THE WOOL TRADE

Otago Daily Times, Issue 18754, 6 January 1923, Page 10

THE WOOL TRADE

RECENT SALES. AMERICAN DEMAND. FINE HOME-GROWN FLEECES, From Ooh Own Correspondent.) LONDON, November 81. A meeting of persona interested in woolgrowing was held in the Textile Department of Leeds University this week, when a scheme with (Up. object of developing finer wool-growing in this country by introducing Peruvian rams was discussed. Professor Barker, head of the Textile Department, who presided, said that in history one heard about the fine wool of British flocks, but fine wool produced in Britain had always, comparatively speaking, been coarse compared to merino. If they turned half the British sheep on to finer wool the financial result would be very considerable, because fine wool of the Peruvian typo would yield four times the value of the average priced wool grown in this country. Letters were referred to from well-known breeders in different parts of Great Britain who were anxious to experiment with rams from Peru. The rams, said Professor Barker, would cost nothing to the port of embarkation, ns Colonel Stordy would defray the cost of purchase. Colonel Stordy said that at the last meeting, held at Perth, in 1920, to consider the question the Scottish farmers did not view it witli any enthusiasm. Ho suggested that Peruvian rams might bo of great value in cross-breeding here. These riama lived about 15,000 ft above the sea level, and had to endure all weathers. After discussion it was decided to accept Colonel Stordy’s offer. Breeders who receive the rams will pay the cost of ship- 1 ment. RECENT SALES-HULL AND LIVERPOOL. At Hull on the oth inst. 30,000 bales of wool were offered by B.A.W.R.A. The selection was good, and competition proved to be active, although prices for merinos showed a decline of about 7J per cent, from those ruling at the last London sales. Crossbreds were irregular; but there was no marked change in their case. Good Queensland and New Zealand wools of 70’s quality and finer were about 7£ per cent, below London prices, although good super 70'a were still selling on the basis of around GOd clean ex warehouse. Very short, burry Sydney pieces were often 12J to 15 per cent, below Loudon. These were essentially Continental wools, of no use whatever to the home trade, i’or them the, oig slump in the value of the franc made itself felt, though the drop in the price of the wool was not big enough to Compensate entirely. r On November 17 about 31,000 bales were offered in Liverpool before a largo attendance of buyers, Competition was very active, and all were sold. Compared with the sales in London last month, prices for merinos were 5 per cent, to 10 per cent, cheaper. Fine crossbreds were 5 per cent, and medium 10 per cent, dearer, whilst coarse qualities wore unchanged, but very firm. Whereas in Hull Bradford style shnfty G4’s were fully as dear as in London owing to their short supply, a large offering of these wools from West Australia and Adelaide in Liverpool resulted in prices casing considerably. Compared with London, all combing merinos in Liverpool were 7J to 10 per cent, lower, whether 60-64’s or full 70’a quality. This sale was proceeding at the game time as a very flat market in Bradford. Reports of easier markets in Australia, together with this easier tendency in Liverpool, seem to have taken confidence out of users. WHAT MANUFACTURERS WANT. A month ago, when Gt’s tops would not be made under 5s Bd, they said they would be willing to buy at ss. The drop that has occurred to 5s Id (this being the latest cost from Adelaide and Liverpool) has left many of them afraid to buy until they recede to 4s 9d. One or two of the biggest firms are trying to buy on the last-named limit. The outlook in merinos is decidedly good, but (writes the local correspondent of the Daily Telegraph) manufacturers say that they m,uat have yarn on the basis of about 5s 10i to 5s lid for 2-24’s botany, which means tops must be procurable at about 4s lOd. America started nibbling in merino wool in Liverpool, but did not take any large weight. It remains to be seen whether the United States will be. interested in London. AMERICA AND CROSSBREDS, In the lost few weeks there hos arisen a big American demand for crossbred wool and matchings. morn particularly the latter. Since the settlement of the tariff many firms in Bradford and London have done a big business in wool and matchings, also in laps and thread wastes. Large quantities of English herdwicks, blackfnccd, and haslock have also been bought to cross the Atlantic, together with fine Downs. This entering of America has done much towards straightening out wool values. Crossbreds were relatively too cheap compared , with merinos. The American demand for cross-; bvods and the moderated demand' for merinos (caused by the fall in the franc and our manufacturers finding it difficult to sell cloth on last month’s wool prices) have resulted in values coming more in proportion with one another. Some surprisingly huge weights of last year’s New Zealand clip have been found sorted in the hands of topmakers in' Bradford during the past month, and these matchings have been procurable at from 10 to 15 per cent, below what new season’s fleeces are making in the sales. It cannot be long before American buvers have cleared up this market of these cheap matchings, the huge weight of which explains why crossbred topmakers for the last year have been willing to sell tops at less than thev have cost, bn the day, out of current wool sales. The American demand last series in London caused a rise of 15-20 per cent, in 50-58's, and since those sales closed there has been a very big demand for 48's matching, gradually working down to 46’s and 44’a during the last fortnight. In regard to mennoe, the colonics are more interested in the bare Adelaide 64 8 than in superfine wools, and the same. was true at Liverpool last week. The big upward rush that America, has caused iu fine crossbreds eased a little last week in Liverpool for Svdnev and Melbourne fine crossbreds but still these qualities are more favoured than superfine wool. New Zealand 50-56 s ao-lua-Uy tend to rise, THE CURRENT SAEES. For the eighth scries for the current year fwhich opened on November 21) there are available 60,000 bales of B.A.W.R.A. wool, in addition to 164,000 bales of free wool, thus made up; Australian about 54.000 bales New Zealand 72.000 bales South African 1,700 bales South American 7,200 bales In. the catalogue of the opening day New Zealand was . [represented by 5556 bales, which met with good competition from a large assembly of buyers. Compared with the closing rates of previous series, scoured and greasy merinos good to fine were par to 3 per cent, dearer, fine crossbreds 5 per cent, low 10 per cent, higher. Prices included: New Zealand scoured merino 44d, halfbred pieces 21d-32d, do locks 14Jd, do lambs 151 to 22d, crossbred 16d to 16Jd, greasy halfbred 13d-19?.d. crossbred 70cl to 15Jd, do bellies 9id-13|d. do locks 9Jd-10Jd, slipo halfbred lambs 20d-24d. crossbred combing 13jdIGsd, do lambs lljd-20d. There is a big demand for merino wo-d----from France, Germany, Switzerland, Belgium, and Italy, moderated to some extent by depreciated currency and a strong need on the part of English users to buy a( Liverpool prices or less. The American demand (or crossbreds of all qualities from 44’s to comebacks is by no means finished, in greasies and slipe.s (it has never been interested m scound), but it is possible that American buying will be corried on with more discretion than in the first rush after the tariff settlement. OPTIMISM IN SOUTH AFRICA. Mr H. Archer, chairman of the Board of Executors, Graaff Reinet, has startled thr Cape community by his optimism regarding the future of South African wool, for which lie anticipates a price of 2s 6d per lb any day. He writes thus to critics: “What weight does London parity carry 7 Let me tell you that some growers in Australia have already been getting their 2a 6d per lb under normal conditions for wools no better than our own. We were for years discredited in England because of the dishonesty which existed, but buyers across the water are now satisfied that method? have ooeii altered, and full reliance can be placed on the packing of farmers who produce our best wools. Their names are known and their integrity accepted. I basj my opinions on the Very reason given by the Capetown produce dealer—viz , that Australia and South America and New Zealand very largely have been devoting greater attention to the production of mutton than wool. The material consequently is short <•' superfine long wools which always will bo :n demand tor the better kinds of cloth. There are millions of people in the world who always will buy tbs best, and it is obvious to the merest tyro that crossbred? and short wools never will produce a cloth equal to superior long wool. The demand, therefore, for superior wool must continue. Remember, also, that the whole of the Balkans and Russia are to-day virtually out of the market, and notice that Japan and China are increasing their use of woollen goods. With the supply practically standing still and the demand increasing, is my optirniam too great when 1 expect 3s 6d per lb?”