OUR YORKSHIRE LETTER.

Marlborough Express, Volume XLIV, Issue 123, 1 June 1910, Page 3

OUR YORKSHIRE LETTER.

ITHE GREAT QUESTION OF SUPPLIES.

<F*om Our Special Correspondent.) BRADFORD, April 22, 1910. The one question which eclipses all others at this moment is that ot supplies, there being to-day spread be-, ■fore the trade such .a heavy weight ot wool that if business was not unusually good nothing but a serious decline in value would take place. It is all right for large supplies to be before the eyes of consumers when'machinery is running at the maximum, and when prospects point to an absorption of all the weight of wool that is coming to hand, but let there be a slackness in -the demand, and we shall see even merino prices at a very different altitude. But sufficient unto the day is the evil thereof. If ever the time comes when the trade is confronted ■with such conditions, i.e., big supplies and quietness in trade, it will be absolutely imperative to handle the Australasian clip in a very different way to this season. Bradford is literally choked with raw material, wooleombing establishments and warehouses are filled to the doors, while on every tailway siding for miles can be seen waggons filled with wool, all waiting to be emptied if business houses had room. In addition, another meal comprising 170,000 bales confronts the trade next week, and to say the least the financial resources of the whole industry are being taxed, although we liave heard little on this head during the past two months. Still, one hears and sees a few important things -which all indicate the actual standing •of importers and topmakers. One big Bradford importer has recently ■written twice to a firm asking if they could not deliver 100 packs of 70's tops although the time specified is May and June. The contract price is over 2d per lb less than what they are quoted at to-day, and yet the firm plainly said that they wanted to make deliveries in order to meet their financial obligations, as they were weekly landing some very large weights of •wool from Australia. GROSS ARRIVALS OF WOOL. As already said the trade is at the moment confronted with a larger supply of wool than we have ever seen, and it speaks volumes for the consumptive capacity of the industry ■when in face of these heavy weights of wool prices have steadily advanced. The Australian clip begins to arrive for the November series v and the quantities weekly increase right up to the end of the following May. Practically speaking 2,000,000 bales have now to be lifted between October Ist and the end of May both in Australia and London, and even the veriest novice can see a large amount of money is required to do this. Some Idea "of the rapid way Australasian -wool has poured into this country since the lists were closed for last NoTember series can be gleaned from the following particulars, where I show what have been the gross arrivals at the first three series of sales •during recent years:—

It will be seen from the above that i;he movement of Australasian wool Into this country during the past three series forms a record in the history of the trade. WhetKer or no tlhere is included in the above 1,201,----'2OO bales the arrivals at Continental ports I cannot say, but I doubt it, the figures relating I understand to the imports into this country only. Since the beginning of 1900 there has been a gradual increase, the total showing over half a million bales increase compared with the corresponding date in. 1900—a wonderful accomplishment. Reckoning the above as being worth £15 per bale means that at least £7,----500,000 more capital is required, even if the price- per bale was the same in 1900, a fact we know did not obtain, Tallies then being sensibly less than ifchey are now. I take it that at least

ten millions sterling more is to-day in circulation in lifting the arrivals of Australasian wool than obtained at the beginning of the century, hence no wonder need be felt at the trade asking for a little breathing space. Looking down the list of arrivals for the impending series, one fact is very significant, namely, the very large quantity of New Zealand wool to hand, no less than 198,610 bales having come forward. Out of these 97,500 bales have been forwarded direct, leaving 107^300 for sale. It is very plain to be seen that crossbred wool is going to form the principal part of the offerings, for out of 170,000 bales available only 63,000 can be looked upon as merino. These could easily be disposed of in a week, and in the opinion of some it would be a very good move indeed if-part of these heavy crossbred arrivals could be carried forward to a later period of the year. What the trade at present seems to be mostly in need of is a little time to digest its heavy direct imports, and I often think it is like adding insult to injury to ask a man to buy when he is fuli up at home. IS THE LAST AUSTRALIAN CLIP FINISHED? An item arising out of the question of supplies is whether or no wo have seen the end of the last Australian clip. The trade has been very much disturbed during the past three "months by the repeated assertion of one well known authority at this end of an increase of 200,000 bales which the current clip will show next June 30th, when the Australasian wool year finishes. It will be remembered that Dalgety's estimate an increase of 100,----000 bales, while other good authirities say there will be practically no increase at all. Now in face of all these various opinions users want to know where they are. I must admit the quantity of fine wool available at the forthcoming series is a very disappointing weight, and if it turns out that there is going to be no more merinos available at (succeeding sales, prices cannot but further increase. Never in the history of the trade has there been such a small quantity as 9000 bales available from the premier State, and these could easily be lifted in a single day. Dalgety's returns showing the exports up to the end of April will be more interesting than ever, for the figures will practically decide the increase for the wool year, with the exception of Queensland new clip, which is at present being shorn. If there »is not a better showing than obtained last month, then merino values will remain high until the opening of another new season. The situation so far as supplies are concerned is being minutely watched, but there is general agreement that from now onward we are going to see a big falling off in arrivals. The back is broken of the last Australasian and Cape clips, and if the

trade can negotiate the coming season in a fairly good way, values will not fall a great deal. ' MERINOS VERY STRONG.

With another series of London sales fast approaching, the tendency is for less business to be doing, until men see what is going to take place. There is very little scepticism about the course of fine wools, and another small advance is expected. The situation locally manifests no new feature, but without doubt merinos are still in the van, and leading. During the past week there has not been passing much new business, although some topmakers'have sold a few nice parcels. Those spinners who are well covered up to next September do not seem disposed to follow in the least, but rather to use up their contracts, and await developments. Some people are still strongly of the opinion that a greater volume of supplies of even fine wool is still to come forward than is generally supposed, and no serious set-back is anticipated, still the fact of Australia enjoying bountiful rains means more wool available early next season. Our view is that while it is unsafe to count upon any surplus, still there need be no uneasiness respecting any dearth of supplies. The present record consumption, together with the undisputed quietness across the Atlantic means that so far as Europe is concerned markets are very adequately supplied with the manufactured article, while the United States giving in so early is a factor very few expected. So far as Bradford is concerned there is as yet no slackening in consumption or production, although the market is a little more one-sided than we have recently seen. The very fact of low crossbreds slowing down suggests caution. It is possible to-day to buy an average 40's top at 14£ d, more topmakers being at present disposed to sell at that figure than during the past three weeks. The most satisfactory feature continues to be an undiminished consumption, but naturally supplies are also on a .record scale. Commission woolcombers are exceedingly busy, and there are no accumulation of tops, notwithstanding that

every plant is going day and night, ; these remarks applying more particu- ! larly to 50's quality and upwards. I The next month is going to be a time of real test, and Coleman Street is being looked forward to with more ■ than usual interest. Business is sound . and good at the manufacturing end , Sof the trade, but the giymg way m ; • low crossbreds is what is not liked. ; i Mohair is on the quiet side, but prices | are just about steady. -

January series Bales ' March series Bales May series. Bales Total Bales. 1910— 405,500 1909— 354,500 1908— 353,300 1907— 275,000 1906— 291,500 1905— 235,000 1904— 190,000 1903— 216,000 1902— 211,500 1901— ■250,000 1900194,800 364,300 422,200 340,600 397,400 306,300 366,000 272,000 278,300 252,100 216 ; 000 263,000 431,400 377,500 318,000 352,000 316,000 296,800 297,000 304,000 367,500 255,800 262,000 1,201,200 l,154',200 1,011,900 1,024,400 914,300 897,800 759,000 798,300 831,100 721,800 719,800