OUR YORKSHIRE LETTER.

Otago Witness, Issue 4039, 11 August 1931, Page 18

OUR YORKSHIRE LETTER.

OUTSTANDING FEATURES OF THE SITUATION. RAW MATERIAL VALUES DEPENDENT ON INCREASED CONSUMPTION. (From Our Special Correspondent.) BRADFORD, June 4. Among the news recently received in Bradford from Australia the writer has noticed an intimation that good winter conditions were assured for pastoralists, the coming clip being expected to be better grown and about two pounds heavier per sheep than for last season. One feels just a little hesitancy in venturing to congratulate the pastoralists on this prospective achievement. It cannot be doubted for a single moment that, especially if. really satisfactory prices are forthcoming, a bigger wool clip will help to retrieve Australia’s fallen fortunes.

On this question of price, however, great issues are still dependent, and even with an unaltered production there is not much to indicate a - higher level being attained in the disposal of the next clip. The statement that the said clip is expected to be better grown was made by no less an authority than the National Bank of Australasia, which, received its information from Melbourne. At the same time the cable was rather vague, and if a bigger weight of wool to the extent named is produced throughout Australia there will be a substantial increase compared with last season. With prices where they are to-day and in-

creased consumption in all the manufacturing districts of Great Britain as well as on the Continent there should not be the slightest difficulty in shifting all this wool, but that is exactly where the uncertainty- exists. WHAT INCREASED PRODUCTION SHOULD DO. With such an increase in production, however, as the one named, and assuming that the bulk of the clip can be passed into buyers’ and users’ hands within a reasonable length of time, the Australian exchequer will benefit very substantially. A more surprising part of the cable, however, is the one which stated that higher prices were anticipated. From the colonial point of view this is undoubtedly desirable, and it will indeed be a very happy- combination of events if a bigger clip realises on an average a better price per pound. There is time between this writing and when the bulk of the neyv clip arrives in consuming centres for verygreat changes to come about, but we are now in the month of June, and in about another six weeks shearing will be general. There is therefore no time to waste if trade is to get moving sufficiently to guarantee better prices for the raw material at the beginning of the season. Whilst dealing with wool production, some statistics may be introduced. Dalgety and Co., Ltd., ‘have stated that .during the first ten months ended April, 1931, 2,415,000 bales of wool were exported from Australia, an increase of 433,000 bales compared with 1929-30. and 532,000 bales from New Zealand, an increase of 27.000 bales. From the 'Board of Trade returns it can be said that of the exports from Australia 749,642 bales came to the United Kingdom, and 372.231 bales to the same destination from New Zealand. Also the imports of wool from all sources into the United Kingdom during July-April. 193 Q.-31, totalled 2,046,340 bales. 1.400,000 bales being retained and 646,282 bales re-exported. now PRICES COULD BE IMPROVED.

From these figures it can be seen that the exports from Australasia so far this season have been larger than last, and a bigger quantity- has come to the United Kingdom from all sources, for the quantity imported in the ten months ended April, 1930, was 1.824.259 bales. There is, of course, the wool which since the end of April has arrived in this country- and on the Continent from Australia and New Zealand and wool which is now on the water. How much this may be cannot be said, but there are■evidences of big consumptive capacity in spite of the depression which has been experienced in Yorkshire. The total of United Kingdom imports includes what has been received from South America and South Africa. It is interesting Jto note that there has been a big fall in the quantity of wool sent from the latter country, whilst during the seven months ended last April exports from South America were 92,790 bales more, equal to more than 270,000 bales of colonial weight. The South African clip being all merino and the South American containing a big proportion of crosgbreds makes it impossible to discriminate in any reliable fashion between the two descriptions so far as quantities are concerned. Ney-ertheless one is forcibly brought back again to the conclusion that the aggregate weight of wool which the industry can • absorb is very large indeed. With anything like such manufacturing conditions as topmakers, spinners, and manufacturers in the West Riding of Yorkshire desire, a bigger Australian clip can be absorbed quite easily, with even some improvement on the prices current to-day. ROYALTY VISITS WEST RIDING MILLS. Last week his Royal Highness Prince George visited the works of John Priestman and Co., Ltd., and Manningham Mills, and took a very great interest in everything shown him. In an interview with Sir William Priestley, the Prince

suggested that there was a need for tiptop salesmen yvho could speak the languages of the countries to which they were sent. Being told that our salesmen could speak the languages of the countries in yvhich they travelled, he expressed the fear that other industries were not so well equipped. The Imperial Wool Industries Fair and the Bradford Historical Pageant yvere discussed with the Lord Mayor of Bradford. A warm welcome was given to his Royal Highness byoperatives at John Priestman and Co., Ltd., where he yvas conducted round the premises by Mr John Emsley, yvho afterwards expressed the opinion that there would be an improvement in the Argentine trade as a result of the Princes’ visit. Lunch yvas provided at Manningham Mills, yvhere lively interest was again shown in technical details. At Saltaire Mills two suit lengths were chosen, one being a fine blue slate-coloured shadow check and the other a very fine .blue serge. Sir Frank Sanderson is the chairman of the directors of this firm and Mr R. W. Guild managing director. A brille lining yvas also inspected, and some of this is being sent to the clothing factory of Montague Burton, Ltd., Leeds, where a suit is being made for the Prince as a memento of his visit to that city. His Royal Highness was accompanied throughout the tour by- Mr J. H. C. Hodgson, president of the Bradford Chamber of Commerce, and Mr H. T. Tulloch, secretary. All the above concerns and verymany others which might be mentioned are all facing the manufacturing situation in the hope that an increase will come in the world demand for yvool goods. BRADFORD MANUFACTURING CONDITIONS.

Nothing better can be reported about the yvool trade in this centre. Topmakers are -finding very little inquiry for thecombed article, and on Monday there yvas not even the Antwerp “futures” market to give any lead to the movement of prices. One disappointing feature is that tops bought at considerably below to-day’s level are not being taken up at all freely, and this makes it seem unlikely- that any big weight of neyv business yvill be done without at least a slight further fall in the combed article. The trade is recognising that there is a considerable volume of raw material to handle before the next neyv colonial clip can be faced with any- real confidence. There are large stocks of both merinos and crossbreds in combers’ hands or in merchants’ yvarehouses. The latter description is no doubt the more formidable proposition of the tyvo, for there should be little difficulty in getting the bulk of the merino stocks out of the way before the neyv clip begins to come forward. There are still five weeks before the next London sales, and in that time a lot of yvool can be absorbed. It is too early to anticipate any movement of raw material values either way, but to-day there is a slight sagging tendency in both merinos and crossbred tops; 23d is a nominal quotation for Average 64’s, with Id more for warp, and all crossbreds are, if anything, in favour of the buyer. The call for yarn is poor, and as manufacturers are unable to get any response from wholesale piece goods houses they are only prepared to place speculative orders for yarns if spinners will give some concession in price. _ Home trade seasonal requirements in piece goods are about finished for the time being, and little compensation is being found in export. Every section of the industry is very largely marking time, there being no real inspiration anywhere, though there is some probability of the raw material continuing to exercise a dominant influence.