OUR ENGLISH WOOL LETTER.

Press, Volume XLIX, Issue 14782, 27 September 1913, Page 16

OUR ENGLISH WOOL LETTER.

MOUK DOING I.V CKO.SSniJEDS.

ISI'fXIALt.V WtUTTF.V FOR "TOK PUKSS.') HiJADFOKD, \ii:;u.st '22.

A !••«• vrars h.-u-k we wtiv '-"Id that

i- wfiiild :i;>t loni: 11<. 1 fort , yrass was in tho Ktrt'ets 01 Hradford, lust f.ircv ti.'jtt. wondfiiul jir<)i)hfoy moro >j.inf!i»'s n:i<l looms are working than evrr Ijoh)! , -- in tin. , lii.sUiry <>l tin ,

trade. Jim! Bradford has never ♦•n----j(iv<vi r<i rr!!<•/> trade prosjwrity as during t'nr- p.i-L texv year*. In fact, sinc<; thf days o: t: , last .slump—which con•li'ionv were precipitated by tin- , finanr.in! <M v ,i- .1 cross the Atlantic —the trn<U- of I!r;:d!'ord h;is literally boomed. :ind i»? i; Kj<:d to the credit <>i wool c.'m'.nfi'S, spinner*, mid manufacturers, !;<< v;.'j.f> «;f tr.i> workr-r* iiav.; up vt-rr considerably. Kvi-n the savings •:.<.'t'<s oi t):f ti'.y pro; i:iii!i elijijuenlly ;'iir improvement which has come over tf-stilo workers. iLcie being not only ii'.rtisy ;!:<>u?-anils wore ■.]»•;><;>!lors. miL a i.irji'. , lr.m'a-se in the , iiinouiit invested. Ail'these .-ire indications tit a h< althy »l3tn oi 41 n<l rn> one rejoices more at the?o conditions than those out- .-,[•}» who arc iiiion sf"i in the. production f<! th" raw material and its nale to 11 •••r:-. When \)i<- workers ar« bettor «.fi. i: ioi'oAS that they possess moro ■l.cii'hviz ;;owir, iinil v.d boiiovi> that the l',rn-\uiT<\ tr;i(if to-day is in a moro i>..lithy stati' thnn fror, and tlio tiin<-<; f.i rrisPs and panics so frequently n;----rorrf-d to liy the old woo] men «ro pjono idr c-v«.T.

WHAT IS DOING IX WOOL

TJ:<> position of wool itself is well 'Afiith considering. Several local rneirtiarxtß liary said this week that they have found more doing in the raw rratrrial. At least, they could sell, whereas for v month past this has almost impassible. Early in the T.-cek I noticed the presence of n wellknown London baying broker with a ::og*l homo trade connection down in this city, and ho frankly stated that h<> was hero io r the purpose of picking up New Zealand crossbred fleece wool it h< , could find what he wanted on a parity with last London sales. Natn rally there was a fair weight of wool available, nncl he bought. Whether t!k» w001.% nro for home or American (lieitts matters not very much, the fact of iho Miles tnkincr placo marking a move in the right direction. On Thursday I heard a. remark from another well-known firm to the effect that they had dniio rather better this week than they expected, and in the aggregate srvno /airly good weinhts jof both merino? itv.d rrossbrerls have bsen shifted. Of course, tho trade is below normal, hut the fact that it is possible to .sell at nil is a vast improvement on roteijfc weeks. Next week an important auction v to take place at Brisbane, when 42,000 bales of new clip merinos will be available. We expect the home trade will be fairly well represented, :ind tope should bo bought on a. parity of 2--; JJd for average 64 ! s to allow of .hit profit to-day. What the cable uirnit.s are is not for mc to say, but tho trade awaits with interest the result of J hat auction, ior it should give an indication of how tho next London sales

.will go, many local topmakers being of Ihe opinion that last sales' prices will In , about maintained. Wo certainly think that merino wool is by no means -plentiful. Our largest importing topmakers are still sellers at 2s /kl for good 04 \s tops, but we cannot \>v> when* the raw materia! has hoen bought to produce them at that re asonable price. Outside woollen manufacturers are not keen buyers, although it may be supposed -.that a little more has been doing during tho past fortnight. Still, there Li no speculation in the trade, and the raw material has to bo offered at a good market price to induce business. What is tricot wanted is a move in crossbred wools, .ami a good demand on Continoufa I account would be very welcome, but this us not forthcoming.

MERINOS STEADY. The market this week so far as tops nvet concerned has not been .as active as lost, but all the same thq effects of tho inovq of a week ago still remain, and tho market this week has been under the butter influence noted in our -" last communication. It now transpires that tho liuy was larger than appeared - on tho surface; in..fact, spinners began to operate ne early,as a fortnight ago, it being railly on the Monday sueccfdinj? August Bank Holiday that tho first real impetus of buying took place. Thoso who were fortunate to get in at tho lowest price did well, and they started the ball rolling in good earnest. This week things havo been quieter and salon have been fewer, but all the same the- market wears a distinctly healthier jippoarauce, and topmakers" fi?el considerably relieved as the result of their past fortnight's salee. I understand that all'through tho week it has been possible to operate in many cases at jnst a fraction under 2s 5d tor average Si's, but I know that the latter price has been raajlc in more cases than one. ■sonic topmnkers to-day are asking 2s , j}d for a superior article, but, of course, thoy cannot make that price. At the samo time they sihow consideribl* strength in their attitude, stating randidly that they have sold enough at yvon money, and are now determined to nt tight until thoy can make what they arc asking. There has been less doing in Cnpe tops, and 2s 4Jd seems to be the utmost that can be made for a good article to-day. At the samo time id more has been paid lei several cases, but spinners, having mostly covered their wants, aro now feeling comfortable, iir.d say that any further buying ffioy do will have to bo at a fraction lrss. Noils aro hardly so firm as they worn, but all tho same, some fair ; weights have been sold this week, which is an improvement on tho experience of the- past month.

CR.OSSBREDS STEADY. The position of crossbre>ds does uot show much change compared with a week ago. 1 certainly think'that less actual business ha-s been {lone ai but prices ar« on tho wholo steady and linn. Many bids havo been encountered, but topmakers are finding it a hard struggle to make more money, in fact, the bulk of the transactions aro still made at lold for 36's, 15 J d for 40' j; prepared, lG£d for 4t>'s carded, li'id for 50's, prices which indicate no

"fat" out of tho transactions. Of course, those* topmakors who arc protineing a good spinning article are not rollers within a farthing of the prices named, bt* , . making more money is iiii!eod a difficult experience. A little more enquiry has been encountered this wfok on Continental account, but there is no disposition to pay advanced pries which one might havo expected; ir. fact, several of the offers axe too low for acceptance, and are more or less .-.poring i>u3s. Some think that there is moro business impending, but wo certainly would like to see it take more r lesnite shape I have already alluded •'o tho somewhat better enquiry from "Sormany. Austria, and Italy, aiid new is greatly desired from that nuarter. A little more enquiry is also 7»-»"7f»plJl>le in single yarns of thick count's, but the 30's trade does not show a great deal of improvement. What the crossbred trade in its entirety needs is to fool the impulse of a moro quickened demand on the part of America, and wo certainly think that not \intil that is forthcoming will crossbreds assume en active state of affairs." The all important point is to know when it is to come. Thero aro still divergent vil-vts expressed as to the fxirmt oi the demand, but I think that when the date on which tho tariff Trill take effect is known, there will he a move. Latest c-ablos from Washington also lead one to look more confidently for frea wool, and once the new duties- become operative and United States mills know what they have- to

face, 1 fielieve a decent trade will bo uone on ootu siocs oi tiie Atlantic. Oossbred noils are not selling too well, ;i.iu it anytning prices arc lower lui.s week. lne whole uiarK«t needs a luiip, and tlu' slow traae is> HK'iKing a feiv rather nervous.

TOPS FOR AMERICA. 1 have not yet heard of any prospective aait-s oi tops on America*! acc-oiixit, nltiiuugii many iirauiord lop. ! n;iKors have uiivady taken active steps ;or making .suipnients uicy havo tue cbuuco to do .so. 'Ihe delay in tile pas.v.ng of tlii; tarill' is growing touious to a good many on tins hide 01 the Atlantic, and one b;unt 1 orkshiremen put it the other day, "Things on t'otnor bide ar*i Ix-twe-jii t' devil and deep .s«i. ' 'liiat may be an uncoutis way of summing up the .situation, Dut it is praciicjuly truf. Whether there he siupnicnt.-> oi tops or not will depena t-ntirtly upon what the iinal duties are. Anything t'roni 5 to 16 ]>er cent, cannot possibly keep back fair shipments, and every tiling unuor lo por cent, will lead to a weight being exported. It, is the uncertainty of things which is to a liirye extent trade, and leadiiiß many to feel the acuteness of the situation. If a few thousand packs of crosslinks could now be shifted from Bradford it would have :i wonderful effect upon the market, hut I am afraid there i.s no such good luck in prospect. Of course, wool merchants and spinners, particularly those in the English trade, would prefer to see the row material exported in preference to tops, but as previously said, the sole determining factor will be the air.onnt of duty placed upon the combed article. There have been practically no great weights of inps exported to America since 1897. (he last available particulars of tho shipments to the United States being in the year 1910, wlion -f!),BColbs wero shipped, valued at £-1310. The quantity of worsted yarn exported to Arr.erca in 1012 was 03,2001b5. valued at £7:M-j. Thrso are small ciuantitios. and Bradford topmakers ;ind sp:r>r.crs are looking forv.-nrd to an increased business under tho new tl'itir?.

OI.TLOOK FOR CIK^BRKDS. Although, as previously stated, there, has been some relief from the depression of la*t month, lam not so confident about the future of crossbreds as I would like to be. The bulk of the business done has been at the prices nanifitl, and any reader with a knowledgo of the trade can see that for ■lO'a prepared tops is a little price, even to meet the cost- of the woo!; in fact, lojd has been taken by those who were really forced to sell. When this letter appears in print the September series of London sale.s will be in progress. I shall be much surprised if more monoy i* made than last series, in fact if things do not alter wool will be par to i> per cent, cheaper, though we are strongly inclined to think that it will I>o just about at last sales' prices. In September we should know something moro definite regarding the new American tariff, and while many entertain great hopes of almost nboom, we doubt if the big demand will come as efisily as some are expecting. The arrivals "from New Zealand are already So ,000 bales. That mentis there will be well on towards 100.000 bates available, which will bo a fair moal to digest. What we want to see above all is an increased demand, but with iho exhausted state, of the Bnlknns, nnd the att'tude of Turkey in tho face of a declaration of p°.ice. that nart of the world's domains will not return to normnl conditions all at- once. I certainly cminot, soe any higher vnlues until America g'res moro support. , i