OUR ENGLISH WOOL LETTER.

Press, Volume XLIX, Issue 14667, 16 May 1913, Page 2

OUR ENGLISH WOOL LETTER.

CROSSBREDS VERY QUIET BUT

STEADY

(SPECIALLY WHITTEN FOR "THE PRESS.")

BRAD-FORD, April •{

4, 1t is always a pleasure to see mills • ' busy, and the 'wheelband' turning , round." This was the verdict of a : ■ weli-known Yorkshire manufacturer tho other day when speaking about tho present position of the textile | ' trade, and he frankly said that although on the horizon there were some unpleasant factors, vet in the aggregate, there was not much to complain about. It is to-<lay an acknowledged fact that the home trade has been the very , ' life and soul ,, of the whole wool industry. A well-known 'Change frequenter remarked on Thursday that but for the home trade, there would have been a sharp setback in values, and this notwithstanding the shortage question which has so largely entered into the determination of prices during the past lour months. It is quite true that there are to-day on, the surface one or two rather unpleasant features, but there is no great complaint to be offered regarding the position of the- West Riding trade. Some nulls are hardly so busy as they were, but this is to be expected. Tho fact must not bo lost sight of that many of our local factories are largely employed on overseas account, and any stoppage in the output of either . yarns or pieces is soon, reflected in tho trade. It seems at present that the only unsatisfactory featuro is tho position of tho Continental yarn business, and it anything, more complaint has. been heard this week in Bradford trade circles respecting tho paucity of new orders, and the lack of "particularsan old contracts. 1 his is to be regretted, but wo suppose it cannot bo iieiped. Tho marvel is that things have kept up so well as they havo during the oast three months, for factors have been present which in ordinary times would have seriously affected prices, and produced far iuoro nervousness and uncertainty than wo have seen. PRICES FOR CLOTH. When all is said and done, there "s a very closo connection .between tho prico *of tho finished article and tho raw material. Perhaps the bulk of tho Bradford trade is more directly interested in the price of wool, tops and yarns than in p.eces, but, all the same, big weights of tho aforementioned articles aro turned into cloth in Bradford. By that term I mean dress goods and men's wear fabrics. Undoubtedly, distinct advances have had to be made on all best materials, and tho wholesale trade is kicking against the pricks. But what can manufacturers do? At every turn they aro confronted witii very stiff prices for yarns, and as 1 mentioned a. .week ago, on even a twofold 48's spun from a C 4's quality, tho advance is anywhere from 7d to 8d per lb, compared* with last July prices. This is a serious matter, and manufacturers rightly stato that they are having to face "their customers with quotations which are calling forth very unpleasant remarks. Next month's ihowing should be general for tho spring and summer season of 1911, and manufacturers will bo naming prices which will surprise not a few. It can bo said to the credit of manufacturers that they liavo done their very beat in producing new patterns to substitute all they can, and many new cloths aro on the market, made from yarns which wero not seen a seaeon ago. Wβ have seen fabrics, very smart in appearance and very serviceable, mado from worsted warps into which, woollen and cotton wefts are entering, wh'ch. of course, can be sold at prices very different from solid worsteds, and I am only afraid that theso good fabrics will be largely put on one side for something a trifle cheaper. In other words, high prices always bring forth a large amount of substitution, and it is hardly likely that an advance on very good fabrics rang : ng from 8d to Is per yard will be paid without desperate efforts being made to substitute something cheaper, and perhaps quite as serviceable. MERINOS STEADY AND FIRM. Thero is not much to say that is new regarding the position of merinos. Tho market this week has becomo rather quieter, but all tho same business is not altogether absent, and a few nice lines in lino tops havo been sold. There is a consensus of # opinion that if topmakers would accept id less, a big volume of sales could bo effected. But do circumstances justify them in taking less monoy? A sale has been held at Brisbane which clearly indicates that the raw material is still wanted, and that users aro prepared to pay full current prices, any change being in sellers' favour. This has furnished no incentive to topmakers to tako less, and why should they? The bulk of them have all. their output sold for tho next two or three months, and it is mostly those who do not make regular standard lines who aro firding difficulty in maintaining quotations. Wo know* several who this week have been able to sell a few nice lots at half-a-crown for average 64's, while the best makers havo turned down all offers under 2s 6id to 2s 6}d. At the same time, half-a-crown is the selling prico for a decent top, and there is nothing to indicate lower prices. Commission woolcombers frankly state that they are working at very high pressure, and the buik of the tops are going out. It appears as if the difficulty } to-day is not at the merino end of tho ! trado, but affects more directly crossbreds. The only fine wool that will bo availablo from now till next October will bo what is sold at the Londou sales, and tho monthly auctions in Melbourne, Sydney, and Brisbane, ar-d the trade should have no difficulty ip lifting a'J prospective supples. Some moo lines of Cane tops have also been disposed of, and we know of 2s 5Sd being made for fnir weights. Tho fact is. no one is looking for cheaper fino wool next series in Lordon, for whatever merinos are available, the trado is well able to lift them at late prices. Fine noils are also maintaining their price well, and even if tho i mai ket is not an active ono, we sco ■ no reason for anyone accepting lower prices. . CROSSBREDS VERY SLOW. No improvement can be reported in tho position of crossbreds, and very little busines is about. Several topmakers say that they have had numerous bids during the week, and if they would accept a fraction Jess they could do considerable business. Some have refused 10d for 40's prepared, and others turned down business at IGJd. It- would havo to be a very good top to-day to fetch IG.Jd, but most topmakers are so confident about the futnro that they prefer to quietly hold rather than rush in to sell. The whole market seems to be awaiting one, and the future is largely wrapped up in the Balkan business, and the financial side of tho Continental trade. A spinner said on Thursday that the best part of their trade hod been done with homo trade manufacturers during the post three months, their export demand being unusually light. That experience is undoubtedly general, and there is very little indeed that is new to say. The big weights that are pouring into the market are no doubt taxing the resources of a good many importers, and the quantity they are lifting is pretty stiff. As I said a week ago. the worst thing to be feared

is some forced selling, but so far tbo trade has stood the strain reinarkao.y well, and sin case in finance, with a declaration ox peace, would bo a god-, send to the market. The export yarnend of the trade is undoubtedly in » n:ost unsatisfactory state, and the quantities of second-hand yarns about seem to be too lar.se for quotations to b? kept up. A user prepared to take quick delivery could buy io-dny to considerable advantage. There aro still some fair quantities of yarns in spinners' hands, and an opening out ot Continental markes would be most wel o. Eng'.ish wools are quieter. fcotno (lesenpt'.ors are umirely off tin* market until the arrival of the new clip, and until that time corncs round ther is bound to be , a limited tumevcr. Skin wools are a trifle easier, several descriptions having come down id du'in;; tho week. Of course, present pulls aro nothing near so light and good as they wore, and the {d down is moro than a:o"ed for in the increased condition of English pulls Tiu« diminished takings of the Unitcxl States last month only harmonise with expectations. CONDITIONS IN FRANCE. All reports from Brisbane state that Franco was well to the front at the sale there last Tuesday, and this, notwithstanding, operations have been distinctly larger th s sc.-uon in the Commonwealth markets than a year a"- 0 . Cannot thus be taken as an evidence of confidence in the future, and that trade is good at present? I received the following signiiicant letter from a leading Roubaix firm of wool people:—"Oaiccs here, as a rule, were closed on Monday, on account of the Roubaix fair. 1 was pleased to note tho optimistic tone o: the Bradford market. 1 frankly confess that I expected that you would hold somewhat mod lied opinions, because, from what : s being said here, thore is a good deal of complaining going on in Bradford. Also, they say, stocks of tops aro accumulating, and that spinners will not buy even at a penny lower than business rato> of a fortnight ago. It is probablo this is exaggerated, and propagated with a very simple, thing in view—sowing, tho seed of discouragement. "Never has there been so strong a campaign for a fail as tlii* year. Itis moro than probable that many, having sold forward, want a fall in order to work their obligations to advantage. Still, when no solid or true arguments aro to bo found, they have to make some, and that is -why it :'s so often said in England that business is good in France, or vice versa. I "Business here at present is keeping ■uniiornily good, and this in spito of those who cry things down. Consumption is very strong, and tho woollen trade is enjoying an oscellent time. Conditioning-houso figures this week will probably bo less because of two days' stoppage for Easter. As tho J deficit in > Australia and La Plata is now an acknowledged fact, we must remind ourselves of the high values to come between July and December. "Tho political situation is clearing up somewhat. Peace is coming slowly. When it does arrive, wo shall havo buyers on tho market from the Balkans, Turkey, Austria, and Russia. There is certainly an amelioration in sight." PROSPECTS OF FREE WOOL IN THE UNITED STATES. The best news to hand this week is what is conta.ued in this morning"!* papers to tho effect that tho member* of tho Ways and Means Committee oi the House of Representatives in Washington have agreed to place wool oil the free list. It is to bo sincerely hoped that "this will bo endorsed by the House of Representatives, and also tho Senate, but some of the best people in this city thiuk the news us too good to bo true, and that tho decis'on of the Ways and Means Committee must not bo taken as final. The Senate wil3 be the real deciding aiul many seem to think that even this body will not agree to the admission of free wool. Whether it does or not, a big stride fonvard has been mado, even with an import duty of 15 per cent, ad valorem, but "free wool" will be tho best fillip that can poss'bly be given to colonial wools, and to all other descriptions of raw material. Given free wool and reasonable duties on semi- and fully manufactured articles, American manufacturers should bo able to fight tho competition of the world, and run all its machinery in a manner never before seen.