OUR YORKSHIRE LETTER.

Otago Witness, Issue 3148, 15 July 1914, Page 15

OUR YORKSHIRE LETTER.

(From Odr Special Correspondent.) BRADFORD. May 29. GREAT BRITAIN’S WOOL TRADE WITH GERMANY. There is not a great deal new to chronicle this week respecting the course of the wool market. We have arrived at a time when we may expect to a' very large extent a marking' time movement, and that is really what obtains to-day. There is still evidence of interest being taken in the course of the raw material, but spinners and manufacturers seem to-day most concerned about working up present stocks, and the future m the best manner possible. Naturally they arc not liking the recent upward movement of values, particularly in fine crossbreds and merinos; but they recognise that it is a natural development, and the outcome of conditions which seem to have been borne in upon the trade in a very remarkable fashion. Not the longest-headed man in the trade could foresee the rapid movement of prices, particularly for merinos and fine crossbreds; but it is all traceable to the. extraordinary demand of the United States. It is really wonderful what wants have been laid bare, but I think I may take it as the direct outcome of factors which have been quietly operating during the past two years. For ’ that length of time there has been a good deal of agitation in American political circles, and a change in the tariff has been forecasted for at least two years. Several American mill men knew that it would never do to be carrying even normal, stocks if free wool were likely to obtain; consequently directly the ports were open and wool admited free, American spinners and manufacturers set to work to replenish their stocks. That is really the prime cause for the present course of values, and it is a fact that the recent buying has been more of the nature of stocking up and preparing for the future requirements than anything else. The top trade of Germany is of no small concern to regular readers of this journal, for the big weights of wool consumed in the Fatherland play an important part in determining the course of values. If one could get together reliable statistics of the quantity of wool actually consumed in Germany, I think the total would not be far short of what is put through the mills of the United Kingdom. I regret that I have no reliable statistics to hand showing the actual imports into Germany from Australia, the Cape, and South America. Of late years mo:e buying has been done at the sources of supply than in London; consequently the German contingent has not been as active in Ooleman street as in the primary markets of Austra.ia and elsewhere. Still, that does not alter the fact at all. We have to consider the relationship of Germany's purchases of raw material and their bearing upon prices. Germany has had more than a lame hand in dictating the prices of merinos during the past six months, and to-day it is some , satisfaction to know that mills generally throughout the Fatherland are running fairly ' well. There may not be the boom and the swing of trade that have been seen on some former occasions, but it can truthfully bo said that conditions are more normal than they were a year ago, and I am not overstepping the mark in saying that the recovery has been largely due to the Eastern States opening out fairly well after the troublesome times caused by the Balkan war. Hundreds of storekeepers and clothiers had largo stocks reduced to very small proportions during that long struggle, and with peace prevailing in such important countries as Turkey. Asia Minor, Roumania, Greece, Southern Russia, including Austria and Hungary, it all means an increased demand for wool fabrics in which Germany in particular stands to benefit. That is really what wo find to-day ,and I am glad that trade has recovered. I GREAT BRITAIN’S TRADE WITH GERMANY.

Let us try to get down to hard pan, as the Yankees say, and see the extent of the trade done by this country with Germany in wool and its allied products. .For a good many .years' Germany has been Bradford’s best customer; in fact, the large business houses in Bradford which originally wore founded by Germans who came to Bradford to learn the textile trade, and which to-day are being conducted by the sons of the founders, prove the extent of the business relationship with Germany and other Continental countries. It is remarkable that after the lapse of tinge Great Britain’s trade with Germany in wool, tops, and yarns is not a decreasing quantity, particul ly in the export of tops. In the olden days wo exported more fully-made fabrics than wo do to-day, and it is but a natural development to find Gorman manufacturers now well able to produce the woven fabrics themselves; but Bradford is supplying them with more tops and yarns, while huge weights of raw wool are being purchased in London, but more especially in the colonies. However, let us see what has been the

extent of the home trade -with the Fatherland during the past three years. The following is a very useful table, which gives readers some idea of the actual business } done in -the leading products appertaining j to wool, and it will be seen from the figures I given below that Germany is still the best ; customer for wool and its allied products. ! The shipments during the past three years are as follow ;

I The above gives readers a very clear idea of the close relationship that exists between this country and Germany from a business standpoint, and it will be a thousand pities if anything ever transpires, either politically or financially, to destroy the understanding between the two countries. This is a very important factor in the commercial world, and there is no centre in the United Kingdom where it is more appreciated than in Bradford, where the relationship between the two countries is more intimate and important than anywhere else. IMPORTS OF TOPS INTO GERMANY, j Particulars are available this week showing the quantity of tops which Germany imported during the month of April. As already said, that is an important development during recent years, and provides not only the German but other Continental spinners with a partly-manufactured product for spinning purposes. Big weights of tops are exported from both Belgium and France to Germany, as well as from England, and the following are the particulars of the imports of tops into Germany during April: ! From From From ' - Belgium. France. England. 1 Kilos. Kilos. Kilos. Merinos .. 189,700 145,100 ’ 700 Crossbreds .. 313,800 698,200 671,200

503,500 843,300 671,900 The total of 2,018,700 kilos compares with 3,667,100 kilos in March, of which 565,800 kilos were from Belgium,. 2,230,000 kilos were from France, and 871,100 kilos from England. The total imports during April last year were 1,527,100 kilos. Appended are the particulars of the imports of tops from January 1 to A'pril 30 this year and the two previous years:

j 1912. 1913. 1914. ! Kilos. Kilos. Kilos. Merinos .. .. 3,809,100 1,498,500 1,776,200 Crossbreds .. 4,726,200 5,277,700 8,070,700 8,535,300 6,776,200 10,046,900 MARKET CONDITIONS. Wool conditions in Bradford do not exhibit a great deal of change. The market on the whole is quiet, but values are well maintained, and there is little alteration compared with a week ago. Nobody seems disposed to buy largely on forward account. Unfortunately, commission woolcombers are exceedingly quiet, and there seems to be no disposition on the part of topmakers to send out wool for combing purposes beyond what will fulfil their obligations. The market really is holding its own in face of rather quiet manufacturing conditions in the home trade, and I regret that mills are by no means satisfactorily employed. There is the usual crop of complaints regarding profits, and until there is an improvement on that head there is little likelihood of any marked development. I find there is still _ the most satisfactory business being done in the export of raw wool to the United States, ana I know that several firms are sending out fair shipments. The latest returns showing the exports from the Bradford consular district to the United States indicate satisfactory conditions, and last month the total wool exports amounted to £153,054, compared with £81,962 during April, 1913. Prices are all well maintained.

1911. 1912. 1913. Lba. t> • i. * l. 1 er ncc Ann Lbs. a qqi nAA Lbs. a i n

British wool 5,966,000 6,891,000 8,051,000 Colonial and foreign wool 85,370,000 101,239,000 93,197,000 Tops 13,146,000 15,009,300 — Noils 7,627,600 5,741,900 — Wool was$e 3,894,800 3,885,100 — Worsted yam 35,645,100 34,561,300 29,475,000 Mohair and , alpaca yarn 11,669,800 11,042,300 12,879,300 Woollen yarn 2.662,400 2,423,600 — Woollen Yards. Yards. Yards. cloths 7,022,200 6,731,200 5,712,900 Worsted tissues 2,017,200 1,371,200 1,764,200