OUR YORKSHIRE LETTER.

Gisborne Times, 16 December 1911, Page 3

OUR YORKSHIRE LETTER.

YORKSHIRE WOOL TRADE. m.V SPINNING AND ITS INFLUENCE ON WOOL PRICES. JFROH OUE OWN COERESPONDENT.] BRADFORD. Now. 3. The yam tradle is a very important adjunct to the business don© in wool; in fact, but for the former the latter would bo worth very little. When a fleece leaves the sheep’s back, every fibre is taken and manipulated for spinning into yarns which are destined to be woven into a piece of cloth. I don’t think the average wearer ever thinks of the way in which the suit lie is wearing has reached that particular form, or of the many processes through which the wool lias gone before it reached his back. Wool in the raw state and the same in the clothier’s shop is a very different mid distinct thing, although it is the selfsame staple that originally came from the back of the sheep. In the great business of textile manufacture the various branches have been specialised, and all to a good purpose. I have before .mentioned the fact that in the Bradford trade there is the wool merchant and the topmnker. then conies the spinner, and finally the manufacturer. _ I can well imagine the reader saying, “Why cannot the manufacturer buy the raw material and work it up himself?” .Some do; in fact, there are many firms of manufacturers who send out their own buyer to Australia, the Cape, Buenos Ayres and London as the case may he. When this is done the wool goes into the mill yard in tlie raw state, and finally leaves hr the form of cloth ready for the weaver’s hack. This principle obtains more among woollen manufacturers than those producing worsteds. The latter industry is rather more intricate, and no doubt the force of custom and habit still holds sway. Bo that as it may, the buying, selling and manipulating of wool has become a special business in Bradford, and we find firms who are essentially wool merchants, whose business it is to buy and sell the raw material. On the other hand we have topmakers, but they do nothing else but bay the rawmaterial and convert same into tops. This is a colossal business, not only in Yorkshire, but also in France and Germany, and without doubt, more merino and 1 crossbred' raw material is bought and bandied by topmakers than in any other branch of the wool industry. The art and science of topmakin'g has undoubtedly reached “perfection point,” and there are firms in Worstedopolis who are certainly exports in blending for topmaking purposes. Tt is the yarn end of the industry <.f which I now' wish to speak, for hero the price of yarn plays an important uart ir. determining the cost of raw wool.THE YARN TRADE.

Yarn spinning is a big industry, and the more One studies the-various kinds of wool, and secs them being spun into a multitude of different qualities and counts, the more remarkable is the business scorn to be. I am not overstepping the mark wh.cn I say that every count of raw material can be so manipulated as to bo spun into a good wearable yarn. T have seen worsted yarns spun almo-t the thickness of string and other* as fine and small as silk, and tins has all depended übon th,- quality <n tlie- raw material used. Those in the trade know how important it is to have the requisite quality of the raw wool to begin with, for it is impossible to spin wool beyond its own quality: in other words, the spinier can always spin down to a. lower or thicker count, but never to one which is higher or smaller

THE QUESTION OF PRICE. What- I am most concerned about today. is to sliiow the reader what a change has come over tbo_ question of price for standard yarns which arc used in the textile industry. It is not unnecessary to say that the price of wool and tops has fallen very considerably. This has given manufacturers a better chance to negotiate fresh business than they had three months ago, and I have said all along that the trade for next season would have to he done at lower prices before wholesale fabric buyers purchase in any large quantities. When good fit's tops have come down .El per pound in about six weeks it is reasonable to expect that merino yarns spun from these" tops will also have declined, and that is exactly what has taken place. No .doubt, when I deal with yarns the subject is a little too intricate to the grower of the raw material, hut it is a subject which is closely identified with the price of the fleece, and it is because of this that I am dealing with that aspect of the trade to-day. In the West Riding of Yorkshire, yarn spinners have so far been able to keep their frames running fairly well, and but for the slaughtering of crossbred yarns by second hand dealers during the past three weeks, such low prices would not have been accepted. A fortnight ago things were at their worst, and it goes without saying that the ruinous prices accepted have done no good to the industry. However, spinners have not followed the downward course of events. They are not prepared to accept low prices, and. say they would rather continue spinning to stock than hook fresh contracts which left them no margin whatever. ’I lie yarn trade with Germany has undoubtedly fallen off considerably during the past three months, and although things to-day are no worse, still there is anything hut a satisfactory state of affairs to report. Last March and April, when things were at the maximum and when trade was booming, big contracts wore placed in the 1 expectation that as the end of the year drew on, prices would further advance, and then export houses would bo in a position to obtain more money. Unfortunately, these expectations have not been realised, and instead of values advancing they have sensibly fallen. It is this fact which has placed export yarn houses in a very difficult position" and has been the prime cause of tire second hand varus being hawked around the market at loss price than spinners wlonld accept. Those spinning merino yarns are less dependent upon the export trade than those spinning crossbred., consequently not such miuoits values have been accepted for fine coating yarns. Margins have sensibly dwindled, hut all the same business done during the past fortnight will leave behind a profit. A STRONGER MARKET.

Turning to the market, I have to report this ’week a further improvement. I cannot say that there has been any materia] accession of new business so far as the placing of new contracts for tops is concerned, hut undoubtedly prices are firmer, and topniakers are worse to deal with. If they will accept what they did a week ago. they can fix up some big weights for delivery early next year, but the distinct advices that wool is five per cent, dearer at Australian selling centres, do not encourage them to sell unless they can cover in Australia. A fair big business has been done at 24-Jd and 25d

for 61’s tops, but to-day they are wanting 25|dj. Naturally, spinners are not disposed to follow. They have bought a, little to make themselves feel comfortable about the future, and say they tro going to wait before buying afresh. Very divers© opinions are expressed upon the future of prices. Borne arc confident that values will revert to the lowest point seen a fortnight ago, while others stato that to-day’s rates are here to last for some time to como. The most surprising tiling of all and! one which Bradford cannot understand is the free operations on the part of Germany. It is well-known that stocks of tops are' considerably larger than last year, yet some think they are not unwio-ldly, and German buyers feel disposed to operate freely. Many people cannot understand why German buyers in .London complain bitterly of the unprofitable state of trade, for they are leaders in the Colonies, and but for. their operations I am retrain that values would have fallen still more. However, one must take things as they are, and not what some would like, to see. Bradford is not a keen buyer at all unless topmakers can get in at 24’d for fid’s. That however, is impossible, and' I am in a position to say that at Adelaide next Monday higher limits will be cabled! out to Yorkshire representatives than those they wore Working to a fortnight ago. A fair amount of new business has been done in Botany yarns and no doubt the higher values ruling at Australian, selling centres had been the direct result of topmakers wanting to cover. A fairly cheerful feeling obtains in West Riding manufacturing circles, although it is well-known that dress goods manufacturers as far from being satisfactorily employed.

CROSSBREDS’ BE'ITER. Crossbreds have to some extent participated in the improvement in me> rinofi, and it is not ]>ossible to-day to buy 40’s prepared tops at 12(d and !2.id as was the ease a. week ago. Borne may possibly accept the latter, but the majority are. to-day quoting 1.3 d. for thev see bow foolish it is to continue taking ridiculous prices when they cannot. buy wool in Australia under 13d to 13.jd for -Ill’s. Many have cabled limits for the opening of the Wellington sale next week on a basis of 12’d for 40’e tops, but I shall be. much surprised of they do not cost 12id and I2fjd. Those representing Buenos Ayres firms are prepared to take orders at 10’ for 40’s prepared wool, dean scoured. c.i.f. Liverpool. However, there is not. much doing at present, and 1 do not think there will he until users see how wool sells in New Zealand.