YORKSHIRE WOOL LETTER.

Dominion, Volume 6, Issue 1582, 28 October 1912, Page 6

YORKSHIRE WOOL LETTER.

SATISFACTORY OUTLOOK FOB THE lUW MATERIAL.

CFrom Our Special Correspondent.) Bradford. September 13, 1912. Renewed interest seems to have been kindled in the course of wool values with tho opening of a new season in Australia tho results of tho Sydney auction being 1 el that is hardly the term, to employ in (Scribing the present standing of the raw materia Prices seem to be «o strongly established that nobody expected 3 1l X K d, , fferent from a«™ °™ Sib WrifiM "V"'"!! ft new scaso, ~i (W y h ,\ Bh ™ h '??. tho demand is tn fl I)!" BI, ,P»h»W «y they will keep charuto'ri Uc V h °' Vlnff Bo °- ( '- c<m,bin « luaraciorlstica. It ]S surprising how quickly timo passes. It seems but a few months since Adelaide, Melbourne, and llV! i ? • m< ? nths havo ela P*«- As one looks back it is remarkable what a weight i™ na w ° f t (le i tra < 1 ° »as persistent • s ever. .Wo feel tempted to-day to size up the various factors which are operating Leen In" futUre -. Aft ° r W hat has oecn dono in consuming centres during „ L i Slx cvcn tho mo3t "optical i.ust acknowledge the sound standing if 1 L r/nr n ! al «, na1 ' a »<l without doubt, eon- « denng the largo quantity of textile maJS'i ti i '-'at Present running, lam satisfied that all the wool that is being Kl , L no h l ; ,ore than sufficient to meet he wants of the textile world. Old roem- „ 1 ■ tho > ltle w »° have had .1 hand 1" J"ii'"i 8 ,t he mv "avwial during tho past 30 to 40 years often speak in a very surprising manner of tho great change which has como over the Australasian wool trade, and when they contrast tho offerings in Coleman Street, which consisted practically of the whole of the wool grown down under" with tho tremendous weights winch aro now sold in Australia i ~ Zealand, they express wrnder T« ii tho ralv mnterial is going to. Alter all, we hero see remarkable evidence of the great expansion that has taken place lx>th in production and consumption, and what is more natural, considering the deevlopment of large pastoral areas in the Commonwealth and the largo increased population, than to find bigger wants being met by equally largo sunPlies? This is a feature of tho trado which is well worth considering, for it shows distinctly that in tho onward march of progress both wool growers as well as consumers have kept abreast of the times.

WHERE IS THE WOOL GOING? This week's Australian mail brings in full particulars of the distribution of the last colonial clip, and the figures are simply astounding The fact that 2,513,000 bales have been disposed of is almost past human comprehension. A more outstanding fact still is that all this weight of raw material has gone into tho hands of consumers without prices having broken down in the least. The question arises: AY here has it all gone? The only reply is that the mills of Great Britain, the Continent, America, and Japan also, have absorbed this enormous weight of raw material. There is one aspect of the wool trade which has not yet received the attention it deserves. I refer to the large quantity of new machinery which has been installed during the past, threo to five years. The town of Keighlev is the best criterion and barometer of the conditions which obtain, particularly in the worsted spinning branch of the wool world, 'the reader perhaps may not know, but at that town, situated about mno miles from Bradford, worsted spinning machinery is made which goes to the uttermost ends of the earth'. Two fjrme there, and particularly ono of them, have been very busy for years, and as their capacity is, we believe, about 70 completed machines per week, it mean? a great output in the aggregate. There is hardly a worsted spinning company in lorkshiro that during th" 'past 'three years lias neither installed /new machinery, nor thrown out old spinning plants and replaced with new. This fact"emphasised ono other—that all this new machinery shows that the raw material is needed to keep it running, and also a market is required where the yarns and, pieces can be sold. It is also' very remarkable that the textilo industry of the AVost Riding has not shown any sign whatever of slackening for at least three years, and though to-day mills everywhere are busier than ever, wo do not feel justified in using the word boom. This is the case although adverse factors have had to bo faced all through this year. Some are quaking with fear that we shall see quieter conditions owing to the very unsatisfactory (harvest, it having been computed this week bv an eminent authority of the British Association that the agriculture of Great Britain alone has suffered a loss of twenty million .sterling. Yet as one carefully analyses tho position of things, the fact is remarkable that tho product :of all the increased machinery is finding a market somewhere. AY"o have beforo maio the estimate Hint both in England, France, and Germany there is 15 to 20 per cent, increase in wool-con sinning machinery running to-day on tho amount known to be working five years ago, and undoubtedly that is correct. The reader will therefore see that the instalhlion of all these new plants moans that more wool will be required to keep them running, and I say that here we. havo I the most important factor of all in shifting big weights of the raw material.

COLONIAL SALES EQUAL TO EXPECTATIONS. I The Sydney sales this week have gone very much as the majority expected. NoI body looked for cheaper wool,'and it was I not to Le found. 'Private cablegrams have ken received to the effort that G-l's tops of average, character will cost 2s, 3d., while other similar cablegrams put down the standing cost at 2s. 3\d. This is fully equal to prices which can be made iii Bradford to-day. It therefore looks as if there is no prospect of much, cheaper raw material in Australia, and Adelaide next Thursday is hardly-likely to provo any exception to Sydney. I am in a position to say that the bulk of limits out in Australia on Bradford account are 2s. 3d. for Gi's. Unless Gcrmnnv or France begins forcing tactics, it is hardly likely that there will bo an advanced limi't sent out, for users in tho West Riding do not in the K-ist feel disposed to advance on current rates, while several wo could name aro very- anxious to be able to quote a penny less on New Year account. It has been stated on Bradford Exchange this week that at least one firm has taken its futnro in its hands, and fixed up contracts to deliver their well-known standard Gi's next January at 2s. 2d., but it is well known, that it is not one of tho best tops. Still, it is only right to say that a Mart has been made in selling forward, and so long as this obtains, the fact might as weli be published as not. To bo candid, practically all firms are at present indispo*»-l to anticipate the future in this way, pioferring to wait and see how Adelaide, Melbourne,, and Sydney shape. It can- hardly be said flmt any mere money can actually be made for fine tops in Bradford, although full recent retos can be obtained. As I mentioned a week ago, the fact is very patent that largo importers are not tho lonst disposed to do forward business or to ever .sell. They are now looking forward to being able to obtain some-, what cheaper wool in Australia if nt all possible. It looks as if o good dial is going to depend upon the position of the Continental buyers, and if Germany asserts her authority, and buys very,freely, as was the case a year ago, thero is littlo likelihood of any cheap wool. Many hero will bo surprised if good shafty long combing merinos are any cheaper than to-day, but probably short, mushywools will hardly maintain to-day's level. At least, that is the feeling in .onsuming centres, and the clothing trade should have a fair chance of being able to obtain a large weight of supplies at. reasonable values. If accounts can bo relied upon, it scorns'ns if there will bo no surplus of long combing merinos, and as this trade must continue thero is (very likelihood of n strong demand for everything that shows length of staple. Business iu Bradford is in ns sense wanting, and all things considered a nice weight of top sales is being effected. Tho big importers say that they are not doing a great deal, simply because they do not Wr.ntto mortgage the future too much, but those having spot lots for salo are able to qiako 37d. for a good Gt's. It is too much to say that 27Jd. can be made eten by good topmakors, Jd, less being graer. alb" the aotuul eellins price. Yarn scia- i>

f ners this last fortnight hava booked cone siderablc new business, and all things o considered, the situation is a healthy one. e s CEOSSBEEDS FIEM AND UNo CHANGED. 0 The position of crossbreds shows practi- „' cally no change during the past fortiiicht. , Topmakers advanced their prices all t round Jd., and this to a large extent i has stopped business., Many tiruis say candidly that they could go on selling at 0 old prices, but that it is. impossible to B make more than ltd. for a good J o's prepared, although 14}d\ is the general quoj tation. If the truth 'is told, tho mart jority of spinners havo just about covered 3 their wants up to tho end of the year, g and nobody need be surprised if we have j now somewhat quieter markets, although e there will be no less eagerness to buy . crossbred wool at the forthcoming Loi.don g 6ales. Business generally must he rc- ■. garded as vory.good. Topinakcrs are all r busy cither re-casing or sorting wools 1 ready for combing, and commission crn:bD ers, if anything, are somewhat better em. s ployed than they were. There is still p business to bo dono on export account, D there being a very satisfactory demand i forr carded tops, and considerable weights' b aro going to tho Continent. Tho ouan-' . tity of tops which has been exported this t year is surprising, and for the first eight , months of 1912 the figures are 29,1G4 : 2U01b., g compared with 26,474,1001b. for tho cors rcsponding~~poriod a year ago, and these t figures furnish ample proof "ithat trado is d good.