OUR YORKSHIRE LETTER.

Gisborne Times, Volume XXX, Issue 3434, 27 January 1912, Page 9

OUR YORKSHIRE LETTER.

LONDON SALES’ AFTERMATH. IFBOM OUE SPECIAL CORRESPONDENT.] ‘ BRADFORD, Dec. 15. Trade lias once more become normal, and now that the final series of sales for the current year have terminated, we are able to sum up the final doing for 1911. So far as prices are concerned, it is very remarkable that they show practically no.change compared with the beginning of the year, but when all is said and done the results must be regarded as very satisfactory. Many have summed up the situation by stating that values were surprisingly good, and doubt they were. I certainly think that the situation generally showed considerable strength, and has certainly done something to dissipate the overhanging clouds, and put at east a large number who were growing uneasy about values. When all is said and done, I am certain that the position of the raw material has been strengthened, and whatever the future may have in store, the recent series of London sales passed off spendidly, the prices realised being higher than many expected. lam beginning to think that so far as Bradford users are concerned, many will have to alter their views, and make a more vigorous attempt to get out of the old way. _ The home trade took the largest quantities, but all the same the hands of Yorkshire buyers were forced by the German section, and right or wrong the prices paid were in the majority of cases slightly ahead of those current in October.'The last few days brought forth nothing new, all the sound factors remained intact, and I don’t think I can do better than sum up the series by giving the usual table showing the final results when compared with the close of,the previous auctions:— AUSTRALIAN WOOLS. Grease merino, superior, par; Grease merino, average to good, par to -jd dearer ; grease merino, poor condition, par; grease merino, inferior pieces and locks, par. Scoured merino, superior, Id dearer; scoured merino, average to good, H doarer; scoured merino, inferior, Id dearer; scoured merino, faulty locks and pieces, Id dearer. Grease lambs’ wool, superior, -Id dearer; grease lambs’ wool, medium, £d dearer; grease lambs’ wool, inferior, par. Grease crossbred, fine superior, lid dearer; grease crossbred, fine ordinary, Id to Id dearer; grease crossbred, medium superior, Id dearer; grease crossbred, medium ordinary, id dearer; Srease crossbred, coarse superior, id earer, grease crossbred, coarse ordinary, id dearer; grease crossbred, lambs, superior, par; grease crossbred, lambs, ordinary, par. Scoured crossbred, fine, Id to lid dearer; scoured crossbred, medium and coarse. Id dearer. Sliped crossbred, fine, id to Id dearer; sliped medium, id to Id cheaper; sliped crossbred, coarse, -id dearer. SOUTH AFRICAN WOOLS. Snow white,-super, Id dearer; snow white medium, Id dearer; snow white inferior, id to Id dearer. Grease combing, light, par to id dearer; grease combing, heavy, par - grease clothing, light, par; grease clothing, heavy, id dearer. Messrs H. Dawson and Co., in their circular seem to size up the situation in a very creditable way, and as their views are well worth consideration, I give their remarks on the outlook: ‘‘The .series closing to-day has had a most satisfactory culmination. The competition has been so steadily sustained throughout, and the maintenance of values has been so pronounced, that the effect can hardly fail to be beneficial to the industry. The firmness of the market lias been surprising to the majority, for the level of values here is difficult to reconcile with the values of tops in the various manufacturing centres. Business in the fine worsted trade has not been brisk, and the prices for yarns and for the manufactured article have in consequence been more difficult to enforce; it is not surprising therefore, that with this experience and with machinery not fully employed, most people had looked for a lower level of prices. Of course, such a situation gave force to a “bear” movement which was probably carried too far. It must not be forgotten however, that there has been some shrinkage as compared with values in July and September, and that the Colonial bought wools are generally cheaper than the prices which have ruled in London.

The strong tone which has prevailed has undoubtedly been due to urgent machinery requirements, together with the sentimental effects produced by some American demand. Yet the outlook. for the future is not altogether as encouraging as could be wished at the manufacturing end of the industry; there is still anxiety and distrust, and when the Colonial and South American wools arrive in large bulk at the commencement of the year, the position may be a little more difficult to maintain. Meanwhile, the present firm prices should strengthen the ultimate markets, and have a beneficial effect all round.

As regards crossbreds, these are en- | joying a very strong and welcome ap- I preciation. An adjustment in values, which was quite due, has been made; for medium crossbreds have been for some time relatively cheap as compared with fine wools.* The high cost of living is a prominent question in many countries, and especially in the States, and it seems as though a strong call had set in for the cheaper crossbred fabrics. The somewhat large stocks of crossbred tops in France and Germany constitute, however, a factor that must be reckoned’ with, and there is still a big supply of crossbred wools to come on to the market from South America and New Zealand, so that any immediate boom or undue inflation in values is hardly to be expected. It would perhaps hot bo prudent to accept j as a criterion of values for the future,# the prices ruling at the present series,! which has been a remarkable strong call for crossbred sorts from TJ.S.A. in a time of somewhat restricted supply! but, nevertheless, the general position of crossbreds seems to have improve! from whatever standpoint it is tested! Meanwhile, the foreign markets are als| enjoying the benefit of this America]! demand*’ and prices everywhere kav4 made market appreciation. The con-4 tinuance of U.S.A. demand is the prin-t cipa). factor to be noted in attempting to gauge the future maintenance of values, and that demand at present seems to favor crossbreds more than merinos.” THE YEAR’S IMPORTS. \V‘th the close of the sixth series of sales an important side light is thrown on to the consumptive capacity of the trade by the publication of Messrs H. Schwartze and Co.’s invaluable figures. Those who remember the trade thirty to forty years ago express great surat the tremendous weights of wool which the industry is now called upon annually to lift, and during 1911 the home trade has taken 1,086,000 bales,

the Continent 1,760,000 bales, and America 52,000 bales, the total being 2,898,000 bales. These figures must baffle comprehension, and show at once the importance of the industry. I have often v, ished that the various takings of the Continent were specially detailed in order to show the respective requirements of each country. France and Germany in particular, for considering the size of these tvvo countries, their absorptive capacity is still behind that of the homo trade. One wonders what the world would have done if Australia had been visited with droughts as was the case from 1896 to 1901, and it is to be hoped that nature will continue to smile .upon-the large pastoral areas of Australasia, South Africa and South America. Still, tho distribution of such a large quantity of wool offers the finest commentary possible upon the great wool industry of the world. Many now avenues of consumption must have been discovered during the past decade, or so much raw material could not have been shiftefl, and it is remarkable that the total takings of tho trade during the current year are more than double those of 1900. The exact figures are 1,467,000 bales in 1900, compared with 2,898,000 bales in 1911, the increase being no less than 1,431,000 bales. Even so recently as 1904, the total takings of the trade wore only 1,576,000 bales, hence the increase this year amounts to nearly 100 per cent more than in 1904. There is therefore no wonder that the figures to-day cause general surprise to practically all branches of the trade, and notwithstanding tho huge quantities which have been sold, there is no surplus stock. For the second time in the history of the home trade, its purchase amount to over one million bales, the deliveries actually being 78,000 bales more this year than last, while the Continent has absorbed 115,000 bales.