This is a vintage yarn which may be the same as Patons Australia Ariel, which is apparently waterproof!

Label states:

Patons Ariel Triple Knitting
2oz 56.7gm at 15.7% regain in accordance with BS 984
80% wool
20% man made fibres

Made in Great Britain by Patons & Baldwin Limited.
Made “reefer jackets” or “windjammers” out of the yarn. Textured yarn.