OURYORKSHIRE LETTER

Dominion, Volume 8, Issue 2392, 23 February 1915, Page 7

OURYORKSHIRE LETTER

DIFFICULTIES OF SHIPPING .(From Our Own OorreJßondeirt.} Bradford, January 8, 1915. Wool interests still "centra .very largely upon supplies/the difficulty of obtaining Sufficient wool to satisfy topmakers remaining one of the burning questions of the hour. Go where we will the same cry is heard, both in London and Liverpool, namely, that things are in a conr gested state with so many men . aJid horses away at the war, and it is with the utmost difficulty-that ships can find a berth in order to discharge their cargoes. It is fully expected that sufficient wool will be in the docks and the various warehouses of the city by tho time the next London sales ore duo to opoil, to satisfy all the requirements of tho trade. The list of arrivals is mounting up fairly fast, and it is to be hoped that tho 'wool which will bo catalogued will satisfy all users alike. We are confident that merinos will bo available in sufficient weight to meet all prospective needs, and the arrival of 20,000 bales of New Zealand crossbreds is probably tho chief, item of interest. Yorkshire buyers are hoping that these will be out ol the ship and available for salo, for undoubtedly crossbreds are the most wanted. Still we find a good deal of grumbling on the part of merino_ topmakers, who assert- tliat there is business to be done, but are- unable to comply with, their January obligations. There is a fairly good consumption proceeding, but we hear a good deal of grumbling about arrivals being so much delayed, the railway companies not being in a position to cope with the goods offered for transit "hen railway companies refuse to bring the raw material from.London it shows to what a pass things have come, and that is what has taken place on several occasions during the past few weefe. We find a very strong tendency on the P a v* of - carrying companies to favour their regular customers, being very m'uch opposed to receiving wool to carry for those for whom they have not done so on provious occasions.

Merinos About Steady. The market does not show a great deal of change, there being an. element orlistlessnesa about things. The majority of topmakers, spinners, and manufacturers are so well situated regarding business that they arc not particular-about futuro contracts. . Seldom have we known a time when Bradford was bo comfortably situated as at present, for not . only are topmakers able to operate in London, Australia, New Zealand, ana South Africa, but they are able to sell at a profit the same day, which has not been possible for many years. The present situation shows conclusively that if Bradford had growing markets to. themselves they could in a very few years make a pot of money, and it is very unfortunate for growers that Continental and American competition is absent. We find that in merinos, though resting easy, there is sufficient business doing to show that interest is manifest in the coarse of both tops and yarns. Those .who bought in Adelaide, Melbourne, and Sydney earlier on, now Tegret that they operated to the extent they did, as they feel that they could buy to .better advantage. _ lhat statement must now be taken at its face value. If topmakers bought they have correspondingly sold forward at good profits, and the current season is likely to be a very 'successful ; period to • all importers. "So far as this market is concerned, BVs tops can .be: bought at 24u. for' March delivery, and we dare say if a epinjier wanted • a few packs delivered towards. the end of February be could get thorn, although _ topmakers prefer March and April, while, we know for a fact that 23d. has been taken for May delivery.

Financing Wool. Although the Bank rate has been at 5 per cent.; yet wo cannot hear of any complaints regarding the ability of buy* erst 6 finance arrivals, or even present purchases, ajid we do not expect to. A time like the present is quite sufficient to induce bankers to lend money fairlv freely. We have heard lately a good deal about the position of,, export houses who have large .of money still outstanding on the Continent, and they have no.earthly hope of obtaining same ■until tho war finishes. The' Government. scheme of assisting traders whose capital is locked up in Gerinany and elsewhere is not regarded as being too good, but what can. one expect? When the' Government guarantees about SO per cent, of the outstanding accounts, providing; the firms are sound, there is still the balance to be dealt with, and although' bankers have been on the whole fairly liberal, naturally a few firms are being hard pressed, and find it difficult to meet their obligations. The principal cause of complaint is the stoppage of business. It is. quite true that the past fortnight more export licenses have been obtained, and they seem to have been given rather more readily, at least shipments to France have been more freely executed, but the shipment of wool and-other, sroducts to other neutral countries is proceeding very slowly. A big business , could be done to-<lay between Bradford and Sweden if the Board of Trade would grant licenses, but they aTe moving in that direction very slowly, which can only bo expected. Some seem to think that the embargo will )>e partially lifted in favour of the United States receiving merinos in tho month of February, but is very unwise to' count the chickens before ■ they are hatched. It is now very plainly to be seen that the announcement made at the opening of the London December sales was premature. No licenses have been obtained, and none will be at least this month. The fact is, America's recent shipments of wool-to the Continent has been very displeasing to the Board of Trade, and they are now going to err on the safe side. America can send its own wool if it likes to Germany, via neutral countries, but for the time being tho British Government is not going to countenance such proceedings.

Woollen Trade Conditions. The Government is still, doing its utmost to ensure that our troops on the .Continent, and our - sailors also, shall fight under the. best: possible conditions so far as clothing- is concerned. Every effort is being" made to increase supplies of khaki, and the pressure at the mills is as strong as ever. The workpeople do a good deal of grumbling, especially tin those districts that have been Tunning night and day or overtime almost ginco the war began. In Marsden a strike was the outcome of the discontent, tho weavers considering a ten hours' day long enough, arid wanting a; rise in overtime pay. Operatives in'mills working overtime, but not day and night, are often worse off than those where two shifts are worked, hs.it is no uncommon thing for them to work from 6.30 a.m. to 8 or 8.30 p.m. . Many mills would run night and day shifts if thev could got the'men, but they cannot. labour is at a premium, so many skilled hands having joined tho forces. We understand the had given instructions some time ago that mill workers offering to enlist are to bo refused. There_ is 6ome sign that ihore orders will be given out 600n, in fact one or two are already reported placed. We know one mill that sold up all its, stock of thin covert coating (its staple li\'e) to be made into gloves for the troops. Incidentally it may be remarked that coverts are having a run in the United States,' and the demand is being felt by our own manufacturers here. :As there is every likelihood of Government demands continuing at present strength or even increasing, the clothing of the civil population bids fair to be a problem. In France also it is stated that the civil part of the community will suffer most, the soldiers haying first claim on all supplies of clothing. We hear of many thousands of blankets being rejected by the French Army authorities, and sent back to the contractors in tbis conntry. who had been unscrupulous enough both to sand them under woight, and not all wool.

Crossbreds Still Strong. The position of crossbreds shows no weakening whatever, tho tendency of wool values being rather in the opposite direction. At ieast that is what topmakers delight to state, but somehow _wo have our own views about them being inclined to pay more money, particularly in New Zealand. .. TlierV is a romour that the French Government has undertaken to stand ,by the Froncfi operators in Buenos Ayres in.regard to crossbreds, and jri consequence of considerable operations. prices are the . turd 'against, the buyer. Jt is stated that Ifl's clean sboured c.i.f. Liverpool are to-day quoted at 15jd. to lSd., and lii's at 175 d., but that does not to a very large oxtent interest ; the Homo trady ixmrietioa.