YORKSHIRE LETTER.

Dominion, Volume 7, Issue 1970, 29 January 1914, Page 3

YORKSHIRE LETTER.

THE WOOL OUTLOOK. PROSPECTS OF STEADY VALUES. (Fro-in Our Special Gorrospondonts.S Bradford, December 19. i here is not a great deal that is particularly iiew t 0 SS y ; n tq.'wool. liie market shows no further backward movement, although a struggle is proceeding over price. Since London closed v, ° ofc. coufkicnt that tin-re has been more actual business doing in wool, taps, ami yarns, a little covering movement being in evidence. This is not on a largo scale, but a litTlo more confident has sprung up in the minds of many, and where orders actually existeo, t-hey hare been mostly covered. Although tho future coursc of values is still problematical, We are satisfied that tor tho tiaio being values seem to have touched the bottom, bonce thero is • A greater disposition on the part of bottT spinners and manufacturers to buy a little. This has been most- in evidence ill tho merino department, and wo believe tho prime cause of the present covering movement is tho firm overseas markets, and tho knowledge that wool has not come down so rapidly as the majority expected. Even .'Coleaian Street did not furnish wool on such a cheap basis as many were hoping to see, .while cable news from Adelaide, Melbourne, and Sydney all showed that good wool was-still .selling freely, and Bradford topmakers are persistent in saying that 64's are going to cossfjom 2s. 3}d. to 2s. 4d.,, the majority quoting the latter price. Of .course, there has been every temptation offered to buyers to place orders, and no reasonable offer has been refused. Tho mind of the trade has in no senso been made up regarding the future course of values, and there is a total absence of any spirit of Speculation, because many are < f the opinion that there will have to be a vast change in the home industry before wool values can at all appreciate. Adelaide's Last Sato, With there being only an offering of 12,000 bales, in Adelaide last Saturday, and this being practically tho last sale of tho season, there was not tho same interest manifest, in the course of prices as was seen during the first two or three sales. Cable intelligence that prices showed no change made no difference to Monday's market, all alike accepting the verdict of Messrs. lilder, Smith, and Co., Ltd., that prices were steady. Somo of tho average prices cabled for the clips showed that values wero fully equal to Coleman Street, and a fairly decent turnover had been accomplished. Evidently some very good merinos were submitted, judging by i-ho top. prices realised, but even the Lower North wools this season are heavier than usual, though very soundly grown. Bradford still shows >s oldtime lore for wools of a shafty nature and good length, but they'hare not bmi able this season to buy these oil a parity of 2s. 2Jd. in tho top for a good 64' is combing. Still, prices arc iiilly equal to those ruling on this -ide, and the shafty nature of South Australian wools has again stood growers in good stead, there being by no means'a surplus of this class of wool this si.siMn. One notices that the Sloramhro and Nalang flips made very good figures, and London will miss tho former in .'particular, it being well-known on this side as a first-class clip of excellent c ! nrscteristies, and the same can bo 6aid for Nalang. Prices we consider to oe very good, considering whero tops stand today. Courso of Merinos. We have already alluded to trie steadying effect which overseas markets have had upon Bradford, fine tops having touched the bottom for the time being. Since we last wrote there have been somo fairly decent sales of average G-d's at 2s. Sid., ono contract being reputed to bo plnccd oil Japanese account. Evidently this season buyers for the Far East have been able to operato to move advantage in Bradford than by buying wool m Australia. It might here bo mentioned in passing that all the Japanese business is done chicfly through a London firm, iylio employ a man locally, who buys for cash. Tiie tops are always dry combed and shipped direct.- A Sydney firm of combers last year largely monopolised the top business, but at the same time Bradford topmnkcrs have nlwavs -done a portion of the trade, though it is today a diminishing one. It is only a question of time when Japanese mills will .comb all their own tops, and they will ultimately consider crossbreds .-as well as merinos. Unfortunately the workmen in tho Japanese mills are vastly inferior to the average West Riding and notwithstanding a very high tariff on piece goods, Yorkshire manufacturers are still able to undersoil the Japanese product. We are in a position to _ state authoritatively that Japanese mill-workers have 'yet a long way to go before being considered efficient. and Yorkshire spinners and manufacturers candidly state that they have nothing to fear in the l'-'ar Kast. for manv years to como. Still, wool consumption is growing,, clearly indicating that the industry is a developing one. The class of goods manufactured 'is by no means of a liigh*elass order, and it is in the medium and better fabrics where Yorkshire can still heat the Japanese.manufacturer. There has also been a little more trade done locally on home trade account. but export demand .remains very limited. Although more sales of tons have been effected, 2s. 3d. is still the outside price for a good 64's, Most to-pmakers. are able to supply present orders out of the stocks they have on hand. ' i DrossSrads No Mors Than Steady. Tho "bear" faction is still a leading feature at the crossbred end of tho trade, and during the week all the talk has been of a bearish character. No doubt importing topniakers. are domj,, their utmost to depress prices in the hope of affecting New Zealand and Buenos Ayres centres, and although one order has been accepted on a basis of 12d. for 40's clean scoured wool, e.i.f. Liverpool, 12jd. is a'general quotation. Thero has been a sale at Dunedin this week, but nothing important took place, though values remained steady. Che average price cabled for 36's is Sd. for wool in the, grease, hut no New. Zealand bales contain straight 36\ and a portion of the wool would bo 40's, It seems to us that, at Bd. fft. 36 ! s —40'fi wool it will come in about as reasonable as Buenos Ayres wool of the same quality, liut even clean scoured 40's wool at 12d. will not make 40's tops under 143 d., . consequently it w too dear for this market to-day. Wo are able to state authoritatively that as low as 14J. has been taken for so-called 40's prepared tops. To-day 14Jd. will buy; almost any quantity, and topniakers asking 14-ijd. find the utmost difficulty in making any such figures. Wo should say to-day that 14}<l. will buy a very good 40's for spot delivery. and Id. more 4G's carded, with SO's anywhere from. 13d.-to lS}d. A little more has been done this week in crossbred t-ops, mostly eardeds on Continental account, but tho trade .actually passing with Franco and Germany still leaves very much to be desired. Bradford Trade With America. With tho removal of tlie duties on raw material, there is a little more trade passing with t.iie United States, chiefly in wool, tops, and wool wastes. < Hunionr has it that more orders for piece goods, chiefly coatings and serges, and also dress goods, have been placed, but-as yet not much is known of'what is actually being done, arid nobody will acknowledge doing any big- weights. The ..bulk of tie train 'seems to 'be'ia firsLi

sample shipments, but the outlook is ' brighter, and with the turn of the yearit looks as if more, trade will bo done in everything from won! to.fabrics. We hear of Irish wool being packed in Ireland and shipped direct from Belfast and Cork, and some wool is also brought that lies in Dublin, whore, owing to the strike, it cannot he packet! and shipped. As o, matter cf fact, tho whole marl-et shows a brighter outlook' when viewed from tho standpoint of prospects for trade with the United States, and we believe in the Ji»gr(ft;ate there is far more business acttiuliy .placed f"r delivery in the New Year than at pears on the surface. Views'-are as diverse as thoy well nigh ,\m l,c n« to i>lat •v.dl constitute the hulk''business, -ome being satisfied that wool will be shipped, while others think that pir;-o goads will also enter largely into tho future of business. There is also sumo talk of Turkey mohair hoing shipped in the raw state, and, in a v.i'r'd, it can be siutl that the trade is a general one, wittoit there being to far any branch that i-hows marked development. ■ 80-no weights of English pulled stiin wools aro also being taken, including a few lino Down lambs, bi't lately Down fleceif jvocls have been very much neglected, and we doutit if as much husin-'ss is doing to-day in English fleece wimls goncrally ns i'heie. was. However, the Ing.houses aro sending part over on'consignment, wid they shculd be host able m feel tho pulse ?f the market.