YORKSHIRE LETTER.

Dominion, Volume 7, Issue 1944, 30 December 1913, Page 8

YORKSHIRE LETTER.

LOOKING TOWARDS COLEMAN. STREET. •(From -Ouri Own .CtirrcipondcnW.)-' Bradford,-November 21, _ID).V • The' past we?k has. been characterised by very. slack and unresponsive markets, a nolo of pessimism being uppermost in all Kcdiorii?. \o alteration can. now bo ox-, pretod until another verdict is pronounced at the London sales next Tuesday, and various views are expressed as. to what is likely to happen. l't is possible that Colonial! Street mar have a surprise in store,;'but- one cannot resist saying that spimicrs 'and manufacturers in Bradford and 1 district are at. present-so impressed by the distinct .falling off which nas oc-' burred in the general 'textile trade of the country, that'..whatever happens they will be satisfied to plough i heir own furrow. Those- who fcc-l disposer! to buy wool freely and pay ■ prices above.what-tlicy-can make afterwards will b.i allowed ic <io so. The past week has produced nothing better in any single department, and'until there is an increase ir, the business in top*, - yarns, arid pirees, Bradford is not likely to respond. We are inclined _to think that a strong "bear" move is being made in order to effect primary overwas markets, AVcsfc Biding users be-ins convinced that the best policy is to get wool down to a more reasonably basis if they possibly can, The general feeling is that while the present experience may be very distasteful oil acoouut of stocks depreciating in value, with a nw season just commencing, it is far better to get values down aii<l obtain chcapcr wool, than lift, it at receut rates, and 60 help to continue unsatisfactory trade. Thi» really is the position of things to-day. Prospects for Coleman Street, As brief! v hinted, London is being looked forward to with ccsisidei-abk interest, and before this letter reaches the reader's eye, cable intelligence will havo conveyed the news of the opening results. Various estimates are being made ns to what the standard of values is Ijkelj to be at the initial sitting, but til© majority arc- expecting an a!l-rouud decline of J per cent. Some think it may reach "J per cent., or say §d. to Id. per lb. on both merinos and crossbrc-ds, but we shall be. very much mistaken, if the decline is more than Jd, Of course, this will not suit Bradford topinakcrs, 'prices during the interval having-lost about Jd. in merinos and a good id. in crossbreds. We ivevc-r attach very "much important* to results, The catalogues are often very inferior, and offer littlo guidance as to succeeding sales.' Most attention should bo paid to the general attitude of the trade, and the disposition to buy. The writer is not expecting a slack, tum-ble-down series, although no doubt a littli, irregularity is certain (ob 6 seen. Still, ire think 5 per cent, will fully meet all tho decline, and if it is no more, growers will have just cause for thankfulness. It is possible to buy to-day in Bradford on average 6-t's top at 2s. id., and as they wc-re costing last scrips something like 2s. 5!-d., wool will need to fall id. per lb. for it to come in to fit- tho price of tops, is we havo already -said, thst. seems_ to .us to bo an impossibility, and. wo think, that on an average- the decline will-bo no inoro than Id. Bradford importing topniakers are relying upon coloring their sales in Australia, when, with a judicious mixture of skin wool and possibly Cape, they hope to be -able to produce goods tops on tho basis of 2s. 3Jd., or thereabouts. It is rather .noteworthy .that so far there has been : little selling forward of any consequence, and we ishould say that the number-of contracts fixed up for tops to be delivered from new season's woftl in December, January, itnd February, i 9 not half what it was at this time a year ago. There has been no incentive on the part of spinners to.buy, ; hence things have been allowed to slide,

American Demands. The past week has not seen any imjtf>rtaiit developments en (his head, the takings of the United States continuing to bp oil a. very restricted scale. There are several Bl'adfordians'at present across the .Atlantic, doing their utmost to iilduco United States -pinners and manufacturers to Vmy, but they are not takiu? readily to tli« "bait." and ih:- bulk of tho business still cousins, si' small sample shipnieuts of a very miscellaneous order. Current gossip has it that something liht 200 bales of Kew Zealand s]ip?d crossbreds ha« bceu bought during the past few days, and about 250 packs c.f JvortK of Ensland-sron-ji wcols, chiefly north. halfbred hogs and wethers. This price is not. made 'known, although north halfbred hogs are quoted to-day at MJi., and wethers at 13.{a., Bradford terms, which means four months discount for cath. We are by no means surprised at United States manufacturers as well as topmakers showing favour-for Kew Zealand' s-iiped wools, and think that they will buv these jiuite as freely as their English competitors. It is worth viliile mentioning, in passing .that 1 good >*ew Zealand siipcd.Mfbrod lambs of 50's to SG's quality were selling last series in London from iSld, to 17<d. per lb.; thrc-c-quarter-brcd lambj, 14Sd. io MJd.; Leicester lambs, 13d. to 13W1.; and Lincoln larabs, l'2d, to 12? d. Big weights of seconds are also absorbed in Bradford and tfistrfcr, and although often somewhat limv and varying in condition a good deal," from IM. to lid. will usually l>uy decent parcels. Prices for Topi, Views as wide apart as the Poles arc expressed as to tko probability of America buying big weights of tops. American buyers who have been in Bradford during; tho past week arc of the opinion that if the wool is bought right in London and elsewhere, they will be able to produce tops quite as cheap as tho imported article, and if they cannot the price of tho domestic wools will have to be pushed down until a working margin is scon. Users to-day seem to be very muck at sea in knowing what to bid for tops, and buyers lately have had a good deal of their own way, particularly if thev were prepared to take quick delivery and pay cash down. Some very tall stories ara going round 'Change respecting the very little prices which have beeu taken for all descriptions «f tops, and no doubt there is moro than a grain of iruth in many of them. Although for spat delivery 2s. 4d. is quoted for. a very good articio, it. is, well known that Id. Jess would b", talien in many quarters, whilo 2s. _ 3d. has been accepted for February delivery for sotne. decrmt weights, tl'ib statod that even 2.-:. 21d. lis-, been Liken during the past week, but.we give this with some reservation. Oversea*' markets are no weaker this week, and so long as woo! continues to seii, we . are satisfied that topnsakers cannot: possibly take less unless they are prepared for an out and out giunble.

Tho Continental terms market lias somewhat improved after the weakness of last, weeki and a little reaction has naturally occurred. Kobody takes much notice of either Koubaix * or Antwerp terms markets, simply'bccanse they are to a.'largo extent a. mere gambling element, "bulls" and "bears'' working prices m order to obtain as much paper profit us possible. English Wools, English iloccfc wools always apjwal to United States importers, and will do so more strouglyunder the new tariff, Tlwy are tho steadiest article oU His market, but only flnu because of country holders refusing to sell. They ai-o nominnliy weaker without Iwing quotubly <tow;i. Where sales are aifeeteU a fraction less has to ba accepted, and holders are feeling anything but comfortable. These who bought last clip time now see the hugo mistake tlu-y made, but they went into tho thing with their eyes wide open. American buyers aro still in tho market for Downs, Irish, Kent?, a few lustre?, but marc particularly for halfbi'cd?, both midland counties and north-grown woojs. The quantity taken is not large, but a £GO(i deal of nibbling is being done. American buyers' are naturally as keen as mustard" iri wanting to get in at. rock bottom rates, and the fancy prices of the past are completely off tile map. '.I'hey know full well that it' they are to compete against the imported article, lliey must obtain wool on equally as good terms ns their English competitor!), con-f-efiuently there is plenty of bidding, Iml at prices which do not appeal to holders. ■English skin wools are not selling in any nuantity, though a few !oU of both strong and fine wether ore bsing taken. It is high time American manufacturers thought seriously about importing iambs' wool, particularly colonial .lambs. There is nolhins to best, them in the production'of some classes of fabrics, and (hen general utility can be left for future

consideration. Tlis anirket is. to a large esteut. cleared of them at present, owing to last season's very deficient sUßpiy from Australia, but More can l>o espected this season, and tlia .Writer can thoroughly recommend them for the production o{ flannels, shirtings, and casded woollens where fullness o£ is spccially wanted. Mohair is a dead letter, and wliil& spinners arc generally tusy ou old orders, very little is doing on new account. A tctf American orders have been placed tor bath Turkey aad Cap?. N6 Development in Yarns. There is very little new to report, tliougb tho market generally is no better than last week. Viewing the situation all round there is very little disposition to take on new business, the sales of taps whick aro being made being put through at the lowest prices current in the market. Spinisers aro still preserving t ; h» same, independent Attitude which oas been in evidence for some time, and affirm that unless they can buy taps at loirei prices: than they have hitherto been compelled to pay, tfiey will not take any iuorc keep than is jicec-ssary tc supply their urgent needs, l'riees generally are »t-ep-ing jfist about steady at recent rates, aud there is no quotable ch*»go aoywhere. If there is ally altsratsoa it qH >h. this respect, it is iliat the tone a trifle tetter, prices baring now reached a point where they should encourage a greater volume oi business. A few particulars bavo been given out for yarns, but tliey do not amount to a great deal la the aggregate. If the business in yarns wero as good as it is even in tops, the market would present a better but manufacturers are extremely reticent about placing orders, and the position of the wool market, is responsible for this as much as anything. Diverse opinions arc expressed respecting how wool, will sell when W>o forthcoming series _ open in Tendon, -iiicl though the rlctir® is ex> pn«<ed L>v many, to ,-eo value* ncclino, there is hot a. cos responding tceling ot oonfidciivD that this wilt be actually the caw. Tho fact that there is so ranch business being hold iu abeyance does not strengthen ike feeling that lower prices will have to be accepted i'or the raw material. Vet the attitude of spinners is a most determined one, aml.it «oms liwIv that something more than the placing of' the retained business will be required ! to maintain .values;