OUR ENGLISH WOOL LETTER.

Poverty Bay Herald, Volume XXXX, Issue 13063, 1 May 1913, Page 5

OUR ENGLISH WOOL LETTER.

— «*i ' ■ ' ': AN IRREGULAR FINISH IN COLEMAN STREET. (From our Special Correspondent.) BRADFORD, -March 21. The event of the wool world this week is the of the ' second series of London*' sales, ' the auctions .coming to a close on .the eve of the Easter holidays. Most buyers were glad to see the end and., to get home, and m the. opinion of many the series had lasted long enough. It is all right being m Colernan street when everything goes as merrily as marriage bells, but to find things a little wanting as the end draws nigh, puts nobody m an excellent temper when they have to face consuming centres with prices not at the top notch. A firm and steady series is any time to be preferred to one where we have a brisk opening followed by an ease towards the finish, and that is what we have seen m Colestreet during the past fortnight. For the last three clays the attendance was fairly good, though several buyers had left earlier feeling that they had had enough. The fact is, wool came more easily at a market price during the last seven or eight days of the series than earlier on, and the majority of home trade buyers got their fill. 1 mentioned a week ago that Yorkshire m particular had been the stand-by of the series, and the final figures clearlj r prove the truth of that statement. Out of 134,000 bales sold, the home trade has taken 84,000 bales, the Continent 46,000 bales and America 4000 bales, leaving 26,000 bales to be carried forward to next scries. The held over quantity is certainly larger than the majority expected, but it only shows that the withdrawals were fairly numerous, as some nights from 1300 to 1800 bales were taken m, \. FINAL RESULTS. I need waste no space on what transpired during the last few days of the series. As a matter of fact nothing out of the ordinary happened, and the following table is well worth considering as epitomising the changes seen compared with the January series.— " * •Australian wool.— Greasy. Superior fully par, average to good fully par, heavy condition par to id lower, super lambs id to Id higher, inferior lambs id higher, fine crossbred (56\s-58's quality) par to id lower, medium -crossbred (44's-48'.s quality) par to id lower. Scoured: Superior (extra) fully par, superior fully par, average to good fully par, superior lambfc Id higher, ordinary lambs Id higher; fine crossbred (f-G's-58's quality) fully par, medium crossbred (44's-48's quality) fully par. New Zealand wool.— Greasy: Merino id higher, fine crrissbred (56's-58's quality) par, medium superior (46's-50's quality) id to Id lower, medium average (44\s-48's quality) par, coarse crossbred (3G's-44's quality) par to Jd higher, crossbred lambs fully Id higher. Scoured: Merino fully par, fine crossbred (56's-58's quality) fiMly par, medium crossbred (46's-oO's quality) par, coarse crossbred (3G's-44\s quality) par. Slipo: Halfbred (sG's-58's quality) }d hiffhrr, threequarter-nred (46's-50's quality) |id higher, Lincoln (3G's-44's quality) fully [}d higher, half-bred lambs (s(3's-58's quality) par to id higher, fine crossbred lambs' (46's-50\s quality) id higher, Lincoln lambs (36's-44's quality) Id higher. South African wool.— Greasy: Combing light par, combing wasty id lower, clothing light id lower, clothing wasty id lower; snow white, super Id higher, medium id higher, inferior Jd higher. CAUSE OF THE WEAKNESS. The irregularity which has occurred m Coleman street naturally set many tongues wagging,- and given rise ; to a little nervousness regarding the future. The question Is well worth' asking, t What is the real cause of the weakness m crossbreds? We have to admit that the market has missed active American and Continental competition. Amei'ica. especially has refrained from operating, and the 4000 -bales purchased consist of some excellent lines, the greater part of which have been scoured at 12d to 13d. The bulk of this would have easily made id to Id more m January, m fact some very good parcels of medium descriptions have been secured at Hid. I certainly think these wools have been right, and Bradford buyers have "laid m" with a vengeance. A quiet time is being looked forward to m Bradford for the next month or two, but with the South American shortage becoming more certain, and wool being scarce generally, many believe iha't what is bought to-day will bring a nice profit later m the year. At the same time, the disturbance m financial quarters on the Continent is probably a still more important factor than the poor American competition which has been experienced. .It is no use trying to get away from the fact that money is both scarce and dear In Germany and, other European quarters, and French and German buyers frankly state that they have as irtuch stock as they can carry until they flod some relief financially. It is no uncommon thing to see financial pressure at this time of the year. Wool to-day is. costing big figures, and finance is after all an important part of the wool trade. Everybody admits that at the foundation 'the situation is sound enough, but it is the knowledge of what occurred after the financial crisis across the Atlantic at the end of 1907 which is putting everyone on the defensive. Continental buyers have gone home m fairly good spirits, only they would have liked to feel more comfortable regarding the outlook from a financial standpoint. SITUATION IN BRADFORD. Turning to conditions m Bradford, the business doing to-day is very limited m quantity, there being a disposition to wait and see what the ftiture has- m store. The attendance on 'Change yesterday was large, but a holiday tone prevailed, many 'Change frequenters taking the opportunity of getting away early. Naturally the setback m crossbreds m Coleman street has formed the topic of conversation, and m some quarters topmakers are disposed to shade prices to induce business. In other words, the last farthing advance has only been made m exceptional cases, and 40's prepared tops can to-day be easily bought at 161 d, and 46's carded at I7id. The bulk of topmakers are s"o well sold forward that they are not manifesting: ariy 4 . uneasiness, preferring to sit tight. It , would be a calamity if things had to ease, '.sensibly, but we think that with' patience ;,they will come out all right, unless things become worse on the Continent. Merinos are firm, though there is less activiiy m the sale of both tops and yarns. , it would have to be ft; very good 64's to command more than _ 2s Gd,. but, there is no pressure to sell ajid an equal indifference about buying. We seem to have reached a time when all sections of the trade are adopting a .waiting policy ; and as'far as one can see we are , In for. a quiet time for some weeks, ahead! So far as consumption is concerped, there is still the same pressure m every department. The, home trade can still be called good, and other markets apart from the [Continent are absorbing spme fairly large weights of both yarns and .pieces. Still, for things to move safely, every market should enjoy the same measure of prosperity as the home industry, and as we survey the whole field we feel that upon the Continent Is going to rest the making of the future of wool values. Given no financial trouble or political .complications across the German ocean', we shall see wool values maintained at about today's level. Some are expecting good things from America when the tariff is revised, but only time can decide what will be the attitude of American users of qolonial wools. If the tariff on semi and fully manufactured goods is not lowered too much, and America runs its- own machinery full tinie, then we are certain that big weights of merinos and crossbreds will bo purchased both m Bradford, London, and Australasian markets.