OUR YORKSHIRE LETTER.

Dominion, Volume 3, Issue 834, 4 June 1910, Page 15

OUR YORKSHIRE LETTER.

THE GREAT QUESTION OF SUH'UES. iFrora Our Hoeclai Correspondent.) Bradford, April 22, 1910. The ono question which eclipses all othws at this moment is that of supplies, there being to-day spread before the trade such a heayy weight of wool that if businoss was not unusually Rood nothing but a serious decline in values would take place. It. is all right for lnrge supplies to bo before the eyes of consumers when machinery is running at the maximum, and when prospects point to an absorption of all the weight of wool that, is coming to hand, but let there be a slackness in the demand,.and we shall see even merino prices at a very different altitude. But sufficient unto the day is the evil thereof. If ever the time comes when the trade, is confronted with such conditions, i.e., big supplies and quietness in trade, it will be absolutely imperative to handle the Australasian clip in a very different way to this season. Bradford is literally choked with raw material, woolcombing establishments and warehouses are filled to the doors, while on every railway siding for miles can be seen wagons filled with Wool, all waiting to be emptied if business houses had room. In addition, another meal comprising 170,000 bales confronts tho trade next week, and, to say the least, the financial resources of the whole industry are being taxed, although we have heard little on this head during the past two months. Still, one hears and sees a few important things which all indicate the actual standing of importers and topmakers. One big Bradford importer has recently written twice to , a firm asking if they could not deliver 100 packs of 70's tops, although tho time specified is May and June. The contract price is over 2d. per lb. less than what they are quoted at to-day, and yet the firm plainly said that they wanted to make deliveries in order to meet their financial obligations, as they were weekly landing some very largo weights of wool from Australia.

GROSS ARRIVALS OF WOOL. As already snid, the trade is at the moment confronted with a larger supply ol' wool, than we have ever seen, and it speaks volumes for the consumptive capacity of the industry when in face of these heavy weights of wool prices have steadily advanced. The Australian clip begins to arrive for the November series, and the quantities weekly increase right up to the end of the following May. Practically speaking, 2,000,000 bales have now to be lifted between October 1 and the end of May both in Australia and London, and even the veriest novice can see a large amount of money is required to do this. Some idea of the rapid way Australasian wool has poured into this country since the lists were closed for last November series can be gleaned from the following particulars, where I show, what have been the gro=s arrivals at the first three series of sales during recent years-.— January 'March May series, series, series. Total. Year. Bales. Bales. Bales. Bales. 1910 ... 'J05,500 38i,300 431,400 1,201,200 1909 ... 35.1,500 422,200 377,500 1,151,200 1908 ... 353,300 310,600 318,000 1,011,900 1907 ... 275,000 397,100 352,000 1,024,400 1906 ... 291,500 306,300 310,(100 DM,300 1905 ... 235,000 300,000 290,500 597.500 1904 ... 190,000 272,000 287,000 7M,000 1903 .. 216 000 278,300 301,000 798,300 1902 ... 211,500 252,100 367,500 831,100 '1901 ... 250,000 216,000 255,800 721,800 1900 .'.. 191,800 203,000 262,000 719,800 , It will be seen from tho above that the movement of Australasian wool into this country during the past three scries forms a. record in the history of tho ■ trade. AVhether or no there is included in the above 1,201,200 bales, : tho arrivals at Continental ports, 1 cannot say, but I doubt it, tho figures relating, I understand, .to the imports into this country only. Since the beginning of 1900 there has been a gradual increase, the total showing over half a million bales increase .compared with the corresponding date in 1900—a wonderful . accomplishment. Reckoning the above as being worth .£ls per bale means that at least .£7,500,000 more capital is required, even if the prico per bale was the same in 1900, a fact we know did not obtain, vnlues then being sensibly less than they nre now. I take it that, at least ten millions sterling more is to-day in circulation in lifting the arrivals of Australasian wool than r obtained, at the beginning of the century, hence no wonder need be felt at tho trade asking for a little breathing space. Looking down the list of arrivals for the impending series, one fact is very significant, namely, the vory large quiin-' tity of New Zealand wool to hand, no fewer than 198,610 bales having come forward. Out of these, 97,500 bales have been forwarded direct, leaving 107,300 for sale. It is very plain to be seen that crossbred wool is going to form .the principal part of tho offerings, for' out of 170,000 bales available, only 63,000 can be looked upon as merino. These eoiihl easily be disposed of in a week, and in tho opinion of some it would be a very good move indeed if part of these heavy crossbred arrivals could be. carried forward, to a later period of the vear. What tho trade at present seems to bo mostly in need of is a littlo time to digest its heavy direct imports, nnd I often think it is like adding insult to injury- to ask a man to buy when he is full up' at

IS THE LAST'AUSTRALIAN CLIP FINISHED? An item arising out of .tho question of supplies is whether or no we have seen the end of (he last Australian clip Ihe trade has boon very much disturbed during, the past threo months by tho repeated assertion of one well-known auJnnnnr?'i "i th 't ™ (1 ° f a " increase of 200,000 bales which tho current clip will show next June 30, when the Australasian wool year finishes. It will bo remembered that Dalgety-s estimate an increase of 100,000 bnles, while other good authorities say there will be practically no increase at all. Now, in face of all theso various opinions, users want to know whero they are. I must admit the quantity of fine wool availablo ■ at. tho s L ri <". s , is . ■■> very disappointing weight, ami if it turns.out that there is going to be no moro merinos availi;^ 0 f,f n S " CC - Ced,ng salcs ' P riccs cannot but iurther increase. Never in the his tory of tho trade has there been sue a small qunntity as 9000 bales ava fable from the premier Stale, and these could easUy be lifted in a single day. Dalgotys return shmving the exports up (o the end of April will be more inter" esting than ever,, for the figure, will practicaly decide the increase for Tho woo year, with the exception of Queen," land's now clip, which is at present Sr ■ k n wf'- ere , \ a not a hM *" show ;ng than obtained last month, then merino values will remain high until the opening of another new season The situation so far as supplies are concerned is being minutely watched but there is general agreement that from no! onward we are going to see a big fnMiZ off in arrivals, Tho back is broken of t 1 ast Australasian and Capo clips, and if the trade can negotiate the comins; season in a fairly good way values will not f„ 1 a great deal.

MERINOS' VERY STKONG. With another scries of London snips fast npproncliiag, llio tendency is for i'e'ss business to bo doing, until men seo what is going lo tnko place. There is very little scepticism nhout the epurso of fine wools, and another small advance is «.\ liected. The situation locally manifests no now feature, but without doubt merinos are still in the van, and lending During tho past week there has not been passing much now business, although somo topmakers have sold a few nice parcels. Those spinners who nro well covered up to next September do not seem disposed to follow in the least, but rather to use up thoir contracts, and avrail. developments. Somo people Tm still strongly of the opinion that a greater volume of supplies of even fine wool is still to come forward than .is generally supposed, and although no serious set-back-is anticipated, still the fact of Australia enjoying bountiful rains means moro wool available early next season. Our view is that while it is unsafe to count upou any

surplus, still there need bo no uneasiness respecting any dearth of supplies, ino present record consumption, together with tho undisputed quietness acrnss the Atlantic, means that so far as Europe is concerned markets nro very adequately supplied with tho manufactured article, while , tho United States giving in so early is a factor very few expected. So far us Bradford is concerned, there, is as yet no slackening in consumption or production, although the market is a little more one-sided than we have recently seen. Tho very fact of low crossbreds slowing down suggsts caution. It is possible today to buy an average -Ill's t°l> at W -' L ! mure topmakers being at present disposed to sell at that ligure than during the past throe, weeks. The most fatisfoctpry feature continues to be an undiminished consumption, but naturally supplies are also on a record scale. ■ Commission woolcombers are exceedingly busy, and thoro aro no accumulations of tops, notwithstanding that every plant is going day and night, those, remarks app Lying more particularly to f>o"s Quality and upwards. The next month is going to be a tiinit of real test, and Coleman street is being looked forward to with moro ..han usual interest. Business is found and good at tho manufacturing end of vlie trade, but tho giving way in low crofsbreds is what is not liked. Mohair is on tho quiet side, but prices are just about steady.