ENGLISH WOOL LETTER

New Zealand Times, Volume XXXII, Issue 7028, 17 January 1910, Page 3

ENGLISH WOOL LETTER

FINAL VERDICT, OF COLEMAN STREET. especially Written for "N.Z. Times.") BRADFORD. December 3. ,Once more the members of the trade attending the final series of London sales have left for home, the last sale taking placo yesterday. I can't say that anything out of the common has transpired, the series as a whole being Rood, although here and there slight declines have to be chronicled. It would bo strange if it had been otherwise, although I daresay some expected to see a full maintenance of the famine prices which were mad© last September. Puttins on one side the slight changes seen, tho final auctions have been a time of real Rood, and only the unreasonable can express any sentiments of dissatisfaction. From the very start there has been in evidence a strong and persistent desire for the raw material, clearly indicating large existing needs which must be filled. I am rather surprised to see that the Continent has taken just about the same quantity as the Home trade, because one of the biggest buying brokers has hardly been as active as usual. However, other firms seem as if they have done middling, and the total_ is a creditable one so far* as the Continent is efneerned. From first to last all parties seemed to buy with a will, and nothing whatever failed to call forth the keennest competition. No doubt there has been a lot of forced buying, while the continuance of tho strike in New South Wales has also been another "bull" factor. Taking the situation as a whole there has been revealed much soundness, and the fact that tho year is finishing with no stock on hand is the best indication of the existence of factors which are satisfactory, especially to growers. ALTERATIONS SEEN. I don't think I need waste any space in dilating on the course of the sales, because practically nothing new transpired. When compared with the closing rates of the previous series the following shows tho changes seen : AUSTRALASIAN WOOLS. Merino grease, superior, id cheaper; merino grease., average to good, id to Id eneaper; merino grease, poor condition. Id cheaper; ruermo ' grease, inferior pieces and locks, id to id cheaper; merino scoured, superior, par to id cnTapcr; merino scoured, average to good. Id cheaper; merino scoured, inferior, -Ad to Id cheaper; merino scoured, faulty pieces and locks, id cheaper; merino lambs, all descriptions, id dearer; crossbred grease, fine, par; crossbred grease, medium, par to id dearer; crossbred grease, coarse, superior, id dearer; crossbred grease, coarse, ordinary, id to Id dearer; crossbred scoured, fine, Id dearer; crossbred scoured, medium and coarse, id to Id dearer; crossbred sliped, fine, par; crossbred sliped, medium, id dearer; crossbred sliped, coarse, id to Id dearer. ■ I cannot help but think, judging by the above results, that if there had been no strike in Australia, and a larger supply, prices for merinos would have given way still more. At the same time I cannot see super 60's tops costing less than 2s 3id, and 64's 2s 4d to 2s 4R THE TAKINGS OF THE TRADE. The finish of the series sees tho termination of the year's business so far as Coleman street is concerned, and now we are in a better position to deal with the distribution of imports and exports of colonial wool. This has been a remarkable year for many reasons. The trade has got through a record quantity of raw material, and yet for all that there has not been the slightest difficulty in lifting the. largo weights which have r coine to hand either ■ as direct imports or London offerings. It is painful to think of what tho world is going to do .when another drought visits Australia, for it seems as if when that time comes we. shall have famine prices owing to the inadequate supplii? of the raw material. Below I show the aggregate takings of the trade, including transit wools and direct imports, up to the, finish of the final series of auctions during recent years:Homo' Continental American cons'ption. cons'ption. cons'ption. Year. Bales. Bales. . Bales. 1899 ... 812,000 1,083,000 29,000 1900 ... 610,000 795,000 53,000 1991 ... 937,000 1,016,000 63,000 1902 ... 839,000 1,050,000 72,000 . 1903 ... G 46.000 950.C00 59,000 1904 ... 025,000 , 874,000 71,000 . 1905 ... 688,000 1,023,000 130,000 190 G ... 750,000 1,221,000 100,000 1907 ... 857,000 1,372,000 149,000 1908 ... 909,000 1,348,000 94,000 1909 ... 917,000 1,588,000 179,000 Messrs H. Schwartze and Co. point out that tho great increase in this year's deliveries of 333,000 bales has nearly all gone to the Continent and America. The purchases of tho former exceeded those of the previcgis year by 240,000 bales, and those by America by 85,000 bales, while the English consumption has remained, practically unchanged. The supply of colonial and River Plate wools, which included some stocks of the previous season, reached the large total of 3£ million bales, showing (record figures in all directions. The increase from Australasia amounted to 224,000 bales, from ■South Africa. ,104,000 bales, and from the River Plate to 87,000 bales. Quite a controversy still obtains in certain quarters over the, probable quantity of the coming Australasian clip, and while Dalgetys' estimate an increase of 100,000 bales, one of our best authorities in England anticipates 200,000 bales increase firom Australia alone, while another Sydney authority, tells us emphatically that there . will be practically no increase whatever so far as the Commonwealth is concerned. As far back as last September I hazarded the opmion that we shall see all about 100,000 bales increase from Australasia next June 30th, and on . that ground there is absolutely no need to force prices. The strike in New South Wales has completely upset the calculations of the majority so far as supplies are concerned, and already fears are being expressed that the arrivals for the January series will be considerably curtailed. I am not-going to "bark" upon this point until the time draws. nearer, -for there are some fair weights of wool at sea, and direct inrports will no doubt bo larger this coming season than ever. With the sales being held up in Sydney means a longer season, which will cause supplies to be more evenly .distributed overf a. longer period, thus relieving tho pressure somewhat next February to May, when there is the heaviest financial strain upon the trade. A BIG CONTRAST IN PRICES.

There is to-day a We difference'in the cost of wool compared with this date a year ago, and once more Australian squatters will be receiving some handsome cheques for their labour and work of the past year. Prices for merinos are certainly above normal, and crossbreds are now about the same. It is always considered that the inherent value of a good'super 60's top is about 22d ( per lb,- some say less, and 40's at a. "bob" are never regarded as being dear. Below I show the actual realised prices for leadinpr Australian clips sold at the recent series, and what they made at'the corresponding series a year ago:-

NZ&ALandCo/Edgerei (N.S.W. wool).' ' Sixth Sixth series, series. 1908. 1909. d. d. Greasy Ist combiner W ... 10 .12J Gieasy Ist combing B ... 9J 11 Greasy 2nd combing ... ... 9£ 10 Greasy Ist clothing W ... 8£ .i 10 .. Greasy Ist clothing ■E•. ■. :::.:.. •■;■.-, 8 10

ISIS DOWNS CQu. Wool). Greasy sup A combine ... 131 li Greasy Ist combing WH. ... 121 131 Greasy Ist combing E ... 13 131 Greasy A combing HH Greasy A combing L ... 114 1Greasy broken WH 11 j^t Greasy broken E ... ... Wl 1Greasv Ist pieces WH ... 101 12 AV.BROS/KATANDRA (Qu. Wool). Scoured Ist combing 21 231 Scoured 2nd combing 21 Scoured Ift clothing ... 21 24 Scoured 2nd clothing ... 201 22J Scoured necks l°i ~] Scoured Ist pieces 19 -1 Scoured 2nd pieces 1™ l»t WE&CO/Oreel (N.S-W. Wool). Grease HA combing ••■ ••• 13 1* Grease 11 Ist combing ••■ 121 131 Grease Ist combing 11l }9i Grease II Ist clothing ... 91 12 Grease H broken 101 1H Grease E broken '1 °i KOON (S.A. Wool). Grease hgts AA combing ... 101 101 Grease hgts A combing ... 9 101 Grease hgts CC combing ... 81 9 Grease AA combing 91 11 ■ Grease A combing 81 10 Grease B combing 9 9$ Grease A lambs 7 81 Grease hgts Ist necks ... 101 101 Grease -Ist necks ■ ... ... 10 101 Grease hgts Ist pieces ... 9 91 Grease Ist piece 9 •"•- •■• 81 10 OTJRRAWILLINGHI /PRL&MCo. (Qu. Wool). Grease Ist combing H ... 91 13} Grease Ist combing E ... 10 111 Grease Ist combing W ... 91 13 Grease 2nd combing H ... 91 lit Grease Ist clothing H ... 81 111 Grease broken II ... ... 8 101 BRADFORD FIRM BUT UNRESPONSIVE. Yesterday's market in Bradford was by no means lively, and I fully expectnow that tho pressure of London is over we shall experience a somewhat quiet time. However, prices are very firm, and look like remaining so. There is vary little business doing for immediate delivery, though Bradford's' biggest merino topmaker told me that they have made 2s Id for their super 60s. for spot'delivery, although they are still selling forward for next January on a basis of 2s 3d. Another firm has made 2s 3d. It is yet possible, however, to buy forward for next February, March, and later months' delivery at 2s 2d and 2s 3d for 00's and Ci's respectively. All tho business at present doing seems to centre around future delivery, due no doubt to spinners being well provided for, so far as regards this year. Tho effect oi the London sales has been to simply establish prices on a firmer basis, but vorv few indeed have made any advances. It takes a great deal to influence users at Yorkshire consuming centres to pay more money, and they are not gain-? to be forced out of their present position unless they are actually compelled. In regard to erossbreds, there is also here decidedly moro doing, particularly in medium qualities. The situation is somewhat difficult with tho advance of tho raw material in New Zealand and Buenos Aires, although .there is more money being made, particuterly for i6's, 50's, and OG's tops. There is quite a run unon 4G's carded- tops, and supplies of wool are very meagre. Good 40's tops are worth to-day about lid. though a good combing can be bought for ldss. There is goinrj to bo a squeeze for crossbred wool before tho new clip arrives from 2\cv.' Zealand. Wool seems to bo badlv wanted and there is still a big consumption. Trade generally is very good, all machinery continues to ho well employed, and taking things as a whole the situation is sound and prosperous.