OUR YORKSHIRE LETTER.

Otago Witness, Issue 2391, 28 December 1899, Page 6

OUR YORKSHIRE LETTER.

(Fbom Oub Special Correspondent.) BRADFORD, October 27. THE BOOM IN WOOL. ARE MERINOS LIKELY TO GIVE PLACE TO CROSSBREDS? The 50 per cent, rise that has taken place in merino wool has almost staggered the entiro trade, and when prices for fine cloth have been advanced from Is to Is 6d per yard wholesale, it has set men thinking. We can therefore imagine many growers of the staple sayinc, "Have prices reached the top, or can we look for war prices and another move forward?" Answering that question in the light of present circumstances we might as well say straight here that we think for tho time being we have seen the limit, and the work of the future will lie more around consolidation than tiny further material advancement. Neither do we think it would be advisable in the general interests of the tradeto see any further sensible move forward in prices. There is no doubt a limit to everything, and ones trespass upon preserves and we must be prepared to pay the costs of tho prosecution. Is it not a f-trt, we ask our renders, that the signs of the times are pointing distinctly in the direction of a more general usage of crossbred wools at the expense of fine merino qualities? We know it's all very well to think otherwise, and for merino dealers to hush to sleep or to discount any stronger movement in coarser wools ; but can we afford to be oblivious to the true meaning of the 10 per cent, rise in crossbreds which was established at the last London sales, and the ri=c, too, in Bradford of 40's tops from B|tl to lid? We mention this fael, not with any desire to frighten merino growers exclusively, but because present high values for fine wools are causing the trade to consider seiiously whether the game is now worth the candle, oi otherwise. And when we say "the trade," we do not mean the topmakers and wool merchants, but rather spinners, and, moro particularly still, the manufacturers. It is here where the shoe has all along pinched the most, and they are finding it to-day a most serious matter to keep abreast with the greatly-enhauced prices they are having to pay for yarns. It would no* so much matter if manufacturers could recoup themsches of the extra cost they havo been put to, buf wo si te a positive fact that all along they have never been able to fully recover themselves in tho advanced prices thej' have demanded from wholesale clothiers and woollen merchants. Those are the men who have re\olted against tho infringement of what they call "their rights," and their feelings can he better imagined than expressed when we state that many of them, on pn ordinary worstfd coating or vicuna, are having to pay a» high as Is 6d per yard moro than when they bought a year ago for this last summer's trade. The question to many minds resolves it c elf into this : Is more attention being paid to crosnbreds, and is there a likelihood of them being fcubptituted for merinos? Wo sinswer candidly that 'there it>, tn tho following particulars show. During the past month we made it a specin! duty to interview peveral of our leading Yorkshire manufacturer;) and travellers on this one subject alone, and there is a consensus of opinion that wherever possible crossbred* :ire being substituted for merinos. Some surprise- has been expressed in many quarters at fine crossbreds having kept a good pace with merinos, but there need be no surprise felt when we state the real facts of the case. It i.s the work of substitution of them for merinos wherever possible, chiefly in wc-fi yarns, that has, kept thorn in the front rf demand and price. But notice this especially : 50'b and 56's crossbred tops bave newr l>ppn on that lii^li plane .when compared to Botany, and although there has been a most marked advance in tlie.-e qualities, yet manufacturers hmo been able to us-e them to gieat advantage to thom'-ehps. Lust January" 50' s lope could be bought freely at Mid, and 55's for 16Jcl. Even to-day ~so's are in tho market at J7d to 18d, and 55\s oi about 23£ d. This leaves a very good margin between tho price of thstd qualities and those of 60's, and it is here that the trade lias been disposed lo con-ider the cheaper articles in preference to liie dearer ones*. Then there is this factor to be considered, which io the most important of the lot. Manufacturers have iust finished showing their patterns and sample? aniongst our wh.olei-.nle dormers and woollen merchants for the next spring and .summer season. Ah they luivo given their prices,- there has been much.

head-shaking in disgust when .a 3s 6d i worsted coating' has been risen to 4s 6(J. j "Cannot you show us something a bit cheaper and more reasonable?" has been the question ] asked in hundreds of instances.. "Show us a lower quality, as this will bring garments within the reach of the million, and these are our best customers" ; and that call has had to be met by the production of 40's to 50's crossbred fabrics, which to-day are more in demand than for the past 18 months. We could go further in this strain of argument, but wo think sufficient has been said to convinco the most sceptical that values ! to-day for fine wools are as high as it is de- ! sirable they should go in the interests of both growers and the trade in general, for better by far let present prices remain steady and firm, and tho mutual benefits accruing therefrom be spread right over drought-stricken Australia than get values further up for a month, and then see a great slump, as wag the case in December, 1889. Some have not forgotten that ruinous time, and Bradford and the entire wool trade, had to smart for it keenly. In December of that year 60's were j at 30d, before June following had dawned j they had fallen to 23d, carrying many good men to the Bankruptcy Court. But I nobody to-day anticipates a repetition of that j sad scene, for even the statistical position of j the article alone will prevent it. Still, it . is always wiser to err on the safe side than ; -make another desperate plunge and lose the lot, nnd this is what the trade feels concern- j ing the future prices of merino wools. CONDITIONS IN BRADFORD. A tour of the wool market does not bring to light muoh that is new, but nevertheless | after going the rounds one cannot help but feel impressed with the present condition of ; affairs and the prospects for the future. The general tone of the market is very satisfactory indeed — much more satisfactory, in fact, than during the past few weeks. In quarters^ where open fears wero expressed with considerable freedom, confidGnco appears to be fast gaining the upper hand, with the result that gpinners as well as manufacturers are responding with a quickening pulse as they see their doubts and fears giving way before the improving conditions which meet the eye,no matter which way it is turned. During the past week there has been- a most effective emerging from the lato Slough of Despond into which things had temporarily fallen, and the market once more has become fully alivo to the real situation of wool. Everybody has seen and felt that there is no valid reason or ground for fear or that the goods market or the raw article are in danger of weakening— and this is tho key to the whole situation. Weaken, indeed ! The evidence all points in the other direction. The present and prospective condition of the wool markets of tho world nrosentg a very good guarantee of the fact that any casing is out of the question. The raw articls peems to be as firm as the Rock) of Gibraltar, and mounting upwards. With the heavy consumption of fine grades proceeding all the world over, the "wise heads" are predicting a famine next year, and big though present prices may be, there seems an inclination towards speculation, and men to-day are prepared to buy fine wool at present with considerable freedom. Average 60's tops liavo again reverted to 2s 6d per lb, and a considerable business has been done during the week. Also fine crossbreds and those ranging from 44's and upward are the turn dearer, but 40's and lower continue to move slowly. Mohair is all on, and the Ope new clip is coming to this market freely, and prices keep steady. In yarnp and pieced, there is no change, everybody seeming to have as mucii work as they can do.