YORKSHIRE LETTER

Dominion, Volume 8, Issue 2292, 28 October 1914, Page 7

YORKSHIRE LETTER

$ WHY TRADE IN BRADFORD HAS FALLEN. (From Our Own Oorresrondcnts.) Bradford, September i. Tbo .wool situation is to-day very largely moribund. We aro unable to find anything particularly now to write about, hiuL to many readers of this issue it is tho immediate future and tho prospect of making a decent price i'or thoir now clip wools which will most of all bo engaging their attention. Thoro ib always something of a very attractive natui'o in witnessing the shearing of sheep, and knowing that in a few weeks' time tlio wool should reach the market and bo turned into nctual cash. We repeat that there is an allurement about shearing and marketing a' now clip which makes it the suprome event of the year, and tho proeeut cannot but be a time of more than ordinary concern to every reader of this issue. Does it not look a shame that prospects bright in tho extreme should be blighted in the short space of a month ? But one has to get accustomed to these things, although wo must admit that there is a good deal of disappointment associated with circumstances such as have arisen during tho-past month. Buyers came homo from Coleman Street at the end of the July series feeling that they would be confronted with high prices wheal the next Australian season opened,, and many were contemplating going out to Australia and having to pay prices which they would not relish. Still, they could not see where cheaper wool was coming from, but to-day the face of things has beon. completely changed, all due to this great European.upheaval. We cannot say that we are lovers of war, because of what it means to trade and commerce in general, and however much tho outbreak of hostilities may benefit a certain branch of tho textilo trade, in the long run. the whole wool world stands to lose, for - textile manufacturers will ultimately find themselves in the same position as wool-growers. Thoro is nothing like peace to promote Drosperoue timos for everyone, and war is bound ultimately to inflict loss upon both woolgrowers and wool-user 3. SLUMP IN BRADFORD CONDITIONING HOUSE RETURNS. The Bradford Conditioning House returns for tho month of August issued this week show what the war has done for that important centre of activity. The returns for August a' year ago, which it should be borne in mmd is the principal midsummer holiday month in England,' were below an average, 7,921,2761b. having passed through. The returns for August Hue year are 2,767,629, or a decrease of 6,133,6171b. This is tho first result of the war, and, of course, is directly traceable to the jtoppage of all shipments to the Continent. The reader may not know, but all goods shipped abroad are requirod to be accompanied by a Conditioning House certificate respecting tho "condition" of the goods shipped, this being given by an. independent authority. Vory email weights indeed of practically everything have passed through, and the returns for August are the lowest we have seen for a very large number of years. Of courso, nobody can find fault with them, as they aro only what could be looked for. The weight of tops which havo passed through are quite as large ae we expected, and represent to a large extent Home consumption, with a little export trade to Norway. Swe'don, Spain, and the United States. If we take tho aggregate weight for tho past eight months, the figuTee show a nice advance, tho totals from January up to the end of August, 1914, being 78,191.0411b., compared with /75,074.1781b. for tho corresponding period in 1913. BRADFORD'S EXPORT TRADE. Anyone with a practical knowledge of the ousines which Worstedopolis does with tho Continent in its export of wool, tops, noils, wates, and yarns cannot but realiso the great blow which has been struck to tho business of tho premier Yorkshire manufacturing centre, the Conditioning House returns giving, as be. foro said, ample evidence of that fact. Although the salient features of interest repiain unchanged, and tho outlook is admittedly black on every hand, the best Interests of tlie trade- in general are not Hkely to bo furthered by an. ultra pessimistic tone. That no nation, however unlimited her resources may be, can regard with perfect equanimity the complete stoppage of her most important outlets for her productions, we do not attempt to deny. Bradford will undoubtedly suffer, terribly, and the effect of her losses wil be manifest for years to come. But though 'the situation is bad, it is not unredomably bad, and whilst we fully realise the terriblo anxieties of particularly those, whose business is practically confined to foreign trade, now that we have recovered somewhat from the first shock, we aro disposed to think that the ultimate losses may not bo actually as bad as almost all havo anticipated.- We do not wieh to adopt a too optimistic attitude, but on the other hand a decided pessimistic feeling should bo strongly condemned. ■ Wβ have no wish to intrudo upon party politics, but we' must express our keeu appreciation of tho able way in which the Government, assisted by leading members of the Opposition, have handled the financial side of the question. Tho moratorium has relieved tlio financial situation, and ite renowal has eased the minds of many. It is felt in Bradford that its continuance is imperative until such time 3 as trade with the Continent can be resumed under normal conditions. This and this alone can save the situation from the Bradford merchants' point of view. We have- full confidence, nowever, that arrangements will bo made to cover the exigencies of the situation, and do not think .merchants should unduly worry in this "respect. Unfortunately, the outbreak of hostilities could not be foreseen. Consequently shipments wero made to the Continent, I anil particularly Germany, almost up to the declaration of war. Many merchants as a forlorn hope endeavoured to stop their goods, but we do not believe that much success followed their efforts. We know of isolated cases where goods were held up at the English ports, but though peveral merchants immediately got into telegraphiq communication with their foreign shipping agonts in Hamburg and other Continental ports, we do not know ot any oaso where goods have been returned from them. ' Whore such goods are at present can only bo surmised, but we certainly do not think that these are to be regarded as irredeemably lost. Many goods will eventually be recovered, and though the face value will have depreciated wo see no reason to be unduly pessimistic on this score. The worse feature of Ithe situation is the tremondoiw amount of money owing by Continental houses to Bradford merchants, and unless a large per cent, is eventually recovered, many houses will bo brought to the verge of ruin. The longer tho duration of the war the worse 'the chance of ultimate recovory. becomes. Wβ hear of several firms who have amounts outstanding abroad to the extent ot .£IOO,OOO to £200,000, but the genoral opinion appears to be that unless tho war be unduly prolonged, tho major portion bo recovered. After all, .tho standard of honour of a nation does not regulate the honour of tho individual, and from personal acquaintance with representatives of the industry abroad, wo belicvo that they will di> all in their power to meet their obligations. Then again the question arises as to the value of stocks held by dealers and merchants, and perhaps a word of caution may be given. The first suggestion of a panic has happily passed, and it is now by no means improbable that for many classes of material and particularly crossbreds ranging from id's to 50's, enhanced prices may be realised.. Crossbred noils and 40 s to 46's card waste combing aro in keen demand, and holders have been well advised to avoid any panicky selling. Many spinners are closed, and at the [east do not anticipate working more than threo dnys per week. Correspondingly there is bound to be a limited output of by-products, and holders of stocks, if they can possibly avoid realisation, should profit thereby. With careful though and prudence it is by no means improbable that many merchants may recoup some of their losses, and information to hand of the postponement of tho Australian sales indefinitely lends support to our observation. MARKING TIME. The business passing this week is quieter than during the past fortnight, and this" is only what wo could expect. We understand that somothinsf like 10,000 bales have been sold privately in Coleman Street by tho various brokers, 95 per cent. con'prisiiiß crossbreds, both (loenp, Flipp, and jscoured. The, demand has all been'

for khaki purposes, and on the whole a 6 per cent, advance has been obtained. Unfortunately, this has not been, the case in merinos, although merino clothing wools suitable for any requirements lave made prices fully equal to what was>realised last series. We understand some exceedingly good figures have been paid for scoured New Zealand merino locks, clean parcels making up to Is. 9id- These are all want'ed for dyeing indigo for the production of silver-grey shirtings, and it rather remarkable that some of Yorkshire's_ manufacturers seem very much prejudiced in' favour of New Zealand locks, due we understand to their soundness and milling property. They produce a very good sound article, but one would think that equally as good result* could be obtained from south-eastern South Australian locks and pieces, for they, too, are sound, and will come a. good colour. However, it is difficult to get over a little prejudice, but we are glad ,to know that Adelaide scoured pieces of a shifty nature are going freely into consumption. Pine tops in Bradford are still on tho easy side, and it is well known that 2s. sid. has been taken for a decent article this week. We regret having to say that prospects point to merino combing wools moving to a distinctly lower level, and the longer the law lasts the greater is the fall likely to be. •- However, there are no heavy stocks on the market, and this should do something to help tho sale of merino wools when the opportunity arises, but at the moment wo are confronted with the fact that merino combing wools are cheaper, while clothing wools are holding their own in a much better way. .-