OUR YORKSHIRE LETTER.

Otago Witness, Issue 3195, 9 June 1915, Page 17

OUR YORKSHIRE LETTER.

(From Our Special Correspondent.)

BRADFORD, April 9. CAN TUB HOME TRADE LIFT ALL PROSPECT i V E tt C PPL.IT.S ?

There is really little now arisng out of the wool trade to-day, the week’s business to some extent being interrupted by the iiaster holidays. This nas been most acceptable both to masters and men, for all aliße needed a little respite. Business began as usual last Wednesday morning, end although markets this week have not d so.aycU any renewed activity, there still obtains u lair amount ot inqu.ry for botli mermos and crossbreds. Delivery is still the bugbear of tne present wool situation, for all. the way from the slipping port to the delivery oi yarns and pieces the same story is to id.— namely, delayed delivery and inability of actual users to get their wants fully sut.sned. That is really the crux of the whole question. I find a good deal of wool now coining to hand--in tact, all the cry about snort supplies on that head have ceased, although among importers a good deal of grumui.ng is still being heard about ships landing in the Thames and at Licerpeo!, and it taking a month to get the wool into Bradford stations. However, this is the situation,- and as far as one can see, there is much to be said on the ground of delayed shipments, for the whole country has been completely upset on account m the war, and cannot hut rcma.n so until the terrible upheavel finishes. However, I find oh all hands a willingness on the part of everyone to do their best under the circumstances, and it is to be hoped that things will work round for the good of all concerned. FUTURE SUPPLIES. In the course of another good w'cek the fourth series of sales will open in Coleman Street, when something like 226,09) bales will be available. This appears to bo a big weight of wool, the trade having only about two weeks’ breathing space. It means that from this time henceforward a big weight of wool is going to bo confront.ng the trade at th.s end, and there cannot but be a surfeit of wool awaiting consumption. I find the question being asked whether th homo trade can lift the remaining supplies of colonial produce, and whether prices can be maintained at the recent level. This, no doubt, is important to all readers, as well as merchants and importers. It would he very interesting to know the quantity of wool likely to bo available in London and Australia between now and, say, the end of next August, for when July comes in shearing will be general in the northern region of Australia. A very significant point came out in . Mess»»> H. Schvvartzc and Co.’s last circular. Adding transit wools and direct imports, the total deliveries to the Continental trade up to the end of the third series was only 20,000 bales, compared with 1,041,003 bales for the corresponding period of last year. This shows a shortage of 1,021,900 bales. If we go a step farther wo find that the total deliveries to the homo. Continental, and American trade up to the end of last series were only 662,000 bales, compared with 1,436,000 bales for the corresponding period a year ago. This means that there is a deficiency of no fewer than 774,000 bales in the total takings of the throe sections of the trade, all of which means that a big quantity of raw material is yet available for consumption. Now, the question arises. Who is going to deal with this weight of wool? , The only answer possible is that the home trade will bo called upon to lift the bulk of it; and a further question has been asked as to whether the machinery of the home trade is capable of dealing with this extra weight of raw material.

Taking an impartial view of the whole situation, I must admit being somewhat sceptical regarding the ability of the homo trade to lift the huge weights which still confronts it. Since this year dawned there has boon a remarkable show of strength in prices, and wool has been absorbed quite as freely as it has come to hand, but all the same, many arc feeling that the time is not far distant when all present requirements will be more or less filled, and that the machinery of the United Kingdom is unable to absorb the weight of wool which is to-day available. I should have more hope regarding the future if American manufacturers were at all busy; but we arc repeatedly told that whatever briskness attaches to that side of the trade is entirely due to European War Office contracts, the American textile industry being distinctly on the quiet side. All regret this when there is now need for every spindle and loom to he working across the Atlantic in order to shift successfully the wool as it is corning to hand Xo doubt if German soldiers wore only driven out of France and Belgium, a big weight of machinery would be available for dealing with the present surplus supplies; but there is nothing to indicate any speedy removal of opposing forces, or that the mills in Northern France and also Belgium will be soon running and absorbing colonial merino wool. Thai is really the crux of the whole question. The writer is in no sense pessimistic, and believes in the ability of the borne trade to shift further large weights of raw'material; but I must admit being- somewhat sceptical regarding the ability of the homo trade to lift all prospective supplies of colonial wool at prices recently current. Machinery is not'capable of doing this, and that is the reason Why I am looking to the future with not the spirit of confidence which I did a month ago. What I say is wanted today is more machinery to become available for tackling the b ; g weights of wool which arc now arriving in this country, and [ certainly think that, notwithstanding the extraordinary consumption which is proceeding in every branch of the textile trade of this country, the machinery is not there to cone effectively with what is available. tt is remarkable to those closely identified with the textile trade of this country to find merinos occupying the position they do; but this is entirely duo to the present spinning of thick count yarns for war purposes; and, no doubt, if more machinery wore running upon merinos, then bigger weights of wool would soon bo shifted. As it is, there is still a huge quantity engaged in tho production of crossbred fabrics for soldiers and sailors; and so long os serges and khaki are required, machinery cannot grind up crosbred and merino wool. All

this is throwing' tho burden of shifting biff weights of merinos on to a somewhat limite? e;rcle of spinners; and therefore the reader will see that there is some scepticism in the trade as to tho ability of the trade to lift future supplies ot merinos at recent prices, unless consumption increases, which can only ho done by the Gormans being pushed out of .1' ranee anti Belgium, when very soon a new order of things would prevail.

One more thought strikes mo. If Great Briaiu and Amor.ea. cannot i»tfc mospective supplies of merinos at somewhere about to* day’s prices, there will have to be less restraint upon exports to Continental neutral countries, and no doubt there arc several in I 1 ranee who are waiting the opportunity of buying liberally, and who are wanting both wool and tops very badly.. Hero, again, another difficulty arises. Both France and Germany have done a huge business in combed tops with such countries as Sweden, Norway, Holland, Denmark, Spain, ana Italy, which have not tho requisite machinery for combing wool at all, these countries waning to-day to purchase big weights of fine combed tops. But Bradford cannot copa with tha business offering owing to the limited capacity of combing machinery. This means that consumption cannot develop a great deal unless more machinery can be got to work in France and Belgium, which is not likely until the country is rid of the enemy. I am, therefore, looking for no more than steady prices, and things will do well to remain at to-day’s level TO-DAY’S MARKET. There is not a great deal now to say regarding the market. Conditions are very much as they were a month ago, and there does not appear to be much change likely until either more or less buying is done in tops. I find there is still a. commendable amount of inquiry, and some are feeling their way towards operating both in merinos and crossbreds for distant delivery, particularly crossbreds. Prices are fairly steady and firm, and there is absolutely no semblance of any giving way. Many contend that, no matter how wool goes, it will have very little effect upon tho future course of lop values. At the same time my intimate knowledge of tho Bradford trade leads mo to say that if merino wool falls, then it will have some effect in bringing down values for tops. All tepmakers alike admit that tops could be made out of last sales at 2s 6id, and they can make tc-day

quite easily 2s 8d if they can .give decent delivery. For once tons are dearer than wool, entirely the outcome of the restricted productive capacity of combing machinery. It simply means that where tonmakors can offer dedent weights of tops, and can give fairly quick delivery, they can sell at good payincr prices; and it is a fact that many have sold for next July, August, and September as high r-s 2s 8d In crossbreds there is also firmness. Here, too, topmakers are all very hard-pressed to make delivery, quoting fairly stiff prices, and wanting long-date delivery even at that. Values are yet in the clouds, and appear likely to remain so—in fact, there does not seem to be the least sign of crossbreds easing for a long time to come. There is certainly less pressure amor.g khaki spinners and manufacturers, and it appears that the Government has now quite as much khaki as it can comfortably deal with; but whether this will have any future influence upon the placing of new orders, only time will show. For the time being things are quiet in that direction, although there is no slackening in production.