OUR YORKSHIRE LETTER.

Otago Witness, Issue 2924, 30 March 1910, Page 8

OUR YORKSHIRE LETTER.

fFaais Oub Special Coßbespondsnt.) BRADFORD, February 11. THE AFTERMATH OF THE SALES. Once more the trade finds itself given up to wiping off arrears connected with the recent sales, the principal work this week in London being the making'out of invoices •nd the despatching of wool to the various manufacturing centres. So far supplies hare gone out in a most encouraging way, buyers, being disposed' to take in their purchases without letting them stand aver ; in London. It may-not be, generally, known., ibut every, series a fair weight of wool is bought,by several London and provincial buying brokers, the bulk of which is allowed to stop in London, either, in the warehouse or at some station, until the tame is sold, It infrequently happens that wool bought one series turns up again at a ■ucceeding series. I, know a case where a lot of West Australian combing was bought last November, at 7id, the same being sold in Bradford during the recess at 9d. Thisf identical lot, which has never left London, was re-catalogued at tjhe recent series, and again sold at 7Ad, the ownei ..of the wool not taking, the trouble to limit the lot, com: ■equently a serious loss resulted. London always provides a good opportunity for making a profit on any lot ; of wool that has been bought right, but for a dear, lot of even imports. Coleman street is of very little use. The most profit was made at the recent series of. sales by-those who bought -last. October in . New Zealand crossbred "new clip" wools either privately or at public sales, and in many cases 2d to 3d ; per lb has resulted. Re-offered merino imports fared rather badly. , WHERE WOOL STANDS. The series' being over, we have now a moment's time to look round and eee where the raw material stands. The comparative firmness of merinos and the steadiness of values.at the recent sales suggests a brief consideration of the ' present position merines ocoupy ; and on examination it will be that while values are not extraordinarily high; yet they cannot be called cheap. Nothing : suits" manufacturers better than an adequate supply of wool at a little prrqe, because thef they have a far better chance of making good profits than when ■wool is dear. It is always an exceedingly difficult operation to enforce increased prices on the' wholesale, consequently when '•wool advances substitution begins.' For instance", in the woollen trade manufacturers speedily resort to a large!' use of cotton And murrgo in order to bring in cloths, at the old price. I know a case "where a firm that makes largely "bread and butter" fabrics kept several of their cloths at the name price from 1903 to 1907—in fact, they are making these fabrics to-day at exactly the same figures as they did when wool was pence per lb cheaper. I don't say the cloth 46 exactly the same value, ■ although it is the same weight, shade, and design, circumstances determining how much mungo, shoddy, and cotton shall be used to bring r them "in at the old price. When it comes to the production of "all wool" fabrics the eatuation is quite different. Here men cannot work to a price, for their fabrics are bound to alter each season as the price of wool goes up or down. I heard one Yorkshire manufacturer say at the.recent sales that •one of their cloths \rhich they sold in June, SSOB, at-4s 6d is 10-day * standing and selling at 5s 3d, while another dress serge of very good quality that they were making at Is 9d is selling, at 2s 3d. This shows how. rising values affect more or. less the finished article^. and the course of prices is being \yatohed to-day more critically than ever' by,' buyers of woollen and worsted , fabrics.' jHOW VALUES HAVE RISEN. The present is an opportune time for looking at values. It will be remembered tfoat at the beginning of 1908 we had de ( moralised wool markets with colossal Josses on imports, the lowest point being touched at the May series of sales. Below i

I show the values then ruling for leading descriptions of wool and where they tand

r air staple, sKirxy o - og * - <2 BIG RISE IN CROSSBREDS. The above particulars do not show a very great rise in merinos, but when w© come to crossbreds the advance is considerable. Of course, this class of raw material has not occupied that front rank position that merinos have, largely due to fashions, but all available stocks have been used, *and now when prices have appreciated there are no accumulations to be lifted airy where. Crossbred wcol was never 'a more- valuable commodity nor more useful than it is today, and the outlook is most encouraging. Below will be seen particulars showing how values have moved since May, 1908, which was the lowest point since the American financial collapse:

HEALTHY CONDITIONS IN BRAD- • FORD. , Trad© in Bradford continues on the quiet aide, new order’s being somewhat scarce. The market' cannot be called really slack, although there is not that buoyancy one might expect after the firmness of London. There has been a mild attempt made to talk things down and belittle the verdict of Coleman street, but so far it has had no affect upon prices. Topmakers still maintain a firm front, several having put up their price to 26£d for super 60’s. Whiteheads are very firm at 27d for their wellknown standard make, which certainly is a very reasonable figure in view of what wool was costing .'recently. It is a bit of a mystery to a large number why super 60’s can be bought at 26£d when no class of wool could be picked ‘up in London to bring them in at that figure, and the situation is all the more baffling when 61’s can still be secured from some of Bradford's biggest' and best importers at 27d. -There has been this week a fair amount of inquiry, and several sales are reported of both merinos and fine crossbreds, but there is not that activity that we saw last, month and in December. After all no reasonable man can expect it, simply because spinners are all well ahead, and it is only the covering of fresh yarn orders for forward' delivery which is the new business passing. Topmakers on the whole are very _ indifferent about sellng more until they lighten their order books; in fact, I don’t know a single firm but what has quite as much to get out before the end of April as it car possibly manage. I was this week to the managing director of Bradford’s largest firm of commission wdolcombers. and he candidly said they were “pulled out of the place” to make deliveries —in fact, although they were running day and night, yet they could not adequately cope with the requirements of their customers. Prices are very firm both for merinos and crossbreds, and the outlook is still regarded as favourable.

to-day: — 1908. 1910. May January average. average. Per lb. Per lb. d. d. d. d. S. Australia: Midlands, 115-125 bright, long, light .. .. 105-11 S. Australia: Midlands, fair length iand condition 9 - 95 10 -11 Victoria: Western, good quality and condition .. 14 -145 Victoria; Western, fair length and condition .. 12 -125 13 -14 N.S.W.; Riverina, light. long, bright i3 -m 15 -16 N.S.W.; Riverina, good staple and condition .. 13 -125 135-145 N.S.W.; Riverina, fair character, burry .. .. 10 -105 11 -12 N.S.W.: N. England, fine. bright, light .. .. • - 12|-13 14 -15 N.S.W.: N. England, fine, 125-135 blnish, fair condition .. 11 -11J Queensland; Central, bright, shafty,, light ii -115 14 -15 Queensland; Central, good 125-135 staple, earthy tip .. .. 95-10 Oireensland: Central, irregulgr length and condition 85- 95 105-11 New Zealand: Good quality, light, long 11 -115 15 -16 New Zealand; Fair character. heavier 9 - 95 12 -125 New Zealand; Irregular condition, earthy .. 8 - 85 95-105 Cape: Kaffrarian, fair staple, light 85- 9 9 -10 Natal: Fair staple, shirty 6 - 65 7 - 74

NEW ZEALAND WOOLS. 1908. . 1910.' May January average. average. Per lb. Per lb. d. d. d. d. Halfbred: Super, 50’s-56’s 13 -121 16 -17 Crossbred: .Medium, -46's. 4 8-9 131-141 „ - Coarse, 40’s ,. 7-7^ 11 -11J „ Coarse, 36’s .# 6i- 62 10 -10i SHpes, halfbred lambs .. lli-12£ 16 -lit Three-guarterbred lambs .. .. 9, - 9 i 14J-16 „ Leicester 8 - 8i 121-14 ,, Lincpln 7i- 72 ni-m VICTORIAN WOOLS. Halfbred; Super, 50’s-5G’s 13 -14 17 -18 Crossbred : Medium, 46’s.. 8 - 9 13J-14I ,, Coarse, 40’s-44’9 7 - S 1U-12J