OUR YORKSHIRE LETTER.

Dominion, Volume 2, Issue 397, 5 January 1909, Page 8

OUR YORKSHIRE LETTER.

WOOL PRICES VERSUS FUTURES. (fboh ocb speoial corkespondent.) !. ~ ; Bradford, November: 13, 1908, The wool situation, is in a very interesting condition, and as the sales progress in Australia, it is becoming more evident than ever that the, raw material occupies a sounder position ■than was generally supposed. It is so easy'to Measure, the. horizon'with'one's own immediate outlook, that, the real position is overlooked, and the governing factors are lost sight' of. ■That seems to be to a very large extent the position which Yorkshire usors have for some .time been occupying, and when wool was cheap arid tops',at, a'.lpw figure, many failed'to,'take 'full advantage of the opportunity. -.During the ;last fortnight there has been increasing evidence that the dawn was breaking, heralding a 'brighter;day hi the.wool trade.' The experience of the past twelve months has been a terrible one, and only, those in the trade or coming into close contact every day with' topmak'ers, spinners;, and. manufacturers could form' ah" adequate '.conception of the rough experience which 'many' have had to encounter. But it seems — if one,may judge from- the immediate outlook —as "if the' end of the recent rough 'experience accompanied with financial -loss" is not yet. at an end with' some, for in several cases-Bradford topmakers have, again , seen fi. to take.upon their shoulders-''an unnecessary burden'-by .selling forward what they- have not got. '. Sq recently as last■ September "futures' -..we're"'.dealt' in'on a basis bf ; 21d. ,for super 60's .'and , ' -JM/ , for 64's tops, those safes-being'again repea'ted, at: the end of October,- while this •m'onth'agobd'few.thousand packs in the aggregate have' been sold forward for' next January to. April and 1 . May delivery at 21Jd. and 22Jtt. ■for the.:same qualities named, some''"importers, 'however, '. obtaining up to 22d.'for supers,'- and' 23d. for 64's. This week there.have':again been 'offers made ut 22Jd. for super 60's and 23Jd. for 64's, but business has not been done on'the scale .'of •'■the. previous fortnight. .' ■ ■'■ . , .-"'■' ';;'.'-..V%;,' VALUES cbNTEASTED. 1 ;"•• >.' : : ; The course. of ■prices • since' the: slump -corn- , Jienced exaotly ■ a year : agb is; well worth:re-, viewing, for since the lowest point was touched .last, May 6ound;,progress-has-been made.'. The 'rise may not have been so pronounced-as some jwould ,'haye liked, ,biit it': should always be borne iii.-mind that after"'a.serious;fall it'takes' the trade tiine'.'to turn the corner,' and-negotiate the' dear ••etocks which, it' is , :usually landed • with.. There : ara signs that, we have seen the'wor'st'in the: wool; trade;' and.if the' slight improvement which' is' discernible"in general;textile 'niariu.faoturing eonditions only materialises as many .expect, then '■ wool. looks like, being ■' "a ''trifle fearer.'. .'Neither'.the; present- 'of -merinos nor"crpssbreds can bef regarded, as hindering , any ;r^de:-development, ; but,': on .the: other.''iandi thb reasonableness of. the.'raw .material'should act-:;as: a : stimulus - to: the. textile' industries' of Yorkshire, ■ the .Continent, and "America'.- '.The cheapness 'of-tmoney.?has in • the : past 'also been an important factor in stimulating an; industry ikethVw,ool':trade, and this'shduld. now again "be of .material assistance' to those operatinglbbth abroad ..and ;in; London.'', The.- f olloiying table shows: hpwivalues ..have moved during' the'past .'.twelve "months', and it- will be remembered that in November'a year, ago the: fall SvSs just beginning I .a's'the' result, of ,th?. financial s crisis in America:—,; .'.'■■••..' ■.■.■,■■.■■:..■'■'.■:■ -- ■■:>?;:. ;• ; '.MOVEMENT-OF : VALUES.: .'; ■ :'■'.. ■ -'■ . . . . - '■ ; ■ ■ '. '-.' :•■'■'•Koy.' 'May'/Nov. , : "■'■:■■ ■■■■■;■■/.;■■ :/•.:,.,, •"■.,•'•,-;..19. ■.•".B..v'T-.10."' :.;. :.:: v -:- .;:' :v. 1907.:'-1908. : .1908. '' ■:' . :■>••■' '•"■',•:■•■:■:■■''■■: , (Lowest.). " v; : ' : ::''^ v .'. , '-: , ".:'. ; ■ ' r &. d.. ■■ .&/ 70's-'colo>iial tops .... : ... '31,-. ■-.- 22 ,;.. 24J 64's'colbnial'. lops , : ...' ...' 30: ..21 : ' ... : :23j 60VcbIbnial tops (super) ... -29 .20'' '22i 56's;colonial:t6ps■' : ... ...'2b . ,17 ' .18,. 50's-colonial tops -..1..'-... 22 15 : J '.is--6's colonial tops"', •... ''' .j': 17-" ' 10J '.-. 12' 4OJs .'colonial , .tops -"., .„.•.„ 10 , .'Si , ' 10J .36's'colonial;tops ■■~.,... ... 15 ■.-■■'.. '■!& $)' i,: , '■'] '■ ;■ KTlie'question.of selling.forward has."recently ■ engaged,the;attention;of,:the ; trade a good.deal, rftnd'l' am afraid- that.cbntracts have beeri'.tnfide . iyhioh- will', oost ; the ■' sellers at least •£i per pack 7. if'not more'.- If 'reports are at all .reliable, then no'wool has been picked up in any .cojonial r market ■to ..deliver, a super, 60'e top : under -22J'd." This week's. Australian mail has .brought the: .writer.'.samples p f 6eV eral: of'the ' biggest clips which were sold, at Adelaide's first :6ale,'iuid the prices.'paid,are altogether'\ab'bye ' : the' limits 'of these "future" sales, every lot exarained. being even, above what can be'made 'tb-d'ay' in ,Bradford for "spot"-delivery.- . We 'knov(: by., cable that the two .succeeding.' sales have, shown'a: further hardening tendenoy, one or two.-clips averaging' Jd;. more.;' Below ,is a" . table'whi™ shows : what "futures" have been sold' at .during 'the -fall 'for the , ' past three' ■jetu&pr .; •■',;..■ .•', -r^v-i"--".;':': , - Vv',.-- ; ■.''.,' •■•■' : '-; Por : Jan. to April , delivery. -. <-Vta-4; '',■• ■',: ■"■.'.': --. ■'■ 1906.: • ':-• 1907. •':. :,i9OB, i ..; -t : '• '>; "■■'•■ r : \:'d. : " d. d."- .d. .■ d. :i. Ws colonial :tops 25}—26 ;. 30—30J;".v23i r -24,i 64's 'colonial' tops 25 —25J.- '2S}-29. 22V.23 60's .'.colonial' -tops V-.•.- ■ .'■:■■; . ,- , v : . super ■'■...■ .'... 24 ,'2l-22' 60's colpnial '■ tops ■.'•'•, . ■■■: . ,'■- ■ ordinary •-. 2BJ--27i 29 —2U 'sG's oolonialtpps \2i'-r-ii\. 24'—24J ;..50's, colonial; tops 20.--^20J.. ; . 20}—21* i4J-rl4l: 46's colonial tops "16i—16J' 16 io|—ll 40'S', colonial tops ' 15J-716 , , ': 15i—15J , 9}-rlO, ;SB's -;colonial;. tops ■'. 15 -rls} :. : -Ui— UJ'■"•' : .9 The outlook,; as far as one can see, is-some-what ..brighter than was , tho!case a few. weeks .'back.'.and tKe big , business, dpne during .the last ten'days in Bradford' means- that. a. fair weight of wool , will be:required,both in London find abroad. .It is certain that there are no stocks , in. Bradfor'd, , and ' the amount , " of-- tpps offering ;for' immediate .delivery.-,-is ■ certainly, under.'-normal. t . Whatever weight' of -wool Vis' available' at' the forthcoming series in 'Lpndon, the trade .will •be quite, able to lift' every ; bale; aid:it looks as. if an advance would be registered; ; At- the same time 'there is still.plenty of_ room for improvement- both : among yarn spinners. arid ".■ manufacturers, for the former, cannot make any impression' upon buyers in regard to increased prices, and'the difficulties-of, spinners'are as ; pronounced -as ever.' The raw material is: forcing the pace,, and; whether, or no- it can induce yarn and: piece orders remains: to be seen.' ■ ' - :-, : " : ■y'A W^ELCOME- ADVANCE..'- ■-■.■ ;,; The past'week-has been' a welcome change'tb.' the.: montonoiis conditions which for months' have:obtained,'- the whole: temperature;of; the Bradford industry; having risen,: the improvement perhaps , being most in evidence'in: raw materials.-/ Towards theend of-last week close observers ..discerned a marked improvement, inquiry'ljeingpretty geheril, some heavy: tracs-i actions .taking'placed ■ It'was plain to be'seen that .'praotically' the whole stimulus came from the'very strong- reports from Australian' and Buenos Ayres : selling centres, users seeing the strong demand for the raw material at hardening;prices; ]edthe..'majority..to;coy'er what bu'si-" ness ..they , had,. 'and' in many, cas'es tops : have beeh'.contraoted.for well' into;.iexf year, A large weight'of super 60's liaye'been'bbuglit'on the: basis of, 22d.; ahdso recontly as last Friday; good, 64Vwere bought at 22} d- Such prices are'to-day entirely off, andinobody wilf consider .'an , offer under 22Jd; and 23Jd. for the two' qualities, already l named.. It-.has: been ■ reall);. refreshing ::tb 'feel; the' optimism whiph is expressed by the',majority, but those topmakers who' have sold forward. at' 22d. - and under for super 60's,' and 22} d. -to, 23d. for '64's, cannot.be in an enviable position'. 'As already,"said -the: mpvenTerit;" is'' largely ■ the outcome" of. tjie' rising, tendency, of ;wpol. at. •selling''centres, abroad,'• and,users convinced/.that.there'i's 'hbthihg".to' gam v > by remaining; , .untaveredphaye,'' bought freely.r:"',"Good.super- 60's.'tbps-^re , ,well'*worth'i tb-day l 22Jd. , , -a. 'Penny.' more'.fp'r''.64's, ; and ''24} d. tp;-25d..'for 70's;". with' "futures''( , practically J the same' price. ■'Kaw,Mvo'ol:h"fs- been in sfr.ong-- request,, and it'is'surprising : shat..smalliiess Vof stocks .'are-met .with: -It is'now;;mpre than.ever patent that-.for'inbnths'users have been'sailing' yery.'near the wind, and that the raw material • is'going to be wanted in" fairly-large quantities in the immediate future...:: Nobody sums-'to have,..more than they'-can , '■ "■'comfortably . get through,-while'many are prepared to buy freely' , atourrerit : rates.'::Therehave, been larger weights of top's sold'forward- in a'qniet way than, is generally, supposed, but the difficulty: is in finding/adequate supplies until the time for delivery comes round. 7 Naturally'.-spinners are' trying to'; discount :the 'move -and complain- bitterly that, they, can get no'response for-yarris;.: More offer's ! are', being;made, but, as,ra rule,--prices are too low for acceptance.;' The imprtyement is to a large extent , confined to the raw material, but'this is-bound ultimately (o make itself felt boh in yarns and. pieces. Mohair is:altogether inactive.- >■ .■■■•■ .•.,.•.'