OUR YORKSHIRE LETTER.

Otago Witness, Issue 4085, 28 June 1932, Page 17

OUR YORKSHIRE LETTER.

BETTER TONE IN COLEMAN STREET. THIRD SERIES CURTAILED. BUT OUTLOOK RATHER BETTER. (From Our Special Correspondent.) BRADFORD. April 21. The tiurd series of London sales have now ;ot into lhe second week, ami will close to-morrow instead of the 28th of this month, which means that four sales have been abandoned. Just exactly what to make of this decision of the selling brokers is rather difficult to say at this writing, though it points to a determination to resist any possible further decline in values. This does not mean that there has been any serious weakness in the auctions since the opening. Indeed, at two or three sales last week there was a broadening of competition, and one or two reports indicating firmer prices were received in Bradford. This has happened again this week, but the fact that the sales are being shortened shows that owners arc not too satisfied with the way things have moved. Below certain points are mentioned which have an important bearing upon the basis on which wool will be obtainable in the near future. In the meantime the outstanding feature is that values for all descriptions are very reasonable, and buyers who can see their way to put money into either merinos or crossbreds have a reasonable prospect of it ultimately being turned to good account. No big advance is looked for by Bradford firms, and they are disposed to treat rather sceptically some of the optimistic pronouncements which now and again appear in the local press. Last week the Parliamentary Secretary of the Board or Trade, addressing a public ineeting in the South of England, said that the National Government had given to Yorkshire in three months a market worth £2.000,000. Unemployment in the woollen industry had been reduced from 35 to 15 per cent. Both these statements are very vague, and are liable to be misinterpreted by colonial readers. It must not be thought that there is a boom in this district. Some failures are taking place, and the most serious aspect of the worst of these is that it has reacted upon the financial position of many other concerns. GOOD OFFERINGS IN LONDON.

Meanwhile there are still some good offerings of wool before the trade in Coleman Street. This week’s catalogue includes further generous supplies of NewZealand greasies, scoureds, and slipes. The last-named are certain to be in big supply for some time to come, for the poor prices- realisable for fleece wool have induced farmers to slaughter more sheep, this resulting in a temporary increase in the supply of the description of raw material named. Besides other merinos there are 2500 bale? of Capes, including many farmers’ clips from the Graaff Reinet and other districts. There have been times in the history of the trade when these Cape wools would have been picked up very readily at pence per lb more than is realisable thi s series, but untortunately sending the wool to London instead or. offering at South African centres is not enabling anv more monev to oe made.

Besides its “ private ” problems the trade is now awaiting a definite announcement relative to the Abnormal Importations Bill. This measure is to be reviewed before May 19 in order that the British Government may decide whether the au per cent, ad valorem duties shall remain in force, or changes be made. It is understood that the Import Duties *A tlv ? spry Committee has recommended o 3 l-o per cent, instead of 50 per cent., and following this the whole matter has been keenly discussed among spinners and manufacturers. Even the protectionists aie not all of one mind. Spinners are demanding the continuance of the 50 per cent, duty to enable them to sell yarns to home users instead of being cut out by mule spun yarns from the Continent. Manufacturers also want the present duty to remain in force so that they can face the competition of foreign cloths, but ™ m . e .. of tlle,n are Prepared to support a 33 1-3 per cent, duty on yarns for reasons jHnch are euphemistically described as n 2i lc “ ' , these manufacturers can lune their choice between yarn spun in this country and abroad, which is not C « Se at . plcs ? nt > they will be able to buy more cheaply than if foreign yarns are kept out. J

COLEMAN STREET PRICES. Meanwhile readers can be given a nwnt V Af°° d i K ea about the aetlla l nioveinent of values at the sales. The following summary of merino and crossbred prices will speak for itself. Probably more plainly than will be appreciated lhe only “bull” influence here at this writing seem s to be certain private cable informatmn from Melbourne. This indicated a firm market for merinos! the cost of wool being fully on a paritv with f ■nn Se fi '- n "^ riCe - 0f line tops here. ‘Apart from this, there is nothing to indicate anv mSon eC nM ry -° r eVen £ -bstan7iai a ex-Tlu-re nr! b,ls .>? es s on the current basis. .1 icie are evidently some weak sellers about, and apart from such firmness as /” t ie V aw material, the only good feature is the continued big output ot tops of qualities above 50’s ’The consumption of these is good, and any new demand is chiefly for fine crossbreds and average merinos. In view of all thia rJ is not surprising to find little prices still being bid m Coleman Street. Some avera/0 s wool of a AVest Australian mark

(Coburn/SJ) has had 7Jd bid for it, equal to about 163 d clean, and Sesbania, a Continental combing style wool, of super 64’s quality, and slightlv stained, which had ll|d bid last sales, lias realised only IOJd. D & T/Elton Downs, Queensland merino of 70’s quality, and which was in heavy condition but free from vegetable matter, had 17d bid, whilst AA’averley/ JAI & Sons, an Adelaide mark, of sound super 64’s, with some average 64 s and containing a little seed, had 163 d bid. For the 64’s of the same mark 153 d was bid, and 15d for the 6t)’s to 64’s”. For badly stained 64’s combing 9,d was bid, a nd for 60 s Bd. Other bids were: — Continental combing 64 s pieces, slightly stained and nearly free of vegetable matter, for which 9d was offered; GU/II India, white, 64’s, had 15d bid, and another lot, containing some seed, 14d, the 64-60’s bringing out a bid of 133 d. Continental combing white 64’s, slightly seedy pieces, brought out a bid of 13jd, and some slightly- stained wools of the same quality 9d. Among best Sydney scoureds Newcomen/Angledool. white, nearly free big, dry super 64-70’s, had' 153 d offered’ and super 64’s, with slight burr, 153 d. Among other wools offered but not sold were AVest Australian l-13in 64’s wasty lambs, for which 6d was bid, and Adelaide good 13in 64's, soft and white, 131 d bid, "with l-ljin 64 s, with some vegetable matter, 113 d bid. GU/H in dia. 13in 64 s, with some super 60's quality, and nearly free of vegetable matter, made l?id, with l-13in 60-64‘s at 13d, and lin 64 s slightly burry, lid. A A’ictorian mark, Torlea, a soft and white wool, n . ear ,*y free, and l-13in staple, made 143 d, the 64 s made 13d, and another lot, which was lin 64 s, but about 95 per cent m . ade 12 i d - A splendid lot of Jt/A ictoria, 13in 66's, had 173 d bidlin to Ilin 64’s, 16d: Ilin 64-62~’s, 15dlin to Ilin 64-62’s, with slight burr, 123d’. CROSSBRED A’ALUES. Turning to crossbreds, Ud was bid for Gibb/PP skin, pelt, clothing, white, lin, comeback, 60-64's;” 9d for Ilin 58's; BJd for 54’s, and 71d for 48's, these bids all being aboutj 15 per cent, below the previous sales. One or two lots of 56’a « llpes > Jt' ltbd r a wn l ast sales at 9ld, have i at t 8 ¥ bld tllls iveek, and sin 48’s lambs for . which 7]d was bid last sales, have again been withdrawn at 63d. Aloeraki was a good handling New Zealand wool, but contained some wild patches. Ihe deep 56-58's made B.?d (133 d clean), 56-58 s carding, 93d (15d); 56-58’a preparing Corriedale, 83d (13d); 56’s Corriedale, 83d (123 d Rakanui, 56-58’s carding part irregular quality, made full prlc ?? to Germany at 103 d (16d) ; 56 s carding, lOd (15d); 54’s cardmud 8d 50_52 ’s preparing, w a x d 4-I 7 ) ’ 4S s ’ 4 ?d (6}d); soft 52 ’ s boss, 8d (10id) ■ 51?°%.n ard TiP’ 6id J - 4S - 5 sid (7d) ; 48 s carding, sid (63d) ; erdmary, hairy, slightly se'edv 41 i 5O /kn sad Tir ( 7 -^ d )’ 46 ' 44 ’ 3 (some cot)’ 71d Preparing, made (7jd); 50 s prepar}P'L 6d L( 7 * d); 48 s - 5d (Gid); OAB, very light 48 s, 53d (63d); 46’s, 5d good style 48 ’ s card - , z I i f Vj?® d .® ee > 48-50’s, made 6Jd (7id); 48 s, 51d (61d); 46’s, 5d (63d)?6°ld) a ' S TVT/’m sid < 7d )l 50-48V5d (bid). JNL/Okawa, big carding 52’s 8? h d 1 - e ’4R4«’ tly - f V| tty ’ ?- ade lld; G O - 4 ®’ 3 ’. •’ 4 nL 46s 4- whlte 50 ’ 3 carding pieces, 9d Kawa/DS. white, nearly frei 443 erutchings had 7d bid. A number ot l/Napier, ordinary, stained, seedy 4S's 4n U 4^ in f 3 n had 6 ,* d . bid; 46 ’ 3 ’ 43d bid! 40-44 s bulky 6d bid—about Jd to Id below last sales.

REDUCTION’ OF IMPORT DUTIES ON YARNS AND CLOTH. SPINNERS AND MANUFACTURERS’ STRONG RESENTMENT. RAW MATERIAL HOLDING ITS OWN. (Ftou Of# Special Corrf.spo.ndekt.) BRADFORD, April 28. There have been startling developments affecting the wool trade of this district. The Budget statement by the Chancellor of the Exchequer had been read with the interest which always attaches to such a document, and the inference had been drawn from the fact that no relief was offered in taxation that protectionist policy would continue to be applied. Even ardent Liberals and Socialists, as well as those who had been accustomed to ignoring all political parties, had recognised that a National Government was in power, and assumed that the said Government would be true to itself by maintaining the duties put into operation under the provisions of the Abnormal. Importations Bill. The object of that Bill was to prevent dumping, and there cannot be the slightest doubt that it had begun to achieve its object, or that to relax its provisions would• pave the way for a return to the disabilities under which Yorkshire spinners and manufacturers were labouring prior to the suspension of the gold standard last September and the introduction of the said Bill before the end of the year. It was therefore a shock to the industry when they learned that the Advisory Committee on Import Duties had recommended the substitution of a total duty of 20 per cent, on manufactured goods and 10 per cent, on yarns for the 50 per cent, ad valorem duty, which was expected to remain in force until May 19. STRONG PROTESTATIONS. Incidentally the 50 per cent, duty on yarns was an afterthought. The 10 per cent, duty under the latest recommendation was an application of the general duty imposed after the Anti-dumping Bill became operative. This also applied to 10 per cent, of the 20 per cent, duty on manufactured goods. Obviously there had been a departure from protective measures for spinners and manufacturers here, and at the earliest opportunity the opinion of leading members of the trade was sought by all sections of the press. Lord Barnby stated that 20 per eent. duty on fabrics was quite insufficient to protect the British worker against Continental labour. Mr Henry Ayrton, principal of a big wool importing and topmaking firm, and also president of the British Wool Federation, stated that a lot of business had been, done on the assumption that the new duties would be substantia), “and that if this was the best the National Government could do we might as well have had a Socialist. Mr John Emsley, the largest dress goods manufacturer in this district, who has also been known for many years as a strong Freetrader, stated that foreign competitors would easily get over a 20 per cent, duty on fabrics, and 10 per cent, would not keep out yarns. Mr Emsley emphasised that big sums of money had been spent on ‘new machinery by firms who believed that there was now an opportunity for them to launch out. Mr Douglas Hamilton, a member* of the council of the Bradford Chamber of Commerce, and many other local men also expressed themselves in equally strong and emphatic terms. DISAPPOINTMENT FOR THE INDUSTRY.

It is a long time since such a wave of indignation passed over the Bradford trade as was seen when the recommendations of the Advisory Committee became known. Before noon Lord Barnby, Colonel E. H. Foster (president of the Worsted Spinners’ Federation), Mr J. W. Downs (president of the Bradford Chamber of Commerce), Mr E. 11. Morton (secretary of the Wool Textile Delegation), and Mr J. JV. Turner (secretary of the Worsted Spinners’ Federation) had left for London to interview officials. The deputation was informed that the Abnormal Imports Advisory Committee would be willing to receive evidence and to hear arguments from the industry in favour of revision of the duties. To the Government officials interviewed the deputation emphasised the disappointment of the industry that such drastic changes should have been recommended to become operative almost immediately, but at this writing these and other representations have had no effect, and it looks as if the trade will have to abide by the Advisory Committee’s recommendatioup.

Meanwhile very little effect was produced upon the last sale in Coleman Street by this tariff development. It was expected that the home trade would tall off and that the Continent would “weigh in” heavily, but no difference was seen in this respect, and it cannot be said that the disturbance had any effect on closing values. The total quantity sold was 69,500 bales, the home trade taking 38,000 bales and the Continent 31,500 bales. The carry-over, including 88,500 bales not offered, was 97,000 bales. This quantity is a fairly substantial nest-egg for the series expected to commence on May 24; but with wool so cheap as it is to-day buyers should be prepared to operate. The industry in this country is passing through a testing period, but there should not be any’ serious obstacle in the way of lifting the remainder of the current Australian and New Zealand clips. SOME CLEAN SCOURED COSTS. The following are some representative merino and crossbred marks sold during the latter part of the series:—

It is scarcely necessary to say that such prices as the above are capable of improvement., but there is satisfaction in being able to say that the sales finished with some slight improvement compared with the opening. The prospect for trade expansion in Yorkshire is not good enough to enable any rapid advance to be anticipated. Compared with March, the best greasy merinos were either par or not more than 5 percent. down. Ordinary merinos showed a decline of up to 74 per cent., fine crossbreds were par to 7j per cent, cheaper, and medium showed a decline of 5 to 10 per cent., but low sorts were very firm. Australian scoured merinos were 10 per cent, cheaper, but there was no change in New Zealands. New Zealand fine crossbreds were steady, lower qualities being 5 to 10 per cent, cheaper.

Description and Quality. <u.® <x> 5 5 Per lb. bT. peter s Pass (Tas.) : d. d. AAA combing hoggets, super warp 66-70's AA combing hoggets, good 11 18} and very good 66-70's . 10} 175 A combing, very good 70's . 12 AAA fleece, warp 62-64’s . AAA comeback hoggets. 11 17" warp 62’s .... 11} 18 AAA comeback, warp 6058’s 115 18 AA comeback hoggets. warD 60-64 s . . AA comeback, warp 64-62's 11} 11} 1S£ 18 A comeback, warp 60-62’s . 11} 175 AA fine crossbred, 58’s . . DAM/Fohest Hill (Qu.) : 112 17} AAA ewes, average 70’s . . 9 17J 18 AAA ewes, average 70’s . . AAA wethers, good 70’s 9 82 165 16| AA hoggets, good 70’s . . 8} AA wethers, good average 70's 72 15} SS/Mallee Brae (South Aus.) AA combing hoggets, good 64-66’s ... 9 AA combing ewes, good 64- £ 66 s AA combing wethers and 9 15} ewes, good 64-66's . . . 9 15} Mangaohane (N.Z.) : Halfbred, 58-56’s .... AA halfbred, 54-56’s pre8 13} paring A fine crossbred hoggets. 7} 12 52-54’s preparing . . . A fine crossbred ewes, 54’s 7} 112 carding B crossbred hoggets', 526 82 54’s preparing 6 9 B crossbred ewes, 50-52’s . C crossbred hoggets, 50-48’s 5} 7}-72 preparing and carding . Bi 75 C crossbred, 4S-50’s . . . Rukumoana (N.Z.) ; 5 7} A halfbred hoggets, 56-58’s 8} 14 A halfbred hoggets, 56-58’s A halfbred ewes, 58’s card8} 14} ing A halfbred ewes, 56’s . . . 9 8} 14X 135 A balfbred wethers, 56-58’s carding 8 13 B halfbred hoggets, 56’s . A crossbred hoggets, 52-50’s 7} 12} preparing B crossbred ewes, 50-52's 55 8} carding B crossbred wethers, 50-52's 42 62 preparing and carding . 4} 62 Crossbred, 50-48’s .... 4} 6