OUR YORKSHIRE LETTER.

Dominion, Volume 3, Issue 827, 27 May 1910, Page 5

OUR YORKSHIRE LETTER.

CAN CKOSSiiRKDS BE CALLED DKAU? (From Our SDcdal Corrcsßoneciit.' Bradford, April S. Seeing (hat crossbred wool is. somewhat hanging fire, I do not think we can do better, than carefully analyse the situation, and sec where 36's lo -13's wools stand. For, .after all, it is this class of material that is to-day the -, worst off. The weakness is entirely due to slackness on tlio port of America, and but for the slowing down across the Atlantic we should have seen things still robust and healthy. Tho bad reports coming to hand from tho United States have complotely upset tho calculations of the majority, for tho slowing down has been so sudden and unexpected. _\'ot one in fifty.anticipated America being anything but exceedingly busy in its worsted and woollen departments all through this year, but everything indicates general slackness, with mills in several quarters only partly run. It is this fact which has surprised everybody, but I am strongly inclined to think that the shrewd American manufacturer sees that now is the timo to pull in his horns if he would not lose money. There is no doubt, that fabric buyers are very much concerned both in this country and abroad about having to pay the enhanced prices manufacturers are enforcing. In this respect tho recollections of '89 and '99 are acting as a brake upon their actions. Tho fact is significant that in the wool trade high values have never lasted long, and knowing this they arc indisposed to buy more than they aro actually forced. There is wisdom. in this. Nobody wants to seo any section of the trade buy beyond what they rctjuire, and it is in the interests of nil. alike to go from hand to mouth, in preference to purchasing more than they can get through. Nobody can blamo fabric buyers either in England, on the Continent, or in America for operating in reason, and this will ultimately do far more good both to the grower and buyer. The value of any article to begin with always plays a leading part in determining the price of the finished product, and there is a universal verdict that even coarse wool is dear. It certainly is not cheap, {or the price of 40's tops is nearly ICO per cent, higher than' in May, 1908. At that timo bulk lots could bo bought at 7-] d.. where recently they have been sold at lb\d., and occasionally lajcl. It is generally supposed 1 that a fair normal value for a -JO's top is a shilling per lb., henco with to-day's price at Hid., tho article is not cheap. Still it has been higher, and 'on that occonnt it seems as if tho value of JO's tops is neither cheap nor excessively dear. At the same time there seems to be a consensus of opinion that to faca a new English clip, as well as lift a big weight of New Zealand crossbreds at to-day's price, is rather a dangerous experiment, and this is one reason for users assuming their present attitude of indifference. The following table will give the reader some idea of the present standing of New Zealand crossbred wools at the close of the March series of «ales during recent years-.— NEW ZEAT.ANII f!T)nSRTII?Tms

A careful analysis of the preceding table reveals two or three very interesting points, which afford conclusive evidence that to-day's prices for crossbreds are well abovo the average. For instance, good half-bred is. worth just about what it was at the Jlarcli series, 1906, this class of material then touching the highest point. over known. In fact, if there had not been the fall in American crossbreds, to-day's prices would havo been throughout very near the maximum of recent years, but in anything below 48's the price is rather less than in 1906 and 1907. It will be remembered that at that time trade was. exceedingly good, stocks were very light, and the wool production of the world was nothing like what it is to-day, consequently prices were somewhat higher. If we put on one side 1900 and 1907, then we see that both 46's and 40's wools, as well as 3C's, are higher than they havo been since 1899, and this fact is all the more significant when one remembers that the crossbred clip from New Zealand is a record, whilenotwithstanding a serious drought in the Argentine, the output there will bs equal lo the average of the past three years. There has been a wonderful recovery in the price of medium and coarsa crossbreds since the March series, 1905, when coarse wool touched about the lowest point. No unprejudiced persen can look at the above figures without being satisfied as to the comparative dearness of crossbred wool, and I am certain the cards are being shuffled with the object of buying the remaining portion of the New Zealand clip a shade cheaper if at all possible, and also to get down values for the i coming English and American new clips. SOUTH AMERICAN SUPPLIES. During the past three months we havo heard a great deal about a shortage in the River Plate clip, and there is no doubt that between now and next September 30th, when the- Argentino wool year finishes, we shall see a sensible shrinkage compared with the exports of the year previous. But is that a fair way of looking at things? It is well known that as the direct result of the serious fall in crossbred values during 1908, ii considerable weight of wool was carried forward to 1909, just, the Kime as was done at Australian selling centres. This means that more, wool was shipped than what was actually grown. Now it appears to me that a. fairer way of looking at things is to consider Ihn average of the last three years, and, if that is done, then the shipments this year will about equal the three previous "seasons. Of course, there is to tako into consideration an increased world's requirements, and with a better trade than a year ago. it seems a.s if all prospective supplies will be wanted. If there is to be any real, genuine contraction in consumption in America, tben it is bound sooner or later to make itself felt upon prices, but in the meantime everything indicates that values have touched the top, and that we shall have to sec a development in the takings , of either the Continent or America if we are going to see to-day's prices maintained. There is no doubt America paid very high and exorbitant prices at the January London sales, but. they readjusted somewhat their values at the March series, and I shall be very much surprised if we see any improvement at the May snips, simply because- buyer? feel thai it is expedient now to Bet rlowu pnco> in a more r?Tsonahle level in. order to secure I heir own domestic and tho English clip on a more favourable basis. MEEINOS STILL STRONG. The outstanding feature of the market continues lo be tho strength of fine wools, and hero everything is very healthy. Notwithstanding the pronounced dearness of merinos, and the high values for tops, there still very optimistic feeling, and plenty are talking alwut half-a-crown for super GO's. We hope" history is not going to repeat ilselt, and that tho present boom will not bo followed by an inevitable slump. That fine wool is very dear goes without saying, and we ar'a satisfied that prices aro high enough to be consistent with safety. 'There is not a groat deal of new business oii'cring, users are buying strictly from hiiiul to month, and possibly in this there is safety. Nobody seems disposed to speculate in (ho least, nil alike bring sali?. fled to tako up present contracts and covov anr fresh orders. There is con-

tinucd activity in anything from 50's up wards, but below I hat count there i nothing whatever to shout about. .Ton makers arc finding it increasingly dilli cull In keep up til Ihoir contracts, an; commission combers are as busy as eve they ran be. There is no disguising th. met I hat tli? demand on the part o spinners is very heavy, and withou naulit large weights of raw wool ar being .-hifieil. Several lopmnkcrs aro tc day wnnting Id. more than they woiili rake Wore, the holidays, ami everythiiv points to I heir demands being acceded tii A very similar state of affairs obtains ii rprd lo f mt . civ.-sbreds. and here, 100 there is >i souiuf situation. Goad 50's t< 56 s tops are a-UiuV moderately well, tin hosiery trades of buth Leicester and Scot land bring excactlinsfly busy. There i naturally a. good denl of complaining ove: tho extreme clearness of yams, but tin demand is there, mil so-long us thn obtains prices will hold up. Medium am coarse crossbreds lire rallior slack, am tho market is absolutely unresponsive Ihcre is a fair trade doing in Jfi's card ed, but prepared sorts are very slark. Ii fact, .<!)•<; t O p, arCi , jf anything, on tin easy side, n.nd a "firm offer" would se< secured como good 36's and dO's at i shade -under what is being quoted. No body seems disposed to buy, and export nouses are helping things all they cor in a. downward direction. Mohair i; quiet, and prices are just about steady.

!„« 1§ 1» l 0 t%& g«b g 3 b tKs 5 s " , 6 5 * o 5 " March Pcrlb. Pcrlb.' Porlb. Per lb. wries. d. d, d. d. d. .d. • d. d. , W10 , 16-161 12.V-1.1 10-101 3-91 1003 1-1-15 101-11 8-9 " 71-84 190S 13-11 8-9 61-71 "G-G.V 1907 15-16 13JJ-W 12-13 111-121 1906" 16-17 Hi-151 13-131 121-13 1905 12J-13J 10-10} 9-10 8!-9J 1901 1U-12V 9U0i 8\-9), 8^9 1903 ll|-12! 8J-9I 6}-7} 5}-G 1902 9S-10.V 51-G S-51 «-5 1901 8-9 Gi-6-J G-GV" 5J-G 1000 12-13} 9-10} 71-81 63-7J 1899 ..... 101-11 7-7} 6-C1" 5S--5}