YORKSHIRE WOOL LETTER

Gisborne Times, Volume XXXIII, Issue 3638, 26 September 1912, Page 6

YORKSHIRE WOOL LETTER

MERINOS STILL TO THE FRONT

(From Our Own Correspondent.) BRADFORD, Aug. 16.

Business is proceeding on somewhat quiet lines, due entirely to the prei aleno® of holidays, August being the time of the year when in the natural order <xf things a la-ge number are away from tho market. I his mus not'be taken as meaning that places of busine-s are closed, but the ten* deuor is to leave buying and selling alone until the "-nicipals return. As a Matter of fact on several occasions this year there have been big buys, a*d when tiic spinner has covered Ins wants for two or three months ahead, he *Hietly retires until ho feels that cirotiinstances are such that he can operate again. Seldom do "c find August a. busy month, though when manufacturers can see more clearly into tho future, and especially when they begin to make arrangements lor the following spring trade, some fair weights of lops and yarns are purchased- Tho present unseasonable weather, in fact the climatic conditions ol the whole summer have to a. large extent been handicapnmg business, and considering the adverse factors which have had to lie- tough against, it is lcall.v surprising that the turnover should have been so •mod. Wo have known tunes when tho drawbacks which have had to he faced would have meant wool values slumping straight oil ID to 20 poi cent, and the contiimaneo of stendv and firm values for the raw material is proof positive that manufacturing conditions are healthy. It may be said that the showing for next spring is largely over. On tho whole manufacturers are satisfied with the reception which new patterns have had, and think tho prospects of business Aem/aining fairly good are satisfactory. When all things are taken into consideration, no fault- can he found with the amount of trade which lias been done bv the topmakers, spinners, and manufacturers of the West Riding during the past year, it being only the margins which are at fault. However, some sections of the trade have done moderately well, and we do not fcim’-'Teo nnvone has been working at a 1-oks, although topmakers especially have reason for being dissatisfied with their position.

FASHIONS STILL FAVORING FINE WOOLS.

Fine wools and tops still claim tho most (attention and to all appearances are likely to remain first in the saddle. It is surprising that fine soft handling fabrics remain so popular. Acid this taste on tho part of the public irj hut natural. No doubt crossbred serges and thick yet light woollen fabrics have come to t-lio front during the past two seasons, bin there is no disguising the fact that merinos are to-day entering new avv nues of consumption, which means that a big weight of the raw material is wanted, and will be wanted. One has only to look at tbe almost universal craze for the. fine blue .--ergo, and perhaps more especially the bilge demands made by the hosiery spinners and manufacturer? to sec viiere fine wool is going. We were talk;; g to tho h“ad of a leading business house in Dewsbury the other day who made the statement that the "lass of products whi li i? being turned out in tho Heavy "Woollen District is if anything somewhat better in qua'ily iand character than formerly, and .Bradford spinners themselves admit that they are selling more worsted yarns in Dewsbury, Tlately and district than ever they did. This is good news, and offers one reason for the present h r iskness of the spinning industry in Worstedopolis. Wo, all know that it is impossible to adu'torafce tops and worsted yarns, and thorn are many firms throughout tho West Riding who are to-day using worsted yams and woollen wefts—a very happy combination. No doubt the price question is an important one with the wholesale trade, but we do not think woollen merchants and wholesale clothiers are so particular about paying a penny or two-pence more per yard so l«ng as the fabrics suit their purpose, and possess the attractiveness and wearing capacity necessary to meet their customers’ wishes. We venture the oninion which has been confirmed over and over again, and which the condition of the wool industry supports, that more raw material is lining consumed to-day throughout- the West Riding than oven- in its history, and here we have one reason whv wool occupies such an important position at tho present time.

MERINOS STEADY AND FIRM. Tho market remains somewhat slow, but is healthy. As already said this is the time of the year when a his business can be expected, especially after the activity seen in July. There are many firms who are having to deliver fine tons at Id to lid less than they can buy at to-day, and unless topmakers hnv« some cheap imports to come in, they cannot feel very comfortable at having to deliver Cl's at Sold to 2dd. at which figure wo know manv firms have uncompleted contracts to fulfil. This is no <loul>t right enough for the spinner, hut cannot be so for the topmakcr. Spinners who aro well d+uatrd say they prefer to use off thei>- old orders, and for tho remainder of this year to buy from hand to mouth rather than commit themselves further by placing new contracts. Some firms arc buying part stock and using it in conjunction with their 'heap purchases, thus ‘•'averaging” the cost of their output. Tho present trade is only limited, hut where transactions are put through, full current prices can be obtained. Commission wool combers in tho merino department remain very busy, and are making deliveries in a. very creditable way. The Bradford wool combing industry this year has enjoyed a period of prosperity, and after the satisfactory balance sheet published a fortnight ago bv Messrs Isaac Holden and Sons., Ltl., one equally satisfactory can he looked for from the big combine known as Wooieombers’ Ltd. It is quite true that some crossbred combers aro omy quiet bat there are reasons for tin’s which need not be entered into bore. It is still right to say that an avenge Cl’s top can be purchased at is Sri. though some firms who are eyidenLv in. urgent need of replenishing then* stories of wool will not take less than 2s bid —an impossible price to-day. Bmre have so much confident in the future that they do not hesitate to say that; 2s 3Jd will yet be the market price of a good 64’s, but many prudent members of the trade believe that we are about at the top. During the past fortnight a good many buyers have left for Australia to bo in readiness for the opening of the first Ad da id e sale next September 19, and it iooks as if a good time will be expei fenced in the markets “down under.”

CROSSBREDS It ATI TER OX THE QUIET’ SIDE.

The position of ciossbuds shows practically no change. I’he most encouraging aspect of this section of the market continues to i*e t*.e i!i'>de:\atolv good sales of "wool, and if tops A'O.ro being disposed of like the raw material. this description would no nourishing. At the same time, we arc. inclined to believe that appearances are not a safe criterion of what is going oil behind the scones. Out van n may not bo supeihuman, lid it is si'Jhcientlv penetrating to Quahlc us to see that a steady handling of wool and tops is still [.roc <oti:gs Most spinners aro very busy, anc the measure of consumption is such that some bio- weights aro being shifted weekly” If tho export yarn end of the trade wore as healthy as the home industry, wo are satisfied that crossbreds would soon ‘/buck up.” However, prices remain very steady ana firm and although many sporting bids aro being met with, it is surprising liow topmakors nre standing by then stocks and refusing to accept less than 13ad f or an average prepared 40 s top. There is relatively more doing m carded 40's to 46’s, and even 48 s have lately sold in considerable quantities both on home and export account. It is also remarkable what weight of medium crossbreds is being consumed in the hosiery trade, immense quantities of tins class of wool being spun into hosiery yarns tor ladies coats. Those hosiery people who are catering for this .trade are verv busv, and it surprising wliat rallies Of yarns are being turned out specially suited for-sweaters and jackets. . AMERICAN WOOL TARIFF. As anticipated President Taft vetoed the La Follette Bill which was presented to him last week-end, but evidently- polities are being taken very seriously across the Atlantic, Schedule Iv” being the alpha and omega of tho whole proceedings. It is patent that tho insurgent Republicans and the progressive Democrats are not goto let the thing drop because President Taft feels disposed to exercise his prerogative, and all the >n°r e so when the findings of the late■ l,uiff Board favor a reduction both oil iaw wool and partly oil fully n>anufactured textiles. I'll© House of Repiesentatives took up the question agam last Tuesday, and passed ovei the President’s veto a motion reaffirmn g the tariff, the vote being 1/4 loi ancl 80 against. This Bill will now go a train to the Senate, and it requires a two-thirds majority m that august chamber for the Bill to become law m suite of the President’s veto According to cable intelligence the Senate will not ride dry-shod over Mr Taft’s determination that the tanff shall not become law. and »» ft,s »dl bo tho filial appea- h’ • ,2 V. election, we certainly tlnnk that m fie course of a week the La h ollette Bill will relegated to a back seat until there is a most favorable opportunity to ionsidcr it. Tho fact of tho now measure being reaffirmed by the House of Representatives, winch corresponds to our British House of Commons, shows that the people at .any rate me in favor of a revision, and as we said n week ago, President Taft is not so much opposed to the proposed new duties on raw wool as wliat he considers the inadequate rates tor semi and. fully manufactured articles.. His excuse for vetoing the measure is statId to 4 that it “would irretrievably fninre the manufacturing conditions of the United States, and throw thousands of operatives out of employment.” There is one thing m l resident Taft’s reason for vetoing the La Follette Bill which is significant. Ho savs: ‘‘l am ready to approve of a u vision of the tariff to So per cent ad valorem, but I do not consul ei a duiy of 29 cents sufficient to affect the lover cost of production in foreign countries ” It will l>e remembered that the La Follette Bill provided for a do per cent dutv on raw wool, but tne insistence of the Demmirats tlnat something nearer the figure of the kndei wood Bill, which, originally was 20 n«i cent, is what the President cannot iio-reo to. It was this_fact that led to the compromise of 35 per cent ad valorem as the new duty on imported wool and probably this will form tbe basis of “Schedule K’ ’when the new duties ultimately become law._