OUR YORKSHIRE LETTER.

Gisborne Times, Volume XXVII, Issue 2515, 31 May 1909, Page 2

OUR YORKSHIRE LETTER.

WOOL SUPPLIES—SOME POINTS WORTH CONSIDERING.

(From Our Special Correspondent.)

BRADFORD, April 16, 1909. There is no subject engaging the attention of the wool trade more at the present moment than that of supplies, the whole matter being specially focussed by the cablegram of Dalgety and Co., received towards the end of last week from their Melbourne branch. Seldom has an Australian cable conveyed such important news-, and its language is rather significant. Figures are given which show what have been the exports from last July Ist to March 31st, or in other words the first nine months of tho Australian statistical wool year, and the particulars are as follow: Bales. From Australia ... 1,681,000 From Now Zealand 414,000 Total 2,095,000 Showing an increase over / the corresponding period of last season of Bales. From Australia ... 210,000 From New Zealand 49,000 Total 259,000 The above figures are all the more important when it is remembered that from the same office last October or November news was cabled to Europe that the current Australasian wool clip would probably show a shortage of 75,000 bales, and to find that already there is no less an increase than 259,000 bales is very significant. Then it should be borne in mind that there is yet three months to go before the current statistical year finishes, and as shearing begins in Queensland on large and important stations early in May, it is pretty safe to say that the above increase will be well maintained.

One or two thoughts naturally arise out of tlio above figures, which are well worth considering. It will be seen that already the exports from Australasia are 2,095,600 bales, which constitutes a record in the wool production of Australia and. New Zealand. For the year 1907-8, which ended on June 30th Jast, tho total exports amounted to 2,057,831 bales, so there is already an increase of 37,169 bales. Australasia turned out its previous record clip for the year ending June 30th, 1907, the total being 2,090,188 bales, consequently there is an all round increase of 5,000 bales, and yet three months are to go before the current year finishes. It is now patent that the carry over last June 30th was much heavier than the most sanguine ever anticipated, and in making their estimated decrease last fall, Dalgetys’ failed to make due allowance for the unshipped stocks. Estimates generally centred around 100,000 bales being carried over, but there must have been considerably more. It may bo useful while dealing with this question of wool production to show what have been the total exports from Australasia :

only to last March 31st, and the quantity sold is up to tho first week in March. One fact out of the above is strongly in evidence, namely, that notwithstanding last year’s partial drought in Victoria and' the Iliverina, Australia is going to turn out this year a bumper clip, and this in face of even about 12,000,060 less sheep than in 1891, when there were being depastured in Australasia 124,r, 17,937 sheep. The above facts are a splendid commentary on the better class of sheep that is being produced to-day in Australasia with a larger wool growing capacity than in the early nineties, and there are signs that both the Commonwealth and Dominion are about stocked up. But what perhaps is still more important to wool users is tho record movement of the raw material, and the prospect of there being larger supplies than at one time, appeared likely. It is these facts which appear to us to be worthy of tlie most serious consideration on the part of the trade generally, and in view of merino prices.especially having risen so sharply, it seems to the most experenced in_ the trade as if wool is dear enough. Up to the end of the March series of London sa;!es there had also been a record movement towards consuming centres, and adding transit wools and direct imports the total deliveries to the trade were no less than 1,310,000 bales. If one takes the 1,310,000 bales —the net actual deliveries to the trade up to the end of the March series—from 2,095,000 bales, the quantity Dalgety s sav have been exported from Australasia up to last March 31st, then there yet remains for sale in London and direct. imports ho 'less than 75’5,000 bales, which tho trade has still to lift one way or another. If we add to this quantity the weight .that will bo exported from Australasia during the remaining three months *of the current statistical \ear then there will be not far short of a million bales which the trade will have to absorb belonging to the exports of Australasian wools up to the end ot next June 30th. Of course, all this will not come into the -hands of the trade before the next September senes, but will be spread over by way of direct imports and London offerings from today until next September, but the ag-o-roc ate total will net fall far short of the quantity already stated, namely near hand one million hales. 1 rom April Ist to June 30th last year the Australasian exports amounted to 222,000 bales, but it will be much if they amount- to that during tho remaining three months of this year, as the current clip lios been sent forward to Europe and America in an unprecedented ;way. The only conclusion that we can come to after most- impartially viewing the. above facts is that fine wool prices are at present high enough, and there is absolutely no necessity for higher values - It* is true that the worsted industry is busy, but there, is an adequate supply of tlie raw material to meet all existing needs. The woollen industry both of this country, the Continent, and America is not really liealibv, and our export trade is still comparatively quiet, hence we say that today’s rates are already high enough, to he consistent with safety. It is best even in the interests of growers tor tilings to remain steady than that they he pushed higher, to. be followed by a fall as the next new dip becomes available. .

Total exports. Sales. Season. Bales. Bales. 1908-9* 2,095,000 1,313,152 1907-8 2,057,831 1,351,121. 1906-7 2,090,188 1,537,798 1905-6 1,869,455 1,354,865' 1904-5 1,595,734 1,092,561 1903-4 1,366,942 837,497 1902-3 1,440,722 861,174 1901-2 1,664,885 1,035,520 1900-1 1,609,713 808,912 1S99-0 1,594,464 915,877 1S98-9 1,664,517 890,185