OUR ENGLISH WOOL LETTER.

Otago Witness, Issue 3614, 19 June 1923, Page 14

OUR ENGLISH WOOL LETTER.

STRONG MOVEMENT OF MERINO

VALUES (From Our Special Correspondent.) BRADFORD, April 19. Things in the. wool trade have got another move on, and there is undoubtedly lively interests regarding the future. Next week the third series of colonial sales for the current year will begin in Coleman Street Wool Exchange, when 62,000 bales of B.A.W.R.A. crossbreds are to be offered, end, in addition, 125,700 bales of “free’ wools. This means that the auctions will run into the fourth week, and everything points to there being a good selection of both merinos and crossbreds. This is bound to be the best series this year for the offeiing of merino wools, and as these are goir g to be in vorv small compass later on. there is every likelihood of a very strong demand. All sections of the trade should be good buyers, including the West Riding, for during recent weeks there has been a very keen demand fo r merino matchings on the part of America, and also an excellent call for crossbred matchings, ail of which moans that stocks have been materially lightened, and that before long they must he renewed. The standard of values will determine the extent of the operations on home account, hul everybody is looking forward to a keen demand for wool that will leave nothing to be desired. We must admit 1o the offerings of free wools being larger than generally expected, but in pre-war times the second and third series of sales were always the hest from a merino standpoint Where the present offerings are absorbed, _ future supplies of fine especially w ill be very limited indeed. We must not forgot the fact that in the “free” wools available there are 43.000 bales of New Zealand, which will bo all crossbreds, whilst the wools from New South Wales, Victoria, and even South Australia will also comm-ise a fair proportion of crossbreds. All this means less merino wool being available after the ensuing series of sales, and this will all help to stimulate active buxing. WOOL “TOP DOG.” It. is a remnikablo fact that the demand for wool out-paces every other textile oom-

modity, and it is a marvel that this should bo the case. It only confirms what we have repeatedly said —namely, that Bradford is not the only pebble upon the beach, and that the pace is being forced by outside countries The writer makes the assertion that if other countries were not busier than the West Hiding wool values would fall 25 per cent., but it is the big consumption that is proceeding in the United States, Japan, and on the Continent, which is largely responsible for all values for wool being where they are. Of course, the home trade tins year has bought the biggest percentage of colonial wool, but the pace has been made by others, and the home trade, desirous of keeping machinery running with all possible sliced, and to its utmost capacity, has been compelled to buy. But conditions obtaining cither in the top. Yarn, or piece trade do not harmonise in the least with wool, and that is the factor vhich needs to be stressed. At the present time there is a large amount of spinning and weaving machinery in the West Hiding standing, it being an Herculean task to find work even to run them Martially. Up to the yarn stage there seems to be not very much wrong with the home trade—that is, in the worsted section,—but woollen nulls are distinctly quieter. There is less doing at the piece end. or at least insufficient to run looms, while the margin of profits appears to bo nil In other words, things are cut to the bone, and French manufacturers have given Bradford manufacturers such a ’‘putting up m regard to the price of dress goods this season, chat nothing but feelings of pessimism obtain regarding the future. It certainly is hard to see the pitch queered so niuen. when it cannot be remedied on account o* exchange, and with high combing and dyeing charges still obtaining, home trade firms are very greatly handicapped. However, the raw material is still top dog, it wul be oa'led for this next three weeks in a most encouraging way, and notwithstanding unsatisfactory manufacturing conditions at homo, wool of all qualities wnl be scia with great avidity. A COMPARISON OF PRICES. At the last series of London sales several clips of superior merit from Western Vic toria were catalogued which oic. rather b-idlv It was very unfortunate that these suoerior lines met a rather quiet market, America obtaining these wools at puces •which pleased them. In addition several other Queensland clips were offered. CAN MORE MERINO WOOL BE PRODUCED?

We often think that wool eopv is written without any practical knowledge of the real pastoral conditions m Australia 01 .1 the Cape, and we sec that a leading Continental firm, in referring to the Commonwealth made the statement that trie lambing shows a decided increase in the production of merino wools.” The sentence is very badlv constructed, but the idea is clear in ‘the mind of the writer namely, tnat became the lambing in Australia has beet' good, we may expert an increase in the next (lip. We wonder which lambing k referred io. Was it the last spnng or autumn lambing that is m t be mind of the writer? It is only a fortnight ago that _we had two cables emphasising a somewhat grave condition of affairs over large pastoral areas 011 account of drought, and every practical sheep and wool man knows that a drought means a big percentage of deaths and a distinctly lessened c-lip of wool. A ■wet season always means on average lib more wool than when that fleece is grown in * dry time, and though certain parts of

Australia have enjoyed a moderately good rainfall, there are huge areas that are today suffering severely on account of drought. The writer is not among those who are expecting an increase in the next clip of Australian wool that is worth speaking about, and every practical man knows that it takes lambs 12 to 14 months after they are born before the bulk are shorn as hoggetts, and these lamibs will have to be f-horn between August, and Christmas for their fleeces to he reckoned with the next Australian clip It seems to us to be looking a long way to talk about the next Australian clip showing an increase, for a good deal can happen between now and the general sbearing which begins towards tieend of July and August. However, any increase at all will be welcome. B.A.AY.R.A.’S STOCKS.

Since last writing R.A.W.R.A have published their usual monthly list of stocks, and there are only 26,900 bales of merino wool remaining unsold. This i 3 a very small quantity, and the entire lot will probably all bo offered at the next Liverpool sale, when the market will be entirely cleared of all war accumulations, and the entire trade thrown uj on present production. Twelve months hence the world will see that the quantity of merino wool being grown is barely sufficient <o satisfy requirements, hence the need 011 the part of the pastoralists of the world to increase their sheep stocks and grow more merino wool.