OUR YORKSHIRE LETTER.

Marlborough Express, Volume XLVIII, Issue 71, 25 March 1914, Page 6

OUR YORKSHIRE LETTER.

HIGHER PRICES FULLY MAINTAINED: :

[feom ouk cobrespondent.] I - BRADFORD, Feb. 13. ! Wo ar© faoe-tofaoe once more with : •conditions whieli cannot but be ' I'eggirded as more in harmony with ' our views of what trade" should be, ' and after the- excitement of last week ' we axe able to free more clearly where ' things stand. It is now evident from what souro© the impetus came, ' and what it , has left behind. It ' fiimply amounts to Bradford top- j ■lakers and spinners having swung I aqund, and got more into harmony } with the outside world, and whether I "Wiest Riding users have been the i objects -of attempted bluff by those I T?h.o dxu-ing the past ' four months ! have criticised them for not com- ! peting more actively -in Colonial wool J markets for wool, is purely and simply j Sh matter of personal opinion. Some 1 tiiink Bradford has raade a mess of ' Hiings and mi&feed the- 'bus, and is j to-day having to pay the penalty for I looking at thiags in such a pessi- i mistic and gloomy fashion. There I nuxy be some justification, for taking ! that view, but as a rule the average j ilSorkshireinan prefers to look before | Jtt3 leaps, and even to-day users ' anticipate bein^^able to buy as cheap ' wool in London' at the ensuing series ; pi sales, just fcke same a«i those did > during the first five or six weeks of the selling sea&qa in Australia. In i December as well as January those j who confined their operations to j Coleman Street secured raw material ' on a distinctly cheaper basis than Australia provided, and that alone ' .gave satisfactio-a. Of course the' price of tops had come down in the , interval, and riow ' that the raw i material had beeai disposed of in the Colonies, and wifch. users i-ealising the ; circumstance, they have swooped : down and ra,reaously devoured the ! available supplies oi both wqol and \ tops in Worsfcedopolis. The result I is that everywhere the market pre- j sents a, very different appearance j from what it did when the year j opened, and the . rise has been a1; pretty sharp oiie.

EXPOIIT HOUSES CAUGHT NAPPING, Evideiice ,ha» J accumulated this hist fe.w days to show clearly tiiat "bears" have been caught napping, especially several Bradford houses engaged in doing an export trade with the different countries in Europe. We know for a fact that every class of yams exported 1,0 the Continent ha*s heeri offered ;o ridiculous prices, ranging from Id. to lid per lb. under what spinners would take at the time .sales wore. made. We know for a fact that several firms have actually sold 1-30''s at 7s 7jd per gi*oss in the hope of,' being able to cover the sales at 7s 6d, if nofc below. So recently <as three weeks ago spinners were being bid the labter price, and even this day two weeks ago one of the biggest firms was only prepared to pay 7s 7id. The spinner producing this standard demi-lustre yarn refused to ace&pi yiich a low price, and two days after the same house paid the spinner 8s per gro^s, who is now firm al* Bsi 3d. As a matter of fact, the export houses had already sold big weight? at 7^> 7}d, and having had to cover asb 8s they are confronted with 'an uncomfortable loss. What,is business if there is no profit attached to 'iti^. i Two market men were discussing the situation, only .yesterday, and, one remarked that they had done & huge business during the past three- weeks; but upon the otlier r probing things to the bottom,

the- first speaker had to admit that his firm had not made a fraction profit, and said, to conclude, that he was utterly disgusted with what they had been forced to do. Those who have been continuously selling forward for , a fall have dujg a. pit, -and to-day they are.in. it themselves, passing through a very uncomfortable experience. "VVhen Bradford tries to convince herself that she is the only determining factor in the wool ima-rkets of th© world, she is trying to do some-thing which is. impossible, and .after the bitter experience Qf;Jkke» past month Bradford has at teist'wqke up to. realise that there are others outside who are playing an important part in deciding the course of wool values.

A FULL MAINTENANCE OF THE RISE.

'T!d> week tiiere has been less actual business put through, but all the same there is a full, maintenance ol" this improved position seen a week ago, and last week's rise is very strongly in evidence. Merinos have had a fair share of inquiry, tli^re; have been some belated sales, but p&t by any means the same weight turned over as was the case last weefe Neither could it be expected./ A good many spinners have, bought enough to meet all their requirements up to next June, several we could name being so convinced that therp. is no cheaper wool in sight that th<iy have done- a little speculation, tijjtp cannot be; said that ther& r has*£besii any wild buying. The situatipn^t'as been /carefully and judiciously watched; many have argued that wool

still advancing in Australia showed' that, the demand was larger than appeared oh the surface ; and with* more business being done by local -spinners and manufacturers, many., tirade iip their/fimiuSs/to anticipant© • the; future |>y 'placing some fairly, good contracts >wi^li topmakersi.,'.>s£©:• are gla4 that" thU;is:;so ) for it mealns' a continuance of -healthy consumption now for some months, and-to ■'-all appearance there is little prospect of there being any setback whatever. We think it is possible to-day to pick up an: : average 64's top at 2s 4£d with delivery ibr- April, May, and June/ though the majority are * demanding 2s sd, and' some are actually a.fekJLng. up to 2s s£d. Of; course the bulk of7-the present sales" have taken place in the neighborhood : of 2s 4d, arid we should say that the lairgesfc part of the business done for tne coming : season has been put through at 2s 3|drto2s 4d, although the^atest transactions have all been; at 2&.#d and upwards. . The main poin^toj notice is that both topmakers ; hridifepinhers are not committed to : considerable forward business, and if ■:. the piece end remains as satisfactory ' as many are hoping, the West Riding is in for a decent season's trade; There are still many complaints that last '. week's;'move was largely a speculative \ one,ythe majority buying on forward ;. account for fear of both wool and tops ; being dearer. Not a few are still ' croaking and stating that in a fort- ■ night's time the thing will fizzle out, j but;that we fail to see. We cannot j expect-active markets every week, I but we are certain there will be no \ cessation of buying, and "the majority • have now made up their minds that • we shall see dearer wool in March • both for merino s and crossbreds, the ! general impression favoring an all round aidvanoe of id. j

HEALTHY AMERICAN TRADE

Considerable satisfaction is"expressed iv Bradford trade circles at the all-round expansion in the trade, that is being done with, the United States. | American clients were soon advised; of the spurt in Bradford, a week ago, and many responded by cabling orders both for wool, tops, yarns, and, even piece goods, some.making, bids which had to be turned down on account of being too little. Where orders could be vput', through- -they ] were done, so mate; sS^iOf, :j .the business}^but^eK^ow!ifor% that on both merino 'and crossbred wool, particularly the, latter, an .advance- of Jd per lb was frequently paid on the prices realised at last j London sales. More than one topmaker landing Buenos Aires crosssbreds has made even Id per lb profit, and we know one paitythat has secured between £6 and £7 sterling per bale on some fairly big weights, of Buenos Aires crossbreds which have j been sold to a United States buyer.! Of ; course a B.A. crossbred bale j weighs on average nearly three times ■] that of a Colonial bale, and this; should not be lost sight of. At the same time, when topmakers are able' to make fully Id per lb profit they are going to think twice before combing their wool. Further important sales have also been effected'tooth in i tops and yarns, and the outlook for Bradford across the Atlantic is to say the least a distinctly improving one. It is*, rather noteworthy that last; month Bradford, Leeds, and Hudder&field sliipped double the quantity of stuff goods that tihey didislie -month, previous, a clear proof that the West Hiding has still a hold on the Anierican market. Considerable, quantities .of worsted coatings as well" as serges and low woollens have been placed, and as far as one can make out there is a full maintenance of the trade in linings as well as stuff goods, all of which means activity for. West" Riding mills. Of course, the advance in worsted yarns means that many firms are having to put up their quotations £d to Id per yard, but if this is done by Bradford manufacturers it will also have to be done by those in • America, as they too are faced with a prospect of dearer wool.

THE MOHAIR TRADE

More interest is being displayed in! mohair, and .between three and four j million pounds of mohair yarns were sold last week—the best week's business done for many a; long month. The bulk consisted of 2-32's and thicker counts; arid America, had a share in the -business, vOfucourso, the bulk wasi donei on iCbritineritai -account, but <we j .knpiv'ufcha^ •pl^ed^w^ph' -;wili v^ltimat^P^i^i^sinftiboth yarns and fabrics being shipped .| toi N©W' York.:.< "Ws, have information '■! •by cable both from Constantinople and I Port thaib the raw material | is firmer, and |d more per lb has been jmade on Gape winter hair and winter i kids. 'Ilie unfortunate part of the ; proceedings is that Cape firsts and j Turkey average hair do not shift a" particle. These are bulk sorts, and \ some good orders are needed from the ! United Bt'r>.tes- for Sicilians and simi- ' lar fabri . in order to> consume big weights or fairly thick yarns. Every- t thing seems to. be-making for some- ■ what lower prices with the advent of the new clip. It is amazing how - mohair lags in face of continued activity in alpaca, for during the past ; week about 800 bales of the latter have changed hands in Liverpool, j where a big business has been done ; week, by week during the past three ! months. This is all due to'the con- ' tmued active demand for alpaca liii-| ings for export to America. The United States took last year 7737* biues of Turkey mohair from Con-' stantmople direct.