OUR YORK SHIRE LETTER

Dominion, Volume 9, Issue 2594, 16 October 1915, Page 14

OUR YORK SHIRE LETTER

FACILITIES DEMANDED FOR EXPORTING CROSSBREDS (From Our flDcciol OorrapondenU Bradford, August 19, 1915. Things are not moving too fast in tho wool world, but all tho tame tho kaleidoscope presents several interesting views. In tlie Metropolis dock people as well as those in the various ofhees of importers and selling brokers are proceeding apnea with preparations for. the next series of sales, which begin on September 7. It is too early as yot to say what is likely to take place, that depending a good deal upon what outside competition can be looked for, particularly America. There is also ncctt on tlio part of the AVar Trade Department to grant licenses more lreel/ for tho export of wool, tops, and yards to our Allies, safo Continental neutrals, and also America, for tho conviction is growing very fast that tho future of the wool trado is to a largo extent wrapped up in the Homo trado being able to do an expanding trculo ivitli neutral and friendly countries. 'The Government no doubt nan pursued a right poliey iu keeping a vej-y iirm hand upon the export of the raw material, but it is bo-cc-miug more ovident that satisfactory values can only remain in operation by enlisting more fully tho support of tho outside world apart from Ucrmany and Austria.' Of course, it has been possible since last January to export merino wool under Government licenses, but tho sendign abroad of tops has now been stopped for practically two months, and this lias caused a sharp backward movement in the price of merino qualities. No doubt at ono time the market was in a very critical state, tops were not being combed fast enough to satisfy demand, but there lias heen seusible relief on that head. AA'e find that on tlio whole the market is today fully supplied, and a certain proportion could be exported without any difficulty arising whatever. Exporting Crossbreds. The item of chief interest to-day is tho question of exporting crossbreds, a matter which has been pointedly mentioned before in Bradford. It is one of serious importance, both to tho Home trade as well as overseas growers. Since the first week in October it has not been possible to export crossbreds in any shape or form whatever, and this week the Bradford Chamber of Commerce has indicated that the Government is now prepared to consider applications for the export of crossbred yarns. It is certainly a timo when one has to be thankful lor small mercies, but to be told that crossbrcd yarns can now be exported, to put it mildly, is somewhat ridiculous. Tho trado today is not confronted with the least surplus of yarns, but with a glut of crossbred wool and tops, and it is these which can be exported without tho least disturbance of normal trade conditions. The Government has made the mistake all along of not having a practical, impartial woolman in close touch with the trade, with whom it could consult. Conditions to-day aro very different to what they wore last- October to the end of April, when mills everywhere were running almost entirely on the production of khaki. No new orders havo been given out of any size since last January, the Government then buying almost recklessly. Tho result'is that stocks of the woven fabric to-day aro very, heavy, and tho trade is now informed unofficially that no new orders are likely for some timo to come. This is what tho majority cannot understand when another winter campaign is practically certain, and thero arc doublo the number of troops on the field to-day compared with last winter. It is the writer's firm conviction that there is to- I day a lessened consumption of crossbreds than four months ago, and all tho tjjuc supplies havo been accumulating. Tin's being so. wo aro oonvinced that tho Government can now afford to grant licenses for the export of crossbred wool and tops without in tho least jeopardising their position.

Let us look a little moro closely at this important question. Since tlio highest point was reached in tho prices of crossbred tops, values have fallen an all-round 3d. to M. per lb., and unless a reasonable quantity can be exported prospects point to a further decline. Yet what need is there for it when spinners are still maintaining their prices because of a steady flow: of business, the output of spinning frames still not being more than hosiery and other manufacturers can easily consume. The bulk of the crossbreds at the last London sales were 2d. below the May auctions, and to-day tlio price of tops in Bradford is generally below what they cost out of wool bought last series. We say that this is not a fair or a reasonable state of affairs. A' spinner said this week that he could pay 2s. lOd. for 50's, tops and still sell tho yams at a good profit, and yot he could go into the mark** and buy to-day the ■same 50's top at 2«. 4]d. to 2s. sd. AVe candidly assert that this would not obtain if facilities were available' for the export of reasonable quantities of wool and tops to our Allies and the United States. Such a state of affaire is not, a reasonable one, and upon that ground alone the trade is urging that this aspect of the situation be favourably considered by tho Government. Not only would the export of crossbreds be a good thing for the Home trade, but still greater good would result to our Allies and the United States. _ On this point there conies in the economic aspect of the wholo situation, and therefore the matter, is deserving of further consideration. Great Britain cannot go 011 importing such f;ugo weights of materials, and our Government see our exports falling off, without thero bein» precipitated conditions which aro geong ti> land this nation into serious financial difficulties.

Why America is Buying Mohair. This is really not a subject of very much importance to colonial growers, but it nevertheless is of some interest, the mohair trade being the nearest of kin to the,wool trade. America this year has saved tho entire mohair situation, and the thanks of South .African growers in particular aro therefore forthcoming. Bradford is the chief centre of the mohair trade, and has consumed in years gone by 75 per cent, of the world's mohair product. Since the war broke out all the big spinners have left the articlo alotio entirely, and several have not bought a single bale since last August. AVe do not think there is a single mohair spinner in Bradford who has bought 10(1 bales of Cape summer firsts, and yet cable advices from Port Elizabeth, which is tho principal market, state that tho entire ciip of about 11,000 bales has beeu shifted. This is remarkable. AVhen tho war broke out prospects in the mohair world were of the blackest, tho reason bein-' that Germany has been the best customer for mohair yarns of any market in the world, and therefore practically nil mohair spumous turned their attention to the production of khaki yarns, on which they havo been very busily employed ever since. America has usually purchased annually about 3000 bales of Turkey and that supply being cut off, naturally lu-r interests have centred -upon good i'xio firsts, the result being that they have taken tho top side of half the clip. This has been a most acceptable development, and has put Bradford for tho timo bcinj on to a siding. Of course, very few ,'n this city care a great deal at what Iras taken place, but it certainly has favtkl what at one timo appeared to be a very delicate situation. Fair weights of tho lower descriptions of mohair have Ken used in tho production of blankets, rutf--hosiery yarns, and low woollens, mchair being mixed with wool for this purpose.

Business Slack. The woek under review has been largely I dominated by holidays, it being tho annual "playtime" in Bradford. The Exchange has certainly been open, but t'.u attendance has beeu thin, and little business of any noto is reported. AYhat we cannot 11 nderstaml is that little topmakers are accepting ridiculous prices for Gl's. Wo state an absolute truth when \vu sity that as low as 3s. 2d, has been taken ft-'r an average Gl's for spot delivery, 3s. 3d. io 3s. 4(1. being a general price. Thoro is no need for this if topinakers wo aid only cxercise patience, but evidently some must sell, or else they fear lower pricos, It is certainly very tantalising to those wanting good prices to find, the ground cut from under their feet in the way :t has been, for there has been no necj to accept such low figures. Here again Ilia granting of more licenses for the .'-sport \of toss would be wolewme, and would lie'ip

to stiffen the back of weak holders. Cr.wsbreds, too, are rather on the weak fide, til ere being here too very few new rales effected. The murkot to-day stands cut in very strong contrast compared with six weeks ago, and to some people it is becoming evident that what transpired then was overdone. However, we ore face to face with a sensibly slackcr lime, although mills am still running full and overtime. Tlie settlement of tho combtvs' difficulty is certain to lead to augmented output of tops, and wo say that greater facilities should now be forthcoming It a freer exporting of tops to our Allies and the United States.