OUR YORKSHIRE LETTER.

Gisborne Times, Volume XXXIV, Issue 3734, 21 January 1913, Page 3

OUR YORKSHIRE LETTER.

’ LONDON SALES AFTERMATH. [FROM OUR OWN CORRESPONDENT] LONDON, Dec. 13. It is a real pleasure to be able to settle down to the daily round and common task, for after all said and done the breaking / into one's life of a series of London sales upsets things a little, though with time one gets into the way of making the best of this big event. I have always maintained that Coleman Street is indispensable to the wool trade, for it shows the real standing of the raw material as nothing else can. In making that statement I am not forgetting the Colonial markets, for undoubtedly both Adelaide, Melbourne, Sydney and Brisbane are to-day exercising a potent influence upon centres like Bradford and ltoubaix. This season Australian markets have been a mighty factor to reckon with, and they have saved importing topmakers from committing a serious error of judgment which could soon have cost them a good few thousand pounds. Some that I know felt disposed to go on selling forward at little money. /At the time I thought they were acting foolishly and the figures at which the raw material sold in Australia compelled them to put * on their thinking cap, and to commit themselves very gingerly indeed regarding the future. The fact is, at a time like the present in the face of a serious shortage as well as a booming trade, no sensible man can afford to play fast and loose. lie must recognise the very strong factors which are at work, and shape a policy accordingly. CLOSE OF LONDON SALES. Another series of London wool sales terminated last Saturday, and in looking back upon them it must be said that the trade as a whole is satisfied with the results. The enhancement did not come up to the expectations of the more recklessly disposed members of the trade, as much as 10 per cent being stated by some as the rise which would be witnessed when the sales finished. However, things have been as they have, and as already stated there is a widespread impression that wool has gone up plenty, and that the basis of values reached need not have been exceeded. In truth, the latter days of the series did not show such an extreme range of prices as was paid earlier on. But there was no actual weakening, and taking the sales as a whole it must be said that they closed sound and firm. One noticeable effect of the way in which wool has been selling not only in London, but also at other centres, is that top values have been carried to an exceptionally high level. There is a circumstance which was only to be, expected for users have gone on in a most determined manner. Their urgent needs have compelled them to enter the market and | buy, but there has been no unwarrant- i able speculation. Behind all the eagerness for wool there has been a corresponding need on the part of ultimate users, and this has had to be met. The outcome of all this is that standard 64’s tops have reached 29d. This may be all right in a certain sense, and there is no doubt that it has been brought about by the exigencies of existing conditions, but no fact is more clearly in 'evidence than that present prices for tops and yarns are such that ere long there will be a severe combat between the merchant and the manufacturer. Romping prices for wool and thumping values for tops and yarns may be all right, but it is a significant fact that the present price of yarn necessitates an additional 7d or 3d per yard being put on the cloth. If manufacturers could make this easily, the difficulty would be solved at once, hut when we say that a paltry 3d more has been as much as many have been j able to command, it is clear that there will have to be another move, or they, will be left in the lurch. The crux of 1 the whole matter lies here. Will many manufacturers be able to make the necessary rise? So far as can be seen they ought to be able to do so. Mills are well occupied, and the workers’are earning good wages. When we speak of textile conditions being good, it means that the ultimate market is still open, and though manufacturers and wholesale buyers may do some kicking before they I pay the price, the needs of the buying 1 public will compel them to come into the j market. There may be some difficulty in • j the neat’ future, but top and yarn prices ! should ultimately be justified by the price : of the finished piece. t SOUTH AUSTRALIAN WOOLS. 1

The sale ol' South Australian wools at the recent auctions cannot hut be regarded as fairly satisfactory, for every brand made a sensible advance on last year. The clip this year is certainly better grown than the majority expected, and I could see that more attention was being paid to the wools than last year. Bradford buyers have always given South Australian wools their best support, but at the recent auctions more Continental buyers competed for them, and they benefited accordingly. SUPPLIES AND DELIVERIES.

Messrs Helmuth, Schwartze and Co. give the following particulars of the supplies and deliveries of Colonial wool during the year as compared with last. Adding transit wools and direct imports, the total deliveries to the trade compare as follows:

1912. 1911. Bales. Bales. Home Consumption ... 1.055,000 1,086,000 Continental Consumptn 1,778,000 1,760,000 American Consumption 101,000 52,000 Total 2,934,000 2,898,000

The deliveries show a very moderate increase. The Continent took very little more—lß,ooo bales—while the American purchases arc greater by 49,000 bales. The absorption by the Home trade indicates a reduction of 31,000 bales. The Australasian production shows an increase of 44,000 bales, but owing to the shifting of arrivals (heavy imports at the end of 1911 and smaller receipts since July 1 in the present year) the imports are 61,000 bales smaller. On the other hand, the receipts from South Africa, which had remained almost stationary for two seasons, have given the extraordinary increase of bales. ' The imports from the River Plate are practically the same as in 1911.

MERINOS NO MORE THAN STEADY

The past week has witnessed practically no change in the market so far as consuming centres are concerned, though it must be said that prices for merinos are hardly so strong as they were. It appears that a few topmalcers have seen fit to accept slightly lower quotations, and rumor has it, which I am certain is based upon actual fact, that average 64‘s have been sold for forward delivery on a basis of 2s 4Jd to 2s 4Jd. This marks a decline from the highest point of Jcl to icl. '