OUR YORKSHIRE LETTER.

Otago Witness, Issue 3519, 23 August 1921, Page 12

OUR YORKSHIRE LETTER.

BRADFORD FEELING EFFECT OF CON'I IXENTAL COM PKTl'i lON. (From Our Special Correspondent.) BRADFORD, June 23. Last Saturday saw the finish of the twenty-third (A) series of colonial sales, tln.no being catalogued throughout the series, 61,310 bales ot B.A.W.R.A. wool and d2,4c0 bales of tree wool. Buyers often expressed satisfaction at the character of the offerings, these being sensibly above the average. I hose representing the interests of the British Government and colonial growers have met the market, as they always should, and B.A.W .R.A. seems to have learnt a much-needed lesson not to put upon wools ridiculous reserves. There lias been in evidence feelings of confidence which found expression in vigorous bidding and fairly extensive operations, parti'iilarly on the part of Conticntal buyers, and, as we said a week ago, Germany has been very conspicuous throughout the entire scries. This i> nor altogether unexpected, but to the home trade very tantalising. As everybody knows, German spinners and manufacturers are not handicapped like scores of Yorkshire firms with having lost fortunes and still struggling with heavy and very dear stocks. That really is the outstanding feature of the home trade, and many tirms are still holding stocks of partly and fully manufactured materials in the hone of being able to sell same a-t fairly high prices. Until these stocks are liquidated, consumption is bound to be restricted, and many tirms are still compelled to buy from hand to mouth. However. the withdrawals have been very few, certainly not 10 per cent, of the offerings, and throughout the series a very good buying spirit, prevailed. It looked like old times to witness the large attendance of buyers and to see the animated sales which took place. r J hero was no American buying throughout the series, none is expected for a considerable time to come, and' it is the home trade which to-day seems somewhat backward and unable to take its part as in pre-war times. AN EASTER FINISH. The last few days of tire series saw less keen competition than obtained during tlie first half of the series. Continental buyers, and particularly Germany, took tire bit in their mouth during the first three days of the series home trade buyers being compelled to let them have their war. Rome misjudged the market rather badly, but. all to the benefit of colonial growers. Germane apparently had some urgent orders to fill, and, having done this, they settled down to more reasonable values and bid less keenly. The result was that fully 5 per cent, of the rise came off towards the finish, and apart from merino pieces and bellies, the advance was little more than 5 per cent, all round. There was the least improvement in superior grease merinos, tlie.se being above the cut of both France and Germany. It was here that some home trade spinners and manufacturers operated fairly freely; but they were not prepared to pay any more than 5 per cem. above May prices If was in medium merinos, botti grease and scoured descriptions, that the rise was most pronounced. France bought fairly readily, so did Belgium, but Germany eclipsed all, and this may be taken a* proof of returning prosperity for the textile trade of the Fatherland. West. Riding topmakers, spinners, and manufacturers know what compel ition they will have to meet at the hands of Germany in neutral Continental markets, and possibly South Ameriea. and vet for all that the very means of bringing about- a revival in the export trade of this country are being killed by the insane attitude taken up by many of the trades of this country on which the textile industry is dependent. The writer has contended all

along that the West Riding trade cannot possibly hope to succeed without cheaper coal, lower cost of production, and cheaper freights—all important factors which arc at present being denied. Crossbreds eased sensibly towards the finish, and, apart from fine qualities, prices reiceded to the level of the May series. The entire series must be regarded as good, notwithstanding the slight ease that took place towards the finish, and, all things considered, the auctions passed off well. CHANGES SEEN. The following table will be found useful ns showing the movement of prices compared with the ciSss of the previous series -

iil guv •• • • .. • • •• aiV.iJ.V7 UUVICiI Faulty none offered GERMANY AND WOOL VALUES. Nothing lias called forth so much comment, both favourable and otherwise, as the German competition for wool at the recent sales, and if mill operatives in the West Riding could have seen the keenness of German buying there would have been great surprise expressed. Out of 104,000 bales sold 70,000 bales were taken for the Continent, and everybody knows that at least 70 per cent, of that quantity was taken by Germany. In pre-war times Ger-y many was always to the front in purchasing colonial wool, and her present action has awakened some fears in the minds of spinners and manufacturers as to what they can expect. Germany apparently is most favourably situated in regard to having an adequate supply of coal, while her operatives are keen to work 10 to 12 hours per day, and are doing it without complaint. This stands out in sharp contrast to conditions obtaining in this country, and there is no wonder at German manufacturers finding themselves in a position to enter their pre-war markets. While export houses in Bradford aro finding it almost impossible to resume business with their old customers on account of high conversion costs, France, Belgium, and Germany arc ail keenly interested in pushing their wares into Eastern Europe, wherever they see the least chance of getting paid for their goocis. Tt is becoming more apparent than ever that both carbonising mul combing charge', aro going to have to be sensibly reduced; in fact tlie very first operation of sorting, to that of dyeing and finishing, charges will have to be sensibly reduced in order, to enable Bradford spinners and manufacturers to put their fabrics before the world at a competitive price. The chief business that is being done to-day is in raw and part iy -manufactured material, but when it comes to the export- of yarns and piece goods the last Board of Trade returns spoke eloquently of lost trade, and the figures are depressing in the extreme.

series: — Greasy merino— Superior Id to 2d dearer Average to good Id dearer Poor condition par Inferior locks and pieces Id dearer Scoured merino— Superior 2d to 3d dearer Average to good .. Id to 2d dearer Inferior .. .. • .. 2d to 3d dearer faulty locks and pieces 2d to 3d dearer Greasy merino lambs-^ Superior Id to 2d dearer Medium Id dearer Inferior Id dearer Greasy crossbred— Fine, superior Id dearer Fine, ordinary let dearer Medium, superior .. par Medium, ordinary par Coarse, superior par Coarse, ordinary .. par Lambs 2d dearer Scoured crossbred — Fine 2d dearer Medium and coarse par SHpe crossbred — Fine lambs Id to 2d dearer Medium lambs Id to 2d dearer Coarse lambs .. Id dearer Faul tv classes Id to lid dearer Greasy Punt a Arenas— Well conditioned .. Id dearer Wasty Falkland Islands .. par to Id dearer SOUTH AFRICAN WOOL. Snow white — Super Westerns Id dearer Super Id dearer Medium let dearer Inferior Id dearer Greasy combing— Light Heavy par Greasy clothing— Light none offered