OUR YORKSHIRE LETTER.

Dominion, Volume 3, Issue 876, 23 July 1910, Page 14

OUR YORKSHIRE LETTER.

SOME.POINTS WORTH CONSIDERING. (Prom Oar Special Correspondent.) Bradford, June 10. Wool matters generally show but little change compared with a week ago. The whole industry seems at present to bo like a ship passing over a calm sea, days succeeding each other with no. cross currents to contend with. Steadily the good ship moves along, making satisfactory progress towards its destination. Such to a krge extent is the actual standing of matters in consuming centres. Nothing has ngain transpired to disturb the tranquil face of the market, and on all hands mills are grinding up the material in a fairly encouraging way. Merinos naturally are still occupying the leading position. It is a pleasure to chronicle a continuance of healthy conditions, and although it is impossible to quote higher prices, still the very fact of combing and spinning machinery continuing to run full time is .something to bo proud of. It is quito true that there is not a great deal of new business pass'ing, bnt in a quiet sort of way topmakers are selling 50 packs here and 50 packs there, just sufficient to test prices, which on the whole are steady and ; firm. At the same time it has to be a very sr.perior 64's to fetch more than 2s. sd. The fact is, spinners candidly state they cannot afford to pay more, and theyknow tliat ready cash in nine cases out of ten is an acceptable feature, hence they bid the figure named, and refuse to accede a fraction more. As far as one can see it appears as, if we are likely to stick at this figure unless supplies sensibly fall off, and there is another wave of buying. What to my mind is the strongest feature of the market is the 'persistent call for tops at the hands of spinners. Here thcro is no slackening, clearly indicating that spinners must. have on'their,books plenty of delivery particulars;, and manufacturers are taking in yarns very freely. It is a wetl-known fact that for months past spinners have been very backward in this respect, tmd trouble has been a common thing with practically everyone. ' I only heard this week the' manager of a large shipping house say that they found manufacturers a month'to six weeks late with deliveries, and yet it was no use cancelling orders, because their customers were still open to accept pieces as fnst as they went in. That certainly is a very satisfactory sign, and shows conclusively that after ailconditions in manufacturing centres are, still healthy and good.y CROSSBBEDS SLOW AND INACTIVE. . A somewhat different tale, has to bo told in regard to coarse crossbreds, and there undoubtedly is a lack of "vim' in thes3 departments. I mentioned a week ago there was 6ome foroed sellers on the marisiet, and that is bo. ' It is a wellknown, fact that' plenty of average 40's prepared tops have been let go at. 14d. per lb., and a very good article con be obtained to-day at 14Sd. /Financial pressure has been in. evidence , in several quarters, and no doubt prices have been forced down to this level on account of bills coming due, and banks pressing their customers to reduce overdrafts. The lethargic' state of the market is largely responsible for this state of affairs. So lons- as topmakors find , their customers taking up freely their, contracts, they can move on. with comparative ease, but directly there is a slowing down, and stocks-accumulate, it means that, quickly some firms become hard ii[», and must - sell. at one price or another in , order to meet their financial obligations. '

There is one feature, 'however. which after all is-very satisfactory. I was talking a few days ago to a leading crossbred spinner in Bradford, and he made a remark .that, notwithstanding an .absence of new yarn 'business, they vrero still busy on old orders, and had sufficient "particulars" to keep ,them running full tinny for soino months to come. There is o, fairly big consumption, and export yam houses are taking up their contracts in a most ■ commendable way.. Things would soon be a good deal woiso if there .was a stoppage here, but there is not, and that.is something to be devoutly thankful for.. So long as spinners combine to make deliveries, nothing seriously wrong will take place, but /lircotly there is a halt' in this department, it will not be long before prices suffer. There seems to be a fairly good demand for carded tops. In both U's and 46's a fair amount of business is passing, and 48's to 56's are very sound, thanks to continued.,healthy conditions at the hosiery end of the industry. Then again good halfbred wools are alsft selling freely to Scotland,, because Choriot manufacturers are as busy, as they can be. Galashiels and Hawick, in the South of Scotland, seem to be renewing their youth, and prospects are said to be fairly good for the noxt season. Personally, I cannot see how fine crossbreds are going to-alter their position', and nobody need be surprised if the gap widens between the price of coarso and v fine crossbred wool and tops. • .' ' . • NOILS. CHEAPER, Noils, which are really the short fibres combed out of the top sliver, are undoubtedly bad to sell, and the turn oheaper. Even fine merino • noils are languishing, a. state of affairs which is indescribable: There was never a. time in the history of the. wool,trade when the price of noils was so little in comparison to the cost of tops, and without doubt we have a state of affairs which no man is really able to satisfactorily explain, Whin a 64's top has been worth, say 2s. sd. in days gone by, the price of good average noils, has generally been from 17d. to 18d. per lb'., but to-day a very good class of 6i's noil, fairly clean, can be had at 15d. to 15! d., and even then the demand is quiet. The same thing obtains in crossbreds. It is possible to secure a good bulky 40's noil at 7Jd. t<; -I*l., aad .yet- stocks are . heavy and 'the demand -very limited. I cannot say exactly what is the cause o£ this. The blanket trade is busy, so is the cap industry,' while flanuei manufacturers are also well off for work. In the production of felt hats a good' deal of noils are used, but whether or no the large wearing of caps has.at all injured the manufacture of hats, I cannot My. Still, one would think with noils being so cheap, there would be a. large consumption, but with combing machinery being kept so busy during the past eighteen months,' stocks have accumulated, and noil merchants are in. no sense on a bed of • roses. .

FEDERATION OF "WOOL BITTERS. Last Friday there was hold in Bradford a meeting representing the colonial and English trade, when stops wore taken for the amalgamation of both ends of tho wool trade. Tho result is, thai what is known as the British Association of Wool Buyers was formed, and its objects are, as the prospectus says, "to take into consideration any questions affecting the wool industry, with a view to conserving its interests; to provide expert arbitrators as may be necessary and advisable to settle disputes, and thus avoid litigation; and to bring forward any measures that are considered to be in the best interests of producers and consumers." Sub-committees , are to be formed representative of all sections, each to consist of twelve members, who' shall elect their o,wn chairman, whilst, the general committee is to consist of 24 monitors, to be elected annually, mid jiot less than three are to bo representatives of districts ontsido the West Riding. The Arbitration Committee is to consist of a president, vice-president, and chairmen of committees, with po»;er to add to their number.

There are various matters which arc bound k> come before the trade during the next feiy months, and which will Iμ dealt with in a very strong way. Tho question of tho abolition of draft on wool is certain to meet with a united front of opposition. Then railway rates is another question which will have to be tackled. At ore time the rate from Lonit was reduced for a short time to 22e. Bd., at which price officials of the railway , companies said it paid, but for some time now the rate has , boon 30s. per ton, and naturally there has been a good deal of heart biirninfi. Then a question dealing with biUs of lading wants tackling in a sound and practical wa-y. companies endorse frequently B/L London option Bradfordi and at their own free will then take (he wool round to Liverpool, and then fend it forward to Worsl*clopolis. thus cflVcting a saving of several shillings per ton. regardless of Hie inconvcuience it sometimes puts an owner to.