YORKSHIRE WOOL.

Dominion, Volume 5, Issue 1313, 16 December 1911, Page 14

YORKSHIRE WOOL.

YA EN-SPINNING AND ITS INFLVBNCK ON WOOL PRICES. (from Our SDeclal OorrcaDondenU Bradford, November 3, 1911. The yarn trade is a very important adjunct to tlio business done in wool; in fact, but for tlio' former tlio latter would i» worth very little. When a flcece leaves the sheep's back, every fibre is taken and Manipulated for spinning into yarns which are destined to be woven into, a piece of cloth. I don't think the average wearer ever tliink.s of tlio way in which tlio suit he is wearing has reached that particular form, or of the many processes through which the wool has gono before it reached his back. Wool in the raw state and the same in tho clothier's shop is a very different and distinct thing, although it is the self-same staple that originally came from tho back of tho sheep. In the great business of textile manufacture tho various brandies have been specialised, and all to a good purpose. I havo before mentioned tho fact that in the liradford trade thcro is tlio wool moTchant anil the topmaker, then comes the spinner, and finally tho manufacturer. I can well imagine tho reader saying: "Why cannot the manufacturer buy tho raw material and work it up himself?" Some do; in fact, there aro many firms of manufacturers who send out their own buyer to Australia, tho Capo Buenos Ayres and London as the casomay be. When this is done tho wool foes into the mill yard in the raw state, and finally leaves in tho form of cloth ready for the wearer's back. This principle obtains moro among woollen manufacturers than those producing worsteds. Tlio. latter industry is rather more intricate, and no doubt tho forco of custom and habit still holds sway. Be that as it may, tlio buying, selling, and manipulating of wool has become a special business in Bradford, and we find firms who aro essentially wool merchants, whose business it is to buy and sell the raw material. On the other hand, wo havo topmakcrs, but they do nothing elso but buy tho raw material and convert same into tops. This is a colossal business, not only in Yorkshire, but also in Prance and Germany, and without doubt more merino and crossbred raw material is bought and handled by topmakcrs than in any other branch of tho wool industry. Tho art and science of topmaking has undoubtedly reached perfection point,' and thero are firms in Worstedopolis who are certainly experts in blending for topmaking purposes. i ■'! t J arn cn d industry of which I now wish to speak, for here the pnee of yarns plays an important part in determining the cost of raw wool. THE YARN TEADE. , Y arll spinning is a big industry, and tho moro ono studies tho various kinds of wool, and sees them being spun into a multitude of different qualities and counts, the more remarkable is the business seen to bo. I am not overstepping the mark when I say that every count of raw material can bo so- manipulated as to bo spun into a good weavable yarn. J h ?, r ? , scen worsted yarns spun almost tho thickness of string, and others as lino ami small as silk, and this has all depended upon tho quality of the Taw maused. Those in tho trado know now important it is to havo tlio requisite quality of the raw wool to begin with, for it is impossible to spin wool beyond its own quality; in other words, the spinner can always spin down to a lower or thicker count, but never to one which is higher and smaller. THE QUESTION OF PRICE. •. What I am most concerned about today is to show the reader what a change has oome over the , question of price for standard yarns which are used in tho textile industry. It is not necessary to say that the price of wool and tops has fallen very considerably. This has given manufacturers a better chance to negotiate fresh business than they had three months ago, and I have-said all along that tho taiife Har nest ssnaiin: raraM. liaiwt to. lis

done at lower prices before wholesale fabric buyers purchase in any large quantities." When good 61's tops have como down 3d. per ponnd in about six weeks, it is reasonable to expect that merino varns spun from those lops will also have declined, and that is exactly what has taken place. No doubt when I deal with yarns tho subject is a littlo too intricate to the grower of tho raw: material, but it is a subject which is closely identified with Iho prico of tho : fleece, and it is because of this that I am dealing with that aspect of the trado today. In tho West Hiding of Yorkshire yarn spinners havo so far been ablo to keep- their frames running fairly well, and but for tho slaughtering of crossbred yarns by second-hand dealers dining the past three, weeks, smlh low prices would not liavo been accepted. A fortnight ago things were at their worst, and it goes without saying that tho ruinous prices accepted have done 110 good to the industry. However, spinners have not followed tho downward course of events. They aro not prepared to accept low prices, and say they would rather . continue spinning to stock than l»ok fresh contracts which left them no margin whatever. The yarn trado witli Germany has undoubtedly fallen off considerably during the past three months, and although things to-day aro no worse, still thero is anything but a satisfactory state of affairs to report. Last March and April, when things were at the maximum and when trade was booming, big contracts wero placed in the expectation that as tho end of the year drew on prices would further advance, and then export houses would bo in a position to obtain more money. Unfortunately these expectations have not been realised, and instead of values advancing they havo sersibl.v fallen. It is this fact which has placed export yarn houses in a very difficult position, and has been the prime cause of the secondhand yarns being hawked around the market at less prices than spinners would accept. Those spinning merino yarns are less dependent upon tho export trado than those spinning crossbred, consequently not such vnjhous values havo been accepted for fine coating yarns. Margins have sensibly dwindled, but all the samo business done during the past fortnight will leave behind a profit. A STi#XGER MARKET. Turning to tho market, I have to report this week a further improvement. I cannot say that there hus been any material accession of new business so far as the placing of new contracts for tops is concerned, but undoubtedly prices are firmer, and topmakors aro worse to deal with. If they will accent what they did a week ago, they can fix up some big weights for delivery early next year, but. tho distinct advices that wool is 5 per cent, dearer at Australian selling centres do not encourage them to sell unless they can cover in Australia. A fair big business has been done at 241 d. and 25d. for Gt's tops, bnt to-day they are wanting 251 d. Naturally, spinners aro not disposed to follow. They havo bought a little to make themselves feel comfortable about tho future, and say they are going to wait before buying afresh. Very diverse opinions are expressed npon tho fnturo of prices. Somo are confident that values will revert to the lowest point seen a fortnight ago, while others 6tato that to-day's rates aro here to. last for somo time . to come. The most surprising thing of ail, and one which Bradford cannot understand, is the free operations on the part of Germany. It is well known that stocks of tops are considerably larger than last year, yet somo think tlicy are not unwieldy, and German buyers feel disposed to operate freely. Many people ?annot understand why German buyers in London complain bitterly of the unprofitable state' of trade, for they are tho leaders in the colonies, and but for their operations I am certain that values would havo fallen even still more. However, otio must take things as they are, and not what some would like to see. Bradford is not a keen buyer at all unless topinakers can get in at 241 d. for 64's. That, however, is impossible, and I am in a position to say that at Adelaide next Monday, higher limits will be cabled ont to Yorkshire representatives than those they were working to a fortnight ago. A fair amount of new business has been done in Botany yarns, and no doubt the

higher values ruling at Australian soiling centres havo been the direct result of topmakors wanting lo cover. A fairly cheerful feeling obtains in West Riding manufacturing eircics, although it is well known that dross goods manufacturers ore far from being satisfactorily cmployed, . . CROSSBBEDS BETTEB. Crossbreds have to torno extent participated in the improvement in meruioß, mid it is not possiblo 10-day to buy 40's prepared. tops at 12d.-and 12Jd,, as was tlic case a week ago. Some may possibly accept the latter, but tho majority are! to-da.v <|uoting 13d., for they ece how foolish it is lo oontinuo taking ridiculoug prices when thev cannot buy wool in Australia under 13(1.. to 13] d. for 40s'. Many have cabled limits for the opening of tho Wellington sale next week, on a basis of 12Jd. for 4U's tops, but 1 shall bo much surprised if they do not oost 12jd. and 12Jd. Those representing Buenos Ayrcs ' firms aro prepared to take orders at 10} d. for 40 s prepared wool, clean scoured. c.i.f. Liverpool. However, there in not much doing at present, ana I do not think thoro will bo until users eoe ho* wool sells in Now Zealand.