YORKSHIRE LETTER

Dominion, Volume 8, Issue 2363, 20 January 1915, Page 8

YORKSHIRE LETTER

e MERINOS MOVING TO A LOWER LEVEL. (From Our Special Oorrespondentj.) Bradford, December 4, 1914. Overseas markets claim most attention, the weekly sales which aro taking plaoo at ono centre or another giving rise to a good deal of discussion, both in London and consuming centres. The general feeling is that values are feeling tho dire effects of tho embargo. One to-day has to sacrifice business and per. sonal. profit for patriotism, and with Continental competition being cut off everything appears to be suffering, but even if there were no embargo only Germany would be a buyer, for the mills of France, Belgium, and Russia aro cut off from competing, and the factories of Holland, Denmark, Norway, and Sweden consume very little merino wool:' It is quite true that Russia would be glad, to buy if it could import wool; and we have every reason for saying that the Board of Trade and the War Office would grant a permit to ship wool to Russia, but how is it to be got there? The port of Archangel is closed- on account of ice, no boats can go up the Baltic, none can enter tho Dardanelles for Odessa/ consequently the only port of shipment is Vladivostock in Siberia. This would necessitate all wool going overland through Siberia, and therefore some wool ought by this time to' be bought in Australia and shipped direot to the port iiaraed. Wo know for a fact that' there are several mills engaged upon Russian Army goods which are anxiously waiting tho chance of buying wool, otherwise they are going to be hold up, and the only way of solving the difficulty as far as we can see is by adopting the measures wo have already outlined. Weakness Developing in Merinos. The outstanding feature in the wool trade -is the developing weakness in merinos, and we cannot see how it can be otherwise. Wool is still being offered freely in Australia, and every incoming cable message indicates a further decline. This is to be regretted, but cannot be helped. So long as the embargo and the war lasts, and orossbreds are available for war purposes, there can be no extension in the consumption of merinos, and we cannot see how the latter can remain at even to-day's level. That, seems to be the opinion of all sections of the trade. A manufacturer Was talking over the situation in Yorkshire this week with a well-known firm of buying brokers, when tho former remarked that for the next six months regular users of merinos could not possibly consume 30 per cent, of the quantity they usually got through, because all their machinery, or nearly so, was engaged in making khaki serge for the War Office. All mills where Khaki, can possibly be made are busy producing that which is of paramount importance to English, Belgian, French, and Russian soldiers.. For the time being it looks as if meriiios'have been relegated to a back seat. The only outlet to-day seems to be hosiery, flannel, and shirting requirements,, and of course all these necessarily want fine wools when making fabrics, to wear, next to the skin. But these needs are but a bagatelle' to what they would be under more favour-, able circumsta'nees, and therefore all alike feel that it is imperative to buy ho more than they can use immediately, for everything points to still lower values for fine wools. The trade has not got out of touch with merinos, and fashions have hot gone on to crossbreds, only the exigencies of tho present'situation- demand merinos being set on one side in favour of crossbreds, and so long as the war lasts there cannot be any deviation from this line of action. Tops In Bradford. Business is certainly quieter in Worstedopolis, and for the time being it looks as if manufacturers' requirements have to a large extent been met. We are fast coming towards, the end of the year, when there is always a slowing down, and- when the tremendous weight of business which lias been put through during the _ past three months is considered, it is but natural for buyers to use up their recent purchases rather than commit themselves still more heavily on-forward account. As each week passes, manufacturers are being brought nearer to the bigger volume of wool which should arrive from Australasia, . South Africa,' and South America, : and tho War Office has clearly stated that they are facilitating shipments'as much as possible. . There -are many people who assert that we shall see lower prices both for merinos and crossbreds in the new year, and not everyone is disposed to purchase further on forward account.' During the past week-me-rino tops have undoubtedly eased both for present and future delivery, and today a'very good 64's can be obtained at 2s. 6d., and some say even less. The most remarkable thing is that merinos and fine crossbreds from 56's to 64's are practically tho same price, a circumstance which has no parallel in the history of the trade. How long can this s*a"te of affairs' continue ? There are not a few who frankly assert that if merinos are going to bo as cheap as crossbreds, even the Government will not object to using merino cloths, but when all is said and done, there is not the hard-wearing capacity in fine, soft merinos that thero is about fabrics made essentially from crossbreds. That is really the situation to-day. Business has certainly sensibly tapered off during the past week, and we are expecting a quiet time till tho end of the year. The near approach of the London sales is also having a deterrent effect upon buyers, and the weakness in 1 the colonies has accentuated the impression that fine wools will inevitably fall. On forward account 64's tops can bo bought freely at 2s. 2d., deliver)' i March and following months. Crossbreds Firm and Steady. ' Crossbreds continue to hold their own without being as active as they have been. ' Still the trade doing is fairly large in the aggregate, but we find less • disposition to anticipate the future. 1 Of course, the thing that is helping the ' movement of crossbredß is the largo | consumption and the output of pieces, • and Tl is hardly likely that with the majority of spinners having bought all they can consume for the first two or three months of next year, they will commit themselves to heavier contracts, ' in view of prices being where they are to-day. Nobody can see that crossbreds are likely to decline this side of February 1, for all the wool as ito comes • to hand will bo wanted. Still, wo cannot find as much talk about crossbreds being sTTII higher, as we did a fortnight ago, tho Tesult being that everywhere 1 a healthy tone is maintained, with a big volume'of business changing hands. i {some say they have been able to buy coarse crossbreds on forward account at slightly lower values than they could a fortnight ago, and no doubt 40's tops L tor present delivery have been picked up in many cases at littlo over 19d., ! 36's having been sold at 18d. to 18} d. i As mentionod a weok ago, spinners aro , more disposed to buy 46's to 48's tops ) for the spinning of 2-24's khaki yarns ' than 40's, the former producing « sounder weaving yam, for a good deal 5 of trouble has arisen in weaving-sheds ' owing to tho poor warps which have been produced from 40's tops. • During ,i tho past weok a representative of the Russian War Office has boon in Bradl lord interviewing, manufacturers., and - endeavouring to place orders for khaki - cloths. The majority-of firms have a shown complete indifference, stating I. frankly that they are committed as > heavily on forward account as they caro to be, and from what we hear, difficulty has been experienced in placing the orders. The sensible and unexpected«l ly large increase ia the wool available

at the forthcoming London sales has also helped to check any further prospective buying, and while prices are very firm, the upward movement is not continued. Bad News.From France. The news sent out by the Press Association from Paris makes very bad reading, Reims again being bombarded heavily. "All the factories have been destroyed, and the textile industry is completely ruined. The stocks of wool have been burnt, and the loss sustained is estimated at over 14 millions sterling." Suoh is the sad intelligence in the telegram, which is of direct interest to every reader ' of _ this issue. Reims is not really tho principal wool centre in the north of Franco, although it is an important one, some large combing works being situated in that town besides several other spinning and weaving milk. One of the largest firms of wool buyers also have their head office in that city, their name being known in every wool-growing country in the world. It does indeed seem sad that war should bring such destruction to property, as well as loss of life. The motive of the Germans iu demolishing valuable factories is not known here, and notwithstanding tho assurances that Roubaix and Tourcoing are to be left intact, a more comfortable feeling will result when the last German soldier has left ihe two cities named. There are many here who still believe that the Bradford of France will share in. the same fate as Reims, and we can only hope for the best. Possibly German officers have received orders to spare Roubaix on account of the big business which has been done with German firms engaged in the wool trade, it being well known that an immense amount of money is owing by German firms to Roubaix and Tourcoing firms. Still ; the fact of such devastation and ruin being imposed upon ReiibSj Lille, Ghent, and other manufacturing centres shows that for some considerable time after the war finishes the consumption of wool in _ northern France, as well as Belgium, will be very 1 sensibly reduced. All this is very sad 1 and no doubt the same would befall 1 British mills if German soldiers had to 1 ride roughshod through the land as r they have done in France and Belgium.