ENGLISH WOOL LETTER

New Zealand Times, Volume XXXIII, Issue 7448, 24 May 1911, Page 8

ENGLISH WOOL LETTER

WHY SCOTJEED SKIN WOOLS ABE SELLING BADLY.

(Specially Written for "N.Z. BRADFORD, April 14. There continues to bo an excellent tone in the wool market and further progress in an upward direction can be chronicled in connection with this week's business. Everybody seems at present to be determined to force the pace, ana so far there is nothing to indicate that the top has been reached. It was thought last week that the business done was a little too keen to continue, but since Hast wrote a further big volume of trade has been done, topmakers .all being determined upon haying more money. It certainly says a great deal for the excellent manufacturing conditions of this district when business is done week after week on such -a gigantic scale, and I only hope that users are not over sanguine, and overstepping the mark. Three months ago everybody entertained a somewhat pessimistio opinion, but to-day optimism is almost rampant, and oftentimes there is just a little danger of the pendulum swinging to the other extreme too quickly. However, I am not disposed to quibble over the work of the past month or the sensible advance which has taken place in prices. To*)makers have passed through a very dimcult period, having made nothing; in fact, it has been like changing twenty shillings for a sovereign, with nobody in a position to benefit by the present booming trade except spinners. No one begrudges the latter of their “plums," but it does indeed seem strange that in.porting topmakers should have had, to shoulder such tremendous risks during the past sis months, and had so little remuneration for it. However, there seems to be a chance of their obtaining: some compensation, and whatever profits they can. make during the remaining. months of this year they certainly are deserving of same. Business is still active, and as far as one can see there is a prospect of good trade for some considerable time to come. , AUSTRALIAN SCOURED SKIN WOOLS,

A complaint reaches me Jvo:u a wellknown firm of Sydney scourers of skin wools that some disappointment is expressed among practically all those handling this class of staple at the returns from the sale of these fellmongered parcels both in Sydney and London. I am asked the question why greasy fleece at the two last series of London sales have sold so ranch better than scoured parcels. My mind goes back very forcibly to the January series of Loudon sales when both station scoured and fellmongered parcels sold at certainly very reasonable rates. In fact, it was then possible to pick up really good station scoured combing and clothing wools at about Is 9d per lb, while Sydney scoured skin wools were cheaper still. Last series there certainly was an improvement in the sale of both descriptions, but _ especially the former. One of my neighbours who paid for the_ famous Victorian mark Plains Is lid in January liad to pay 2s Id in March. This is a mark that shows beautiful quality, a soft silky handle, is sound, and faultless. I said at the time that if that wool had been sold in the grease ii would have netted the owner at least 2cl ,per lb more when due allowance was made for the shrinkage. To-day I am more concerned about the skin wools which come from Svdney, and more or less from Melbourne. A complaint comes from the- premier capital that buyers have lost confidence in these'wools,'and no doubt that to a large extent is true. We are told that the "clean yield” has been disappointing, and that from i to 6 per cent, extra shrinkage has been a common experience when the wools have been handled at this end. I can confirm this, and instead of being out from i to 6 per cent. l one party told me only this week that the shrinkage of a hi" lot of wellknown Sydney scoured skm wools had been no less than 8 per cent, more than they had estimated. Is there therefore any wonder that buyers should be disposed to reduce their limits, and look with some degree of sceptcism on Sydney scoureds? Mind, I am not writing in derogatory terms about these wools, hut simply"recording plain, unvarnished facts. 1 have maintained for years tha* soouted skin -wools are not being handled as well as they might he, and I heard one responsible party say not many weeks ago that he thought there had been a general deterioration in the handling of sheep skins by fellmongering establishments in Australia. There is one well-known brand of Sydney scoured? which always come to market somewnat 'atty in condition, but which are urimt favourites with Huddersfield merchants. This brand has won ;ts_ name simply because of the raw material being wellclassed, but I am sorry to say that several times during the past 18 months I have heard regular buyers say they have not been classed nor have the wools been so regular in quality as they used to he. Those same remarks apply to more than.one well-known brand, and I am mentioning these facts in the hope that responsible parties will take them to heart. It may he information for some to know that as a rule scoured skin wools are bought by the woollen trade, and they are taken straight from the bales to the willey-honse, and there blended with other materials without being rescoured. Of course, if the wool is long enough for topmaking it is oftentimes blended with grease, in which case it all goes through the scouring bowls again, but in the case of scoureds when bought for the woollen industry, there is nothing to rescour providing the wools contain no more than say 10 to IS per cent, of condition, or 85 to 90 per cent, clean yield. There iis one more point which is largely responsible for the partially lost confidence in the trade in skin wools. It needs a very careful eye to see the fine sand which is oftentimes to be fmmd in these scoureds. There is nothing more deceptive in wool than red earth and sand, and if - this is not washed thoroughly out of the staple, then it is practically impossible to estimate what the shrinkage is going to be when it comes to the scouring bowls again. I unhesitatingly affirm that here we have the prime cause for the increased shrinkage which has been so commonly sooken of lately in Australian scoured parcels. I don’t think for a moment that there has been any excessive moisture in the wool, but the chief and, primary cause , is due to the presence of this earthy matter. I am certain that the trade is quite prepared to pay a full market price - for all scoured wools providing the work is thoroughly done, and there is nothing to he gained by the owners leaving in the staple an nnnnecessary amount of yoke or anything else which comes under the designation of condition. To my mind, and I speak with a life-long connection of the trade, I think that those handling skins cannot do better than insist upon the wool being well-classed for quality and length, and ■ then scouring them in a thorough and business-like way. SALE IN LIVERPOOL. Last Tuesday a sale of Eiver Plate crossbreds and Hew Zealand merinos took place in Liverpool, the attendance being good and competition keen. The rise of practically 10 per cent, over January rates is., a clear indication of the improvement in values. I see that one of the principal lines of crossbreds offered were all withdrawn in January, and this week they have .made an allround id more than the prices then bid. A pleasing feature of the sale was the offering of 98 bales of good merino wool from Easter Island, situated in the South Pacific Ocean, the hoggets and ewes for no less than 48 bales making 12d. A three bale lot of crossbreds made UJd- Those are not 'bad prices and clear, ly indicate the character of the wool. CONTINUED ACTIVE MARKETS. The event of the week has undoubtedly been a cop.tinuan.oo of the sound features

hitherto noticed, and both in merinos and crossbreds & further advance has to be chronicled. I am certain that to some extent a little speculation has been indulged in, and those belated spinners and manufacturers who have not covered during previous weeks have considered it policy to come in and buy. This has all had a hardening effect upon values, and I question if good (M’s tops could be bought to-dav a 27d, the majority wanting Id to id more. It is entirely a question of delivery. and topmakers arc naturally elated at the prospect ox being able to do .a little good out of the wool recently secured in Coleman street. Many of the contracts recently fixed up are for later delivery; in fact, several have bought anywhere from August to Octo- , ber, and some even later still. There seems at present to prevail an opinion that we are going to see no lower prices this year, and this is largely responsible ior the present season of activity. In some quarters murmurings are heard that values are travelling too quickly and that there is certain to be a reaction. We have seen similar times before when men have taken the bit in their mouths and run away with things. Directly the pace has slackened, and a few houses could make no sales, then less prices have been taken. To-day there is a very confident feeling obtaining on all hands, and the general impression is that values are safe. Dot us hop© they are. The business done is all based upon faith that there is going to be a continuance of present consumption, but somehow there are a few noteworthy instances where both manufacturers of dress goods, linings, and fancy worsted coatings are nothing near as busy as they might be. There seems to be plenty of wool 'at present on hand, and although I have not much fear about the future of prices, still with there being in three weeks’ time another big weight of wool to lift, I think that 27<i to 27%d for 64’s tops is quite high enough. THE POSITION OF CROSSBREDS. Little need be said regarding the position of crossbreds, they to sharing in the increased demand, and prK*« have further responded. For an aveiuge 40's top 14d has been made, and to-day quotations are anywhere from to 14^d, and even 15d for a very super article. There has been some fairly big yarn contracts fixed up both on Home and export account, these being entirely responsible for the increased activity. I don’t ever remember a time at this; season -ox the year when there has been So much forward business done in the short space of three weeks, but as I have already said, it is largely the outcome of confidence in the future of values. JNoiis have lately appreciated, and this has given some relief to topmakers. Prices generally have advanced £d to fd from the lowest point, and some fair weights have been sold. This is a welcome feature, and should improve the position of faulty scoured carbonising wools. There has recently been more doing on Home and export account, and every advance her© is certainly most welcome; in fact, noils never ought to have dropped to the low level they did. English wools are maintaining their .improved position, although really speaking no advance can be obtained except for deep grown wools. There is a great scarcity of Devon, Lincoln, and Yorkshire wools, these all being absorbed for bunting purposes; in fact, strong new clip hog wool is now being looked forward to with interest. X only fear that the recent move in crossbreds is going to upset the apple cart of the English stapler with the near approach of the ‘'new clip,” but the next serieb of London sales will be the determining factor respecting' new English wools. Reports from across the Atlantic are no better, and we are told both by mail and cable that lower prices have been accepted for domestic wools, general expectations being that the duties on imported wools will he lowered.