YORKSHIRE LETTER

Dominion, Volume 4, Issue 1042, 3 February 1911, Page 8

YORKSHIRE LETTER

HOW IMPORTS ARE TURNING OUT. (From Our Special Correspondent.) Bradford. December 23. 1010. Wool matters although not showing any marked degree of life are nevertheless receiving as much attention as ever. Tho time of the year has arrived when naturally there is less doing by way of selling and buying, but for all that the trade is in no sense standing still, and consumers aro watching critically tho movement of the raw material. We have cable intelligence from Sydney to the effect that all good combing wools have finished firm, and this is what one could only expect. At tho same lime it has caused a little surprise among those who aro still firm believers in an era of lower price?, for Bradford users are yet of tho opinion that Gi's tops will come down to a lower basis than i(id. They may, and they may not. A good deal depends upon whether or no consumers will anticipate the future, and if wholesale buyers would only manliest the least enterprise, I am certain there would be anotner plunge on the part of spinners and manufacturers. Some take rather sombre views of the future, but others are still optimistic. Possibly tho majority are disposed at present to make haste slowly, and no doubt there is sound wisdom, m that. It would never do either for growers or users to commence a strong''oull" campaign when there is in sight another material increase, and especially when such divergent views are expressed over ■the future requirements of the trade. Mills have been so exceedingly busy during the past year that there is some doubt if we shall see the same volume of business done in 1911, but really speaking there is little fear expressed as to factories experiencing a quiet time. ,That seems to me hardly likely in view of fhe present commitment of manufacturers. It is well. known that spinners have on their books a fair number of orders; in fact, they offer no complaints 'whatever respecting tho future of their trade. AVhen a firm can see forward from three to five months, and know that the whole output of their machinery is al-ready-sold, what more do they want? Tho fact is the raw material is still disappearing as fast as it ever did, and.this notwithstanding strong complaints of their beins "uowt" doing. : West Hiding topnmkers aro now in a position to state with some degree- of accuracy how their imports are turning out, and I do not ever remember a-time when such divergent views have beeii .expressed as this season. One thing is certain, namely, that very- little good, if any, is going to be done with this season's imports. From a grower's standpoint, the prices realised at Adelaide, Melbourne, and Sydney were all right, but from the importers* standpoint they-are spoken of as "all wrong." That statement, however, should be taken with just a grain of salt. Those topmakers who sold at tho time they bought : will come out with practically no loss, but if they were buying all the time in Australia and selling nothing, at this end, then every bale purchased will to-day show a sensible loss. The policy adopted as a rule .by Bradford topmakcrs is to. sell the tops as soon as ever _a purchase is made in Australia, and oftentimes a good deal of covering.has to be dono owiag to sales having been made before the wool is bought. One of the largest operators in Adelaide this year told the writer tho other day that as far as thev were concerned they had done practically no good; in fact, the first 2000 bales had come out nearly 'Jd. dearer than their estimate.- Perhaps with machinery, or combing profits, they will lose nothing, but they will do well to get back their own. 'Melbourne imports seem to have turned out as.well as any, whilo the 'wool bought in Sydney has cost' a fraction ', more, than cxpectod. Tho fact is, yields have been generally over-esti-mated, this being due to , a less grown staple, a heavier condition, and altogether more seed , and burr than last year. I cannot say that importers are altogether satisfied with the results so far, but, possibly, the wool to arrive will turn out a .shade, better owing to prices dropping a little for ordinary combing wools. It is always a difficult time to an importer when a season opens with values on a fairly high scale, followed by. a steady decline.' That really, is'where all the trouble arose in the'ssason 1907-1908, and the only hope of importers doing any good with what they have bought, lies in the possibility of America coining into tho market, and operating on a liberal scale. That seems to be the only chance of-values appreciating, but at present there are no signs of anything occurring of that nature. It seems as if importers aro going to have to lot down the cost of their imports as much as possible by the use of Mazarnet skin and else which they can , put'their haiuls-upon. At present, however,-'there is' nothing very bright or satisfactory from an importer's standpoint; ' and until cheaper, wool , is available" there is very little likelihood of even a reasonable profit accruing from the operations of importers in Australia. Some contend that wool has been , picked up on a very reasonable basis, but such parties have no direct means of testing what tops are actually costing, and while no doubt short medium wools have changed hands at moderate figures, yet for a top to bo a top, and worth tho money of a good article, it is absolutely essential that, somo good. long combing wool be used.

A SLACK MABKET. : The market during the past week has, of course, been quiet, and little elsa eould bo expected. .Users'are nil busily engaged in carrying out old contracts, but now business is distinctly, off. Already many firms are stock-taking, and for a mouth.back' tho majority have beenlightening their. financial, obligation as much as possible, and no doubt tho turn of the year will have to dawn before wo see another material chango in the position of affairs. There seems no anxiety on tho part of either sellers or buyers over tho probable course of values. Some- state that we have not yet touched tho lowest point, but from what I see and hear somehow I have a strong impression that directly the bottom is touched there will bo a big covering movement. It is no use disguising the fact any longer, for a man can buy comfortably a standard 64's made by some of the biggest and test firms in Bradford at 26d. and 2G}d. Several sold at that pi'ico even a week ago, and unless- a firm of topmakers is very well sold forward, they will take the former figure to-day. Thei-D seems to bo a disposition on tho part of importers to sell if they get a. chance. No party is talking about higher values, and 1 do not think wo arelikely to see increased prices' just yet. There is not the "bounce" about business that one would like to see, and the reports from both France and Germany are not so optimistic as they have been. Mills generally are. fully occupied, and there is more of a hand-to-mouth process in operation, the "bear" party at Eoubaix and Antwerp "being by no means exhausted. I hear that two firms in Antwerp this year havo made a pile of money. They have taken all they could get of tho low offerings for tons from those whose only business since "last September has been to sell down tho market. They havo ~bought some tremendous weights, android out again at every rise, and it is tlieir opinion that values are all about grounding, that is, they havo touched the lowest point we are likely fo see. Of course, no man can definitely say whether that is so or uo, for only lime can determine tho fact.. In Bradford, commission woolcombors arc- beginning to work again both day and night, and topmakers are busy getting ready to mako deliveries with the turn of the year. There aro very few woolsorters out of employment, and spinningframes are as busy as they can be. So far as consumption is concerned, there is no slackening whatever. One or two spinners havo recently said that particulars were not coming in as freely as they have been accustomed to, but on tho whole there is nothing to grumble at, for everybody appears to. bo takinqr up their contracts in a very creditable war.

Crossbreds arc, if anything, a" shade better, duo in a large measure to firmer cables from Buenos Ayres, but one never knows what n topmaker will accept until a "firm offer" is made. The outstanding feature of 'the market continues to bo a maintenance of consumntion, and although spinners are hardly talking as loudly as they were, still machinery everywhere is well employed, and will lie during the next few mouths. There does not seem much prospect of any easo in values, at least to any material extent. Trade is on the- whole good, and.our export demand ie certainly considerable,

Yarn-spinners nrn not bnoking-muchnew business, but they liavo not lowered prices lit the same ratio as tnpmakcrs. -Moliair i> very qniol, and strong quality Cnpe first.-, as well a≤ 'I'urkey fair avpi-asc .-till drags. There is little to imlicaio as yet a return of an augmented consumption, in these classes. Alpaca is m a very healthy condition, and all things considered the lining trade which absorbs big weigh , .* of the material is also sound and good.