YORKSHIRE LETTER.

Dominion, Volume 4, Issue 1036, 27 January 1911, Page 3

YORKSHIRE LETTER.

THE YARN TRADE AND ITS EFFECT UPON WOOL PRICES. (From Our Special ConcsDondcnt.l Bradford, December 10. Every careful observer of the wool trade knows the closo . connection there is between yarns and pieces, and the price of tho raw material. This has keen an exceedingly busy year so far as tho yamspinning industry is concerned. When spinning frames are standing it always means low prices for wool, but when they can bo kept going wool benefits accordingly. Na ieature is more pronounced iu connection with tho tcxtilo industry to-day than the briskness of tho yarn trade, and without doubt ' some big weights of raw material are being shifted. Tho difficulty in ■ tho West Riding of Yorkshire all through this year has not been tho obtaining of yarn orders, but tho securing of sufficient females to mind spinning frames. The tact has not been made very clear to the outside world, but notwithstanding great briskness, the' output of yarns has all aiong not been' even normal. This may sound strango to many people, but it is, nevertheless, a tact. / 1 had this brought home to me very forcibly a few weeks ago while discussing the situation with a leading firm of Bradford spinners. They were complaining at what was being said about yarn spinners being on velvet, pointing out tho fact that by Act of Parliament they were compelled to only run ordinary time on account of employing female labour; therefore they, were uoi like combers and manufacturers, in a position to run till 8 p.m., and all night. It is a well-known fact that most of tho hands employed in tho spinning departments are women and young lads, it paying no lirm to employ males above eighteen years of age, except an occasional hand.or two to perform tho heavier duties. Therefore spinning frames have to stop at 5.30 p.m., and this considerably curtails the output. At the same time wo should not lose sight of tha fact that during the past eighteen months there has been an increased spindlage throughout the length and breadth of Europe, tho well-known makers of worsted spinning frames at Koighley being under contract for twelvo months; in fact, it has been commonly reported that an order for new spinning frames could not be executed under a year. I had word from Roubaix a short time ago to the effect that something like ,1011,000 new spindles have been'got to 'work in that district during tho past 18 months, and the same may bo said for Yorkshire. However, the reader will sec that although no overtime, has been worked, yet there certainly is an augmented output, and a large proportion of the increased clip of Australia has gone into the production of yams during tho past few months.

A carof ul analysis of the position of yarn spinners shows that they are to-day in an exceedingly comfortable position, and are well off for work. That undoubtedly is one of the most satislactory aspects of the wool trade, and long may it continue. I cannot say that n lot of new business is being done, but every spinner and manufacturer seems very well employed, old contracts panning out well. No doubt several spinners have sold some nice weights ■of yarn tor delivery with the turn of the year, and some have their whole output dir-poscd of as' far forward as the middle ot next summer. That .statement should be taken with a little reservation. The output of spinning frames is sold right enough, that is, if tlis buyers will take up their contracts. I havo seen it over and over again during my experience that in a falling market home trade manufacturers as wcli as export yarn houses havo been exceedingly slow taking up and user's have driven their obligation oftentimes for twelve, months, in that way considerably handicapping spinners. Yarn buyers are never to ask for particulars in a rising market, but when values ar-; falling, they sing a dift'erent tunc altogether. There is .a feeling abroad that if spinners would ease another Id. to Hd. per' lb. a 'largo quantity of merino yarns would be bought and sold. Home trader piece manufacturers seen!' to'' have, some fair stocks,,and have made up their minds that they are. going to buy. yarns' at less money; , This circumstance, is being nsedby wholesale houseswith manufacturers, who in turn, are trying to got 'spinners down in price,.in order to quote' less to-their customers, but-so- far spinners havo not given manufacturers much encouragement, though it should be said that from the highest point several havo sold at about 2d. less in Botany qualities, delivery next year. The present case in merino values has undoubtedly put every yarn.buyer on the defensive, and they aro making to-day sensibly less bids than even a month .ago. 'Dig prices for hue qualities are undoubtedly driving manufacturers •on to tweeds; Scotchmen are doing very well indeed, and I hear that every loom is bciDg used that can be availed of for tbo production of cheaper fabrics than can be made out of all . worsted yarns.- Most of the large buyers in London, wo arc told, have gone on to Scotch- tweedsi instead of fancy worsteds, but all the same I do not fee! disposed to accept without a grain of salt all I hear respecting tho dethronement of the latter. One thing is helping worsteds considerably, namely, that there are practically no cancellations, this showing that tin's class of fabric is still well to the front. Tho feeling that, more pieces will be wanted than usual owing to the Coronation is an extra spoko in tho wheel which is to make tho outlook n little more healthy. Coloured Botany mixture spinners are exceedingly busy, and they too are to-day using some fair quantities of worsted yarn*. A big yarn agent in the West Riding, interviewed a few days ago, said that no doubt for the time being things have turned very Hat, but, in his opinion, a number of buyers arc going to ie somewhat surprised, and before they have finished they v.'ill rind that prices are not to get down as low as many expected. The piece trade is still good, and although we may sec a little change in the class of yarns called for, still the fact nevertheless remains that spinners everywhere are busy, and will be for some tinio to come. In his opinion wo are going to have quite as good a time during the next nino months as we aro enjoying to-day. Tweeds no doubt aro going strong, and manufacturers are as full of orders as ara. coating' spinners, but worsted yarns aro today going into such a large variety of fabrics that tho whole output is being absorbed in one quarter or another. Covert coatings arc still a popular article, and worsted costume cloths aro also being largely made, and hero we havo an important outlet for lino wools which aro being used in conjunction with both ; woollen and cotton far twisting purposes. Crossbred yarn spinners are in a very comfortable position, and aro well off for orders. 1 do not think at present many new contracts aro offering, but I can hear of no firm being disposed to sell at less money, all alike saying that they will come down when they are forced, and not before. The single and two-fold trado is healthy, and the Board of Trade returns show conclusively that big quantities are being shipped abroad. All this means a large consumption of •10's to fli's prepared tops, but no doubt . spinners aro well covered, and this accounts for topmakers being unable to sell much on forward account. Spinners of strong bright qualities aro as busy as they can be owing to a big demand for Coronation luirposes, and strong wools today occupy a sound position on that ac-' count. Still, there seems to be a slowing down in the liner qualities of ci'Dssbreds, and why this should be so in face of continued briskness on the part of hosiery manufacturers, is what wo cannot understand. However, spinning frames everywhere are being exceedingly well run, and on that account consumption of tho raw material is still large.

PRICES SLIGHTLY EASIER. Tho past week's business has again been very'quiet, and nothing has transpired to relieve the -weary monotony oi doing nothing. Market days on Bradford Exchange are well atended, but there is a continual wliino that business is bad and prices easier. This is always the enso when half a dozen quiet markets aro encountered, there being too many firms who must be selling at one price or another. When Gi's tops wore quoted at 2s. 3d. nn house could havo sold freely if they had been willing to lake 2s. 2!d., whereas to-day their williivncss to accept the latter figure is met by" the blank dcnii.l to even pay 2s. 2d. Spinners have been bidding this price for two months, ami naturally importers have said time and again tint that price would not be seen this year, but the same

parties aro to-day willing sellers at 2s. 2(1., and now wc hear tlr.it the bottom is not yet touched. There is proceeding, n. slight bcariug-dow:i movement, and spinners are' holding ■ olr in the hope of seeing prices touch a still lower point. An alike are unwilling (a buy, for the simple reason that they arc under no necessity of so doing, and they say that owing to being covered for the first two or three months in the new year, and with no prospect of higher values, they are now going to hold off as long as ever tney can. I do not know of any new feature this week. Mills aro as busy as ever they have been, and that no doubt is the saving part of the whole programme. There is no slowing down at the consumptive end of the trade, and that is the hope of the future. There seems to be about plenty of tops, and the anticipated shortage has never looked like materialising this year, and it is now too lato to talk about'any scarcity in either wool or tops.