OUR YORKSHIRE LETTER.

Otago Witness, Issue 3168, 2 December 1914, Page 15

OUR YORKSHIRE LETTER.

(From Our Special Correspondent.) BRADFORD. October 2. GERMANY ATTEMPTING TO BUY WOOL IN ENGLAND. I have to chronicle another active week’s business, and wool continues to ' occupy a prominent position. Our only regret is that merinos are for the moment still in the background, but a happier position we have never known than crossbreds occupy to-day. The past week has produced an avalanche of business, and no doubt merinos have been stimulated and the position strengthened considerably; hut at the same time crossbreds stand out most prominently, and we have to acknowledge that anything fit for khaki manufacturing purposes can be sold most readily. As we have explained in past letters, crossbred wools being stronger in build produce fabrics correspondingly better fitted for the hard wear of the battlefield, and they are cheaper for the different Governments which are at present interested in providing soldiers with something to wear, and so many orders have been placed this last three weeks for one thing and another that crossbreds literally boom. If merinos shared even half the inquiry and demand which has been seen for crossbreds, it is certain we should see prices in the ascendancy; but it is in order to say that all decline has been arrested and demand for fine qualities has expanded during the past week. In fact, orders have been given out in Bradford for such a volume of fine tops and yarns that even merinos are scarce, and it is just possible that the demand for fine wool to some extent emanates from abroad. We have heard for a fortnight more than idle rumours that Germany is in the market for any class of wool which English holders can supply, and although they are not showing the barefacodness to buy in their own name, yet Bradford buyers are not so “green” as to bo bluffed with the urgent requirements which have been received from neutral markets IS GERMANY BUYING WOOL IN ENGLAND? The London Daily Telegraph last Tuesday gave prominence to this most interesting topic, and more than hinted that Germany was attempting to buy wool in this country. We have no reason to deny that statement; in fact, wc behove if the matter wore only probed/ to the bottom it would bo found that Germany is making a big effort to satisfy her demands in this country, for England ia the only market from which wool supplies can at present bo obtained. On the surface of things it certainly looks hard that Germany should be denied the privilege of purchasing raw material when there is a prospect of their being sufficient to satisfy all requirements, and especially when whatever Germany obtains, certain defeat awaits its army sooner or later. Of course, it is against an Englishman’s Instinct to help an enemy that has brought about the destruction of peace of the whole commercial world, and the feeling to-day is to cut off supplies even from Germany, jvc/twithstanding it is hard to see profitable trade go by untouched. Still, what else can be done? It is well known that Germany has been buying big weights of raw material in neutral markets like Sweden, Norway. Hol-

i land, and Denmark; in fact, it is true that 1 German money has been passing freely in I the town of Terriers, where wool has been , bought in considerable quantities, and when i the full facts become known we shall not be greatly surprised if some of the wool in the carbonising estabiifhments of Vender* does not belong to Bradford firms. In a 1 leading town in Sweden is situated a big German firm that deals largely in wool ana tops with Great Britain, whose principal is a German decorated by the Kaiser, and the persistent inquiries coming from tnat quarter have caused considerable suspicion that what has been shioped lately to that district will ultimately find its way to Germany. The writer knows for a positive fact that the Government was apprised of tnis fact 10 days ago; consequently it is oa the cards that an embargo may bo placed by the Board of Trado on the export of wools to neutral Continental countries. CROSSBREDS HIGHER. The demand for crossbreds has been so great that stocks in Bradford and district nave become exhausted, and Coleman street is being called upon more than ever to meet existing needs. From the list of quantities of wool for the London sales next week, it looks as if the crossbreds to be catalogued will be snapped up very quickly, and we ara looking forward to a sensible advance in prices. Crossbred wools appear to bo tha ■ best adapted to meet present-day requiro- | ments, and several topmakers state that inj stead of combing what crossbred wool they have they have sold same as matchings. Some have been bold enough to ask the question, Where was the wool going? And the answer is, “Abroad.” No doubt tha depletion of stocks of raw material is a prime factor in compelling values for tope to advance, and this has certainly paved the way for a brisk series next week. Tha home trade is sure to want every bale of. crossbred wool that will bo catalogued, and some are forecasting a rise in New Zealand slipcs of at least 15 per cent., while I shall not be surprised if greasy crossbreds advanco_ 5 to 7g per cent. Of course, it America joins in the demand, quite 10 per cent, advance may bo noted on greasy fleece; in fact, it seems as if the present khaki demand has discovered 50 new firms that are 'in want of crossbred wool, and many firms in Batlcy and Dewsbury who have not hitherto consumed lib of new wool are to day keen buyers, because they must have some for producing khaki serge and woollen blankets. The result is that prices for tops have mostly appreciated id per lb since I last wrote, and whereas a fortnight ago 40’s prepared tops were sold in big 1 weights at 15id. to day they are standing firm at 16d, and some makers are even j asking Advances are also to be ! noted in 46's, 50’s, and 56’s. Supplies of 50’s seem to bo entirely exhausted, and London only is the market where further requirements can bo met. LONDON WOOL SALES. FIFTH SERIES OPENS WITH BIG RISE IN CROSSBREDS. GOVERNMENT STOPS EXPORTS TO OTHER COUNTRIES. LONDON, October 9. Never in the history of the wool trade have the various members of tho industry met under conditions such as exist to-day, and at the opening of the Wool Exchange last Tuesday many familiar faces wore missing. Seats previously occupied by Germans, Belgians, and .Frenchmen were empty, and it would have been strange if there had been any Germans present at all. Everybody realises that a vital war is being waged, and it goes without saying that wool interests will largely centre around the homo and American trades, at least for the next few months. No business man likes tho war, but everyone realises that it had to bo, and Great Britain and her Allies, having once put their hand to the plough, cannot look back. Both France and Germany have been wrapped up as it were in the colonial wool trade, and to find many “old stagers” who have tramped the wool floors of tho metropolis absent has brought homo very pointedly the fact that time brings changes, and that tho war itself is going to work a radical change in tho personnel of the wool trade. Wo have hoard many stories this week of -well-known buyers who have shouted their price for tho last time, for they have fallen amid the carnage of tho battlefield. However, Coleman Street Wool Exchange is again showing good results in at least one particular, while even the standing of merinos is such that they could have been a good deal worse, which many actually expected to find. COURSE OF PRICES. I cannot lot the opportunity pass of calling tho reader’s attention to the course of values during the interval. Wo have gone through a very long vacation, the lasi London sales finishing on July 22. A good deal has happened since then, sadly too much for many people; but all feel that they must make the best of the present situation. The course of wool values during tho interval has been very much as might have been expected. The placing of big; orders by tho British and French Governments, and some think Russia as well, ia . creating an unparalleled boom in the manufacturing circles of Great Britain, and wherever a firm can put on its spindles and looms for producing fabrics suitable for tho army, they have the opportunity to work to their full capacity. That is exactlv what

they are doing. The result is that the demand for crossbred wools is beyond all expectations, and it is a pity that the new clip from New Zealand is not now on the point of entering i,he market. We foresee that supplies of crossbred wools at pros'ml available and on the way to this country

are insufficient to satisfy prospective ro- " d hence it i> to be hoped that Now Zealand will hurry forward its now clip .1 > try io satisfy ihe need of this count- y. The Government lias taken very i drast’c .'tons and commandeered all the hosiery fabrics which Leicester and district

can turn out, and to a very large extent the same obtains in the West Riding oi Yorkshire, ns well as other manufacturing areas of Great Britain. The demand has been such that prices for crossbreds have advanced to a very high altitude, and when tho history of the war comes to bo written

prominence will have to be given to the important part which crossbreds are playing and the nigh prices which this class of wool is commanding. STOCKS AVAILABLE. The wools available are practically 45,000 bales, a, very small quantity indeed. But then the present series of sales are more an experiment than anything else, and the Importers’ Committee has tried to meet the wishes of the trade when viewed from a financial standpoint. At one time Bradford was very strongly opposed to having a series of sales till the end of October; but that opposition soon ceased, and the 45,000 bales are now altogether inadequate to meet E resent requirements, particularly crossreds. Adelaide is represented by under 1000 bales, Queensland contributing the most merinos. New South Wales coming next, while about 25,000 bales will be available from New Zealand. The present generation of woolmen has never known such a short series as this, but, as already said, the exceptional circumstances which prevail in Europe are the sole cause, and we think that, after all, this series will clearly show tile standing of wool, and help importers especially to define a policy for the future. A REMARKABLE OPENING. Last Tuesday saw the opening of the series, three sellers putting before a wellfilled room representative catalogues. Wo missed many familiar faces both from Prance, Belgium, and Germany. There was a wild scene of excitement when the first lot of crossbreds was offered, and the extraordinary demand was maintained to the finish. Of course the home trade did all the buying, and there was general agreement at the finish that greasy fleece crossbreds of medium and coarse quality showed an advance of Id to l£d per lb, say 10 to 15 per cent., but fine halfbredls only advanced about 5 per cent., say to Id. The biggest rise was seen in sliced crossbreds. They advanced anywhere from 20 to 25 per cent., and the same can be said for scoured crossbreds, . including greasy crossbred lambs. This shows dearly where the demand is keenest. Merinos sold fairly well in the circumstances, greasy fleece showing a decline of 10 to per cent., but the fall was more pronounced in wasty parcels, both greasy and scoured, it being often up to 15 per cent. No doubt for the scoured Adelaides the missing competition or the part of Belgium and France was keenly felt, these wools being more suitable for mule spun yarns than for combing purposes, particularly the faulty pieces. During the course of the session news came to the saleroom that “The Government had today prohibited the exportation of any wools out of the country for the time being.” Succeeding sales have more than confirmed the opening values; in fact. I think that Thursday’s sale was the best so far held, prices if anything being slightly in sellers’ favour. I cannot report a quotable advance, but certainly wools were worse to buy, and, all things considered, there is a wonderfully encouraging market. Buyers are evidently prepared to pay good figures for good combing wools, and we certainly tlhink that everything indicates more strength than one thought actually existed even in merinos a week ago. On Thursday some buying was done for Italy in merinos, but whether the wools will bo allowed to go through, no one can say. Crossbreds are selling like hot cakes, and everything indicates a royal time for the wools of the mutton breed. EMBARGO ON WOOL. Quite :i sensational development has taken place this week in the wool trade, the Government deciding to put an embargo upon the export of wool to outside countries. At first the order was to prohibit all classes, but on Wednesday a slight modification took place. The following official notice was read to buyers before the sale commenced-“ The Board of Trade will favourably consider the granting of licenses for exportation of merino wools provided the shipper can give satisfactory guarantee as to destination.” I take it that the above includes the export of tops, yarns, noils, and wastes, and that shipment only will be allowed to Russia, France Belgium, possibly Italy, the United States, and Canada. THE OUTLOOK. Messrs H. Dawson and Co., writing with reference to the future, make the following observations:—“Since the close of the July sales the wool market has passed through a variety of strange and changeful experiences, alternating from stagnation and an overwhelming pessimism during the first weeks of the war to a keenness of demand and inquiry that has been sensational and unequalled during the present generation. The huge orders for army clothing on account of the home and French Governments have been on such a scale that our mills are unable to cope with them, and full employment is ensured for at least six months ahead. The urgency of these orders has brought keen buyers into our market for wools, and about 30,C00 bales colonial wools have been sold by private treaty during the past few weeks, in addition to the complete clearance of stocks in dealers’ hands, and large sales of English and Scotch-grown wools. “New Zealand slinos and scoured crossbreds were the earliest to benefit, and the bulk of these were soon cleared, but later, greasy crossbreds and even shafty, sound merinos have been in keen request. “Consequently the sales have opened today under vastly different and brighter auspices than had been anticipated, and an easy and complete clearance of the small effeengs for this series is assured. “The outlook for the future is not so easy to determine, but it becomes increasingly apparent that owing to the delayed shipments from Australia and the postponed' sales in all the oversea markets the arrivals will bo small for the next scries. Already many thousands of bales of wool shut out from the present series have been sold privately. Consequently the chances have diminished very materially of buying cheap wools before January. “The news from the United States indicates a healthy position with an increasing consumption. The wool market is quiet, owing to the general - expectation—which may probably prove to bo a little premature —of a much lower basis of values. “In Roubaix and Tourooing some of the mills arc now working, although under rhCficulties, owing to the absence of the majority of the male employees. “The nows which filters through from Germany is sparse, but it is reported that wools arc very keenly needed and fetch high prices, and strenuous efforts are being made to secure stocks from neutral countries. “The embargo which has boon placed today upon all furttmr exportation of raw wool was received with groat satisfaction

by the vast majority of the buyers. Tha effect, however, of this prohibition will be nullified unless it applies similarly to the export of tops and yarns, which during ths past few weeks have been shipped front Yorkshire in largo quantities to some of the neutral ports which arc under suspicion.”