YORKSHIRE LETTER.

Dominion, Volume 7, Issue 1986, 17 February 1914, Page 5

YORKSHIRE LETTER.

' ' .' ■-.- '♦ : BRADFORD TRADE WITH '', AMERICA. (From Our: Special Correspondent.) • ■ Bradford, January 9. The market shews no alteration, compared with a week ago. The. opening of'the auctions in Sydney has directed considerable attention to that centre, and as.far' as one can see the position of wool' remains practically unchanged; although some cablegrams have been received stating that good material was 2i to 5 pfir cent, dearer. This has been believed, by some, while others are as sceptical as they well riigh can be. It is rather noteworthy.that' up to-writ-ing Messrs. Dalgety and.Co. have not advised any ,f advance in • values, and the Continental 'firms who publish a daily circular-state that' prices are "firm and unchanged." We may therefore take it foV granted that these statements can be relied up, and they clearly epitomise', what has actually, taken place in Sydney. Various views are expressed■"•' regarding the -future course of the market, and the probable likelihood of values appreciating. Some think that London next week will go one better than in 'December, while others'are of the opinion that prices will remain firm '_ and unchanged. If the Home trade is anything to go by, then wo certainly think that there will be no actual 'change. It,is useless to disguise the fact that tho'so who know affirm that West Riding manufacturers still'find business anything but satisfactory, • that mills arj being kept running . only with some difficulty, and that therefore; they are in no mind for paying more money either for. wool, tops, or yarns. .'■-'•■

The Position of Manufacturers,

It will pay, readers of this issue if we briefly summarise the present state of the manufacturing' branch of the industry, as being a correct,index to the standing of' the ■ raw' material.' . We. l cannot tihd a great deal to support the view that all.is well, for short time still obtains with many'firms. At.the same time, : welbelievo that trade is no worse* than it'.,was a. month ago, and. in proof of this,,it might bo mentioned 'that one or two commission- wool-comb-ing firms. have • commenced to' run through the , night. : Those making piece goods' complain of the paucity of new business, and many regret to say that stocks accumulate .faster', than they care; to' see.";. All spring;de]iveries have, now/been made, and in.vicw bf v tho keen, frosty weather .prevailing," it. is too eai'ly to>expect repeats.-, Tho. winter trjado. has finished' ighomiiliously, ,and both wholesale and: retail, clothiers' as well as manufacturers are carrying too much "cold pig" to make any section feel comfortable. Some mills aro still running overtimed/but this is not so general as.we have been accustomed to see for the past few years. We do not find any particular branch of'tho trade .that, is really ,busj;, r .and' it; is. hard, to are thVmps.i''favoured classes 1 of woollens or worsted fabrics. Cblne Valley manufacturers are still running full time and produciug some, very good lines of low-priced fancy woollens, but it is a' fact that Huddcrsfield worsted people are far from being busy, and all the bettor-class makers have- by no means all their looms running. If tvo come to consider Dewsbury, Batley, Morley, and Ossett, where large quantities of cheap, thick woollen goods are made, somo mills aro fairly well employed, but others are having a struggle to keep their machinery ■ running. In Leeds very much the same conditions obtain, whilo around this centre,- in Pudsey, Stanningley, and Farslcy, most mills are fully occupied without enjoying very much pressure. All this shows clearly'that manufacturers • have enough: to do to keep their present plants .running even , ordinary time.

Bradford Exports to America. Tho application on January 1 of the lieft duties ia tho United States directs attention to the business'of last year. Both Bradford and Huddersfield in tho past :have been successful in doing a big .business i when tariffs were fairly low. n lien, is in the December returns that when things arc in full swing, Bradford will do a by no means insignificant trade. When the Consul published .his returns for last month all sections of tho trade expressed surprise! -at. their being so large, and particularly when the ' market showed no outward evidence that the shipments were so good; Of course, • it is not Bradford's method-of'doing business to proclaim details from the house-tops; in fact, regular American business people cannot understand the ingrained conservative methods of tho average; Bradfordian at not telling his neighbour what he is actually doing. However, figures speak' very loudly, and the shipments for December clearly prove that many firms have had in their hands some decent orders for both raw' material* as- well as partly and fully-manu-factured textiles. The latest returns show some wonderful increases, .especially in fullymanufactured articles. That is the most surprising item of the whole month's business. Nobody cxpected t& see wool dress goods and linings show a combined increase of £99,523, and the next important increase (£35,728) is in worsted coatings. This is rather significant, and if one notes also the increase in cotton cloths of £25,705 we have a very material improvement in the shipments of fully-manufactured fabrics. No-doubt some of these orders have been purposely held back so that the fabrics would be taken out of bond under the lower duties, but in any case they clearly show that Bradford has still some hold upon United States business houses. ' Turning to : the shipments, {Be exports in ■ Home-grown, fleece wools are somewhat disappointing, and actually show a decrease compared with tho corresponding month of; 1912 of -£10,972. Tho exports of colonial wools are considerable,' amounting in the aggregate to £80,144,' which is ' an increaso of £45,988 compared with December, 1912. This satisfactory total represents considerable purchases at the last London sales, which were made by Bradford buying brokers, and declared at. this end. A rather noteworthy item in the articles shipped is tliat of wool tops, tho ' exports representing a value of £21,291. i It would have been , very interesting if j olio would have ascertained wliat weight ! this represents, but that' is impossible. 1 A-rough calculation has. becn'mado, ' which 'ies,between 1500 and 1750 packs, j which is by.no means a big weight, butnil tho same is a move in thb riglit direction. Another leading item of .tho I shipments is that of noils and wasted the total being- £11,983. _ . With 'tl» December shipments theyear .finished, .and in tho aggregate goods.to the value of £2,592.583 were shipped, compared with £3.066,761 .in 191.2. or a decrease of .£47-1,178.Jt.is ■ 'rather interesting to note' that wool occupies the leading position in the shipi ments of the year, cotton linings com- _ ing nest, followed bj wool linings. Brad^

ford is looking forward to doing a considerable business in tho future, ■ and < as far as ono can tell tho current year should bring a big development in the shipments!oFboth partly and fully manufactured goods. Prospeols for Trade, Tho outlook, so far as trade is concerned, is fair on tho whole. That seems to ho the strongest, expression that one feels justified in using at the present time,- there being a -strong diversity of opinion regarding the course of the market. Some think that-the bottom is quite touched both in merinos and cros'sbreds, and that a better time at the manufacturing. end of the trade is in store, while others point to the fact that wools will very! probably be dearer both in London and Australia. Those who are anticipating higher values for the raw material are basing their opinions on the prospective American demand, and pdint out that as the lower'duties of fabrics are now in operation, business is going to revive. Reports from the Continent are neither better nor worse, some in France anticipating higher. prices, and others seeing no reason for more money being'paid. Our own view ■ is that trade will be maintained at about today's level, with values unchanged, or nearly so. In' Bradford there is some business, but it is not satisfactory from the price standpoint. It is quite true, that topmakers-have put up their prices, and all alike are firm to-day at 2s. 3Jd. for average (M-'s tops, a better article commanding a fraction more. Topmakers are wanting 2s. 4d., but they cannot make it to-day for any weights. If London, goes stronger than is expected, tho 2s. 4d. basis will be an established one, but the feeling today favours firm- prices next week in London, with very little change compared with December'■ rates. A good deal will depend upon the attitude of the Continent and Araerica, though en home trade account there is certain to be considerable activity. Some spinners seem as if they will have to buy and cover urgent needs, at least it appears as if several topmakers . who have not secured .their full weight of wool in Australia will have to bid more actively than ;they did in December. All this, means . good competition, and we, expect an ■ encouraging series of sales. ■