OUR YORKSHIRE LETTER.

Dominion, Volume 3, Issue 858, 2 July 1910, Page 15

OUR YORKSHIRE LETTER.

THE . AFTERMATH OP THE SALES. , (From Our Suecial Corrosaoiidcnt.l | Bradford, May 20, 1910. ;So far this, year wool matters . liavo favoured practically everybody, aud it is satisfactory.- to know that from tho grower to the manufacturer a reasonable profit has been made on ■ the raw material bought, declino which took place towards the end of last October proved to. bo a. veritable godsend to consumers, for it' just opened the way for them to shape a..programme which was accompanied witli sQmo return on what they bought in Australia and London. Of course, growers do not like [he' turn of events, but in the aggregate' things .might have been much more disastrous, and instead of there being- a setback, prices have gradually appreciated. - It is universally recognised that morino prices are high, and nobody can afford to play "ducks and drakes ' with values. At the snmo time there is very little to indicate any lower prices, although we are being repeatedly told that it is all about 12 o'clock, e»*en 'ill fino wools. AVell, if it. is, and tlie hands stop up and prices' remain steady, nobody'will grumble,.and I say candidly it values do slightly recede it will be entirely caused by there being.in-the hands "t consumers some fairly heavy quantities of raw material. It is, certain all stocks in Australia have been 1 exhausted, and there, cannot now arrive in any one selling centre' -anything but the usual Quantity of fellmongered -parcels, and early shorn Queensland now clip. The same can be said of New Zealand ci-oes-breds. All last year's clip has been sold, or is now on the ivator for London, but the bulk has moved, towards consuming centres, consequently until the n£xt Australian season opens supplies eta only be very moderate. Hence it does not appear as if we were likely to see any lowering of values, trade being too good in Yorkshire and on the Continent. It is quite true that America is still a disappointing factor,- and it seems to the majority that things will not be much better until the present growing crops Tjegin to be marketed next October and November. . It is certain that material help is being given to' the trade by the large exports of Great Britain in woollen and worsted yarns and fabrics, apd a developing business abroad will always determine prosperity or adversity to the wool trad© in general. We seen] now to have got back to tho piping times of 1907, and after 12 months'- rest foreign markets have absorbed surplus .stocks, and buyers are again operating in a most encouraging way. There is no doubt that in the Far East a new. order obtains, and if the prejudice of the people can be overcome, the teeming millions of China c-an _ alter permanently the whole complexion of. the wool_ trade. There is no doubt that Lancashire cotton manufacturers will always challenge the supremacy of producers of woollen and worsteds in the West Hiding so' far as India and China are concerned, bpt with the price of cotton where- it is woollen goods will have a chance to score where they would not if cotton was half the price.

HOW VALTJES HAVE MOVED. The price of the new material always plays an important part in'determining Hie value of the fully manufactured article, and since last November prices have moved steadily upwards. AVest Riding manufacturers have during the past month been showing for the spring season of 1911, and, in the majority of cases higher pricos have. had to be' named. Naturally ' there has .been a good deal of quibbling on the part of wholesale houses, but they know ns well as manufacturers what tlie raw material "is costing, consequently they have paid tlio' increase with greater ease • than we have often seen. AVhen. wholesale houses aro j busy; and their customers arc wanting cloths; buyers, will always accede nil increased price, and it is when things'a.re slack, and there,is. 110 trade doing, thai' the revolt takes a practical shape by ,being : refused.. Just at this, time if is well worth'.'noting how prices have advanced, and in the table below .I sho\y what were quotations last . November 1 .for leading descriptions of tops, and at other given dates:—. ... Nov. Jan. May iX I.- 1. .19. d. d. d. 70's colonial tops ' ',28, 28 30 Gl's colonial tops .27 27 291 60's colonial tops, super... 2G 2G 28.1 60's colonial tops, ordinary 25 25 27J sG's colonial tops. ............ 22} 231 24 50's colonial tops 19 20j . 21| ■IG's colonial tops, prepared 15 17V 17j ■IG's colonial tops, carded 11} 17 17 41's colonial tops, prepared I'l.jr 17 IGJ ■ti's colonial- tops, carded .13 15 15 40's colonial tops, prepared 12} 15 14i -iO's colonial tops, carded 12 13$ 13 3G's colonial tops, prepared 11} 14 ' 13}

SOUTH AMERICAN CLIP. The position of crossbreds is naturally receiving a considerable amount of attention at the hands of" all members of tho trade, and because of the material shortage which is now in evidence, the majority believe that prices will bo higher beforo lower. I am bound to admit that that is a logical conclusion, but somehow things do not always work out in the .wool trade so accurately as a sum in arithmetic. There may be about crossbreds more latent power and forco than I think there id, but I cannot get over the fact that America is distinctly slack, Bradford is not too busy in it's crossbred: department, and new business is not being given out as one could like to see. However, the position so, far as it relates to the current River Plafcb clip is worth.looking at..The last incoming mail from Buenos Aires brings mo full details of the shipments from last' October ,1, when tho River Hate wool.year begins,- to April 28, and tho exports aro as follow

AKGENTINB WOOL SHIPMENTS. Total to. date 31D,i05 ■■ Bales. Total to .1908-03 412,407 Total to 1907-08 1 293,910 Total to 1906-09 419,372 Total to 1907-08 381,365 URUGUAYAN WOOL SHIPMENTS. Bales. Total to date <..... 85,580 Total to 1908-03 98,362

The above sliows a rather serious shrinkago of practically • 112,000 bales, which is equal to at least 230,000 bales of colonial size.. This means that notwithstanding. au exported,. increase of, say, 30,000 bales from New Zealand, there is nevertheless a shortage of. 100,000 bales to face in the. crossbred production of the world compared ..with last year. On the surfaco it therefofe looks as if crossbred prices will bo easily maintained, although at tho moment there seems to be enough wool about to satisfy everybody, while-quietness generally prevails 'across the Atlantic. ,

PRICES STEADY. The market this week has been considerably interfered with by the AVhitsuntide'holidays, most mills standing on Monday and Tuesday, and also on Friday. There is not much that is fresh .to report. Business has naturally slowed down during the past week, arid there is.hardly that life and activity in coarse crossbreds that was seen a fortnight ago: One is liable to forgot that users cannot al ways be operating, but that time must bo given them , for the absorption ot old stocks. During the past few years the custom of most people has been to anticipate their requirements by-, buying for ward, ami in the majority of cases spinners bought very freely when -lfl's tops wore round 13d. In the aggregate, not a, great dcnl was done in '.10's wlion tlioy reached 15.1(1., and thorn' is to-day a -tendency to holt! -oft' in the hope of values easing still further. ' Thoro is throughout tho AVest Riding, a difference of opinion regarding the future of crossbreds. A large number 'are pinning their faitli to tho shrinkage, in Ihe Hiver Plato clip for seeing a, fiirthe,' improvement in values, but at pro.seut the general temper of tho market is against higher rates. In a few weeks' lime a new Eng- • lish clip will bo on the market, and in face of the reported slackness across the Atlantic, it is hardly likely thai users will rush into country fairs and pay , extravagant, rates. AH the "vim" seems 'to bo off the market, with America be--1 iiig so quiet in strong wools. However,

thero is locally no easing of values, and as far as 0110 can see there is every likelihood of prices keeping up. A steady and 'healthy trado .continues to bo dono in fine cro.-sbreds, and in medium qualities there is also not much room for complaint. It is around coarso qualities that most interest is manifest. On the whole stocks of combed tops arc fairly light, and this is strengthening the hands of users. This month a large number ot lirms have some fairly heavy financial obligations to face, and there is every likelihood for some weeks to come of t test being put upon values. So far this season there has been 110 forced realisations, and this fact has added'considerable strength to the position of holders. Merinos remain unchanged. The trade hero is still of a most healthy nature, and as far as one can seo likely to bo. Spinners are all very well supplied with "particulars," and so long as they continue • to send out yarns (hero can bo nothing wrong with the trade.