OUR YORKSHIRE LETTER.

Wairarapa Daily Times, Volume LVI, Issue 8627, 8 December 1906, Page 2

OUR YORKSHIRE LETTER.

+ Production and Consumption of Wool. (From Our Special Correspondent.) Bradford, October 26th, 1906. The production of wool to-dayis as "live" a question as what is the production of cotton. Go where we will in the manufacturing world, the topic is discussed as to what the increase is going to be from Australia, and this continues to be the sole disturbing factor in the wool world. Growers naturally want to see current prices maintained through the coming season, and, of course, users waiit cheaper wool. There is no doubt that financial considerations enter into market considerations, and apart from " bull" and " bear" interests, the great question of supply and demand must ultimately determine prices. The total quantity of raw wool, according to Schwartzes', available for consumption in 1.905, was 2249 million pounds, against 2129 million pounds in the preceding year. The receipts from the colonies and the River Plate during the calendar year amounted to 1,719,000 bales Australasian, 219,000 bales Cape, and 496,000 bales River Plate, against 1,436,999, 206,000, and 473,000 bales respectively in 1904. Owing to very heavy importations towards the end of the year the increase for the calendar year is much greater than for the export season. The supply of " other sorts " shows a fiesh record. The increase was mainly in Mediterranean and China, while there was a falling oil in Punta Arenas. The quantity of raw wool left for cjisumption in 1905 —independently of old stocks—shows an increase of thirty-one million pounds in the United Kingdom, twenty-seven million pounds on the Continent, and sixty-two million pounds in North America, as compared with 1904. The stocks in the principal ports of all kinds of imported wools, at the end of the year, we estimate as follow tin million pounds of raw wool as received; :— United United Year. Kingdom. Continent. States. Total. 1899 50 25 60 135 1900 126 29 72 127 1901 69 31 44 144 1902 • 35 13 37 85 1903 42 17 47 106 . 1904 40 9 52 191™ 1905 41 11 75 127 The stocks of imported wool, as indicated above—though still very moderate—are somewhat higher than in the preceding year, especially in the United States, but the stocks of domestic wools are everywhere on a very low level. The total supply of raw wool- in the state as received—was last year about ninetythree million pounds less than in the record year, 1895, but owing to the greater yield in consequence of the increase of crossbreds in Australasia and at ihe River Plate, the estimated total supply of clean wool was nearly the same as in 1895-4.72.. 1250 against 1257 million million pounds. The average value per pound was the highest since 1889 or 1884, and the total value of the whole production was probably greater than at any time since 1873. The quantity of clean wool at the disposal of the industry (not the quantity actually consumed in the form of manufactures) was on the average of periods as follows per head of population : — Lbs. and On previous Year. decimals. period. 1861-70 2.26 1871-80 2.43 Increase IV? 1881-90 2.57 Increase 6 °L 1891-1900 2.76 Increase 7-| '% 1901-1905 2.61 Decrease 5 "^ With regard to the present season's sup-™' ply, we still maintain our estimate of 200----220,000 bales increase in Australasia (including New Zealand), though lower estimates have of late been published, and 20,000 bales from the Cape. About the River Plate no reliable figures can be obtained ; it appears probable that Uruguay will show some increase, but some people believe that there will be an addition from Argentina. Assuming that the whole in crease from the colonies and the River Plate will be equivalent to 250,000 colonial bales, or forty-five million pounds clean wool, and making allowance for the increase in population, the total supply will reach about 2.67 ppunds clean wool per head, which is still considerably below the years of very large supplies from 1895-97. With a good season in Australia a fresh increase must of course be expected next year. COARSE CROSSBRED WEAKER. The position of things in Bradford is as difficult to understand as ever, and without; doubt there is a change of front in a certain section of the market. For a good fortnight back coarse crossbreds have been gradually weakening, until to-day a real good 40's prepared top can be bought at for immediate delivery. Some are still convincedifc that the situation is not as weak as som™~ would have us believe, and as high as 17d is here and there quoted. I daresay the very best top could be bought at 16£ d, but without difficulty a man can operate at less. Perhaps the Bank rate has had something to do with dislodging a few weak sellers, but I am rather inclined to think that some of our importers are making ready for the New Zealand sales which open next month. So far the " future" sales in coarse crossbreds have not been so heavy, but there undoubtedly is a natural desire to get things down. Some very nice yarn orders are floating about the market, but at prices which no spinner can as yet accept. The policy of many at present is to quietly let things slide, and it will pay them to do so. Nobody seems disposed to buy anything more to stock, and cheaper-wool is what they are determined to have one way or the other. Plenty think that a good 40's should yet come down 2d per pound, but nobody will take the risk of selling forward at anything ike that price. During the past week the increased enquiry for everything from 50's to 70's quality has been sustained, and a few nice sales of merinos have taken place The actual selling price of a good super 60*s is still 2s 1-2-d and 2s lfd, though the majority are asking 2s 2d. Cheap lots of anything can be still shifted with comparative dom, and what is bought is wanted for mediate delivery. lam rather inclined to think that fine topmakers have advanced their prices more in self-protection than anything else, and while there is no general belief in higher prices, still plenty have sold enough forward to cause them to 'bide awhile until they have covered their sales in the colonies. I may be mistaken, but I still think we shall have cheaper wool with the turn of the year. Trade continues to be healthy, but there is hardly that pressure that there was, and those mills that were consuming big weights of wool for khaki cloths, are nothing like as busy as they were. However, it is no use crossing the stream till we come to the water, and possibly export requirements will fully atone for other deficiencies. Mohair shows no change, things being very quiet.