OUR YORKSHIRE LETTER.

Dominion, Volume 6, Issue 1671, 11 February 1913, Page 5

OUR YORKSHIRE LETTER.

WOOL IN 1912. (Trom Our Special CorrcEDonfcnU . Bradford, December 20, 1012. The past year in tho wool world Jibs certainly been a time that will long bo remembered, and even if new records Have not been.made,'everything has been highly satisfactory to growers, tho whole industry resting on an exceedingly good foundation. A'o matter from what standpoint the wool and textile trade is looked at, nothing but good can l>3 reported, and it is reniarknblo that there lias been no set-back whatever. It is quito true that earlier in tho year not much progress was made, but that is seldom seen when a big weight of now clip wools are arriving from all growing centres on the other side of tho JJquator. If values are maintained, and there is no financial pressure, that is something to bo thankful for, and it is some satisfaction to be able to.report that from first to last trado has been very good indeed. From the standpoint of turnover, no complaints can be offered, ali'd when profits are considered, all sections of the trade have known sensibly worso years. In the aggregate wo can say that a big business has been dono; in fact, tho turnover has never been larger, in tho history of tho trade. There is on all hands much to bo thankful for, and the year finishes with business sound, trade good everywhere, and the outlook on tho whole favourable. COURSE OF WOOL. As one surveys the course of the raw material, one cannot help being struck with the absorptivo capacity of the entire trade. The well-known statisticians, Messrs. H. Schwartze and Co., tell us that this year no fewer than 2,934,000 bales have been absorbed by the three sections of tho wool , trade. This is by far tho largest quantity used in its liistory, and is more than" double tho weight of .wool available in the year 1900. This fact is beyond human comprehension, and when wo tnink that tho Home, Continental, and'; American trades only absorbed 1,407,000 bales in the year 1900, against 2,934,000 bales in 1912; wo have before us a most remarkable comparison which shows how great is tho expansion of tho requirements of tho textile manufacturers of the wliolo world What the trade will do if over Australia is again visited by a few years of successive ..drdught is difficult t,o say, and it is hoped that tho event will never occur again.

Taking a survey of the year's business, 1912 opened somewhat inauspieiously. Qtiiet. markets wore the loading features of .January, tho first series of London sales taking place without there being any material change anywhere. As a matter 'of fact, merinos slightly lost ground, aiid the same can be said of crossbreds. This in itself was but an echo of the tendenjy of values, in all consuming , centres, and as February dawned, while mills generally were busy, and fully run) there was nothing to note of any' real significance. Towards the end of that month thero loomed large in the industrial world what threatened to be a.big coal strike, and on the last day of that month practically all niines in England, Wales, and Scotland were closed, this inflicting a crushing blow upon the . geheral trade of the wliolo country. Mill owners in the West Riding had made .preparation as best they could for the calamity, but tho strike lasted all through March, and by the end of th'p third.week many,mills were either brought to a completo standstill or forced to run short time. Grave fears were then entertained that that sad event would' bear, unpalatable fruit later on, but as a matter of fact, wool values, throughout Mai-ell were well maintained, and towards the end uf that month prices actually ad-' vanced foj the combed article. This was largely duo to the anxiety of Continental spinners to obtain a supply of tops and, yarns in order .to keep tlieir mills going, 1 the output in Bradford and district being very sensibly reduced. The second scries qf London sales were postponed indefin-

'Holy,. which- proved to be a very wise decision. The machinery Which was .running in March was kept going by heavy direct imports, the trade .being.in no sense iiiroflvc-nienced. on account of the postponement of the London sa!cs./\Notwithstanding this great . national ; calamity, confidence was well maintained in tho future of the article,. and . with ' a fair an.ount of new business being .done, tho end of the third month arrived with everybody sanguine concerning the'immediate future of the raw material. The Easter trade was naturally ruined, it being about. this time that the seriousness of ; the strike was felt the most. April dawned with almost everything held up. much suffering being the order of the day. • The coal strike finished on : the Saturday previous to the opening of '/'le second series of London sales,. which opened on April 11. Expectations ' favoured a general advanco of 5 per cent, but this was not so, and some professed to 'be a little disappointed. At the tiiiio wo said that what had happened was m the best interests of' the whole trade, for wo : could never see any justification for wool commanding more money fn'face of no less than 273,0(10 bales being available. The series lasted twenty-one selling'days, and as tho auctions progressed,'increased competition obtained, the l home trade giving a long the best support. As the weeks went, by fine wools gradually appreciated, until at the close they were generally 5 per cent, dearer, a wonderful feat in faco i " le had Passed through, and the quantity of wool on. tho market. J. his really, was an echo of the sound manufacturing conditions which obtained throughout Great Britain, and' directly.■ mills began to work, both masters anil men seemed to be doing their utmost to ""ike up /or. lost time. Crossbrod's sold steadily, but made no advance. America was m the field, and gave good support,. i 7? series 10,000 bales. 'As they got their wants supplied they slackened, until at the finish American sorts showed a decline of about Jd. per lb. Notwithstanding a very good series indeed, con- \ sumers in the West Hiding remained con- i fervotivo and unresponsive. 'At the same ! me ' .^F! 1 PF°ved that the raw material was still dominant, tho series terminating on May . 4. As a matter of fact, towards tho end of the latter month a fair amount of new business was done in consuming centres, users thinking that they had nothing to gain by remaining out of (lie market, or by keeping orders back. I he finish of the sales found tho trade in better heart. As a matter of fact, everybody seemed to be very strongly impressed with tho-soundness of the raw material, and with a fair quantity of new orders being available for yarns and pieces, a considerable business was done, both on Homo and export account. . Topmakers oamo home from London feeling the somewhat ignominious position they occupied, and how foolish they had been to sell big weights of tops with barely ft margin of ptofit. A different spirit seemed to possess tho largest firms, for (ho first market day after they left London, Bradford topmakers 'were all naming higher prices, ' They saw clearly that tho raw material in every market "of tho world was against them, and straightway named SGJd. for (11's tops, and lllkl. for 40's prepared. A fair big business was done both in tops and yarns during the last week of that series of London sales, markets all through Mav occupying a very strong position, and as Whitsuntide approached ihr whole of the textile industry seemed to b? in a stale of great briskness; in fact, it became apparent that trade ivas in for a booming time, ftcw business rather slackened with tho Approach of the Whitsuntide holidays, but everything iwmitotod great strength, it

being then that. N America appeared on the sceno prepared for action. A fair, big business was dono towards the end of May, mostly in English wools, that is, apart from the colonial crossbrcds which they had purchased in Coleman Street. The summer months passed without anything out of tho ordinary happening. Trado continued exceedingly good, wodl sold remarkably well, and everything presented a most encouraging appearance. October dawned with the trade alive to what was taking placo at Australian selling centres, and in Coleman Street, prices for wool steadily hardening at all selling oentrcs alike. In Coleman Street merino top-making wools continued to move upwards, merinos being fully Jd. dearer, and the same can bo said of crossbrcds. Tho sales finished with prices at the top notch, only 7000 bales being carried forward. That month did>not see a very important change in the price of. tcps in Bradford, although ns tho end drew nigh, spinners showed unmistakablfe signs of operating on forward account. That month a few 64's of an average character were sold for January delivery on a basis of 2s. 2d. to 2s. 2id., but 2s. 3d. was actually made by the last week in October. Australian selling centres were going strong, prices being distinctly higher, persistent reports coming to hand that Bradford was operating? on a very limited fxalo indeed, the Continent, being a leng way the most active. November dawned with things in a very lively state, and before many days had passed a big buy was tho order of tho day. Spinners and manufacturers seemed to' relinquish tlio idea of any cheaper wool being available for tho new year, there was no chance of a "bear" move, notwithstanding that war had broken out in the Balkan States towards tlife end of Octoberi Tho fact is, about the middle of November, merino tops moved up Id. per lb. in tho short space of a single week, 1 crossbreds also appreciating in like manner. This iras entirely duo to wool going stronger than ever in Australia, New Zealand, South Africa, • and Buenos ivres, ' a very big business indeed being dono for February and later months delivery in merino tops. Tile final series of London sales opened with expectations of a. further sensible advance in Coleman Street, and merinos advanced Jd. to Id. poi' lb., crossbrcds also showing Jd. improvement. The supplies available wero very limited, aiid were easily. absorbed by tho trade, values remaining very steady indeed •at tho opening advances. All the ■ wool-selling centres "down under" were going as strong as ever, the auctions finishing tho third week in December with prices practically at. the top. Here end there superior merinos showed a slight reduction, but for all good top-inak'ing wools, j values showed practically no change, the first round of the season closing, in Aiistfalia .with wool still top dog. In Bradford, quieter markets were experienced during December, here and there a fow importing topmakers wero disposed to-accept Jd. less than they hod been quoting, out taking things all round prices remained intact, and an average business was done. Tho following table shows the course of values during tho past year in London for the three periods named':— ,

AUSTRALIAN MERINOS.- ' Jan- Decem- , ary. „ v July. ■ bsr. . Aver- . Aver; Aver- • 1 age ■ age ' '.. p!rico.| . . price., . price. . Description. per lb. per ib. per lb. d. d. d.. d. d. d. Vic.: Western, good quality... 15 .-151 .16 -16J 16J-17 N.S.W.: Riverina, ' good staple ... 13 -13J . 14 -141 14 -15 N.S.W.: N. Bug- .. laiui, fine, sound 13J-14 14,-141' UJ-15J Q.: Central, well- •, * grown stOiPle... 12J-13 13 -14 -131-141 S. Aus.: Midlands. fair condition 95-10 10 -101 11 -11$ N.Z.:.S.| Island, • V fair character. U -111 . 11J-12 12-13. C. Colony, Kaffr'arian, good 9-91 9- 9*' 91-101 C. Colony: short, •wosty ;. 6-61 6-61 7-'! i , CK-p3SBI?3iDS. ', •- Victorian: Halfbred: super, " •' ■ 50's-56'« 14-HI 131-14 15-151 Crossbred: medium, 46's 111-12 ;ir-12- 121-13 Crresbred: coarse, f. •Ws-U'a- 10 -101 10 -101 11 -12 New Zealand:' Halfbred: super, ■ 50's-56V • 13-13J 13-131 U -141 Crcssbred: medium, . 46's .101-11 .101-11 12 -121 Crossbred: coarse, . ' •• •' „' ; „ 40 J s ,'9 -91 9 -10. 101-111 „ . '. . „ 3G's 81- 9 9- 91 IOJ-ll