OUR YORKSHIRE LETTRE

Dominion, Volume 8, Issue 2540, 14 August 1915, Page 7

OUR YORKSHIRE LETTRE

BRADFORD WANTING TOPS PROM OUTSIDE MARKETS (From Our SD<&tal Correspondent.) . Bradford, Juno 25,1915. Ihovo is not a great deal to report this week, which 6hows that tiio general position has altered greatly since last week. J.nei'6 are indications of sonio difficulties arising at the manufacturing end of t-lis tl'ado, owing to orders for certain fabrics not maturing as was originally expected; yet the whole position is one which reYl Sroat pressure upon machinery. At the combing end of tho tl'ado there has been no abatement, and tho latest reports forthcoming from commission combers as well as topmakers'aro to tho ofleot that the output of oombs is less than ever. This is one of tho most serious of tho hour, and tho need loi' organisation in this respect is more evident than it has been at any tim« since the war broke out. There is not the slightest doubt that the cxtrenio prices which are being paid for fino tops especially aro largely tho result of this inability on tho part of combers to turn out weights of top 3 which aro sufficient to meet the trade's requirements. Thia may not be the whole and solo reason, but we think we are justified in saying that it is the largest factor contributing towards the present situation. With a more. regular vand reliable supply of combcd wool there would be much less difficulty in keeping other machinery running, and spinners as a whole would bo much more satisfied. A somewhat remarkable statement was made the other day by a member of the trade who is frequently seen on Bradford Exchange. Ho said that there are now fewer woolmen visiting that building, and this on the surface appears difficult to understand in view of tho tremendous amount of business which has been and is now being put through. Tho explanation of the apparently aaamalous remark is that 6o many _ combers and spinners at tha' present time havo more business on- hand than thoy can. get through, and have been so inundated with inquiries when they have been present that they have deemed it advisable to be absent, and this, in some measure at any rate, accounts for the decrease in attendance. More Fine Tops Wanted, If any question is worthy of serious consideration at the present time it is tho ono to which reference is made in tha above heading. Our readers have already become acquainted with the excessively high prices which can, be made for merino tops. The most remarkable thing in connection with these prices is that they can be made not only for immediate but that also for several months ahead, extending right away into 1916, the demand for fine tops has been, so abnormally large as to bring them up to a level which now ranges around 3s. Bd. for 64's qualify. Even with prices at this point it is practically impossible to satisfy all needs. And it is now becoming apparent that if this commodity is to be kept within anything like a reasonable range, some source of production which has not yet been drawn upon will have to be found. Whatever that eourco is does not seem to be at the present moment a matter of great concern to those who so sorely need the _ tops, _ so long as the trade is kept within legitimate channels. Two sources have been suggested upon which : useis _ of tops in this' country might beneficially clraw. There are also evidences of a desire on the part of both those to fulfil the needs which are known, to exist. When it is realised that amy' particular market has an operning for a special lino of goods there are generally those who, if able to do so, will endeavour to supply it. . W° have had various inquiries within the course of. the last few days respecting the possibility . of topmakers in America being able to contribute their share towards supplying Bradford's needs, and there is no doubt that were the present' obstacles removed a-fail' weight of fino tops would be received fcom .across the water. The hindrances in the way of this coming to pass at the -present time are, however, considerable, this haying been largely Drought about by the diplomatic measures" which our own Board of Trade were compelled to take. If wool had never been exported from America to Germany, it might have been comparatively easy to-day to get fine tops from America into this country, 'but in carrying out tho ..obligations imposed upon it by the British Board of Trade, tho American Textile Alliance evidently does not appear to be at liberty to allow tops from that country to comc into Yorkshrie. This sounds like "daft" officialism, but -is certainly tho result of America's own previous indiscretion. Yet despite these things some business, is known to havo been done in tops, etc. Tho idea has also been mooted that Australia could help to supply our needs at this time. This would doubtless be welcome not only to spinners in this country, but, should also assist considerably -in the consumption of colonial-grown wool 6. Tho_ question which arises in this connection is as to what users of fops in Japan might think about the curtailment of their own supplies, but their needs at the present moment are not anything like so large and so urgent as those which exist in this country, and wo suggest to Japanese users of tops that any surplus which they have, and which is not likely to go readily into consumption could' profitably 1)8 diverted to Great Britain. • The Effect of tho War. It is generally recognised that the dominant influence upon the wool trade is tho war which is being waged on the Continent. Though this may be granted without any exceptions whatever, it is al6o true that some vary unexpected 1 consequences are being brought about. Great reliance has been placed among woolgTowers upon the continuance of war requirements as a means for maintaining the present satisfactory level of wool values. Out best information from the colonies -has shown that producers of the raw material, particularly those who grow crossbred wool, have almost ever since the war broke out made themselves certain that their produce would bo valuable. These expectations havo been more than realised, aud though other influences are certainly at work there is no doubt that tho demand for 'military fabrics has helped more than anything elso to bring tho prioe of wool to the point at which it now stands. We are, however, getting tired of war. Wo a,re beginning to realise that though it has helped to expend certain branches of' the world's trade there aio other heart-breaking losses which more than counteract any benefits which may result. Therefore, while wool growers are naturally anxious to see the raw material selling at the best possible prices, wo think wo are right in saying that if tho cost of wool could bo maintained without the present hostilities having to continuo they would be greatly gratified. But were the war over to-morrow, tho requirements of the manufacturing trade would be SSch that ivool. prices could not 'humanly speaking be expected to decline. From what wa know of tho production of wool in tho colonies wo are satisfied tha,t this is not in the near futuro at any rate likely to bo more than sufficient to, satisfy tlio world's manufacturing needs. Jn tho West Riding of Yorkshire, where military orders are not being placed at the prosent time, it is significant that the ordiuary home trade is developing, and this is helping to maintain priccs at their present point. London Sales. Another series of sales will commence in London on the 29th instant and the number of bales n'hich- will be offered is well over 232,000. Of this quantity about 129,000 will be composed of crossbreds, so' that, roughly speaking, tho offerings will bo divided equally between merinos and crossbreds. So far as can bo seen at present, there is every prospect of values for tho former description showing an advanco compared with the previous 6ales. It may . be pointed out that tho weights of fino wool already available in Bradford aro considerable, but prospective Homo requirements aro large, and America is interested. Though fine tops and yarns are today at an extremely high point, tho raw material from which thoy are mado has not yet eold at a corresponding price, but prospective requirements are such as to justify a 5 per cenfc advance. The total weight 'of wool available at tho coming sories is larger than it was at tho corresponding sales a- year ago, and though much- has been said a.b6ut the scireity of crossbreds, and the inability

clnss of wool, the New Zealand offerings scheduled for sale this tinio are more numerous than they were last jear. Even if we make allowance for a greater proportion of merino wools heing among thoso which, come from New Zealand, about 20,000 bales represents tho increase. Even when this is acknowledged it has to bo pointed out that the next supply of crossbred wool will not bo available in London till January, 1916, and in. the meantime very .large requirements will have to be filled. In consequenco of this and known, needs of tho manufacturing trade, tlierc seems to be every probability that good halfbred wools will make an advance of about 10 per cent., while medium wools may bo expected to increase 7i to 10 per cent., and coarse wools 5 per cent. Market Conditions. Turning to an examination of tho present condition of tho Bradford market, it may be said that this week does not show any great development so far as the courso _of business is concerned. Values are being maintained on a full level with those wliich have been previously current, and though inquiries are sufficiently large to encourage topmakers to put up their prices, there has been an undercurrent of unwillingness to sell, which has prevented actual advances being mado. The majority of topmakers have quite as much business as they care to accept, though spinnors keep trying to buy top 3 for delivery within the next few months. This is at once the strength and the weakness of the present situation, and explains why such extreme quotations are being met with. Tho inquiry for fine tops is considerable, but no amount of selling has been done, topmakers feeling that there is no wisdom in taking on furthor contracts when their books aTe filled for the whole of .the present year, and in many cases, two or three months into 1916. The earliest date on which there is any disposition to sell this year is for- Ostober. A very large inquiry continues for fine and medium crossbred qualities, and carded descriptions around 50's are as freely, sought after as ever. From this the argument is adduced that wools from which these tops are produced will meet with the largest competition at tho coming sales in London. The prepared tops are meeting with a satisfactory call, and when 36's are quoted at 25id., ifl's at 26Jd., and 44's carded at 27d., it indicates t» fairly high Tftnge of values. This is entirely the result of tho development in the ordinary Home trade, which is helping admirably to maintain the satisfactory level brought about by the huge military requirements. For the moment the trado is resting, having begun to look towards London.