OUR YORKSHIRE LETTER

Otago Witness, Issue 2849, 21 October 1908, Page 8

OUR YORKSHIRE LETTER

(Fn©M Ocb <Special Gobhespondent.) * THE COMING NW CLIP. BRADFORD, September 4. The time of the year is fast approaching •JpMch to -woolgro-wftis. eoutSt of the equator is perhaps -the most important in the whole 12 months, shearing and the marketing of th© mew clip engaging the unreserved attention of all squatters alike. Next to mustering, shearing, and getting the clip ready market cornea it 6 sale, and it ie thi* Tatter question -which eclipses every other in point of importance. To one and oil alike it is the Alpha and Omega of the sheep and wool business, determining in the case of all the sinews of life for the future. It cannot be eaid that prospects for the new clip are anything like as o-osy as they were at this time 12 months •go, and this is to ba regretted. History proves ajid experience confirms that there is always far more trade doing with wool values at a fairly high price than when things are low and cheap. As a rule trade is very indifferent when the latter conditions prevail, whereas manufacturers usually find plenty to <k> when w-col prices are stiff and fairly high. A topmaker in Bradford could ten time 3 more easily his super 60's when they were a£ 26d than he- can. to-day .at 22£ d, all through the last five years- previous to the American financial crisis business being easy to do in ail departments. Directly the financial stringency comas by and the Yankee bubble is pricked, there enters into all trades alike a paralysis from which no country as yet shows any real tangible signs of recovering. It is only here in England during the past three months that we have seriously felt the widespread effects of the crisis of tli3 closing months of last year, and throughout tnis country the backwash has been sufficient to cause depression in all trades. ThitJ means that the textile industry, on which wool-groweis everywhere dopend for the absorption of their clips, is at the present time in an exceedingly quiet state, i*vpch machinery is standing, and condition prevail to-day which are die very opposite to what obtained this day 12 month® ago. Consequently the outlook for the coming new clip is none too rosy, but for all that w« are not going to see the very low prices" which some are expecting, and certainly not the. rock-bottom rates of 1£95. The question naturally arises, What is going to be the attitude of the trad© towards the new clip, and what kir.d of prices are likely to prevail? Let the reader clearly understand ~ihat in approaching this question the writer has no axe to grind, it being my, nilsskfn simply to record existing facts and to tell growers everywhere, what are the sentiments of buyers. Taking' a general survey of commercial conditions in all textile manufacturing countries, I hardly think anybody is| justified in looking for higher prices thin what at present prevail, for there will liavo to be a vast improvement in manufacturing conditions before there is the least chance of values advancing. It may sound strange upon the- >2ars of some to be told that Smpcrtera do not want to see higher prices, but on the other hand would welcome a chance of buying in Australasian, South African, ar.^el Buencs Aires selling centres at even less than what wool is worth to-day. It is to the interests of importers .'to get prices down to a still c ]<war - level* in order that they may feel "6afe" in what they purchase. Let nobody use hard words against them, for they are only entertaining the very views which are the direct outcome of the heavy losses which the^ have had to encounter on the wool they purchased last season. The biggest weight of last season's purchases lost buyers from £3 to £6 per bale, and after auch a rough experionca as many passed through', it is but natural that they should want to buy on a basis which would be absolutely safe. The current price in .Bradford to-day of a super 60's top is 22£ d, but there is a aonsensu* of- opinion thatto buy merino wool on that basis there is room to make another .*erious mistake, and nobody can afford to do that. There «tJH lives in the minds of all importers the fact that during the last three months of 1900, when the lan slump took place, the price cf super 60's tops fell to 18d, and nothing would please them better than to be able to buy o:i the" same basis during the forthcoming season. In the month of May and June. 1895, super 60's tops were celling at l&d ta U4 hence the reader will see that a knowledge of these tacts has created a hankering in the minds of importers after cheap wool, and nobody need be surprised if an attempt is made between now and the end of November to get prices down in order to influence all selling centres toward? ~s* ill cheaper won!. It is now an- acknowledged axiom of the trade that there is safety in bujing- fine wools when clieap, and that the best policy is to go from hand to mouth when priced are high. A good deal is going to depend in the future on the attitude of the Continental and American buyer, and if they set to .work in gocd earnest,, then they can socn defeat the "bear" party, who are longing to see things further fall before buying. To be candid, the majority would like to pick up wool both in Australia, the Cape, and Buenos Aires to bring in super 60's tops At about 20d, and to buy crossbred* in New Zealand and the River Putte on a basis of 8d to Sd. That is what they desire to do, but grave doubts are esprecced at the thing coming off. Everything, I say, is going to depend up<Wi th© oondition of trad© in all manufaefcurinp: areas, and if tbinge will only "bt*ok up/ then buyers will feel encouraged to go in and purchase freely. For miter all there te operating in all selling centres many buyers who are not Interested in "futures," - and who a-o prepared to buy on the real exiting, needs of their business. What the wholesale tabrio buyers want to feel is that %©ol values have touched the bottom, scad if prices again materially fail ij will certftinly upset confidence. There." is looming over the big Lancashire cotton trade a very blade cloud in the shape of a trctnopdous strike, on /account of masters rmsg their Bands notice of «. reduction of 8 mf cent, in wages, and if it comes off bWr*r wool value* are inevitable. The luaoubiiw cotton industry all the summer JbMDQtti 4ip*»r»ymT»Tig' Tory alaok times, and mil *fo«yniighfc alter the mill-building «Ma!ft of tbe Kft few vwars. No &*b ■fchen 221 nmr Tl HmlkdV' ,W« beea fec&ed,

adding no less than 11 million spindles ; consequently there has been tremendous over-production. Some think ,t&at mastcr3 and men will r.ot be so' fcolish as to precipitate a colossal strike, which will only ba like adding insult to injury, and as the .men during the last three years have .received several advances, they will be "Willing to accede to the masters' demands. The work-people's unions are exceedingly 6trong, and the ballot taken in many of tEe largest centres so far is unanimous in resisting the masters' demands, so what will be tioxtG Is lxa.r-<3 to say. .^ll fclie &a.xrxe* textile conditions in woollen areas are far from being healthy, and it is only by the accessicn of new business that we are 'likely to s-ae to-day's rates maintained. Stocks of wool are very low, and that is un- • doubfedly the best asset for the coming new clip season. The past week has been, characterised by more business, and the situation generally is more cheerful and healthy. Prices all round are exceedingly firm, 'the following being to-day's asking rates, along with the course of values during the past month: — COURSE OF PRICES.

Description. -5 M •< Si I v J_ d. I s 10i P 9 ' 8 Si < 10 I ! 101 '.)$; 131 12* 12' HI 10 5 m 281 i 181 lo| iS 9 s Lincoln bojrs ,„ Lincoln wethers North hog* ... -f?orih wet v era Yorkshire hogs v YoVkthfre wethers Halfbred host* Halfbred wethen Kent wethers f Kmtetn Connties Down ters Hl.H 1 . Counties Down wethers... Iri>h hogs, super Jrish wethers, super Picked Shropshire hog s ... l'ick«d Shropshire wethers Soulhdown tfgs PoutUdown ewes Wiltshire Down tegs Wiltshire Down e\ye3 Cheviot hogs, super Scotch Blackfaced... Turkey average mohair ... <3«p« firsts mohair TVs, colonial tcps ' »i 4'«, colonial t ops fiO'g, colonial tope, super ... S6's, colonial tops otfs, co'onial tops 46* •, colonial tops 40"s, colonial tops 36*8, colonial tops RS's. coloDial tops d. d. 101 101 h n 9 9 8 8 81 SJ 30 10 S l * 91 9 9 10i 101 10 '.i 131 131 i-:i : i?i la 12 "1 HI io ro 5 5 151 151 241 241 S3l 231 221 22* 181 181 151 151 121 121 10$ 10i 9} fli 9 9 d. 9 101 PI 91 8 9 8 81 10 »J 9 ■a HI 10 5 151 114 2<£ 22i 18i 15, 12. 10: 9