OUR YORKSHIRE LETTER.

Otago Witness, Issue 3149, 22 July 1914, Page 17

OUR YORKSHIRE LETTER.

(Feoit Oue Special Correspondent.) ' BRADFORD, June 5. CONTINENTAL FUTURES AND THEIR EFFECT UPON WOOL VALUE | Tnere seems to-day to be a dearth of dUG , argel ->’ to this week being the | Whitsuntide holidays. All mills and facI tones in the West Riding have been closed I tW ° , ys more > «nd I regret to say that several mills are closed for the entire week a proof that everything is not satisfactory. Some mills are actually standing 10 days, having closed down last Friday night, and will not resume work again till next Monday morning. This is not like Bradi ford, and it is painful to know that even | among sorters more are out of employment to-day than has ever been known' for the months of May and June. This is conclusive Proof of the slackness of trade and the ■unprofitableness of present conditions. There is nothing like running machinery to shift ' raw wool; but many firms complain bitterly at the unprofitableness of prices, and say they might as well stand as work for nothing. It is certainly far from being a healthy sign to find 6Us tops at 2s 7£d, and 248’s yarns procurable at 3s 2d; but that is an actual fact. A rough calculation which makes allowance for a reasonable margin should be 8d difference between the price of 64’s tops and 2-48’s yarn; but when spinners are having to turn that quality of top into the count of yarn named at this price, it shows that something is radically wrong. A man, at least, must have 7d to to cover bare cost; hence the justification for many firms complaining bitterly at the unprofitI ableness of the wool trade to-dajc It needs | something more than a Solomon to explain I why wool is fetching the price it is, and to see standing machinery anywhere; but I am rather inclined, to think that the present I position of values is duo primarily to tho larger purchases of Continental and American buyers, for I saw clearly last series that tho purchases had been more than I had seen for many years, while the home trade had taken loss by 163,000 bales. CONDITIONING HOUSE RETURNS. There are published at the beginning of every month some most interesting - statistics regarding the weight of raw material that passes through the Bradford Conditioning House, and also details respecting the French' Conditioning Houses. I know statistics are very dry; but they well repay the wool and textile student. No surer barometer of tho trade can bo found than what is revealed in the returns, and the figures for the month of May relating to the Bradford Conditioning House have come as a surprise to every branch of the trade. They make very interesting reading indeed, and to find that the weight passed through totals no less than 11,716,6171 b shows that after all business has not fallen off as much as many people talked about. There has been a big increase in the volume of tops, wool, noils, and worsted yarns; but those in a position, to know state that these figures are largely brnght about by the heavier exports to tho Continent and America. But does that matter? So long as tho business is chronicled it is certainly satisfactory, and the fact of it having been done is a bright spot in tho doleful accounts which emanate from many Bradford firms. I have repeatedly said, and the Conditioning House returns confirm the statement, that it is not so much tho volume of business about which West Riding firms complain, as the small margins. Both spinners and manufacturers find serious fault at heins unable to turn wool

and tops to good account, the present high values being the cause. What Bradford needs 'to-day is a collective effort to lift the price of tops and yarns to a more profitable basis, and there is no reason whatever why any section of the trade should not be able to obtain a fair measure of profit on the business actually done. The following is a return of the weight of goods passed through the Bradford Conditioning House during May of the present and the two preceding years:

CONTINENTAL TERME MARKET. : Cvery day the papers are watched with nndiminished interest to see the coiirse of prices on the. Continental terme markets, the movement of values at Antwerp and Eoubaix arousing a good deal of attention. I am certain that the outside woclman very poorly comprehends the huge business wli'ch is done daily at the centres named. We all know the influence of the Continental terme market upon the price of the raw material, values often being “rigged” or “ hammered ” in order to create a better buying or selling basis, as the case may bo. During the past week “futures” for distant months wore sold down 10 cents per kilo; but this week there has been a recovery. A fortnight ago several Bradford speculators thought it policy to sell distant futures with prices being so high, their argument being that when the weight of the next Australian clip came to be marketed. values would not remain on the same level next January and later months as they occupy to-day. Possibly the heavy selling that took place may account for the decline in prices; but with the statistical position ot wool being so strong, prices have since appreciated. I give below some most interesting particulars showing the transactions on the Continental terms markets

J during' May of this and the two previous

i .Appended is a statement showing' the ! transactions at Antwerp in 60’s River Plate tops, type B, to the end of May of the current and the preceding year;

THE IMPORTANCE OF THE CLASSER’S WORK. There have been a great many improvements made during the past 10 years in the get-up of wool for market. Sheep-farmers in Australia and Now Zealand have realised that it is better for them and bettor for the buyer to prepare their" wool for sale in a business-like way —in fact, it is an oftrepeated statement that the Antipodes lead the world in the preparation of their wool for the buyer. There are scores of stations in Australia and New Zealand that have a reputation to lose, and it is to be hoped that their number will not decrease. There are still many clips—more especially from the Dominion—that could be better classed than they are at present. It is a matter for congratulation that there are few, comparatively speaking. These remarks wore suggested during the morning walk round the Eondon wool warehouse while the recent ser.es were in progress. I noticed several instances of bad classing. It may have been done through ignorance or carelessness. The wool was good crossbred, of from 40 s to 45’s quality. The length was good, being Tin or Sin The strength left nothing to oe desired—in fact, on the whole the clip could bo described as very good. But I certainly think that the grower, whoever he was, would have been well repaid had he employed a good classer.- The best light conditioned wools wfere mixed up in the Same bale as the bellies and locks, and it was hard to tell whether there had been an attempt made at skirting the fleece or not. I am convinced that had a class of pieces, bellies, and locks been made, the good fleeces woulu have been vrorth at least -id per lb more. There was lei per lb or more difference in the value of the wool » in the same bale when viewed from a qualitv ! standpoint alone. , . S I hope these remarks will not apply to 'any of the readers'of this issue. I make them merely to show what difference, q, good classor can make to a clip (the best n an to °*ct is one who knows the consuming and of Ihe wool trade), and how important a consideration the conditon of the wool is to the buyer. Most men can judge 1 he quality of wool and its strength after a little practice • but it takes time and much experience" to determine how much shrinkage there is in wool. , 1 There are many engaged at the consuming ’ end of the trade who will agree with the statement that a good classer is worth good pay and, moreover is a profitable man to have His influence extends far beyond the "■rowing country. He saves work for the sorters, and consequently buyers can pay more for the wool. They value a bale as a whole, and if the wool will need a lot ot work before it can be used, they will not pay as much for it as if it were part.y dene. | N.Z. PRODUCE IN LONDON. firm tone in wool. t CONTINENTAL AND AMERICAN j INQUIRY. | (From Our Own Correspondent.) : LONDON, June 5. Since the close of the wool sales last month there has been a steady demand, and the tone of the market has been farm. \ allies for merinos have shown an upward tendency. Stocks arc light, and with no chance of supplies being very materially augmented during the next few months, users nave nau . to come in paying the enhanced prices, to ! fill their more immediate wants. inis : plies more particularly to the Home trade operators, who, consequent on their policy of having kept $o rigorously out of tfio market in the early part jff the past buying season, are now, comparatively speaking, bare of raw material. Messrs Wed del note that new orders in Bradford and district have not been very plentiful of late, but they have been in sufficient volume to absorb available stocks, and to cause covering ■purchases to be made to tide over the time until the new dip arrives. Business on the Continent has - continued satisfactorily m all fine wools, and trade has been all 1 through better there than at home, iho “ futures ” market showed at one time a slight reaction, but quotations for near and

distant months soon picked up again under “ bear ” re-purchasers. Messrs Wed del mention that crossbred wool has been steady and firm. Fine sorts have been in good demand', and in the medium and coarse grades the experience of flic strong close to the recent auctions here has not hold out much hopes of any easing in values. A good all-round American inquiry has done much to stiffen prices in both merinos and crossbreds, and with a shortage in their own clip, the United k States might quite well play a more important role still. A good turnover has been effected in this market Merinos, owing to scarceness, have not figured very prominently. Some satisfactory sales of South African snow whites have been negotiated, and greasy and scoured New Zealand crossbreds have also been dealt in. Some good sales of Pun fas and Falkland Island wools have taken place at full rates. NEW ZEALAND OATS. Soma further trading has been done in A Gartons for shipment at 21s to 21s 6d to London and west coast ports, but Messrs Weddel report an apparent lull in the demand now, and although there are sellers at 21s to London and 2ls 3d to West Coast, there is no anxiety shown on the part of buyers to operate at these figures. i TALLOW. On c.i.f. terms it has been difficult to bring about business, but during the last few days shippers have shown more disposition to “got on,” and quite a fair quantity of 43|dcg good colour, mixed, has been sold at 31s 9d, c.i.f., with near at hand and for June-July shipment. Good muttons have been sold at 345, and are still inquired for at the price. On spot, low prices have to be taken to effect sales. Quotations for Australasian sorts are thus given by ■ Messrs Weddel:—Mutton: Good to finest, 34s 9d to 35s 6d; dull to fair, 33s 9d to 34s 3d; inferior, 30s to 31s 6d nor cwt. Beef: Good to finest, 33s 3d to 33» 6d; dull to fair, 32s 3d to 335; inferior, 29s to 3Cs per cwt. NEW ZEALAND MEAT. There has been a maintenance in the improved demand for New Zealand mutton eh-ronielcd a fortnight ago, and prices are firm tor all but heavy-weights. Prime Canterbury sheep realise 3|d to 4|d per lb. Best North island carcases, under 641 b, sell at 3|d to 43d. The over 64ib carcases, however, arc still a slow sale ut 3Ad to 3|d. Second quality wethers are a shade dearer at 3|d to 4d per lb. Ewes are quoted at 3-id per lb for heavy-weights, and 3|d to 3|d per lb for medium weights. Lamb prices remain firm. Messrs Weddel quote Prime Canterburys at 6|d per lb for under 361 b, 6 3-iod for the 36-421 b, and 5 l-16d per lb for the over 42!b. Small secondary lambs realise 6|d per lb. Supplies of North Island carcases are scarce, and prime brands sell at 6£d per lb for the small and medium weights. Ordinary brands realise 6d per lb for the same grades. Small secondary lambs of good quality have been sold at 6d to 6|d per lb this week. 1 ( orequarters of New Zealand beef are offered at 3|d per lb and hind-quarters at 4id per lb. , DAIRY PRODUCE. This week the market for Australasian butter continues quiet, and prices are inclined to be somewhat irregular. The quantity of salted New Zealand butter on offer, ex cold store, is very limited, and prices have consequently been advanced udly Is per cwt, the quotation given to-day by Messrs Weddel being 110 s per cwt. Stock of unsalted New Zealand butter is now practically exhausted Improvement recorded a week ago in the cheese market has still further developed, and at the close the market is decidedly firm at the advanced quotations. New Zealand while is quoted at 62s per cwt, and coloured at 64s 6d to 655. In view of the shortage of spot stocks and the reported backward condition of the Canadian season, further advances in spot quotations may bo naturally anticipated. The Now' Zealand Loan and Mercantile Agency Company mentions that New Zealand butter, owing to its scarcity, has risen in value, choicest salted now' realising from 109 s to 112 s, and unsalted from 114 s to 116 s per, cwt. There has been a marked improvement in the demand for New Zealand cheese, and in consequence the arrivals, both of white and coloured, brought by the Kaikoura have cleared well, while values have advanced 2s per cwt for the former and Is to Is 6d per cw't for the latter description. The Athenio’s cheese, to be landed at an early date, will meet a good market. Canadian cheese i 9 firm, the condition of the new make just arriving from that country being very satisfactory. Prices quoted by the New Zealand Loan and Mercantile Agency Company are: New Zealand white, 62s to 635; coloured, 64s to 655; Canadian white —old 63s to 70s, new' 51s to 625; coloured—old 68s to 70s, new 61s to 625. * CANTERBURY MARKETS. (Lyttelton Times, July 18.) Business in grain and produce generally continues very Slack, and there appears to be little inclination to operate on the part of merchants, w'hile holders display little anxiety to part with their stocks at current prices. One result of the disinclination to purchase on the part of merchants lias been to severely restrict offerings, and during the last few weeks the number of samples submitted lias been very small, sometimes days passing without more than a couple of specimens being placed under offer. The transactions' in w'hoat have been few and far between, but supplies seem to be ample for i equipments, which have gradually dwindled from w'oek to week until tho bottom must surely have been reached. Prices remain unchanged; but these must bo taken as being largely nominal, and it would be difficult to predict what would be the effect on the market were a few’ lines of large proportions forced for sale. Oats, too, are coming' forward in very small quantities; hut here, again, supplies are sufficient for the trade that can bo done, business being confined mainly to a few small parcels for local requirements. Except for very prime Gartons. there is little demand, the only other class sought after being, good Duns for feeding There has been no change in values since the last report. The potato market is very quiet, there being few buyers, whilst at the same time sellers are not by any means numerous. Many merchants who purchased forward,' some at prices considerably in advance of those current to-day still hold stocks, although these are being gradually absorbed, and until they have unloaded these they appear indisposed to do business. It is anticipated that the majority of the contracts made some time ago will expire at the end of the current month, and shortly afterwards it is expected that many North

Island buyers will be under the necessity of again coming on to the market. At present the quantity being sent northwards is by no means large; but a few parcels have been shipped on consignment with a view to testing the market. Holders are still standing out for more money than they can obtain at present, and some aver that unless they can obtain their prices they will feed their stock The following quotations are for purchases from farmers, net cash, sacks extra, delivered at country stations: Wheat —Tuscan 3s Bd, Hunters 3s 9d. Pearl 3s 9d to 3s lOd, fowl wheat 3s 3d to 5s sd. Oats. —Gartons Is 7d to le 9d, Algerians Is 4d to Is Bd, Duns Is 6d to Is 9d, Danish Is 5d to Is sd. Potatoes —£210 s to £3, according to date of delivery. Darley—Malting 3s 3d to 3s 6d per bushel, according to quality. Partridge Peas—4s. Chaff —£2 ss. Onions—£3 10s. Flour. —Sacks £lO per ton, 1001 b bags £lO 10s, 501 b bags £lO 15s, 251 b bags £ll. Bran—Local, £4 ss; f.0.b., £4. Poilard—£6 per ton. Oatmeal.—£l2 per ton. Seeds—Ryegrass (Italian and perennial! 2s to 2s 3d; cocksfoot, 131 b seed, to 4i?d; white clover, farm dressed, 7d to lOd;, cow grass 6gd to 7|d. Dairy Produce—Cheese, dairy, large, loaf, 6d; factory, large s§d to 6d. Butter,' fresh local factory print, second grade, Is Id, farmer’s separator lid, farm dairy lOd. Hams Is. sides rolls lOjd. rolled hams lid; lard, pats 8-|d to 9d. Eggs Is 3d per dozen. TIMARU. (Christchurch Press, July 18.) There has been remarkably little business passing on the local grain and produce markets during the week; but values for oats and wheat remain firm. Millers are 1not buying- to any extent, and they hold fairly large stocks, and say that their output of flour is being restricted owing to the importations from Australia. To-day’s quotations are: —Velvet, 4s to 4s Id (for extra prime linos); red chaff, 3s lOd to 3s lid; Tuscan, 3s 8d ,to 3s 9d, ail dclivired Timaru. The market for oats is firm, though few sales are being made. A good quantity of oats is to leave Timaru on Tuesday next for West of England ports. Those' shipments arc keeping the market firm at is 9d for A grade and is 8d for B grade Gartons, Is 6d and Is 7d for Danish, and is £d and Is 9d for Duns, on trucks. ' Oatsheaf chaff is worth £2 10s on trucks, country stations, and red clover seed 6d to 7d -per lb, according to quality. The bottom has dropped out of the potato market, and, contrary to anticipation, the price to-day is down to £2 10s per ton on trucks, country stations.

May, May, May, 1911. 1913. 1912. Lbs. Lbs. Lbs. Tops .. .. 8,169,471 5,817,527 7.487,484 Wools 744,754 850.357 Noils .. .. 1,138,570 545,412 382,653 Wastes 800,15f 541,097 517,967 Worsted yarns 379,659 230,450 271,201 Cotton varns 6,501 ’ 6,231 9,416 Silk yarns .. Goods weighed 3,538 514 4.15 only .. .. 160,770 118,520 , 122,141 Totals .. 11,716,617 8,004,505 9,641,634

years : — May, Mav, May, 1914. 1913. 1912. Kilos. Kilos. Kilos. Roubaix-Tour-coing .. 1,675,000 1,550.000 2,650,000 Antwerp 2,055,000 2,580,000 3,060,000

May delivery 1913. Kilos 2,805,000 1914. Kilos. 1,810,000 June delivery 2,045,000 1.940.000 1.650.000 July delivery 2,000,000 August delivery .. September delivery 1.505,000 1.770,000 1 815,000 1,615,000 1 October delivery 2,085,000 1,375,000 November delivery 760,000 - 695.000 December delivery 1,340,000 865,000 1,180,000 January delivery 1 110,000 February delivery 350,000 665,000 March delivery ... 290,000 275,000 April delivery 80,000 110,000