OUR YORKSHIRE WOOL LETTER.

Gisborne Times, Volume XXX, Issue 3560, 27 June 1912, Page 2

OUR YORKSHIRE WOOL LETTER.

THE SUPREMACY OF MERINOS,

(By Our Special Correspnodent.) BRADFORD, May 17.

The wool trade separates itself into two divisions; namely, merinos and crossbreds. A consideration of either section reveals the fact that it is large and important, having greatly altered from what it once was- I was talking the other day to a woodman who is fast approaching his eightieth birthday, and 1 who for nearly 40 years has attended the sales held in Coleman Street Wool Exchange, ana lias been present at almost every series. What a fund of useful information he has. Like most okl men he lives in the past, and the memory of the “daily round and common task" of the early seventies stands out in strong contrast to what wo see to-day in Coleman Street. In those days very little crossbred wool indeed was available, .and those using it obtained their whole supply from English sources. To-day the produce of the SO millions of sheep which are being depastured throughout ClreatBritain is but a bagatelle copi pared with the teeming millions of the River Plate, Patagonia, and New Zealand, the large quantity of crossbred wool now available having changed the character of supplies considerably. If one includes the English clip, then no ■doubt the quantity of crossbred wool at the disposal of European and American manufacturers is larger than that of merino, although if the fine wools of South Africa and Uruguay are reckoned, I dare say that calf of the world’s supplies arc merinos, and the other half crossbreds. Be that- as it may, there is no disguising the fact that on all hands some big weights of raw material are available, and it certainly is satisfactory to know that the weight of wool that is being grown is none too large to meet the world’s needs.

MERINOiS ON TOP

. During the last few weeks the actual standing of the different classes of raw material which confront the trade lias been demonstrated in no uncertain way, and there is a unanimous verdic-t that merinos are “on top.’’- In other words, they claim first attention, and occupy the box seat. There is proof of this not only in the way merinos sold at the recent series- of London sales, but also throughout manufacturing districts, where it is clearly seen that fine wools lead, and as I have said’ for the lasttwo years, a very different spirit will have to come over the general consumer before crossbreds take the first place. No man can explain why fine wools occupy the position they now hold, and no one can account for the large measure of public favor which they enjoy. The fact nevertheless remains that it is so, no matter what may be the cause. It is quite true that popular taste and fashion are Loth whimsical and changeable, and some even think to-day that there are signs of crossbreds coming to- the front. That I sav will depend more upon liow high merinos are going to soar than anything else, and if an adequate supply continues to be available, and prices remain reasonable, I do not think they will slacken their pace much, or that demand will decline. No doubt there is something about fine, soft handling fabrics which appeals more to the human touch and sight than crossbreds, yet the latter are to-day being so treated by manufacturers that in thousands in in•vnoes they present the appearance merinos. There is no- branch of industry where more rapid strid--ve been made than in machinery I ' audling wool, and the manipulation of- same, both in combing, spinning, weaving and finishing. When the writer was in his teens and ap-

pretie'ed >to the doth trade, cfe-oas- , bred fabrics presented /a far differ- , ent appearance when they came from ! the finisher than .they do to-day, and the somewhat • different method 1 of treatment, particularly in cutting, steaming* and finishing, is the secret of thousands of pieces of crossbred j serge being retailed ,as merino,, the man in' ; the strept being unable to tell from what quality of wool his gar- ! inents are made. All the same, merinos stand to-day in''the front rank as a manufacturing commodity, and there is little to indicate that they are going to be displaced by crossbreds-

INCREASED PURCHASING ■ POWER.

Perhaps there is no factor which has made itself felt so powerfully in deciding the fashions as the increased purchasing power of the people. Turn which way you will, there is no evidence that people are having a hard time, for trade is good, wages generally 'are better, and there is no doubt that taking all things into consideration the generality of people are better off than their forefathers. As one studies fashions, and notices the dress of the average man and woman in the street, there is distinct evidence of more money being spent in clothes, and it is plain to be seen that a better class, of fabric is being generally worn. A further proof of the general betterment is the large number of motor cars which are being run, the average commercial man being the owner of this means of locomotion. There is to-day more going away by even the rank and file than formerly, and the fact which I .am seeking to emphasise is that all this 1 extra wear ancLtear means that mere clothes aer wanted, and I am certain that a better article, is being demanded' by both men and women. All this reverts to be raw material, for with the general improvement in the method of dress, the wearing of half has by way of stockings, botany under garments, flannel shirts and the necessary cniter garments nil means a larger demand for the raw material, and merino wool is benefit! ing accordingly. Her? I say we have an all important factor, the significance of which it is impossible to over-estimate. If the people had not the purchasing power they would never be able' to appear as they do, and this general Improvement not only obtains here in England, and- throughout Great Britain, but in other countries as well. There seems to be a general recognition of the fact that the trade of the world is fairly good. .although there are some countries where, owing to bad government and despotic rule, the people are suffering oppression. Be that as it may, there is no doubt whatever that merinos are benefitting considerably on account of the general betterment of the people, and if the trade of the country remains good. I have little fear over the future Of fine wool price's.

A BIG SUPPLY WANTED

The most disturbing factor to merino users has been the note of warning sounded from Australia both by mail and cable that certain areas are in the bands of the demon drought, and that unless rain falls speedily there will be a lessened supply of fine wool next season from Australia. This is news which is anything but welcome, fertile world’s needs are to-day at least 25 per cent larger than they were ten veai ago, it being in 1902 when Australia turned out the smallest' clip of recent times. The world to-day can do with no less wool than is at present being grown, the reverse is actually the case, and it is not difficult to say where prices will g;> if the Common wealth has to pass through a.dry period. It is a pleasure to know that currant values for merinos are paying, growers well, and no one begrudges the squatter adequate returns for the trouble and risk which lie has.run. Various estimates are being out forth front time to time as to what it costs to produce a pound of greasy wool in Australia, these ranging anywhere up to 8d per lb. but I think it can be taken for granted that on average stations in wool growing areas a pound of wool can be produced at 6d'to 7d, nod L venture the opinion that it will be a long time before decent merino wools drop to anything like these figures again. Nothing but a “landslide’? can bring values down to where we saw them a few years ago. . Even in 1908, the fin.aiiciat crisis in America which brought about a. slump Wi values lasted but a few months, there being an equally sharp recovery. M col is today a prime article of commerce, it will always command excellent prices, and as far as pno can read the future, we are not likely to strike an era of low values for wool- - _ MARKET CONDITIONS.

Turning to local conditions, I am glad to sav that the market is still intact, prices being well maintained at the highest point during the past fortnight. Fine topinakers are tciy “chuff” and independent, and say they are now going to have their price fur tops, or else not sell. They see nothing whatever to induce them to throw their stocks away, and 26d is to-day a buying price for an average combed ton. some even demanding M more. This is a different tale from what I bad to tell a month ago, and it is high time topinakers- asserted their rights, anti demanded* a paying price. A good steady business continue.? to bo done, and contracts have this week been offered as far forward as next September and October, but topinakers, unwilling to risk the future for so long, have declined to sell forward, preferring to accept the prices fixed by the standing of the ra-.v material. All the ill effects of the recent coal strike seem to have passed away, and machinery is being as bard puslied as ever. Commission wool combers 'sa v that they l>«ve plenty of wool to comb, and there is no indication of anv falling off in supplies, or the demand for tops.