OUR YORKSHIRE LETTER.

Otago Witness, Issue 3398, 30 April 1919, Page 11

OUR YORKSHIRE LETTER.

(Fkou Otje Special Cop.bespondent.) BRADFORD, February 6. ABANDONMENT OF STATE CONTROL STEADILY PROCEEDING. Increasing interest is shown in the course of wool textiles; and as weeks pass satisfaction increases that the abolition of State control proceeds. The South African farmers refusing to accept the Government offer for their clin was rather a nasty knock, and both growers and the Government are to be complimented on the independent stand they took. It has turned out to be for the good of all three parties concerned —namely, growers, buyers, and the Government. Successful business cannot be built up under restricted conditions such as are imposed under extensive State control. The textile trades of both Great Britain and America have been brought to the present state of perfection by individual effort, while State control to destroy all enterprise and initiative. This has been very much emphasised during the past two years in Great Britain, and to-day trade is stagnant, largely because of the paralysing conditions under which business has to be done, and because the trade, especially importers and merchants, cannot do anything at all. Of course, they can now buy freely in South Africa; but not; every firm is accustomed to handling these wools, while th« freight difficulty still blocks the way.* Cables received in Bradford during the week state that freight is likely to be available early in March, at the beginning of which month the Mohair Federation will cease to exist. At least everybody will then be at liberty to apply for freight and negotiate with shipping companies personally. This difficulty in obtaining freight for mohair and the preventing ofs merchants obtaining shipping, has caused a good deal of heart-burning, and "well it might. WOOL TO BE AUCTIONED.

A meeting of the British. Wool Federation took place in Bradtord last week-end, when Mr H. JS'onnan Rae, M.P., addressed a large gathering of the members of the trade. In a very pointed speech he reviewed the work done by the trade representatives on the Wool Council, and. after a very frank discussion, everybody felt that excellent service had been rendered. There axo still two or three items which need settling with the officials of the War Office, but a spirit of reasonableness seems to obtain, which makes it reasonable to expect that before the sales begm in London in April they will be straightened out. The trade regards with approval, the fact that colonial wools are to be auctioned, and that free competition is to be the order of the day. This will be a God-send to everyone. It might appear that nobody would be able to buy except under a permit, but we are now told that everybody will be able to buy without let or hindrance, the same opportunity being given to our Allies as to home merchants and users. It is expected that they will open on Tuesday, April 8, and that 80,000 bales will be available. One hundred and forty thousand bales was also mentioned as the quantity which will, be available for another auction in May, after which monthly auctions are expected to follow. Of course, the first series ' will be largely an experiment. Some think it will bo a fiasco; but that will depend- entirely upon what the department does. The great point is to know when the trade can expect a declaration by the department regarding their issue prices. We have been told by Sir Arthur Goldfinch that the reserve price of every lot will be fixed somewhat lower than to-day's issue t prices at .Manor row, Bradford. But .how much lower? Will the Wool Section of the War Office limit their values in April and then fix a lower limit, say, at the May auctions? If that is done the April sales will be a fiasco. The trade is concerned about the future courses of wool values, the present marked absence • of new business being largely accounted for by the uncertainty which obtains in regard to the future of prices. The trade feels that the department ought to state candidly the price per clean scoured pound at which wool is to bo catalogued, and definitely inform buyers that_ the range of values thus fixed will continue, say, until .July 1. Prices then might be revised in a downward direction; but, as Sir Arthur Goldfinch said, the April sales will be largely an experiment, and should guide the department's future line of action. Everybody will gladly buy if they feel they are doing the right thing; but, above all, nobody wants to be "landed" with dearly-bought wool —that is, wool which, if they had waited, could have been bought in May at a still lower price. The trade will anxiously await the declared policy of the department in this important particular between now and the April- sales, and the sooner that -policy is made known the better it will be for the entire industry. whole of the trade of the country is being held up until it is known more clearly what are going to be the ruling prices for wool and tops. TOPS AND TOPMAKERS. At the last Wool Council meeting Sir Arthur Goldfinch laid down three principles Avhich will operate for some months, it being clearly stated that, in addition to free sales in London, the department will continue to comb up to April 30, and wiU sell 'until their _ stocks are exhausted. The Wool Distribution Office will also continue their work at Manor row, Bradford. This is all done for the express purpose of curbing speculation; but there will be no speculation unless a very different temper obtains than is seen to-day. It looks to the' writer as if topmakers will go to London with a knowledge that to-day's Government top values will operate for some time to come, aifd there will be a margin between them and the Government issue price of wool in order to enable topmakers to purchase and turn_ same to profitable account. In the opinion of many spinners the_ Government tops have been far from satisfactory, and these will go to Coleman street seeking some good wool to sort and comb on then* own_ account. Nobody knows what the margin is going to be, but the members of the trade wil]_ no doubt do their utmost to see that It is a reasonable one. As already intimated, tho faot of the dopartment being prepared to sell tops and even wool privately in Manor row will act as a preventive against speculation; but it strikes the writer that reasonable facilities will have to bo granted to Continental neutral countries if the bijr stocks of

Government-owned wool which will com© to hand this year are to be got rid of satis factorily. RATIONING TO END". Evidence accumulates that the days of rationing are numbered, and the sooner it ends the better. An extra allocation of tops has been sent out by the Rationing Department during: the' past week, and in some cases spinners have returned the scrap of paper. A ration is not a contract, and this is a noteworthy feature of the present situation. A visit to the Top Department shows conclusively that they have no 50-58's tops to distribute for the civil trade, though these qualities are very much wanted. There are spinners who would like to produce yarns which*! they used to do up to two years ago, and no doubt the civil trade is suffering because* of this fact. All the same, the rationing of yarns will finish on March 31; in fact, it is being largely ignored to-day. What us© # is rationing when spinners are in a position to deliver yarns-to manufacturers who are wanting them; and why interfere with the latter taking in what they want. s whcn yarns are going begging for customers? The general impression prevails that the rationing of yarns has not been anything like so effectively done as the rationing of tops. Then, too, in order to encourage the export trade iii yarns, spinners must have a free hand. During the past week export houses have received a rather sharp circular letter form the Yarn Department, some of the former having apparently been playing a game of bluff. The export trade in yarns with France has been far from satisfactory, and caused endless trouble. Special facilities have been afforded for the execution of French yarn orders, and now export merchants having these orders have quietly put them on one side in the hop© of being able to buy at less money. However, spinners are wanting work, and the culprits have been informed that unles? they place the orders which have been sanctioned by the French Government the merchants here will have to forgo them The whole situation _ gives rise , to some concern, because business is quiet. Yet prices remain very steady, except for yarns, where there is no regularity in spinners' quotations. CANTERBURY GRAIN AND PRODUCE MARKETS. CHRISTCHURCH, April 25. The cm-ts market has firmed a little, there having been an advance of M per bushel for prompt delivery. It is reported that forward sales are now being made up to 4s Id f.0.b., and Gartons are therefore worth 8a 4d to 3s 5d at country stations. There is a general impression that there is hot a large quantity of Garton oats in Canterbury this season. Owing to their comparative failure during' the last few dry seasons, Gartons were discarded by many farmers in favour of Algerians. Those who held on to Gartons have reaped the advantage, as they yielded best this season, and because of their more limited quantity they are in better demand. Duns are also scarce this season. Oatsheaf chaff is a little firmer, as there was not sufficient offering at late rates, and a larger demand has now set in. There is an inquiry from Wellington for chaff, and the price has advanced from £i 10s • to £1 15s per ton at country stations. There is difficulty in getting shipping space to enable orders for April delivery for potatoes to Wellington, but as fresh orders are coming in the market is firmer, £5 10s to £5 15s being paid at country stations, according to distance. Some of the crops are not turning out as well as was expected, arlll from seven to eight tons per acre may bo considered good yields. ' The market for seeds is very dull. There is practically no business doing, and there is no change in prices. LAND ADMINISTRATIONS. CONFERENCE OF COMMISSIONERS. ADDRESS BY THE MINISTER. WELLINGTON, April ,28 The Commissioners of Crown Lands met in Wellington at the request of the Minister of Lands for the purpose of considering matters of vital importance with regard to the administration of the lands of the do*

minion. All the commissioners were pre sent. The Minister, in opening the conference, set out the importance of the work that land boards were dealing with at '"he present time and would have to deal with in future. He emphasised the fact that the effect of the war upon the dominion in placing heavy financial burdens upon the country would necessitate the most active administration of the lands of the dominion to bring them into production as early as possible. Closer settlement would have to be carried out with the utmost activity. It would be their duty to deal with the dry lands of the country so as to bring them into productivity, and swamp lands, which up to the present had shown such prospects of successful development, must not bo neglected. The unproductive pumice lands and gum lands would require the strictest attention of the land boards in whose districts they were located, with a view to bringing forward recommendations for dealing with them in a practical manner. Another burning question concerned the high lands, especially those of the South Island. This question required most serious attention in the future, so that not only might the preent productivity be maintained but that it might be increased wherever possible. The remits sent forward dealt with a great many phases of land administration which at the present time required the earnest attention of all concerned. INSULATED SPACE. ACCUMULATIONS OF FROZEN MEAT . f Cx\USING ALARM. HASTINGS, April 28. A large meeting of farmers on Saturday passed the following resolution : •» That this meeting views with alarm the accumulating of frozen moat in New Zealand; that the Government be requested to make emphatic representation to the Imperial Government impressing the extreme urgency of having tlie works cleared before the / commencement of the next freezing season; and that the Government. should demand the restitution of the original position with regard to the insulated space formerly allotted to the dominion. That this meeting protest against the inadequate space allotted to Hawke’s Bay to the middle of May, which will not allow the works to kill the available fat stock. - During the discussion a speaker said the only thing they could do was to let the English people - know through the Press Association that we have six million carcases here which were bought at 5d per pound, and that Argentine meat is being sold in England at Is 2d per pound. A strong deputation was appointed to proceed to Wellington ip support of the resolution. The meeting also appointed two farmers to give evidence before the Industries Commission, which is sitting here to-day. COMMERCIAL CABLEGRAMS. LONDON, April 17. Bank of England returns:—Gold coin and bullion in hand, £83,794,000; reserve, £27,472,000; proportion of reserve to liabilities, 19.05 per cent.; notes in circulation, £76,213,000; Government deposits, .£27,710,000; other deposits, £116,563,000; Government securities, £56,114,000; other securities. £78,305,000. Discount on short loans, 3£ per cent.; three months’ bills, 3J per cent. Consols, £55 15e. War loans; 3i per cent., £B7 10s; 4 per cent., £96. v The following are the quotations for colonial stocks as compared with those ruling previously;—

Wheat, flour, and oats: Quiet. Beans: Easier. Peas; Quiet. New Zealand and Tasmanian whites, 45s and 50s. Sugar: Unchanged. Talldw: Fin© Australian afloat for Liverpool, 725; mixed, 675. Butter and cheese: Unchanged. , Rubber: Para, 2s B|d; plantation, 2s 3£d; smoked, 2e 3d. Hemp: Inactive. New Zealand high point, April-June delivery, £49. Wool: In the Bradford tops market there is a moderate inquiry, and prices are maintained.—A, and N.Z. Cable.

Peninsular and Oriental Company, £421. A. and N.Z. Cable. , April 24. The Bank of England returns are~ae follow:—'Stock of gold coin and. bullion, £83,649,000; reserve, £27,404,000; proportion of reserve to liabilities, 19.32; "notes in circulation, £76,163,000; Government deposits. £24,591,000; otber deposits, £117,208,000; Government securities, £50,225,000; otber securities, £81,793,000. Sbort loans, 3J per cent.; three montbs' bills, 3J per cent. War loans, £BB and £96. Commonwealtb, 5£ per cent., 101; 5i per cent., 101 J; Victorian 4's, 982; 3J's, 90 and CC£; 3's, 74; New South Wales 4's, 86; 75; 3's, 74; Queensland 3's, 66J; New Zealand 4's, 88g; Si's, 77J; 3's, 68; South Australian 3J's, 77f; 3'Sj 60. Wheat and flour are at a standstill, and the,commission are offering nothing.

Oats. —Steady, but quiet. Peas and Beans.—Firm and unchanged. Sugar.—Unchanged. Bradford wool is buoyant, and there is a. fair inquiry and moderate business. Butter.—Supplies are improving, and the ration will be 2oz for next week. The Government has purchased the Irish output for the season, but the price, though not disclosed, is below that paid in 1918. There is little prospect of the removal of the control of butter at present, as other decontrolled foods advanced in. price after ita removal, notably bacon. The Government has not yet decided whether to purchase the Canadian cheese output.—A. and N.Z. Cable.

April 26. Cotton. —May delivery, 16-74; June lifeless and unchanged. Hemp.—Market quiet. New Zealand high point, fair; April-June, £4&. Rubber. —Paia, 28idj plantation, 22Jd; smoked, 22j>d.

Copra.—Firm. South. Sea spot, 43&<L —A. andl N.Z. Cable.

Commonwealth BJ’s ... 100 100, Commonwealth BJ’s ... lOli 101i Victorian 4’a ... 984 98J Victorian 3J’s * ... ... 90 90J Victorian 3J’s ..■ .. ... — 74i Victorian 3's ... 6GJ 68J Now South Wales 4’s ... 8Gi 86 New South Wales 3J’s f ... 764 75i New South Wales 3’s ...‘ 74 741 Queensland 4’s — Queensland 3J’a ... — — Queensland 3’s ... — 66 New Zealand 4’s ... 88J 88J New Zealand 3’a ... 77J 77J New Zealand 3’s ... G8J 681 South' Australian 3’s ... 77J 77J South Australian 3’s ... 59J G0| Tasmanian SJ’s ... 77J 77J Tasmanian 3’s ... 71 71 West Australian 3J’s ... 80J 79J West Australian 3’s ... 742 744 * 1921-26 currency. 1 1920-30 currency.