LONDON WOOL SALES

Marlborough Express, Volume XLIX, Issue 29, 4 February 1915, Page 6

LONDON WOOL SALES

CLOSE OF A MOST UNSATIS-

FACTORY SERIES

[from our correspondent.]

• , BRADFORD, Dec. 18. Since writing last the final auctions of Colonial avool for the year have come to a finish, and Coleman Street Wool Exchange emptied itself of buyers last Wednesday evening. All seemed glad to get done, and Yorkshire representatives cleared away by the evening trains. One or two French buyers have been over, and these have gone back to Boulogne, that being as far as they can get into France with any degree' of safety. Business continued very similarly during the last three days of the series to what' it did during the opening week, and we regret to say that merinos improved none whatever. Some nights-showed a little more competition, but there was thot spirit of indifference about buying which w:.s so prominent a feature during

the earlier part of the series. How- ' ever disappointing the auctions may have been to Colonial growers, what j else could he expected when there is not the machinery at present avail- i able" in the home trade for handling j merinos, and when there have been no Continental or American' buyers present to push Yorkshire. It is all i ight saying that good shafty merinos did not. lose ground a great deal, but Id to 2d makes an appreciable difference vhfc-n a grower counts his returns, and we say that the war has directly knocked' at least £3 per bale out of the value .of the Australian clip this season. ' That is a very serious item, but at the same time we see no reason for saying that by holding the wools over any improvement would take place, and therefore , grower,-; have wisely decided to meet , the market. I ALTERATIONS IN EVIDENCE, jWe give below our usual particulars showing what changes have | taken place, compared with the close ( of the previous series a month ago: — j AUSTRALASIAN WOOLS. j Greasy Merino: Superior, Id to lid j cheaper; average to good, 2d to 3d » cheaper; poor condition, 2£d to 3d j cheaper; inferior locks and pieces, 3d cheaper. Scoured Merino: Superior, 2Jd to 3d cheaper ; average', to good, 3d to 3id cheaper; inferior, 3d to 43 cheaper, faulty locks and pieces, 3d cheaper. Greasy Merino Lambs: Superior. Ad to Id cheaper"; medium, 2d cheaper; inferior, 2d to 3d cheaper. Greasy Crossbred: Fine—superior, unchanged; ordinary, unchanged. Medium—superior, -id cheaper; ordinary, id cheaper. Coarse—superior. -hd cheaper; ordinary, Id cheaper. Scoured Crossbred: ' Fine, unchanged; medium and coarse, unchanged. Slipe Crossbred: Fine, par to. -id higher; medium, {d higher; coarse, par to -Jd higher. Greasy Pun-ta Arenas: Well conditioned, par to *d cheaper; wasty, par to -?rd cheaper. Greasy Falkland Islands: Par to id cheaper. SOUTH AFRICAN. ■ Snow White; Super, 3d cheaper; medium, 4d to 4|d cheaper; inferior, 4d to 4ld cheaper. Greasy Combing: Light, Id to K-d cheaper; heavy, 2d cheaper. Greasy Clothing: Light, ,2d cheaper: heavy, unsaleable. The reader will see from the above what 11 radical, alteration has taken place' in merino values, and various views are expressed regarding the future course of prices. The demand for merinos a*ll throx'gh has been very indifferent, it being a long time since we have heard selling brokers make the remarks they have when they have called .for bids during the course of the sales. Many bids have at times b'-on little better than sporting offers, but growers' interests havebeen protected a* much as possible by those looking after them at this end. Still, when good average wool is fetching no more than lOd per lb. in Coleman Street, it Miows that w,ool is not at all dear, and those in a position to use this material can to-day pick up gome first-class wool at most reasonable values.

CAN THE EMBARGO BE MODIFIED?

The embargo is still a burning question in the minds of maaiy representing the interests of growers as well as shipping houses. Fine wools have been knocked down largely on account of limited competition from the outside world, and the longer the embargo'obtains the lower will merino values'go. What fine--wools want to-day- is broader competition both in Australia and London, -otherwise we shall see prices still lower next month. We believe that the Government realises this just as much as anybody else, and they cannot refuse 1 to allow, merinos to be shipped by neutral Continental countries very much longer. Several countries have J already put embargoes upon the .export of wool besides yarns and piece goods, and we think that under proper Government guarantees, the wool bought in London and Bradford would not find its way to Germany. We are, therefore, inclined to say that with the turn of the year .the embargo-will be modified in favor of allowing fine "svools, fine tops,; noils j wastes, and shoddies to ' fe J ■exportedto neutral Continental countries,.'. foi A only by so -doing can we hope to see trade continued and consumption of fine, wools maintained. America seems "to be talking about retaliation, for evidently they are fearing that if prices are lowered to such a point, Yorkshire manufacturers will be enabled to make fabrics at such a price as to undersell American manufacturers of dress goods, worsted coatings, arid the like in their own j market. We hardly think this is likely to take place just yet, particularly now that the embargo has been lifted on merinos in favor of the United States. Whatever cheap wool is available to British' users is also accessible to United States spinners and manufacturers, amd therefore their fears are entirely groundless. jWe want to see merinos going to Continental neutral countries, and then wo may expect the market to become steadier. THE OUTLOOK. ! Writing with reference to the outlook, Messrs H. Dawson and Co. say:—"Tthe closing of the final series of wool sales for the year has left the market in a position which lis not only perplexing but precarious. Inflation "and boom characterises the coarser grades, while panic and depression have seized the market on fine wools.

•"The v.ar has early bequeathed its legacy of disaster to merinos, and we have to report tho most serious decline in these sorts since the memorable black year of 1900. Nobody would complain of this sacrifice, which, so seriously affects Colonial interests and the home industry alike, if there would be any gain to the national interests at this time. On the contrary, nothing has been gained, but much sacrificed by the lack of H little wise discrimination, and there exists a very strong feeling that such disaster might have been mitigated. The: home trade is chiefly occupied witl." erussbreds, and cannot absorb the merino supplies, but there are hungry supplicants for these wools amongst our Allies and friendly nations, whose buyers rwe willing to gi^e the fullest guarantees that the wools will not bo used for trading witli the enemy.

"The- announcfiiwnt made at the opening of the seriop by Sir George Hoirl regarding: shin-merits to the United Slatos iims b;;-on ineffective, because no definite statement could he obtained from the authorities as to flw form ar.d nature of tho guaran■tnos iv'unired, >; IV-<t liconstis would i;" "t c"co sr,vntt:(]. Considerable r',..:-{ r .,l y.,.-, k, s (v ..1 f ,.. s -, v^,.,-, 01 , (-1,., :;i^:-!wl. Lu-- \v-o; v ■;:j.\.^q-<c:\^- 1:1:-

available. Meanwhile the anomalies ir, the demand and in values have been most perplexing, and there seems little chance, of adjustment so Join' as the present abnormal conditions continue. If the market were thrown open there would probably bo some rectifications which would be welcome-. Seeing that the War_ Office mainly insists on" crossbred fabrics for Army purposes—which is a very questionable point at issue—the discrepancy of values favoring the coarser grades i l* likely to De niore or less maintained while the war lasts. It 'seems incredible that a coarse wool, .such as. an ordinary 46's khaki quality," should be at the same level oi: value in the clean scoured state, at; a medium 64's fine merino, while the best 56's \clean) are 25 per cent, higher. Meanwhile the military autnoritios are satisfied to pay tho bill for the coarser article. Some swf;epinc adjustm&nts"wilT come when the demand for military -cloths becomes 'normal and the ordinary trade of the world is resumed; but until then* our industry rniist patiently .suffer a time of perplexity and fluctuation. "Hapmly our mills are well employed, ~and with all the .world's standing armies to be clothed during this epor-h of strain and warfare, there is no early prospect of depression in. the home t-r=ulc; and the outlooii for crossr.-reds is therefor© r xtrem ?1 ? bright so long as such conditions 'obtafni. The outlook for merinos is entirely dependent on tho removal or partial removal of the

eniba'igry. , "The South American wools are now begin nit.-? to arrive at our shores and should greatly relieve the 'strain .on crossbreds during the next few weeks."