YORKSHIRE LETTER.

Dominion, Volume 7, Issue 2123, 15 April 1914, Page 5

YORKSHIRE LETTER.

BRIGHT PROSPECTS HEALTHY WOOL CONDITIONS (From Our Special Correspondents.) Bradford) February 27. Wo are face to face with very laealthy conditions in the- wool trade, and there is nothing whatever t» indicate a setback in values. The past week has again been such as growers especially cannot fail to appreciate, although very different feelings animate tlidse who will have- to face an exceedingly strong market in Coloman Street next wtek. The outlook for has seldom been better than it is at present, and there is a concensus.of opinion that the advanco will range, between 1{ to !(! per cent.; in other words, there is likely to bo an all-round Id. improvement both in merinos and erossbreds, although many think that the former will not always appreciate a full Id. Still ouo never knows. The trade- se«nis to. be building upon, very satisfactory competition at the hands of American buyors, at least with the reputed visit of 20 to 25 buyers from America we are in tor a very lively time. But, then, it is high timo America began to take Borne wool. We have the intelligence that stocks of "United , States domestic wools are exceedingly low, being in the neighbourhood of 'about 5,000,0001b. Consequently the selection of domestic wools is at the moment anything but good, and there will bo need for replenishing' stocks with good supplies of j colonial merinos and crossbreds. It is J av. unusual experience in England for users to go and contract for Vool. on the sheep's back, but evidently it is a common practice with American merchants ■if not manufacturers. West Riding users prefer to see the wool in tho bale rather than on the sheep, and to value and buy accordingly. The quantity available at tho forthcoming London sales will be 141,000 bales, just about ovenly divided between merinos and crossbreds, in fact, the latter will rather predominate with the new clip Buenos Aires -wools which arc to hand. Wool Ctatistically Strong, From whatever standpoint ono looks at the situation, we are confronted with the fact that the raw material occupies a very sound and healthy position.- Ws find that tho Home trade isas indeed loss stocks'on hand for February than we have over known, and if they could have* seen how circumstances have converged to one end, no doubt many importers would have taken time by the forelock and bought freely in' Australia and Buenos Ayrcs when the opportunity arose. If one buys abroad, say in the months of October and November, it is usually February before tho wool arrives. Homo, and to-day stocks in. consumers' hauds at home arc distinctly below normal. Of course, Bradford has simply been engaged in a very vigorous ''bear" campaign, in tho hope of paving the way to obtaining cheaper wool Iα Australia and London, ami, for a time, howover some May think otherwise, tho move was a right <me. Tho only mistake Home trade buyers made in Australia, South Africa, and Buenos Ayres was that they did not buy heavily enough when things eased in November and December, at least operate at tho best prices they could. But then the Homo trade had fallen off so materially that even tho tuost far-sighted firm was convinced of distinctly lower values. It was not so raueh being unable to buy, or even unwitting to operate, as being persuaded in their own mind that .tho stato of tlio Heme trade in yarns and pieces did not warrant current values for the raw material abroad. It is all right' complaining about Bradford. always being in tho soup and determined -upon, cheaper wool. West Hiding users have to faro tho fact that trade has fallen off a good deal, and even to-day business generally is not a patch on what, it was at this date twelve months ago, and there are still hundreds of standing iooms both in the Bradford and Huddefsfield districts. There are many people to* day among manufacturers wlso think a mistake ha 3 been made, and the recent move has been entirely c-aased by a slight improvement in trade, and America coming into tho market and buying fair big weights of wool and' tops. . ■ ' One fact in connection with' the arrials for .the forthcoming London sales deserves 'attention. The gross arrivals for the March series of sales show a decline of no fewer than 69,700 bales, while those forwarded direct tc manufacting districts also stow s decline, of 53,500 bales. It is wcH-know that more wool has been forwarded direct into France and Germany than up to the end of the corresponding period a year ago, consequently tho atovc deficiencies relate entirely to tho Home trade. If the West Riding had received this last month 53,000 bales more, it would haveloosed a screw somewhere, especially if the bulk of these arrivals had been crossbreds. Wβ find tho same deficiency in the arrivals of Buenos Ayros wools, as wo do.in.those from Australasia and the Cape. Consequently there is no centre anywhere that has ssjit Bradford and district its normal quantity .of raw material. Of course, this is due entirely to its buyers not operating 33 freely as they should have done, but as already explained, from October to the end of December, there was practically no inspiraton to buy abroad when business was so unsatisfactory and the outlook anything but inspiring. If they . cfitiln tinvft ffirpspfn Mif.» Iti-tr fiiirTßrftii( , p

that America lias made in the market, no doubt many firms would have operated very differently, but after niae months of almost complete abstention on the part of that country, and with many firms having to carry all tliat time big stocks of wool wliich had boon bought for the United 1 States, and all of which stood owners in at substantial losses, thero was little inspiration on their part to buy. Ouo should not overlook the fact that the present isisufficicnt supplies on tho part of the Homo trado mean a big support being forthcoming at tho ensuing London sales, and everything points to wool fetching yery encouraging figures when viewed from a seller's standpoint, Tho forthcoming rise will bo sufficient to lift' speculators' lots out of the gutter, and turn a certain and substantial loss ill January to a profit in March, and everything" points to wool feeing called for in a very encouraging fashion. State of the Woollen Trade. Conditions obtaining to-day in othef branches of tho textile trade than the worsted industry caiinot ho spoken <sf as all that could be desired. We admit that mills are somewhat better sitii-

oted than they were, but careful observation and many interviews lead us to form tho conclusion that on the whole all is not what it should be among many mill owners and makers of medium ami better class woollens. In Leeds and dis-

trict there are manv factories that may ho called very slack, and the overtime being worked is not A. patch on what it was a vcar ago. Vfe could ijisntmn many- mills whero worsted fabrics ore being produced which fen- six nionths have been experiencing anytime; but. healthy conditions, and many looms are standing. In Bntley and Deivsbur.v Inss ovortimo is general nnil only two or three linns can be said to fro »t al! busy. In fact, wo know some of the

biggest factories are anything but comfortably situated, and some weavers are seeking employment. In Huddersfioltl, tho mills which are busiest are those

producing low, cheap, fancy woollens, and here some nice, orders kavo Wen received from the States for next-fall. Bradford and Huddrrsfteld shmping houses have, during January oisd'thc

eiirfenfc mcnih,,;. booked considerable weights of fabrics' ironi Is. 3d. to 3s. per yard, IS omico weight, 55 inches wide, and some very nice"tilings indeed are being produced, , TJieso etoths are ai! ii combination of rmingft, shoddy, and cotton, or nearly so. Of course, if one gets, above lialf a crown'per yard, the blend contains a sprinkling of Wool, but it, is amazing what can be produced by a skilhil manipulation of the three commodities already named. There is a very keen demand in Dowsbury and ljatJey tot light-coloured rags,' partioMbrly stockings, -■omfortevs, and Berlins, and at the present time record prices are being paid, • because American importers are asking fen* these m tho raw state. It simply means that those materials are all being used to produce cloths at little prices, and with a judicious blending of cotton and nuinge some- very reasonable fabrics can be produced. . Wh«n we tell readers that white stockings are selling at a shilling per lb., they will sec- that this is really the price of pure woo!. ■■•■■:'. AH Raw Materials Dear. What the price of wool would bo if tho West Hiding and tho American textile trades Were really busy is not difficult to conceive. We find to-day Brad* ford topmakcrs asking half a crown for good G4's tops, and crossbred topmakers are also quoting big prices, 'namely, 16Jd. for 40's prepared, and 17-Jd. to 17j|d. for 4C's carded tops. These are big figures, and certainly point conclusively to conditions winch, to say the least, are good. Many of tho most observant in the trade now think it is time, to «asa pushing values higher, for many will have it that a good deal of speculation kas been indulged in during the past month. No doubt many firm's have bought under the strong conviction that there is littla chanco of prices being lower, and probably there was nothing to gain by not covering for the next six ittouthV requirements. AVc have always maintained that there is a certain danger connected with such operations. It simply means that when tho flush of buying is over, the market will settle down to somewhat humdrum conditions, ami there arc never three weeks of Quiet markets in. Bradford but what some topmaker or other is squeezable; a less price lias to be taken, and we have I oven known that to be tlio beginning of i a sagging which has done .no goat] to i any section of the trade. We think topmakers are enforcing prices more by wav of self-protection than anything, although wo are confident that Coloman 1 Street next week will find 64's tops en a ■ 2s» sd. basis; 40's nt lujd.. and 50's at 20d. There has been less business this week than last, although an average turnover has been effected. Up to last Saturday fairly active markets were experienced, but this last few days a. woks sober feeling has prevailed, 'although prices are as firm as ever they were. The prospect of very dear wool in London, is naturally causing topnuikets to assume a very independent position, and tho tendency now is to wait and see jrhat actually does. If America is at all o,n active; competitor, which everyone is expecting, then wo can easily see big prices paid for the rawmaterial.