ENGLISH WOOL LETTER.

Poverty Bay Herald, Volume XXXX, Issue 13092, 4 June 1913, Page 8

ENGLISH WOOL LETTER.

OROSSBREDS SELLING BETTER

THAN EXPECTED

(From Our Special Correspondent.)

LOND,ON, April 25. The event of the past week m wool circles has been the opening of the third series of colonial sales, the usual large contingent of buyers filling Coleman street Wool Exchange. There is nothing particularly new connected or associated with the auctions, the only feature of interest being that Coleman street has shown the world what is the act.ual standing of the raw material, and demonstrated the fact that , it s^ill occupies a commendable position. We should have liked things still better if a certain section of buyers had been more active^ Ijut/taking. all things into, consideration 1 "the first*" few*' days of tlie series have shown fully as firm a market ; ,as the_ giajor^y... l expecte(J 1 -m ,fact, crossbreds have done better than looked likely a good 'week "agoV "The 'way things, have gone_only beai's. fc Qut. ,what we have repeatedly said, namely, that j m numbers there is strength, and while an individual naturally looks at things through his jovrn! spectacles .afid^ sizes up /the situation laccording" to' his own experience, still when a few hundred firms 'come , together, it shows," where thiigs stafia^anU wmtHratf^'is like m manufacturing centres. All we talked to last Tuesday morning m the various, warehouses spoke •m - not the best of terms regarding * thd improbable course of crossbreds, but somehow even these have l'isen to the occasion, and their standing;- td^day^is- -better eveiti tfen^the majdrity looked f6r:, Thfere ife' about the sale room a good buying spirit, no reserve is seen at all, and among home trade buyers especially there is a desire to operate. -• < '•">'- :1 : " A PROGRAMME OF NO* CHANGE.

Not. for many years have we seen so little alteration connected with any series of sales as at present. The opening night saw a unanimous verdicthgiven of ''no^ha^^^'and^thal "pb^afnij f<tf)ay. Every sitting this week has been marked with, really good competition, and it is only here and there where any difference is "seen/ compared wi^k the closing days of the March auctions: Of course, the last . week £f the .second series^ , re yen led a few soft spots, particularly lrTregartj to crossbreds. Those who bought at the latter half of March secured 'some very reasonable wools ; m fact. Wg- prepared tpps; cost no ,mor.% v tha,n,l6d J.tt^tlie majority of cases, ,'*6^ v^tde4.. ooul6f.be made at'lTd.to r7Jd, and other qualities m likfe^prppbHioa:, We", said then that the best wools were the cheapest, American classes losing m many cases Id per 1b compared with January 'prices. This means. .that this week crossbreds have been obtaifi ed' : St r r eas(mable''p'rices', but there certainly is' nothing cheaper to be had than m March,. §onie fair big weights of 40V preparing wools are being bought 1 at 10Ad. 4o's are fetching; lid' to' ll^d, and li'alf-breds anywhere from 12d to 13d. Merchants are win-" bining with the brokers and not offering the best wools, although on - Thursday we had two very good clips from the Hawke's Bay district of New Zealan<|, Hiku selling up to 12£ d ,. and ; . Bee making^ the 6ajne price for. combing, j.Bjfc.,' these figures' are m ,no sense big, an|Jj yi ir there 'Bad" 'been any , American cqmp&tf r ti6n" we could easily Have seeij them fetch a good Id more. At current pricesj there .'is 'a \ v '6ry satisfactory, demand for the raw material, but so far nobody is the least disposed to pay more,, and ho section of IKe^'trafl'e is^pTaying a forcing game. Everybody seems content to steadily value and buy at current prices, and we cannot help 'saying .tjiat many are operating m $h'eph'of>e 6f some American buyer 'later m 1 " the year, we have repeatedly said I;hat the trade is at the present time passing' through a period of test, ami ..we. are more convinced of this after a week's experience be doing their best, and the. prices ream Coleman street. seems to lised are certainly satisfactory for the class of woojs which aye being , catalogued. The selection of crossbreds so far is a long way from being orally tiptop, and nothing Jike_ the wool? seen at the two pr'evitois' eerier,' it being a wellknown fact 1 li.it the best wools are being saved! till later m th^ year. „ However, we call greasy crossbred' fleece .firm, and unchanged for eVery, fiescription exceplirtg Idtrtbs', and^ after th 6 extraordinary "high prices which were paid m March, these haye^receded jfc cood,- ; 4d, per lb. f3liped.crosebtfds.ar3; s,efling uncommonly well, and "many home trade buyers will have it that .thejje ,are m many cases clearer thSn * last serljes': 1 ' It csrt.ainVy is surprising' the' deffiarfd ' there' is 'for this class of. staple, is. put down, to the blanket trade being very. short' of supplies, and all firm's being exceedingly busy. There is gossip to i tho effect that a big Bulgarian order has been placed in "tha* West Riding f of rugs, but it lacks confirmation. Whether it be so or not, the lower end of slipes such as seconds, are selling remarkably well, nnd fet clung pM?ce;'^wlich,B3emed' impossible t&ree.'OT ifdtir motoths^bttcliL' Scoured crossbreds are selling up to last series, and are .making good figures.

(The selection of, fine woo?s is a moderate one, the bes£ lots comprising secondhand ' gifrcbls'-irtJm Victoria^.; Al|;, ; t,hs regxifor : fclrps ar'e'o'f an average ordei' and are selling very freely indeed, but the speculator.^ wools are* having to be frequently '-withdrawn on account, of too high •■ fllfcffts'. 1 '" '*It c; W rath**' 1 : hdteworthy that neither France nor Germany are at all active buyers;' lne home trade having to ,tak;e, the bulk.of the offeriijgs both, m merinos a ! nd"<sr6ssrh"€[d's. 'liergium '^seems to be keen to acquire good weights of carbonising' faulty parcels, and certainly thefe\are^rfS^-ld ft&r&.'W'mostly to their scarcity. So far as the regular tdpmafciri£;sv6&s^&!re con'ceriidoV, these are certainly no cheaper than i;hey were last series ■?r:4rtrfaefc; iwdescripfeion'of ■] merino wool appears to us to be worse circumstanced than m March. We calculate that a. good average 64's top will cost 2s 6£d, and as far as one can see there is every prospect of merinos remaining firm and steady throughout the entire auctions. THE AMERICAN TARIFF. It has been well said that at the present time one man's opinion is aT £ood as another m regard to the American tariff. No one knoM's for absolute certainty what will be the final duties on wool and its manufactures, but no party m Goleman street is looking for a higher duty on raw woo] than 15 per cent., while the opinion is growing that "free wool" will finally obtain. Speaking to ono American buyer, he said that his firm favored free wool and 40 per cent, ad valorem duty on tops, yarns, and pieces. In his opinion a big business would be done m raw wool, but he wanted such protection as would, guarantes American, mills being run for the next three years. He ventured thy opinion that it would be a calamity if they got free wool and only 30 per cent, dutiea on its mahtifactures. He paid that the difference' m ' wa?es and other mill costs were such that American mills could not keep open their doors and run successfully under a duty of 40 per cent., and lower duties tha.n that would soon .•ee «% reaction U) fa,vor.of high protection, "with its attendant evils. As already anid, the. wool tT-ade^to-day is looking for big things to happen after tha passing of tho Underwood IJil], and it is to he hoped) that expectations are not boint? put too high to' be realised. BRADFORD CONDITIONS. A fairly -healthy tone has bnen prevalent m this market, and the lead pivon by London has contributed not a. little to the strerv^thenincr of confidence and |he creation of a decidedly better feeling; It cannot -big- said that there has been any maiifci'iaHsxjMrisionin "business, btot it ' i* trivtte? tt4rt|tms tha* there hos b^en 1 "a impl^Venienti; m b'nquiry. Moreover, nobddy js now 'm tfuch a ner,vous stat6 as #*bfe*frigTityned inticy sel!injr at low-^gu^^, tin^ifvn^riy{iire finding that it is now I ' possible to' pet Wadfe put through at prices whjich, before the sales m. London opened/were considered too hixrh ]>y prosj>ei;t?ve buyers. Further relief is jtl^o gradually coming financia I ly. an^ though there' has been no further reduction m the: bank rate, as some seemed to be expecting, less dissatisfaction is beirig expressed over the finanria! position, and also respecting the pro? nects of further trade with Continental houses.

Yarn men are complaining of the paucity of new business, their cry l::'iu,g that though employment is good at present and there is no immediate need, the outlook for the distant future is not of the best. Some of these are doubtless more "fiaid than hurt." while it is also true that some spinners, particularly of low counts, are very quiet indeed. Tn the top market there has not yet be-jn any great ■ response. Merino men are somewhat firmer m their quotations, and the old price of 2s 6^d is frequently met with when prices are given for a better class 64's top. Buyers of" an ordinary sort find themselves confronted with 2s 6d as the price from which sellers Avill not budge. A reasonable weight of business has gone through during the week. Tlie cros.'bred position is largely unchanged. This market seems to 'have been agreeably surprised with the way the raw material has sold m London. Prices have been brought back to their old level, and though the actual amount of new business is not large, the call for deliveries is very persistent.