OUR YORKSHIRE LETTER.

Wairarapa Daily Times, Volume LXII, Issue 9633, 23 March 1910, Page 2

OUR YORKSHIRE LETTER.

THE AFTERMATH OF THE SALES.

(From Our Special Correspondent.)

BRADFORD. Feb. 11th, 1910,

Onco more the trade finds itself given up to wiping off arrears 1 connected with the recent sales, the principal work this week iv Loudon being the niakiug out of invoices aud the dispatciiiug ot wool to tlie various manufacturing centres. So far supplies have gone out in a most encouraging way, buyers being disposed to take iv their imrclm.es without letting them sfcaud over iv London. It may not be generally known, but every series a fair weight of wool is bought by several London and provincial brokers, the bulk of which is allowed to stop iv London either in the warehouse or at some station until the samo is sold. It not infrequently happens that wool bought one series turns up again at a succeeding series. I know a ease whore a lot of West Australian combing was bought la . November at 7J£d, the same sold iv Bradford during the recess at 9d. The identical lot, whicli had never left London, was re-catalogued at the reco.iifc series, and again sold ab_; 7\_d, tho owner of the wool not taking "tlie r.rouble to limit the lor, consequently a serious loss resulted. London always provides a good opportunity for making a profit on any lot of wool, that has been bought right, but for a dear lot of oven imjiorts Coleinan-street is of very little use. Tlio most profit was made at tho recent Kories of sales by those who bought last October in New Zealand crossbred "new clip" wools either privately or at public sales, aud iv many cases 2d to ;3d per Jb has resulted. Re-offered merino imports fared rather badly.

WHERE WOOL STANUd

The series being over, we. have now a moment's time to look round and sco where tho raw material stands. The comparative lirmuess of merinos and the steadiness of values at tlie recent sales suggests a brief consideration of the present position merinos occupy, and on examination it will be found that while values are not extraordinarily high, yet they cannot be called cheap. Nothing suits manufacturers better thau an adequate suplily of wool at a little price, because then they have a far better chance of making good profits than when wool is dear. It is always au exceedingly difficult operation to enforce iucreased prices on the wholesale, consequently wheu wool advances substitution bogins. For instanco, iv tho woollen trado manufacturers speedily resort to a larger use of cotton aud munao in order to bring iv cloths at tlie old price. I know a case where a firm that makes largely "bread and butter" fabrics kept several of their cloths at tlie same price from lt)0_ to 1907; in fact they are making these fabrics today at exactly the same figures as they did wheu wool was pence per lb cheaper. I don't say the cloth is exactly the same value, although it is tlie same weight,shade aud design,circumstances determining how much rnuugo, shoddy and cotton shall be used to bring them in at the old price. When it comes to the production of "all wool" fabrics, the situation is quite different. Here men cannot work to a. price, for their fabrics are bound to alter each season as the price of wool goes up or down. I heard one Yorkshire manufacturer say at the recent sales that one of their cloths which they sold in June. 1!)0S, at 4s Od, is to-day standing aud selling at .">_ :3d, while another dress serge of very good quality that they wore making at ls '.id is selling at 2s "id. This shows how rising values affect more or less the finished article, aud tho course of prices is being watched to-day more critically than ever by buyers of woollen aud worsted fabrics. HOW VALUES HAVE RISEN. The present is an opportune time for looking at values. It will be remembered that at the begiuuing of 1908 we had demoralised wool markets, with colossal losses ou imports, the lowest point; being touched at the May series of sales. Below I show the values then ruling for leading descriptions of wool aud where they staud to-day :—South Australian, Midlauds, bright, long, light, May average, 1908, January average, 1910, l.li£d-12>£d ; South Australiau, Midlauds, fair length aud condition, lOd-lld: Victorian, Western, good quality aud condition, 15}_d-lti>_d; Victorian, Western, fair fength" aud condition, 13d-13J£d, 13d-14df New South Wales, Riveriila, light, long, bright, JBdlodl(5d; New South Wales, . Riverina. good staple and condition, IHJL<d- New South] Wales, "Riverina. fair char., burry, lld-l-.d; New South Wales. N. England, fine, bright, light. 12,k;d--IM, lid-loci; New South Wales, N. England, fine, bluish, fair condition, 13i£d-13)£d; Queensland, Central, bright, shaft}-, light, lld-]4d-15cf; Queensland, Central, good staple, earthy tip, 12^'d-i3^jd; Queensland, Central, irregular length aud couditiou, New Zealand, good quality, Tight, long, 15dKid; New Zealand, fair character, heavier, l^d-l^d; New Zealaud. irregular condition, earthy, Bd-Bi„d, Cape, Kaffrarian, fair staple; light, 9d-10d; Natal, fair staple, skirty, (sd-6,J„d, 7d-7Md. BIG RISE IN CROSSBREDS. The above particulars do not show a very great rise in merinos,but wheu we come to erossbreds the advauce is considerable. Of course this class of raw material has not occupied that front rank position that merinos have, largely due to fashions, but all available stocks havo been used, and now when prices have appreciated there are no accumulations to be lifted anywhere. Crossbred wool was uever a more valuable commodity uor more useful thau it is to-day, and the outlook is most encouraging. Below will be seeu particulars showiug how values have moved since May, 1908, which was the lowest point since the American finaucial collapse :— NEW ZEALAND WOOLS :-Halfbred, super, 50's, 56's,,May average,

1008, 10d-17d; Orossbred, medium, 4(i's, Bd-')d, coarse, 40's, 7d-7&d, coarse, 86 _. 10d-10^d; slipes, >:. bred lambs, lGd-%-bred lambs. ( ddA)y_<\, Kid; Leicester. 18^d_4fl; Lincoln, 7K<l-7..1- U^-l'^d. VIOTOKIAN WOOLS:-Half-bred, super, nO's-iKi's, May average, ] I JOB, i;jl-Md, Jauuary averaße, li>lo, 17d--18tl: Crossbred.- ni-iiuni, 4(5 : s. Bd-J)d, ]ilJ,<d-14i-od; coarse, 40's-41's, 7d-Bd, ' HEALTHY CONDITIONS IN BRADFORD. Trade in Bradford continues on the quiet side, new orders being somewhat; scarce. The market cannot be called really slack, although there is not that buoyancy one might expect after the firim-ess of London. There has been a mild attempt made to talk thiugs down and belittle the verdict of Uoleman-strect, but so far it lias had no eft'oct upon prices. Topmakors still maintain a firm -front, several having put up their price to 2r>i£d for super GO's. Whiteheads aro very firm at 27d for their well-known staudard make, which certainly is a very reasonable figure in view of what, wool was costing recently. It is a bit of a mystery to a largo number why super GO's cau be bought at wheu uo class of wool could be picked up iv Loudon to briug them in at that figure, and the situation is all the rurre battling when G4's cau still be secured from soiiifi of Bradford's biggest aud best importers at 27d. There has beeu this week a fair amount of enquiry, and several sales are reported of both merinos aud five erossbreds; but there is not that activity that we saw last mouth aud iv December. After all, no reasonable man can expect it, simply because spinners are all well ahead, and it is only the coveriug of fresh yaru orders for forward delivery %vhich is the new business passiug. Topmakers. on tho whole, are very indifferent about selliug more until they lighteu their order books; in fact, I don't, know a single firm but what have quite as much to get out before the end of April as they cau possibly manage. I was talking this week to the managing director of Bradford's largest firm of commission woolcombers, and he candidly said were "pulled out of the place" to make deliveries; iv fact, although they were ruuniug day and nighr, yet they could not adequately cope with the requirements of their customers. Prices are very firm both for merinos aud erossbreds, aud tho outlook is still regarded as favourable.