OUR YORKSHIRE LETTER.

Dominion, Volume 3, Issue 772, 22 March 1910, Page 4

OUR YORKSHIRE LETTER.

THE AFTERMATH OF THE WOOL SALES. (From Our Suocial CorreSDondent.l Bradford, February 11. Once more the trade finds itself given up to wiping off arrears connected with the recent sales, the principal work this week in London being the making out of invoices and the dispatching of wool to the various manufacturing centres. So far supplies have gone out in a most encouraging way, buyers being' disposed to take in their purchases without letting them stand over in London. It may not be eenerally known, but every series a fair weight of wool is. bought by several London and provincial buying brokers, the bulk of which is allowed to stop in London either in the warehouse or at some station until the same' is sold. II unfreqnontly happens that wool bought one series turns up again at. a succeeding series'. I know a case where a lot of West Australian combing was .bought last November at 7Jd., the same 'being sold in Bradford during the recess at 9d. This identical lot, which had never left London, was reeatalogued at the recent series, and again sold at 7Jd., the owner, of the wool not taking the trouble to limit. tho lot, consequently, a serious loss resulted. London always provides a good opportunity for making a profit on any lot of wool that has- been bought right, but for a dear lot pf' even imports • Coleman Street is of Very little use. The most profit was made at the recent series of sales by those who bought last October in New Zealand crossbred "new clip" wools either privately or at public sales, and in many cases 2d. to 3d. per lb. has resulted. Eβoffered merino:'imports fared rather badly.'■ ■'.' ■

Where Wool Stands. The series, being over, we have now a moment's time to. look round and seo where the raw material stands. The comparative firmne£fi o£ merinos and tho steadiness of values at the recent sales suggest a brief consideration of the present position merinos occupy, and. on examination it will be found that while values are not extraordinarily high, yet they cannot be called cheap. Nothing suits manufacturers better than an adequate supply of wool at a little price, because then they have a far better ohanee of making good profits than when wool is dear.. It is. always an exceedingly difficult operation to enforce increased prices on the wholesale, conseguently when wool advances substitution begins. For instance, in the woollen trade.manufacturers speedily-resort to a larger use of cotton and nuingo in order to bring in cloths at the old price. I know a ease where a firm that makes largely "bread-and-butter" fabrics kept several of their cloths at the same price from 1903 to 1907; in fact, they are making these fabrics to-day at exactly the same figures as they did when wool was pence per lb.' cheaper. I don't say the cloth is ■ exactly the same value, although it is the game weight, shade and design, circumetancee, determining how much mungo, shoddyjv and cotton shall be used to bring.them in at the old price. /When it comes to the production of "all-wool" fabrics, the situation is quite different. HeTe men cannot work to a price, for .their : fabrics are 'bound to alter each season..as \the price of W.OOI goes up or down. I lieard one Yorkshire manufacturer say ajt the recent sales that one of their : . cloths\ which they sold in' June, 1908,' at; 4s. \6d. is, te-day standing and silling at ss; 3d., while another dress ■serge of very) good quality that they were making at. Is.. 9d..is I sellirig at 2s. ■3d!' This" : 'showS how'Tising values affect more or' less the finished article, and course of prices-is being watched today more critically than ever by buy,ers of woollen and worsted fabrics. '-.

.'; ■ '-■■"' How Values ,H»ve Risen. ■ The present is an 'opportune' time forlooking at values. It w.ill be remembered that at the beginning of 1908, we had demoralised wool markets' with colossal losses on imports, the 'lowest point being. touched at the Hay; series of'sales. Below I show tho values',,then ruling for leading descriptions of wool, and .where they stand to-day:— : . '■ ; ■ ■ "'■'■;.. •- , ' ■ ! .1908 ;■' 1910. '. .' ' Maj '■ Jail. ' "• .■ ' : av'ge. av'ge. - . .' . IPerlb. Perlb. ■.■.■• -~.- ■-'■' .-; ■Va.'d. ; -",a.a. South Australia: Mid- \' . .■:.-.■. lands, bright, longj ■ ■,' '' .-.light-- .... lOi-H 11W2J South Australia; Mid- \ ;... land 9, fair length and . condition.'....: ~?-9£ '. 10-11 Victoria: Western, good '■■ . quality and condition '14-11 J 15}-16} ( Victoria: Western, fair ■'' - '■ length and condition. 12-12} ■ 13-14' New South Wales: Eiv- :. : I . , erina, light, long, ■•■'-. \ bright : ....13-13} : 15-16 New South Wales: Eiv- -: :.v ■ erina,- good staple and 'i ■ ■' condition .., : :.. 12-12} 131-lii New South Wales: Eiv- , , ,'.•'.',■■■ erina, fair char., burry 10-10} . \il-12 ■ New .South Wales: N. '<•■■ England, fine, bright, ■■.■'.' light. 12A-13 - 14-15-New South- Wales: N. ' ' : England, 'fine, bluish, \ .. fair condition ..„.. 11-11J 12J-131 Queensland: Central, • . I . - bright, shaf.ty, light... 11-11J 14-15 Queensland: -Central,', . . good staple, earthy tip 9J-10 ', ; 12JV13J Queensland:. Central,- . ;. I '. irreg. length and con- - .' dition ..:........ '■•.BJ-9J.' lOjXll New Zealand": Good qual- . , )' ity, light, long , 11-11} 15-13 New Zealand: Fair char- • ; . acter, heavier .;. . 9-9} ■ 12^.12} New Zealand: Irreg. con- . dition, earthy ■ &8} ' 9}-iO} Cape: Kaffrarian, fair '■'■■. \ staple, light B}-9 , 940 Natal: Sair staple, skirty G-CJ. . 7-?| Big Rise in Crossbreds.' ! The abovo parfacnlars do not show' a very great rise' in -merinos, but when wo come, to crossbreds the advance is considerable. Of course,- this class of.raw material has not occupied that front rank position that merinos have, largely duo to fashions, but all available. stock have been used, and now when'prices have;appreciated there are no accumulations to be lifted anywhere. Crossbred wcol wiis never a-'more valuable commodity nor more useful than it is to-day, and tlie outlook is.most encouraging. Below will be seen particulars ehowing how values have moved since May, 100S, which was' the lowest point sines. the American financial collapse:— . ; NEW'ZEALAND WOOLS. '; ''■~.." 1908. 1910. ! ■ . ' ' May Jan. \ av'gij. av'ge. ■ \ . (1. d. d. d. Half bred, super, 50's, 56's 12-12} 16-17 Crossbred, medium, 4G's 8-9 135-14} Crossbred, coarse, IQ's ... 7-7} 11-11} Crossbred, coarse, 36's ... (s}-C3 10-10} half bred lainhs... IU-12}, 10-171 Slipes, ' thrcequartcr-bred lambs .'... 9-9} 145-16 Slipes, Leicester S-8V 12}-W Slipes, Lincoln 7J-7} 11J-12J VICTOEIAN WOOLS. Halfbred, super, sO's-sC's 13-W 17-18 Crossbred, medium, iß's 8-9 13J-14} Crossbred, coarse, 49'sri-i's 7-8 IH-12} Healthy Conditions in Bradford. Trade in Bradford continues on the quiet sido, new; orders ■ being somewhat scare*. The market -cannot be called really slack, although there is not that buoyancy one might expect after the firmness of London. There has. been a mild attempt made to talk thinsfi down and belittle the verdict of Colema.ii Street, but so far it has had no effect upon prices. Topmnkera still maintain a firm front, several having; put.up their prices to 26Jd. for super 60s. Whiteheads' are very firm at 27d. for their 'well-known standard make, which ce.rtainly is a. very reasonable figure in view .of what wool was costing recently. It is » bit of a mystery to a largo number

wjiy super GO "s can be bought at 261 d. when no class of wool could be picked, up in London to bring them in at that figure', and the situation is all the raoro baffling when (>4's can still bo secured from Home of Bradford's biggest and best importers at 27d. There has been this week a : fair amount of inquiry, and several sales are reported of merino and fine cfossbreds, hut there is not. that activity that we saw last month and in December. After all no reasonable man can expect it, simply because spinners are all well ahead, ,and it is only the cover, ing of fresh yarn orders for forward livery which is the new business passing. Topmakers on the whole are very indifferent about selling more until they lighten' their order books; in fact, 1 don't know a single .firm but what havo quite as much to get ■ out before the end of April as they-can. possibly manage. I was talking this week to". the managing director-of. Bradford's largest firm of commission, woolcombers, and ho candidly said -they were "pulled out of .the place" ■to hrake deliveries; in fact, although they were ruining day and night, yet .they. couk! not adequately cope with the requirements of their customers. - Prices are very firm both for n..'rinos and crossbreds, and the outlook is still regarded as favourable.