OUR YORKSHIRE LETTER.

Dominion, Volume 6, Issue 1626, 18 December 1912, Page 5

OUR YORKSHIRE LETTER.

0 HOW THE PROBABLE NEW TAEIFI {■ '• ■ WILL AEFECT AJIEIUCAN WOOL P BUYING. K (From Our Special OorreEDondcnt.) { „ Bradford, November 8, 1912. [ Tho American . textile industry, nc f longer figures iii an insignificant way as \ <mo glances over the textile industry oi { the world,' and while we have at tin 3 moment no .definite details showing the k number' of spindles 'being turned in tin r woollen, worsted, hosiery, cotton, enc h allied trades, the progress nimlo in mill k building during the past twenty year; / is almost like a romance. These thought; \ are- suggested, by the election of Governoi i- Wilson to occupy'the distinguished pqsi- }' tion of President of the "United States J- and once again the Democratic cause has triumphed. Probably .tho disunion of tin Republican forces has had something t( do with the election of tho Democratic candidate, but all the same the evenl marks an epoch in the political and socia' lifo of our friends across tho Atlantic Evidently Uncle Sam is trying once again to break loose from tho tyranny of man} things which are affecting the well-beinc of. tho rank and file of his people, and all Europe now anticipates the inauguration of new factors which will bring additional prosperity to the working classes of the States. It is very doubtful if the election of a Democrat to the Presidential Chair is of the same interest to the Wesi Riding and European textile industry in general, as the election of, say, Governoi Cleveland, Air. Jl'Kinley, or "Mr. Roosevelt, all because Great Britain and the Continent have to a very largo extenl accommodated themselves to tho high pro tectivo duties, and recovered from the crashing blow which previous high tariff. l inflicted. The writer well remembers what the JL'Kinley tariff did for tho West Riding of Yorkshire and Bradford in particular, but during the past seven to ten yours the whole of tho textile industry of Great Britain has enjoyed a period of ■ prosperity, and it is remarkable that notwithstanding: that the United States was . once tho most valuable'market to Bradford, more spindles and looms are running to-day, besides more woo! fccinj actually consumed than at any previous time in the ' history of the Yorkshire trade. Yet for all that, the election of n Democrat to be President,is not without some significance to every reader of this issue. AMERICA AS A WOOL BUYER. We cannot at this time overlook the important part which' : America is playing as a- competitor lor wool in the world's .markets. The high Dingley tariff of 18a/ was expected to resuscitate tho sheepbreeding. industry of the 'United States, but I believe I am right in saying that it has done very little towards that end, and American sheep stocks are not as .large to-day as they were some years ago. So .much tne greater pity. The expectation that the amount of wool placed on tho market by United States sheepbrosders each year would be sufficient to satisfy tho demand of American manufacturers has not been fulfilled, and A'eiv England mills must look to tho British colonies and England itself for. a lair proportion of their, supplies. It is this fact which is worthy of consideration, and which is really the cause of the change in the outlook of American politics in general. We all know what American buyers cau, do when they enter tho markets of Australia, New Zealand, or Great Britain. -. The day was when their very appearance meant a rise of a penny per lb., and while that cannot now bs said to be, the case, American buyers always give a good account of themselves in-'whatever market they are operating.: I venture to predict that as years pass American', spinners and manufacturers will-have need to look to the outside world for larger supplies than they have secured during recent years, and while some are fearing less prosperity if a lower tariff is inaugurated, given a reasonable protection, I think American manufacturers will bo able to run their plants satisfactorily, -providing, they can put their, hands upon a good supply of reasonably-priced wool. The table below is a most instructive one, showing the quantity., of colonialbought wool which has been sent across the Atlantic during recent years, the fig-n-es being compiled by ithe well-known itisticians and brokers, Messrs. 11.. h'.vartze and Co., wool brokers, "LonAmerican j Consumption. Bales. .1930 ; 53,000 , 1901 03,000 1902 72,000 1903 59.C00 . 1901 77,000 .'-1903 130,000 . ison : 100,000 1907 l'i9,oCO 1908 9-1,000 1909 : 125,000 1910 125,000 191 D 52.000 . 1912*. 93,000 'Close of the September-October series. It is rather significant, in looking at the above table, to find that the imports for 1909 were tho largest, in the history of the. American textile trade, and these shipments were made under the present tariO' -ill-fact, there has been no alteration mu the wool duties since the year If" 1 " ''

WOOL TRADE WITH AMERICA. The amount" of business which Worstedopolis does with America is still considerable, but I purpose to-day confining my remarks to the shipments of the raw material actually made. It ie well known that during 1911 the shipments of wool dropped to very, small proportions, and this year there has been a considerable revival duo to the increased prosperity of the' American textile industry, at which everybody rejoices. Bradford has always had an eye upon the United States, and while it is just possible that with a reduced tariff more business may bo done in semi and fully manufactured articles, yet there is every probability that the larger part of the improvement will be seen in raw wool itself. Below -wo give particulars the value of the annual shipments which have been mado from the Braflford Consular District to the United States for wool only:

BRADFORD WOOL EXPORTS TO

UNITED STATES. 1895 010,904 1901 822,895 1896 303,537 1905 1,101,941 189" 1,783,255 1908 .80'0,911 1893 114,125 .1907 908,230 1899 189,233 1908 850,000 1900 279,598 1909 1,959,-157 1901 186,760 1910 849,051 1902, 3111.02G 1911 502.01 C 1903 828,794 ' *1912 1,359,733 "Up to the end of October only.

It will be, seen'from all the above that America is a fairly good customer both for colonial and English-grown., fleeces, but all those handling the raw material arc looking forward to a. further large trado after the duties have been revised. The writer has all along contended that if the next tariff docs not make provision for importing descriptions of. wool other than the very best and. lightest-grown fleeces, American manufacturers will always be at a disadvantage compared with their European competitors. The duties, ought to bo such as to make it possible-for' United. States manufacturers to come into the London, Bradford, Australasian, and Capo markets and buytho second and third-rate wools which are so largely used by English and Continental manufacturers iu tho production of good wearing materials, and which American mills have so far been debarred from using.

WOOL STILL DOMINANT. Turning to conditions obtaining in English textile circles, tho market j-hjw? little change, the way wool is selling at Australian centres still impressing iUo'ii forcibly upon tho trade generally. Tin big sale at Adelaide last Monday received the full attention of everyone, and to learn by cable that Bradford was openting liberally was certainly good and acceptable news. Comparing the average prices cabled by Messrs. Elder, Smith, and Co., Ltd., it is evident that so aw. very good South Australian clips \-<u-e catalogued, mid made most respectable figures. Some cable messages stated t':"it ordinary lop-making wools were just a fraction cheaper, but even granting ilir.t' to be true, prices arc still fully <-n a parity with Bradford, in fact they aie frequently higher. To sell on forward account, no more than 2s. 3Jd. can yet be made except for really tin •top Sf «>,,

and the trado is by no means a k.«n buyer. There is.just a nice steady tn'ie passing in., snot, lob, lint .spinners remaiu very (featisfied, as well as undecided, regarding tho future. They ;ivllv cannot see to-tlav's values being imuillumed indefinitely, although they frankly admit that there is not much r.?n of lower prices. It is now recognised tn;i. the Australian season is getting I iir.y n-01l advanced, and tho certainty that, it will finish earlier than usual, makes it imperative for these who v.'ant v wco to operate. Wo cannot resist saying that spinners who make; their own tops are satisfied that they liavo nothing to lose bv buying largely for nest-years requirements, and no' doubt so far they have set tho pace at Australian selling centres. There would to-day bo a big buy it Ms, could bo had at 26S<1. foi I'ebruary or later delivery, but that price is oft the map altogether, most top-makers being firm at 27k1. to 28d. Consumaition continues to be well maintained, and there is vet no evidence of a' slowing down,, although tho Balkan trouble is drawing forth a good deal of concern.