OUR YORKSHIRE LETTER

Otago Witness, Issue 2801, 20 November 1907, Page 8

OUR YORKSHIRE LETTER

(FaOK Oub Smgial £o»»ibpondent.) LONDON, September 27. OPENING OF THE FIFTH SERIES.— MERINOS AGAIN IN THE ASCENDANT.

Another chapter opens with th© advent of the September series of wool sales, Coleman Street Wool Exchange lasi 'luesday presenting* a very busy appearance. I have thought lately that more people than ever seem to be engaged in the Indus try, for no matter how many buyers go out to Australia, the Cape, and Buenos Aires, there is never an empty aeat in Ooleman street. After what lias transpired in consuming centres during the interval, another brisk opening was a foregone conclusion, and I could find no pessimists anywhere who ventured to predict that we were on the eve of *> fall. The question

rather was, what is the rise going to be? Some talked about i> per cent, in fine wools, others ventured to say 7£ per cent., but generally id more was talked about for good combing merinos. Certainly a very hopeful feeling prevailed, and it seemed to me that not for a very long time back has » September series dawned with the trade in so very confident a -mood. It is really * surprising' what men can do when their mind i» set upon buying a thing, and the huge concourse of buyers seemed to me from what they said to be in want of wool.

This remark applies most to merinos, stocks here being practically exhausted. It is hard to believe that the record Australian clip of last season has been got through, but such nevertheless is the case. I could come across nobody that would admit having anything at home, all alike confessing to the urgent need they had which must be met. With joien gathering' in a temper like this there is ■o wonder the series opened in fine style, though if the initial catalogues had been at all decent the first sale would have been still better. I think I never saw three catalogues issued for an openiig day worse in composition tha"n last Tuesday, 90 per cent, being greasy and sliped crossbred, principally the latter. I don't to much blame the sellin-g brokers as importers and those who have the ordering and disposal of growers' wools. Wh»n another rise was certain in merinos some decent lots should have been catalogued, whereas there was not a decent lino in all the wools submitted. QUANTITIES AVAILABLE. The arrivals for the series have been keenly watched, and the fact of there only being 91,000 bales i* conclusive proof that Stocks of raw wool are less than was generally supposed.- The character Of the offerings cannot be expected in the natural order of things to ' be very good, the September series as a rule comprising a large quantity of the refuse of the last Australasian clip. It was commonly reported that three American buyers left Bradford last week for home, stating that there was nothing in their line worth stopping for, leaving behind a few buying orders with their London brokers, providing there wer« any decont lot« of either merinos or cross. Vreds catalogued. The following table •b^ws the quantities which have been ava'l■"'Vble at ihe September scries during recent years, and out of the total I show separately the New Zealand wools:—Total New Zealand Tear. Bales. Bales. 1907 .. .. 91,000 .. 62,200 1906 .., ..102 000 .. 64,500 1905 „ .. 831,000 .. 42,900 1904 .. .. 90.000 .. 43,500 1903 .. ■. 158.000 .. 79,000 1902 .. .. 192,000 .. 115. 000 1.901 .. .. 303.0C0 .. 123,900 • * ■".-)•> .. .. 366,000 .. 122,400 a . 194,901 .. 105,800 . 280,000 .. 110,400 oc-pceruber series took place in this yt* owing' to the slump, the fifth and sixth ser'.dn being merged into one, which began on the 9th of October with the quan!titie3 available tta given. This year's figures are the lowest registered 1 since 1873. As showing the duration of the September series and the changes which hays come over the situation, in 1896 there was 21 sittings, where is the current series will only last for 10 sittings A GOOD START. It was plain to be .seen on the openin:* day.- that a very full and representative number of buyers had turned up, the various wool warehouses presenting n busy scene. But what "rotten *' catalogues! One got sick of wading through gangWay alter gangway of slipes, much grumbling being heard. Still, we had to make th" best of it. and somewhow we got through. Plenty valued on the assumption that on a day like this some cheap lots »re to be •icked up, and I believe that ilm woo' bought last Tuesday will bo amonp the cheapest of the series. The few merinos

were very miscellaneous, Balmo's just having five little clips of new wool from West Australia Punctually at 4 p.m. the ball •was set rolling, and competition in no sense was wanting. Buyers had made up their minds what to pay, and they went at It with a will. Nobody felt disposed to exceed their valuations .in regard to clipes and crossbreds, and the universal verd'ot seemed to be that there was little change in values. The wonder to many would have been if slipes and crogsbreds had ttiade more, for trade in these is nothing like as vigorous as in finer qualities. The Jiom« trade showed considerable metal, and gave the principal support to all the crossbred*. It was not a Continental night at all, though when anything fine came on competition grew keener and was more widespread. Taking ihe character of the offerings Into consideration, the opening was a fairly good one, all being- satisfied I with the results. Merinos did not offer a thorough test tvs to their s tan dine, rnouirli when compared with the close of the July sales the following changes are seen: — Merinos id higher Fine crossbred^ In sellers' favour. Medium crossbred* Kb change. Coar«s crossbreds No change. Slipes No change. Gtroase cros»br«s lambs 4dr higher. . Capo snow-white Par to id higher. Cape greasfl No change Very few lots were withdrawn, and aom« ■which were offered in July found a «ale bt •uotlr wh*ii «** bid at the last eeriea.

these remarks applying to greaso crossbreds and slipes. SHARP aI>VANOE IN MERINOS

second day's catalogue Drought out as good d selection as we can hope to see this series, some very good, well-grown, and desiraoie parcels of merinos comnr.anding « he ."attention of all. Everybody felt to be put upon his metal, henco oae of the boat sittings seen this year followed. The Continental section, and especially France, t-cemed to be like mad bulls, ard bid in a ferocious way. The home trade had to follow suit, and it was soon patent thaf the oponing advance was improved upon, a penny more being frequently paid for fine combing grease. Scoureds especifelly seemed to be favoured, some "new clip*.' Queensland selling like fury. For several long strings of Sydney scoured as hifb as lid per lb more was paid, and still for all that a large proportion of wools went to Yorkshire. It was really bui prising how first one and then another put on an extra id, until it was seen that a substantial advance was being paid. The increased rates extended as far as the best . classes of slipes, and everyone felt that things were selling at a sensible improvement on the opening night. Yesterday's sale was fully as good, competition being exceedingly keen, everything selling remarkably well. Evidently men are in want of wool, and they must have it, no matter what the ©oat. It does indeed seem strange that just on the eve of the opening of a colonial new i season men should be treading upon each other's heels and eagerly inquiring after wool, and paying the highest prices of ihe whole y«?ar. Whether the present level is a safe one or not ib for the moment outside the question. Many have sold forward, and it is these who are responsible foi the present state of the wool" markets. The premises occupied as a rule in September by wool users is a totally changed one to whvt 'has ever been known except in 1899, that false boom terminating with a collapse in 1900. The present is totally unlike that period, for to-day there are no stocks to weigh upon anybody, and it is that fact which is inducing many to step out at the pace n they are doing. Wool no doubt occupies an exceedingly strong-- position, but it it indeed questionable if things can be mam. tamed throughout the coming season.

Sold by Messrs Thomas and Cook, September 24:— Kaputone: Scoured— l 4 bales •uper combing 22£ d, 40 do 823, 26 extra do pieces 22Jd. 22 do 21Jd, 6 S do 19d, 14 super bellies 22id, 5 do 21id, 16 do locks 16Jd. 9 halfbred ISd, 14 do 15id, 24 crossbred pieces 12d, 8 quarteibred bellies 19Jd. These •were nice clean wools, here and. there * bit yolky, but generally very good, light, clean condition. T Slipe: 11 bales halfbred lambs 14Jd, 38 A do 14d, 18 second do lOd, 5 super thr«e-qu*.rterbred do 12d, 68 do lid, 4 A crossbred do lid, 24 do IOJd, 10 second <fc> 9Jd, 20 halfbred 14d, 8 second do IOJd, 5 A three-quarter bred lid, 17 do lid, 4 A crossbred lid, 19 do lOd, 7 second do 9d. In good average order, showing nice style, fair character, and bo\A freely.

BRADFORD IN THE .LIGHT OT LONDON.

Bradford is waiting' to hear tbe verdict of Coleman street, and the opening results have been received with considerable satisfaction. It is felt that the recent course of values is now fully justified, and that in .view ojf the.fa.ct that -wool is every- i where wanted nobody need accept less for the small stocks they have. It is surprising how consistent as well as persistent is the demand for fine tops, and although combei* are generally all running, still they are making deliveries with all possible speed. They could got through more wool if they had it to comb, but the prospects are that they are likely to have less before more. There is to-day a strong demand for the raw material, and wool is relatively better to sell than even tops. The cause of this is that top-makers have running many contracts, which they must; carry out. Some are backward by two to four weeks, and this is the principal cause of the strong demand for wool. It is still possible to buy a super 60's top of average character '«.t 2s 4£d, but some will not undertake delivery this side of December and others January. Some seem to think that spinners are not' sold forward as far as has been made out, but it is certain that if they would accept a fraction less they could command some heavy yarn orders. The situation is exceedingly good in merinos, and the trade doing both on home and export account guarantees a continued big consumption. The only fear is of things beinp overdone, for prices are now fast heading towards those current at tho cloße v of 1899. Reports from Australia might be better, and if drought conditions develop current prices will be safe ; but for the moment I think wool is dear enongh.

Orossbreds are doin^r no more th|a.ri "mark time," everyone waiting to see what London does. 'It is surprising with the stagnant majkets we have had in this department that prices should have kept as steady as they have. Fine crogsbreds are moving- out of hand at a steady pace, but medium descriptions are both plentiful and cheap. The situation generally/ is sound, and the current series of auctions will no doubt define clearly the actual standing of the raw material. Mohair i 6 steady, with Cape firsts worth 15d to 15id, and Turkey average 17£ d to 18d.