OUR YORKSHIRE LETTER.

Gisborne Times, Volume XXIX, Issue 3356, 24 October 1911, Page 8

OUR YORKSHIRE LETTER.

SOME POINTS OF INTEREST AND IMPORTANCE.

7FROM OUR OWN CORRESPONDENT. J

BRADFORD, Sept. 8

Last Monday a new Colonial selling season .was inaugurated at Sydney, where the first of the regular weekly auctions began. We cannot say that we are altogether satisfied with the cabled reports, the Bradford morning paper containing intelligence from its own correspondent which states that “good) merinos were very firm, and short, shabby sorts sold l in buyer’s favor. Spinners 60’s wool will cost in Bradford 2s 2Jd, 64’s 2s 3d, and 1 70’s •2s 6d.” We cannot say that this is very satisfactory news, and it certainly | looks on the surface as if wool is cheaper than is actually stated. The language employed is rather significant when the authority says that “spinners’ 64’s tops will cost 2s 3d.” Many people have asked the question, Does not that indicate a slight weakness? We think it 'does, for at a small Melbourne sale on the previous Tuesday .Bradford buyers cabled that 64’s would cost 2s 3sd. It is generally understood that an average Bradford) 64’s can be brought in at about id less than a so-called spinners’ top, fori Whereas the latter usually want a top made from pure greasy Australian wool, topmakers in the majority of cases blend their wools with Mazamet, Cape-, and oftentimes South American. Even a spinner’s 64’s at 2s 3d) is a price which cannot be grumbled at to-day, but it is not the price .which is expected to rule all through the coming season. It is just possible that we are going to see repeated the same experience which has been seen during the marketing of the recent English clip. The demand has been so keen that buyers everywhere have paid the uttermost farthing, the result being that everyone is to-day complaining that they cannot make a profit. Of course, the Australian clip is an altogether different thing to the marketing of the fleeces of 30 million sheep, and all things considered we are disposed to say that the Australian season has opened; in a very auspicious way. We shall be much surprised if lower limits are not cabled out to the various selling centres in Australia 'before the end of September, for in Bradford no one ventures to say that the season’s business is going to be conducted on a limit of 2s 3d. for 64’s tops. At least that is not the idea of tho homo trade at present, but if Continental buyers set the pace, and are willing to pay these prices, then Yorkshire representatives will have to follow suit. All tlie same we cannot sea that Bradford will be willing to go on at to-day’s prices, and it looks to the majority as if 2s 3d will be nearer an actual buying basis in Australia at no distant date. SATISFACTION AT A BETTER GROWN CLIP.

All our news is to the effect that a better grown clip is in progress of being shorn, and what samples have arrived from Northern and Westrn AusQueensland, as well as the north-west-ern part of New South Wales all indicate an improvement on . last year’s clip. These should give better manufacturing results, for there is nothing like a well-grown and sound staple for producing good tops, yarns and pieces. The reader may perhaps not knowt, but when a clip is well-grown and sound, there is always far more pleasure in handling same, while the stand in cost is usually a fraction less than buyers calculate. A large quantity of the wools purchased last season produced 2 to 3 per cent less than has been generally estimated, the result being that tops have cost all through the year more than they should have done. There is noting worse to skill than earth, sand, and vegetable matter, for even tlie latter oftentimes contains moisture and other fatty substances which on going through the scouring bowls and the carbonising operation | means a heavier shrinkage than the buyer estimated. All this falls upon tho cost of the clean scoured article, and many people have this year got into hot water on this very ground. But the greatest satisfaction of all arises when a clip is sound, for a user knows that it always costs less to manipulate a well-grown clip than one that i*short, mushy, and devoid of life and elasticity in the fibre. The trade is looking forward with considerable interest to the opening of tlie Adelaide season on tlie 19th inst. A fairly good selection is anticipated, and we are glad to hear that South Australian wools are well grown and sound. As far as we ean see there is every prospect of a satisfactory sale, but somehow we have an impression that buyers will try to operate on a basis of 26d to 261 d for 64’s tops. Bradford is going to be well represented ; in fact, all through the coming season Bradford importing topmakers will be keen buyers if wool comes at anything like a reasonable price. It is rather unfortunate, but there is- little prospect of being much done on American account all because of the uncertainty about the next tariff revision. If importers were certain of a reduction then no doubt there would be a fair buy of the lower North clips which give a clean yield of 52 to 54 per cent., and whenever the American wool duties are settled to more reasonable dimensions wo are certain that such clips as Mt. Crawford, Rhyne Park, Nalpa, Hill River, Ulooloo, North Boborowie and Bungaree will find their way across the Atlantic. It does seem a pity that there is all this to do over tlie vexed question of taxing law materials, and to outsiders it does indeed seem strange that our friends across the Atlantic should impose a duty on a raw commodity which they must have. If American sheep breeders could grow wool equal in style and character to the merinos of Australia and the crossbreds of New Zealand, and produce sufficient of it, then those in the trade at this end could easily understand tho imposition of a tariff, but when they are only producing practically 60 per ' cent of their requirements it does seem strange that they should place almost prohibitive duties on such an article as raw wool. However, brighter days are dawning across the Atlantic, and when tlie new taxes are levied tlie textile industry of the United States should open another chapter of prosperity. THE SPINNING TRADE.

All practical mill men know that wool is first combed into tops, and then spun into yarns, that is if the raw material is destined for a worsted' fabric. The yarn trade is a big industry in tho West Riding, and on that account it plays an important part in determining the future of wool values. We do not say that West Riding spinners are getting to the end of their order sheets, but evidently some are becoming a little concerned over new business, for during the past fortnight they have been offering to book new contracts at less money. Then the question of delivery has been a vexed one

all this year, but even here they are in a position to do business by giving much quicker delivery to their customers. It is l rather remarkable that those spinning white -worsted yarns have been far busier than those spinning colored yarns, due to the big trade in piece dyed fabrics. But even white spinners are not being so hard: pressed as they were,, and to-day on new orders they are prepared to give delivery from four to six weeks compared with sixteen to twenty weeks a few months ago. This clearlv shows that there is nothing near the same pressure that there was, and the fact of them offering to take now contracts at a good penny less shows the general feeling regarding the future of wool prices. MARKING TIME. There is really nothing new to report regarding the wool trade. The nett arrivals for the forthcoming September series of London sales are practically •a),000 bales, more than half of which are New Zealand crossbreds.. As far as one can see it looks as if there is going to be available about 130,000 bales, and the trade should have no difficult in lifting these. At present it seems as if combing merinos will show practically no cliange compared with July although we certainly think prices will be no higher.- In Bradford, things are doing no more than mark time. There seems to be no response in the market, and everything is being conducted on a hand to mouth policy. It is quite true that merinos are firm, but nothing more can be said. It was thought that when September came in it would bring forth more buying on the part of users, but spinners seemingly are well bought and they are not disposed to anticipate the future again by buying largely. The market shows no sign of stagnation there just being sufficient passing to create steady prices, but there is nothing to indicate higher values, all alike seeming to have made up their minds.that they will pay no more money. It is possible to-day to buy a good merino top at 2 3fd for spot delivery, although some are still asking 2s 3Id 1 . Commission woolcombers continue busy, and deliveries of fine tops are being made in a most commendable way. This week Continental futures have fallen more pronouncedly than for months back, and evidently French users are expecting to see somewhat lower prices, but on “spot” stuff there is little likelihood of much change in values. There is too large a consumption to warrant anyone in taking lessj, and! so far as the home trade is concerned we do not think there is any prospect of cheaper wool during the next two months.

There is practically no change in the course of , crossbreds. Tlie only encouraging feature is that there is no abatement in consumption, and here spinners seem prepared to take up their contracts in a creditable way. This means that some fair big weights of raw material are being shifted and although 40’s prepared tops can be bought at l'Jwd still that is a most satisfactory feature. We really cannot see higher prices for crossbreds unless America comes into the market to galvanise into a state of activity what is at present an unsatisfactory state of affairs.