ENGLISH WOOL LETTER.

Press, Volume L, Issue 14956, 1 May 1914, Page 9

ENGLISH WOOL LETTER.

PRICES FOR CROSSBREDS

BARELY MAINTAINED IN COLEMAN STREET.

ISPECiAX.LT WKITTEN- FOP. "THE TBESS. ") BRADFORD. March 20. With the c-io-u of the .sales in London attention is now focussod in consuming centres, buyers having returned to Bradford and district to try to make things harmonise with their recent experience. I need hardly rr-ay that tho task is a difficult one, for iv Coleman street I found wool .soiling a.> readily as penny cakes in a famine, and yet iv Bradford ail the talk is that business is slack, ami some descriptions of ions on tho easy side. Seldom do the two centres lit, and they aro as, far from harmonising to-day as the Equator am' tho South Pole. No one need bo surprised at thus. Ah a. rulo Bradford drags at the heels of distributing centres, and tho present experience is by no meane an exception. * Two leading members of the Exchange were, discussing the situation this week, tho ono being a large toomaker and the other a spinner. Without narrating what was said, which consisted cf the usual arguments for aud against prices being maintained, the made two bets. In both cases they represented a new hat. One was. that some foolish topmakers would be induced to accept '2s olrd for a (51 s ton before the opening of the next series' of London sales, and the other that in May merino wool would bo dearer than at the close of the March auctions. I should not lie surprised to see the topmaker win both bets. As things are framing today, it looks as if even merinos arc going to sag a little, and at the samo time I am convinced that fine wools aro in such a strong statistical position that prices will be maintained next series on a level with tho closo in London this weak, if they do not actually go higher. " • HOW THE SALES FINISHED. It must be admitted that as the end of tho Miles drew near soma weakness developed, theso remarks being applicable both to merinos and cro&sbrods. In my judgment no class of wool maintained tho top point of tho auctions, even good merinos selliiis at prices barely equal to tho first week. If we tako .South-Eastern Adelaide wools, or for that matter Western Victorian wools, there _wa« not forthcoming towards the finish the extreme values tscen during tho first eight days of tho series. Importers know this, much to their regret. During tho earlier part of the auctions some ' excellent prices and profits were realised, but tho same could not ho said of tho last four or five days of the sales. I certainly think that all descriptions of raw material wero a full kl off the top point, and medium American crossbreds often less by Id. 1 heard on Thursday one important American buyer "slating" Bradford buyers for making the pace, but I think tho boot is on the other leg. I say unconditionally that tho dearest wool of tho whole .series has been taken by American buyers, and I think that at, a time liko the present they have nothing whatever to throw away. Discussing tho situation with the representative of ono of tho largest buyers from tho States, ho said that he felt that they had paid too much for the bulk of tho wools purchased, and while he hoped circumstances would favour their sale and consumption, he was hardly so confident as ho would like to be as he was loavintr, for home. Of course, they had urgent orders to fill, tho cream of tho New Zealand clip was on offer, and seemingly nothing would-suffice but that they must purchase* a portion of the wools.they wero most familiar with, and accordingly they did fio. It was frequently remarked during the opening week of tho auctions that if about three firms had been more patient, they would have "easily secured all their offerings at a good 5 per cent, loss, but seemingly thoy had faith in tho future of the raw material, and I hone that their trust has not been misplaced. A COMPARISON IN CROSSBRED PRICES. No one will urge that crossbreds are cheap, but it should be worth while to see where they stand compared with twelve months ago. I give below "Messrs Buxton, Ronald and Co.'s figures, contrasting tho prices of the raw material with the corresponding series a year ago for. Victorian and New Zealand crossbred wools. These particulars will show that thero is practically no difference between the prices mado" this time and those which were forthcoming at tho March series of 1913:—

1913. 1014. Higher March March than Average. Average. Mar., 1013. Per lb. Per lb. Per d. d. d. d. Cent. Victorian.

FUTURE OF WOOL. One of the uppermost questions on the liris of the trade to-day is ttie future of the raw material. As. briefly hinted. 1 belicvo that merinos aro well ablo to take care of themselves. 1 am very much impressed with the fact that tho Homo trade takings both in London and Australia aro not hair what they were up to tho end of tho March series a year ago. This simolv means that the W T esfc Ridim* of Yorkshire must be lightly stocked in merinos, and the. same can be said of crosshreds. 1 find to-day conimisskfh wool-combers "up another street" altogether, compared with March, 1013, and thoy aro all clamouring for wool, begging topmakers rxi put on more sorters and get more wool ready for them. Of course, if top-makers have not the raw material by them, they cannot comply with their request, but I find that an effort is beine mado to meeb deliveries, although I know several firms who aro behindhand fully a month. I must admit having strong faith in tho future of merinos. There is cverv likelihood of thero beino- little moro than 50.UU) bales of fine wools available at the next series of sales, and that is a mere bagatelle. So far as tho Homo trade is concerned, buyers can make ur> their minds that they will bo eomoelted to value second-hand parcels more carefully in Coleman street, for I do not know where good, straight station clips arc comins: from in any bulk. In crossbreds there--js tome niiscivinf. Already members of tho trade are talking about there beinu 120.000 bales of New Zealand wools available, and somo say even more. It is this huse total that seems to frirrhten some, and they say it points unmistakably to lower values. 1 hardly think the decline will be mere than 5 res cent., if that. In all probability we shall see decent 40's fleece wool selling around 10id to lid and 46'& at lHd to 12d. but if anyone :s anticipating a serious setback in values I think they will be sadly mistaken. Mv view i.s that, the- consumptive rof(«iirpmcnts of tho world are such that all the wool available will iu> wanted and those rcDresentinc New Zealand interests in London can he- relied unon to

feed the trade judiciously in order to maintain prices at not tar off to-day's level. A LULL. Tho ceneraj position in Bradford now seems to oo iiuuguv iwtu cousiueraoie, uiuiciutv. aim v is nir Ueim n.-.mer possiDio at oiico to arrive at a correct conclusion as to now niauers stand., lo begin witn, tneio is very uctio ousmesb bemg clone, anil wnen mis is tne caso at such a mncture as tho oicscnt wueu tueie are conmctine oomious —or snaa I say statements —respecting tno raw material, it is onfv what initrht be expected to find two distinct parties in tee market. Those who are in tho fortunate position of heme well sold can afford to look on inuitterenth-. whichever wav things may appear to be moving, and I find such in tho market at the present time. The greatest lault to bo found at tho present timo is the absence of new enquiry. This is the*, caso ail round tho market, and neither m merirm nor crossbred tops, or in yarns of any class, is thero anything special being done. Values for merino tops aro keeping steady, though thero are cases where somewhat below tne averaco level will be accepted. Of course, this is the case where business k roallv v.-anted. and then 2s o'.d will ba taken for average 61's. On the other hand, quotations of a ponnv more aro to be mot with, and then half-a-crown is tho soiling price. If many of tue top-makers are justified in their attitude, the raw material is not going to suffer any farther decline, and not a few havo sold at such a level as need-- the future curvport of the raw material to bring them out on the right side. Crossbreds have certainly been influenced by the movement of nrices in London and to-day are very barely holding their own. As in merinos, there is a show of indenendenco which I have every reason tor savin-* would disappear if freer! business wero offered, antl at slisrhtlv reduced prices it would not be allowed to p-i-v;. There is however. vr>rv little cominc forward on cither Home or eroort account and shippers are ha-nnz a quiet- time.

lalfbred— Supor, 50'£-56's .. 15 -IS Crossbred — Medium, 46'? .. 12J-13 Coarse 40's-U'a.. 11-1-2 New Zealand. lalfbred — Super, 50's-56'8 .. 14J-1&J Irossbred— Medium, 46'a .. 12 -12J Coarse, 40'a ... lOJ-lli Coarse, 36's .. 10i-ll 15i-16i 12J-1S1 Hi-l2J 14J-155 12 -12i 11 -111 11 -Hi 3.22 1.96 4.31 2.27 •1.65