YORKSHIRE LETTER.

Dominion, Volume 4, Issue 1048, 10 February 1911, Page 3

YORKSHIRE LETTER.

» THE TRADE OF 1910. •. A KETKOSPUCT., (From Our Succlal ConcsDcmlcnt.l Bradford, December 30, 1910. Time flics, and hero we are again on the threshold of another year. The past has Kone, and as I write this everybody is baking forward to 1911, and hoping for thb best. To wool men it always pays to stand still and consider, nnd a glance backward oftentimes brings inspiration for tho work of a new year. TIIK GOOIj ritOGHESS OF WOOL. • Factors have been at work (luring the past year which of themselves have helped to mako a fairly good timo for wool men in general, although it is only right to say that 1910 has not brought with it the good profits that were reaped in 1909. All years more or less vary, unci it will probably, be a long timo before wo see tho good returns that wo 6aw in 1909. Perhaps tho most outstanding fcaturo of tho year's trade has been the unparalleled consumption, and in this particular 1910 will go down to history as a record. Thero has never been a time when the 6amo volume of wool has been shifted, nnd had it not been for the continued briskness of spinning machinery, tho record of prices would have been very much different. When tho year dawned tho raw material was undoubtedly standing on a fairly high altitude, and to all appearance there did not seem to be much chance of prices appreciating on the same scale they did tho year previous. Hen hayo,begun to recognise tho fact that there is nothing liko a season opening with wool on a fairly low basis, that no doubt being tho chief essential for nn excellent trado and good profits. Last January found merinos fairly high, and they have remained so all through the year. Prices generally hardened right away to tho end of May, when they encountered a check, fino tops sagging "a little. This, however, was only of- a temporary nature, and largely brought about by all consuming districts being very full of tho raw material. It is well known that Australasia turned out more wool last year than it ot.t did, almost doubling its production in tho short spnee of eight years. No finer commentary of tho 6trength, stability, and extent of wool consumption can bo offered than tho way record supplies have been absorbed, and although thero has been no squeeze as wo saw in the autumn of 1909, still surplus stocks exist nowhere. Last August and September saw renewed activity take, placo in buying, prices again slightly appreciating. A large contingent went out to Australia in tho early autumn all recognising that values wero somewhat high and dangerous. Less business was done by way of "futures" than wo havo seen for many a year, and nobody can regret this lino of action. Prkcs sinco the end of September have somewhat fallen, but taking the year as a whole merinos havo undoubtedly fared the best. Turning to crossbreds, the record is hardly so agreeable,. nor tho.returns fo acceptable. All qualities of the mutton breeds began uncommonly well, and everything in January seemed to iadicato a year of great prosperity. When tho salo opened on the 18tli of that month, thero was a general advance of about Id.' per lb. in greasy crossbreds from 3G's to 50's quality. At that particular time America was an active competitor for the raw material both in London and Bradford, nnd with tlw very largo purchases which had been made on United States account during tho six months previous, everybody' camo to tho conclusion that wo werd in for a booming time.'- : By"tho-'end of tho second month wo saw unmistakable • signs of a slackening across the Atlantic, and this at onco prompted us in advising holders to refuse no profits. Everything seemed to" indicato at least a temporary set-back in values, and although at tho timo wo practically stood by ourselves, yet wo felt certain that if America stepped out of the market, there was no other alternative but for prices undergoing somo readjustment. The result was that from the beginning of--March, to the end of July a declino ensued, the demand, from America collapsing entirely; Yet thero was no slowing down or tho consumptive requirements of the Homo trade. - and without doubt this has been air through thn. Alpha nnd' Omega of the crossbred industry. Had tho Home trado not enjoyed, tho prosperity that wo. have seen crossbred values would havo undoubtedly declined seriously, but under the . tremendous consumption of lops, : both on Homo and export account, prices havo been maintained fairly, well, although importers and top-makers havo not done too well; in fact, those who .have got through tho year's business in this department without losing money aro to be congratulated. ■ TIIE TOP TEADE. Turning for a few moments to the top industry, wo havo hero nn important adjunct to tho wool trade; in fact, it is inseparable to . tho wcllbeing of .the wholo industry. Commission woolcombers all through the year havo enjoyed a wonderful'time, nnd an avalanche of raw material has been combed. Over forty million pounds of tops have been exported, in addition, to a record quantity absorbed by our Homo trade spinners. This certainly is a magnificent performance, but somehow tho price of wool has always been in advance of thn combed article, and this to sonic extent has .prevented adequate returns being > forthcoming to topmakcrs.: However, a huge voiumo of business has bten done, and to-day while no doubt not much good is being dono with tbe raw material, still tho majority of firms,will have made an averago profit. TAPN SPINNERS 'ON VELVET.' Tho outstanding featuro of all in connection, with tho wool trado this year has been the splendid margins enjoyed by worsted spinners. All through the year they havo been on velvet, and this is tho section of tho trado which, as a blunt Yorkshircman put it, has mado byfar "the most brass." Nobody who speaks the truth can deny that statement, and for onco iney havo done exceedingly well. The difficulty of the yarn trado this year has been ,not a lack of order/;, but their inability to copo with tho work 'they have had on hand. Tho'mills of tho West Riding nover enjoyed a more prosperous period in tho world's history, nntl; ; we have heard old men say that if reminded them forcibly of the piping times of 1872, when at tho closo of tho Franco-Prussian war thero was work for" every willing hand in Bradford and district. Every spinner this-year has been under heavy contract, and machinery has been worked at tromendous pressure. Tho difficulty all along has been to cope with the "particulars" supplied. Many- firms havo largely augmented their output, and many extensions have taken place. -Wherever' a now spinning frame could bo put in it has been done, tho result being that on all sides an increased output has resulted, and yet for. all that there has been no -accumulation of , stocks. Neither have spinners, sold-nt no profit, but the '"reverse.' Somo years havo been very lean from a spinner's standpoint, but this has been a glorious exception, and thoso who speak the truth frankly .: state that they have ; never enjoyed a inoro' prosperous time. It will.bewell if tho samo prosperity is experienced in 1911 ns wo unve seen this year. The Homo trado has been a large buyer of fine merino yarns, while some tremendous weights of both singles nnd two-folds in crossbred qualities havo been shipped to the Continent. Tho following tnblc shows the course of prices for regular standard makes of tops during the year,. nnd it is worthy of notice that prices have not shown that fluctuation which we havo oftentimes fl ' C ' n ' PRICE OF TOPS, 1910: ■ •

• Jan. J'y. Dec. Description. ' .' • <1. .«• <!•' 70\s colonial tops . ..28 201 271 Gl's „ • 27 285 2GS CO's „ ,, super ..... \2B"'28 .-25J BC's , „ ...: '231'231 22J 50's „ , 20. 20? 19 i 4G's „ . ,. prepared 171 m 1GJ ,|G's cnnlwl ... K\ 10 151 40'* i.' i. prepared 11} 14} 14} ,|0's „ „ carded ... 13 13 13} 3G's „ ■> prepared 131 13 13} 3i's ,, i> prepared 12} 123 123 U's „ „ pick hoj,' 17 103 1GI Gl's Caje tops, snper 26} 28} 2lil 4l's English lops, pick hog 181 ■ 18 18 40's Devon tops Hj 141 144 Crossbred britch tons ..;... 12 12} 121