OUR YORKSHIRE LETTER.

Dominion, Volume 1, Issue 72, 18 December 1907, Page 9

OUR YORKSHIRE LETTER.

. ARE PRICES DANGEROUS? (FROM OUR SPECIAL CORRESPONDENT.) Bradford, November 1, 1907. The, wool situation . is exceedingly interesting, and users cvorywhero are looking on with somothing more than passive attention. The events of the past few weeks have undoubtedly helped considerably to force home the question whether wool prices are resting upon a sound . foundation, and whether like wheat, cotton, and- copper, a fall is imminent. This much can bo said, that, unlike the commodities already enumerated, speculation is an unknown quantity, thcro being in the months gone by lio attempts,mado whatever to "rig" the market. All i the same, prices have steadily advanced, until to-day, as a new season opens, values are higher than even at the ond of Octobor in the .famous boom year of 1899. It will bo a strange anomaly indeed: if wo can go through another: season without any set back at all, and, after the financial disaster iu Wall Street, it behoves everyone to look well to their moorings. The worst may be passed, but a crash of'tho dimensions of the past few weeks cannot happen without a nasty legacy being left behind, which can give; rise to' further unfavourable developments in even English finanical quarters. So far, wool interests seem to have been left untouched, but wo rather look for the bank rate being affected, which is bound to fall heavily upon importers just at that very time when thev need' • most consideration at the hands of 'banks. 'It is quite trne that last year, with even a 6 per cont bank rate, all went through without a hitch, but that is not .altogether a sound argument as one looks forward to the coming new wool season. It is well to remember that prices for wool are at a very different level to what they were at this time" twelve months ago, and it is that fact which,: among many users, is inducing a commendable decree of caution. It will-be strange indeed if, with a prospect, of a tighter money market at the close of the year than any anticipated just when heavy imports have to be liquidated, together with dear coal and considerably higher cost of all mill supplies, if prices .for wool will be maintained at. today's level. Wo do not wish in the least to throw over the market a wet blanket, for prices are still inherently sound; but at times like these,it is not so much what are the actual governing factors as other strong adverso contributing forces which, perhaps, temporarily upset prices, perhaps it will be as well to remind even growers how prices stood at the end of October during recent-years, and the following table supplies some very inter- : esting particulars:— ' '■•'/• . ' N.S. Wales. Super Averago Greasy av'gc. CO's 40's Combing.- Tops. Tops. ,i ,i ,i . ,i

: No one can glanco nt tho above table without noting that tha cost, of the raw wool today is something like ; lJd. per lb. dearer than at 'the end of the fifth .scries.of London sales \n the boom year of 1899, and yet the prico of super GO's tops is actually 2d. per. lb. less than thon. On the other hand, good average 40's crossbreds are sd. per lb. •mote— a fact which is inducing buyers to "bear" prices in the hope.of affecting Christclturch and other New Zealand markets, which open about" tho middlo of November.. But fine wools claim most attention, and it is these which are giving rise to considerable doubt. The question arises,. Can tho. trade stand to-day's rates, and afford to lift. the. Australasian and South African now clip, and use the same at a profit. If it .can, then all we can say is that price per-lb. is'of loss consequence to woollen'and worsted manufacturers 1 .than what 'has hitherto been supposed, and, although' trade -is'-unusually .good,''and''stocks light, there is before .a pretty heavy task. It may be retorted that this done, last year, and everything passed off. well?. '.That, no doubt, was so, but. the price of a super 60's top is to-day 2}d. per lb. more, than a_ year ago, and it is tins fact which'''suggeSls 'sbhK aegr(!l?•bf' :, cantlo.nl Cl lf ? ,th*6 , prico of a'superGO's' top''tp-dh)'"wag:'a't''thßhan , ic figure as a yißitfnßtnwwe'.'shWfld tulihositatinply' say to all users,get hold of the wool.but with .■American ifinnnical interests being weak and nncortaini,, a Presidential election next-year, .declining.; prices ..for.', other's commodities.,''at Rome, .it'behoves the trade, with also a'.prospect. of.dearer money and a possible big .rail-, way strike, to make haste' slowly. All kinds of wild statements are being mado regarding supplies, but all tho talk of a serious shortage in the coming Australian' clip is worth'no more than consignment to tho waste paper basket. . . ........ • Happily, manufacturing districts, both here and on tho Continent arc still exceedingly busy, r and consumption .is' being well maintained. This is undoubtedly the ■ sheet-anchor of the whole situation: No.doubt both Trance and Germany are to-day experiencing ■ somewhat of a squeeze, but by the.end of .Novombor that'will have .entirely disappeared. The new clip is being rushed to market with all possible' speed,. and already there is, an .increase of iIO.OOO bales marketed compared with this date a year, ago. It will bo well for everyone to bear this in mind, for supplies are goin to bo at tho mill doors of Europe at a much earlier date than was, the case towards the end'of IDOG. -It- is some satisfaction to know that last year's clip is entirely off. the hands of manufacturers, nnd Yorkshire spinners havo contracts in hand which will see them at least into next: March. This means plenty : of raw. material will bo required, but this fact must not be forgotten, that the majority' of-the present contracts havo been ..accepted at a lower basis than what arc current prices.- That boing-so," tho trado•is wisely calling for a halt.in the onward course.of values, and we honestly think that a mistake will, be mado if prices are pushed up higher. There is no need for it, and evon growers' best interests will bo served if prices keep steady. Tho situation wants watching carefully, and although in the very nature .of things therd can be no slump, still wool is dear enough,, and a further advance would do nioro harm: than good. We might, as■ well say straight hero that Colonial,.prices are not above Bradford, for cheaper wool has been bought during tho month for top-making purposes thah'whnt was sold at the last sories of London sales..'. Values, wo repeat, are high enough to bo consistent with safety, and everybody, will do well to watch especially monetary and labour develop-' nionts. '~.,.-' Tho position of crossbreds is hardly, as, clear as merinos. Thorc is proceeding a strong "bearing" movement, but I don't think that prices are going to. bo lower. Trade is too good to allow values to fall much, and' New Ztalnnd growers can still look forward to receiving good prices for their forthcoming clip'. - . COURSE OF-PRICES. Bradford shows little change on tho week, and new. business is extremely quiet. Quotations are practically unaltered, though, ii,anything, 40's aro a fraction cheaper, largely through "bear" influence. Tho following table shows the course of prices during the past month, tho quotations in the last column being to-day s asking prices, Bradford

An American negro clergyman ,has patented a whistling piano. It has a keyboard somewhat different from that of an ordinary piano. It can whistle tho most difficult notes. Evidence of tho severe depression from which Nnt.il,' in common with the other South African Colonics, is suffering is afforded in the fact that the rateable value' of Durban has decreased sincc last-year by over half a million sterling,-

; • ...•■'■ il. (I. d; (I. October, 1907... ... 15J—1«1 29 10 -October, 1000... ... U—lii'.. ■ 261. V>1 ' 'October, -11)05 -15—151 20} 10 ' Octobsr, l!)Of 13—H. 23}' 1-1} October, 1993... ..: 13 -14 Hi 125-' : October, 1902 13 -U H\ 8 ■ October, 1901 10 —104 M ?1 , October, 1900... ... 81- 0i 16J 9 October, 1899... ... 13J-HJ 31 11

terms:— , . . ' ' Oct. Oct. Oct.. A. 18. 1. Lincoln hogs 12$ 121 • 121 •Lincoln wethers 12} 111 ll| ■ Yorkshire hogs It ' 133 13j . Yorkshiro wethers ... 12} 124 12} North hbgs 13* 13} 13} ■ North wethers ... ..'. 12} 12} • 12} Halfbred hogs 13 123 123 Hulfbrcd wethers ... 121 12} 12}. Shropshire hogs 11 U 13} Shropshire wethers... 134 13} 13 Super Stafford hogs ... 13} 13 13 Super, Stafford wethors 123 12 1 121 Kent wethers 12} 12} 12} Irish hogs 13 12J 12J Irish wethers 12} 12. 11 j Wiltshire Down tegs U\ u\ 111 Wiltshire Down owes 14} U H Devon greasy 8} 81 8} Hampshire Down ... H 14} in Sussex .Down H} uj .15" Cheviot hogs, super... 12 111 1]} Scotch Blackface ... 8} 8} 8} . Turkey av'ge mohair 171 17} 18 Capo firsts mohair ... 15} 15} 15} Cape winter mohair 13 121 121 70's Colonial tops ... 31' 31 31 Gt's " - 30 .10 30 GO'S " s'p'r. 29 20 20 5G's „ .. - 211 25 25 50's .. „ - 24 22 22 ■tG's " " '•» 171 17 17 ■tO's •'" - 16} 10} lfi 3G's " - 153 155 15