YORKSHIRE LETTER

Dominion, Volume 12, Issue 217, 7 June 1919, Page 10

YORKSHIRE LETTER

WOOL VALUES ON AN EXCEEDINGLY HIGH BASIS (From Our Special Correspondent.) Bradford, April 17. Siuco writing last tho first series of colonial wool sales havo come to a finish, and a remarkable-time has been experienced ill' Coleman Street Wool Exchange. Prices have been paid which have not been known for a very long time, not even tho days of Iho FrancoPrussian war seeing colonial wools reach tho level touched during the past fortnight. The writer bid 70d. for a line of scoured Sydney merino lambs, only to bo knocked out by a well-known Midlaud firm of spinners and manufacturers of hosiery fabrics, it being with them not a question of price, but of obtaining the wools which they most want. • It is quite possible that they would havo i;uri up tho price-pence per lb. higher if there had been u follower, being determined to secure tho raw material. Every day lias witnessed prices paid which no man ever thought wera possible, all indicative of the remarkable standing of the raw material. Of course the motive behind the bidding has been the determination ou the part of spinners and manufacturers to take the raw material which they used to specialise upon in pro-war'days. Many firms have been in tho position' for tho past twelve months of not being ablo to obtain tho wool for- which Ihey have always shown a preference, the result being that at the first opportunity they have "laid in," and bought regardless of price, tho stdck they wanted.- Many firms have reached their present size and importance through being able Ito manipulate tho raw material in an.expert manner.

In this way they have cultivated a profitable market, and made a name for themselves. The old saying that no man can make a silk purse out of a sow's ear has been illustrated thousands of times under State control, and although the Department have offered wool and tops of specified qualities, tho character of tho materials supplied has been such that they havo ■ failed to meet tlio requirements of scores of firms. Directly tho opportunity has occurred for these firms to'meet their wishes-they havo taken it, and secured wools which they will spin and work up- to advantage notwithstanding Iho boom prices which have been ruling.

Final Results of Series. There is uo doubt whatever that the demand for merinos throughout tho entire series was exceedingly strong. The initial figures'- paid surprised everyone, but as the series advanced, values hardened. and the close found them at the highest point. When it is said that superior Geelong merino grease combing wools giving a clean yield around 60 per, cent. sold, from 48d. to 51|d., the reader can see what the clean scoured cost will be. Even average merinos sold anywhere from 33d. to 38d., and heavy faulty, vary bnrry. South Australian merinos—really iverage topniaking woolssold freely anywhere from 22d. to 24d. No big quantities of scoured merinos were sold, although, as already indicated, anything very smart and good made tho top eido of 60d., and lambs' wool, clean, bright and free made up to7oJd; France was bv no means a negligible factor, and it is worth' putting on record that all' French interests were pooled, two buying brokers having elected to operate for the whole of the French trade. These firms piii chajsd good merinos fairly, freely, and paid tho top prices. Tho .brokers seized the opportunity of cataloguing some big lines of little lots, bracketing several together when they wero of the same quality, coudition, and character. There wero very, few what mty be called-straight clips, brokers getting rid 3f J.ittle lots which buyers were glad' t'o • secure. A remarkable featuro of tho series -was tho freo way faulty merino sold.- These moved off much, moro readily than anyone might have, expected. They sold so well that one firm stated that they found'faulty merinos equally as dear as tho good merinos ; in fact, they preferred the latter. However, tho merinos lacked nothing, making 15 per cent, abovo the present issue prices of tho Department.' Crossbreds In the Clouds, Whatever can be said about merinos applies equally as forcibly to line crossbreds. These havo made -Dooming prices, especially comeback wools from Victoria. The pick of the basket was catalogued, and some exceedingly high figures were forthcoming, due to the Department being unalble to offer tho trade any 56's. and 58's fine crossbreds for many months. These wools have made in tho grease anywhere from 3Sd. to 4kl. Average wools liavo sold freely onough at Sid.-to, 3id., medium crossbreds from 30d. to 35d., and avorage wools heavier in condition, but still good top-making sorts, have 6old freely around 28d. to 31d., while coarse crossbreds have sold freely enough to Bradford at 18d. to 23d. There has not been a big difference between the sale of the best New Zealand crossbreds compared - with .those from Victoria, though the latter, showing more 6tyle, have realised relatively higher rates.

How Prices have Advanced. , It is interesting to look back and compare to-day's prices with those ruling in July, 1914, just before tho war broke out. In one sense, control has been a very valuable factor 'in checking what would certainly have developed into a Tampant markot, which would have been, a bad thing for both the Government and tho general public. As it is, prices have more than doubled, end to-day we see a range of prices ruling which is certainly high enough. Messrs. Schwartze, Buchanan, anil Co., in their circular reviewing tho recfint series, givo the following table showing liow, valuos have risen compared with the. dato. mentioned abovo:— 135 per cent, for merino combing. 125 per cent", for. fine crossbred. ■ 115 per cent, for medium crossbred. 100 per . cent, for coarse, crossbred. The above figures are startling enough, and show that wool is 10-day fetching soino very big figures. In fact the raw material is dear enough for anybody or for any purpose, and it is to bo hoped that at all succeeding series values will ease "and not rise.. Of course'factors have been at work which have all helped to force tho pace, and which cannot pos> sibly exist when supplies becomo morfl plentiful.. All. tho same, nothing can bo utged in'favour of putting values on to a still higher level. The famine prices have been reached becauso of niaohinery hunger, and nothing has counted eo much as the determination on' tho part of the topmakers, spinners, and manufacturers to keep their machinery running'. How Capes are Moving, Altogether 1584 bales of Soiith African wqols havo been catalogued, and whilo tho home trade lias taken the bulk, Bomo nice weights havo been secured for both Franco and Belgium. Here, too, scoured Capes 'have made up to GSJd., which, easily makes a record. Greasy Capes have sold in a similar way, ilie result being that here prices are' quite as high for South African descriptions afl for Australian wool*. . The following littlo table shows what advance lias taken placo compared with July, 1914, prices:— Good wools, both' snow whites and greasy, 145 per cont. higher. Mediums, 135 per ctfnt. higlioiv Inferior short, 110 per cent, higher. One romarkablo feature of the series has been tho absenco of nervousness on the part of buyers. This shows "confidence in the future. Empty warehouses may bo found everywhere, awl machinery needs to be provided for, What the trade now wants is the lifting of the blockado and the export restrictions clearingaway' wlion an oxcollont trado is certain to bo ' done. How long to-day's high level of •values can last remains to bo seon, but as big weights of wool aro at sea and should arrive in England iri the.course of flight to twelve weeks, some are looking for easier prices. ( It is certain that London will havo great-difficulty in handlin" heavy arrivals, in which case many fear a scarcity of supplies in manufacturing con I res.

Considerable discussion occurred at the North Auckland Dairy ; Conference 011 a suggestion that a greater difference fihould be made in Hie price naicl for varying grades of cream, as an incentive to farmers to strive for the first grade (says tho "New Zealand Herald"). Olio delegate said llio. prnctico of his company was to niako any third grado cream received at the factory. into butter, and 6ond it bacfc to tho supplier, "And it serves him right if be has to eat it," he concluded,