YORKSHIRE LETTER.

Dominion, Volume 5, Issue 1313, 16 December 1911, Page 6

YORKSHIRE LETTER.

6 WJLT, CIIB.U'KR COTTON" BENEFIT WOOL? (From Oar Special CorresDondonU Bradford, November 9. Tfm whole texti'ij area in Lancashire (iml Yorkshire) is to-day rejoicing over an abundant supply of American cotton. Ono of Iho host and most renowned statisticians bus estimated tlio present crop at sixteen million bales. This is certainly welcome news, and should bo the harbinger of renewed prosperity, at least in the Lancashire cotton trade. Perhaps the reader may ask tlio (|tiestion, "What has this to do with wool!'" I reply, "Very much." It may surpriso many to know that at least one-third of the raw textile materials which aro used in the West Hiding of Yorkshire, consist of cotton itself, or clso cotton warps. This vegetable fibre enters very largely into the production of men and women's wear fabrics, for such useful lines as forces and dress materials have in the majority of cases a cotton warp as their foundation, into which is inserted a woollen or worsted weft. Quotations for cotton yarns are made almost every day to hundreds of firms of manufacturers throughout the West Riding, and to find that tho raw material has dropped fully 2d. per lb. is not only very welcome, but is of rejl significance to Leeds, Dewsbury, Huddersfield, and Bradford trades. The nricc nf cotton yarns to-day is what may be called reasonable, and this has enabled ninny firms to take a fraction less for their woven fabrics. These circumstances Imve exerted'an energising influence upon trade, and paved the way for the maintenance of activity during the coming winter. The point which is most important- is that an adequate supply nf raw cotton always spells prosperity to the Lancashire cotton trade, which is the same as a large supply of won! bringing plenty of work to the spinners and manufacturers of Bradford and district. Lancashire on the whole is to-day very well employed, and this is a welcome change to the short supplies and lean times of tlio past few years. It is _ a well-known fact that the ordinary citizen in the County Palanline ' spends money freely. "When the cotton factory lass is working fulj timo she turns out ot tho week-end quite as smart and welldressed as many a master's wife. In fact, Lancashire mill operatives aro nothing near so thrifty as Yorkshire factory workers, and when Lancashire is busy, Yorkshire manufacturers have an opportunity to do an excellent _ trade. During tho past three weeks . it has been acknowledged that the travellers representing Leeds wholesale clothiers, have done remarkably well in most Lancashire towns, w'hile showing their new styles for the next spring and summer trade. If we turn. to the wholesalo dress trade there is also a move, but it is rather noteworthy that less dress fabrics are being sold over tho counter to-day than ever. During l'ecent years, many firms both in Bradford and Lancashire have gono in for producing' ready-made 1 costumes on a wholesale scale, whilo mantlo manufacturers ara also turning out for next season some really smart and elegant garments from fabrics made by Leeds, Dewsbury, Yeadon, and Bradford manufacturers.. This is an aspect of the toxtilo trade which, although it may appear to bo a sido line, is responsible for the consumption of tremendous weights of Australian-grown wool. " Then again, tho cotton trade has an important Wring upon another leading branch of tho textile industry, wliich directly affects wool- growers. Many have been wondering of lato how the upheaval in China is going- to affect tho Lancashire cotton trade, and whether . tho West' Riding will be in any way influenced thereby. The whole country seems to be upset, and the finances of China are so unsatisfactory that it is causing export houses to be very chary in whati they are doing. As far as ono can make out, nothing very serious has happened by way of cancellations, but when things aro so disturbed it is hardly likely that export houses will be inclined to dispatch goods without beim; assured that their accounts are safe. It is to bo hoped that orders placed on Far Eastern account will go through, and if there are any cancellations tho present progressive trade that is being done by West Riding manufacturers with the County Palantine can easily be arrested. MERINOS STEADY. ' Tho position of the market remains about as it was a week ago. As indicated in my last letter, there is less business doing in merinos. This is undoubtedly duo to the firmness of topmakers, and the unwillingness l , on the part of spinners to buy at to-day's rates. 'Somo seemed a little disappointed • when advices from Adelaide came to hand last Monday stating that fine combing wools had advanced 5 per cent. Tho majority probably hoped to seo values unchanged on the previous sale. Many stated on Bradford Exchange that but for the Adelaide report (it's tops would again have been bought for February delivery at 2ild., but as matters stand, no ono that I know of will accept less than 25d. Importing topmakers strongly assert that at no centre in. Australia can wool bo picked up, from which to produce a good, straight fil's top under 25! d., and one or two of tho biggest firms aro sticking there to-day. Of course, they caiinot make it, and spinners are in no sense disposed to pay moro than 25d., and many not even that. The result is that there has been a rather quieter week than during tho past fortnight. This is due to tho fact that tho majority of users are covered, and that there is abroad a strong conviction that .-wo aro going to see no higher values. Perhaps tho jwssihility of being able to buy at a trifle less is inducing many to stand out of the market. I am pleased to bo able to re-port that there -has been considerable accession of new business at the yarn end of tho trado during the past ten days, and this is undoubtedly making tho outlook all the sounder for fine wools.. During August, September, and early October all spinners and manufacturers played a waiting game most admirably, and tho desired goal, i.e., lower values, have been preached. But woolgrowers need to tako into careful consideration that they have not been tho only persons who have been compelled to accept lower prices. Tops declined 3d. and yarns even moro, consequently all tho business of tho past fortnight has been dono at practically bottom rates. Still, the fact that a considerable turnover in tops and yarns has been done, is cause for the greatest satisfaction of all. This only confirms what I have been saying for tho past throa months, namely, that the business of next season would be dono on a lower scale, and it is tho distinctly lower price of materials which has been tho prime factor in causing tho placing of new business. As already said, "futures" aro firm at 25d. for G-t s, February and later delivery. The improvement has also been felt for "spot" sales, and the same quality of top has likewise risen ill. It is generally believed that the stock of fine tops in Bradford is not largo, henco the trade at this end is looking Xorwara with interest to the arrival of fair weights of now clip wools. That, I say, is positive proof that they have in hand fair quantities of raw material, and I am certain that the outlook seems to favour a fair big consumption of fino wools, although possibly ■ it may not l>e on the samo scale as a year ago. At tho same time, tho amount of new business which has como through during the past throe woeks is considerible, and if things would only "buck up" on the Continent tho same as liere, then 1 am satisfied that tho outlook for wool values would be fairly good, although I cannot see that higher prices are yet likely. CROSSBREDS STEADY AND FIRM. In Bradford, prices arc firmer than they have boon, and somo fairly big sales havo been effected. Forties have I'Ofn sold as low us 12i1., and I hoar that some contracts for r.vxt year have Iwcn fixed up even on that low basis. Others have sulci at 12Jd. and -12Jd., but I fancy that those who have taken tho extreme low figures will have cauyo for regret. Prices to-day aro very firm, and here too some fair yarn orders havo Ixx'n booked, mostly mi Homo account. Tlio export branch of the industry leaves much to l>e dosired, but apart from that, the situation in c.rossbreds is better. Owing jo heavy rains in the River Plate, new clip wools in that, qnartei are coming 'o hand somewhat slowly, but the low quotation of 10(1. for clean scoured 40's wool landed at Liverpool have been withdrawn. My own view is that an attempt will be made both in New Zealand and Buenos Ay res to pick up wool i on a 12Jd. to Ixisis, though many i limits of 12*1. havo boon cabled, and a i penny jnore for AO's. Of wursc, a good i I

deal will depend upon tho buying order* of others besides Bradford, and as so much wool is now brought on the spot, and recased, it is liardly likely that Bradford will bo tho sole determining factor in dictating: prices. Tho market is steady and firm with mast pcoplo waiting for'future developments.