in conjunction with colonial Governments, may be able to say more definitely what shall be tho measure of wool purchase in Australia and New Zealand by Japan arid Italy, and to some extent by Russia.

] J High Standard of Values. I It is well to etart the new year with ; a clear conception of where wool values : stand, and we purpose giving readers | some reliable figures. The writer stated i twelvo months ago that the general j manufacturing world, and for thatmatj ter even growers, never fully grasped the requirements of Great Britain and • her Allies, that is, so far as militaryfabrics were concerned. This is due entirely to there being no precedent to go upon, the figures recently published by the Army Contracts Department of the quantities of military fabrics ordered since the outbreak of the war up to November 30 last, simply being colossal. With no prospect of a 6peedy termination, the Government had no option but : to make sure of its requirements being satisfied, and upon that ground no grow- ' or will reasonably grumble. There may ; be just reason for complaining about the price paifl, but that question is outside the scope of this letter. Tho writer ventures the opinion that every nianu- 1 facturer's ideas have been 50 per cent. ] too little regarding the quantity of raw i material the Government would require, and when thero is added to our own needs, the big orders placed by Franco and Russia, it is clearly 6een how great are the needs of the AVar Office in making provision for its fighting forces. For months the Army Contracts Department has seen that when they camo upon the market for a million yards of whatever material, it ha<t the effect of raising values for raw wool, and all during 1918 prices climbed month by-month, until to-day they are at an unthought-of level. We give below a useful table showing whore values stood in 1899, which was the previous high-water mark i before the war began, at the lowest point seen at the January series, 1901, and also the average at the last London sales:— I

GREASY WOOL. . Dee. 1899.. Jan. 1901. Dec. Av'gc. Av'ge. Av'ge. Highest. Lowest. 1916. per lb. per lb. per lb. Description. d. d. d, Vic.: Western, good quality and condition 17 -IS 101-11 38-39 N.S.W.: Riverina, good staple and condition 16 -16! 8!- 9 112-34 N.S.W.: N. Ensland, fine, good colour 16 -16i 81- 9 32-31 Qu.: Central, well grown 6taple 15 -155- 8 - Si 30-32 S. Aust.: Midlands. fair condition ... 13 -13J 7 - 71 27-28 N.Z.: S. Islands, fair character ... 13J-H 1 - 71 25-26 C. Colony: Kaft'raTiau, good average, etuple, light 121-13J 7 - 7} 25-26 C. Colony: Short, lva6t .V SMOI 51- 5J 15-16 SCOURED MERINOS. Vic: Good body and colour 29 -30 165-17 60-62 N.S.W.: Fair col'our, rather fatty 26-27 13J-14J 51-59 Qu.: Good quality, colour and condi- ' j 'j? 11 •••••; 27 -2-3 16 -16J 56-58 is./i.: lair body and colour 26 -27 141-151 51-59 C. Colony (Western): Super snow „ w r h \ to ■•;s-i \ 2n -° M ' 18 - 50 O. Colony (Eastern): Good snow white 261-274 II -is' ;i6-3S CROSSBREDS. Crossbroits are essentially khaki wools, and thoy nave materially benefited on account of tho huge demands. The biggest rise look placo in November and December, entirely because of the Government commandeering tho new clip in New Zealand, but that docs not alter the fact that these wools remained in tho van as specially suitable for army purposes. Wo givo below a most useful table, showing the courso of Now Zealand crossbreds at tho lowest point ever touched, when tho highest jjoint was reached in 1907, and at the last series of 1900:— Nov.-Dco., Sep.-Oct, Dec., 1901. 1907. 1916. per. lb. per lb. per lb. Description. d. d. d. Halfbred, average, J>?* •; SiiOl .16 -16V 30,31 Haltbrecl, average, s°'s 8-Si 15 -ISJ 29-30 Crossbred, medium, ~d 6\ -, ;•• «-« m -- a *^ Crossbred, medium, ~' J0 ' S , -• ••' ' 1 - 11 "J" l3 ~" 2 ' 1 Crossbred, medium, 36's 3i-l 11 -Hi 22-23 Big Pricos for Slipos. In order to complete our general review wo must pay som& regard to slipes, these to-day being an important section of tho New Zealand clip. At the final auctions in London for 1916 everybody agreed that they made "balloon" gricx'S, and it is remarkable- what this class of staple, is worth. As a matter of fact, thero is epitomised here in most significant language tho suitability of., tjie.se wools for khaki purposes, , no bettor staple being grown anywhere in the world for producing tho ordinary khaki serge. The following is an instructive table showing what these wools were | worth at the lowest point ever knoiv-n, ! just before tho outbreak of hostilities, '■ and current values to-day:— J Nov.-Lec., .lulv, Dec, I 1901. 1914. ifllf-;. ; Description. d. d. d. ! Slipe halfbred combing lambs (i 17$ 35 -37 ■ Slipe three-quartcrbred i combing lambs 11 151 33 -35 Slipe crossbred combing lambs -11 1(S 33 Slipe Lincoln lambs ... 41 121* 29 -30 Slipo halfbred, combing 6 17 Slipe crossbred first combing 61, 11 32 -33 | Slipe Lincoln first i combing 5 12a 27 -29 I Slipe tlirce-quarterbred " j combing, ordinary ... 51 13 30 -31 Slipe crossbred comb- ! iug ordinary 4! 121 30 -31 Slipe crossbred seconds 34 11 22 -21 Slipo crossbred clothing 4 91 21 -25 A War Measure. An important section of the trade interviewed tho Financial Secretary to the ' War Office towards tho end of hist week, I when ho stated RiaTT tho present commandeering of the raw material was essentially a war measure, and would terminate as soon as possible after the proclamation of peace. That was tho most important announcement made, and it has allayed a good many fears entertained by tho whole trade. ' Wo all seo that tho marketing of the forthcom-

mg colonial dips ]s going In lie verv much disturbed, and everybody will have to make tho host of I lie present abnormal conditions. Everything points to sales being held in London. Liverpool, and possibly Manchester and Hull, the Government having decided to dischargo bonis at tho nearest contro of lmmuf actum.