AMERICAN WOOL TRADE.

Auckland Star, Volume LVI, Issue 289, 7 December 1925, Page 4

AMERICAN WOOL TRADE.

TREND BROADENING. (From Our Special Correspondent.) SAN FRANCISCO, November Iβ. There has 'been a broader demand for wool recently than has been in evidence at any time probably since the present improved state of affairs developed in the American wool market. More buyers have been in the market to buy wool of a very different range of grades and descriptions and 'fcaiee have shown a greater volume. Woollen mills, indeed, have been fairly active, and the buyers have favoured the finer qualities, which are dearer, while the demand for the worsted trade is very encouraging , . Without question the worsted season has arrived. Manufacturers complain bitterly about the rising tendency in values and declare it a practical impossibility for them to continue to do business at the prices now asked for the raw materials, but the dealers retort that in view of the difficulty they experience in buying wool and frequently of finding it at all, the manufacturer, on the whole, is having an easier time to do business than the wool merchant himself. The fact of the matter is that the American wool men are strongly organised through their trade journals and they have been counselled by their leaders not to part with their big stocks of wool unless they obtain the very highest price. Some of these woolraisers, contrary to general opinion, are not poor men any longer and,they display an independent air when approached to sell their wool stocks to speculating' buyers representing Boston houses. The American wool producers are pooling , their stocks in many cases and will not counterance iow prices for their raw material. They place little confidence in the annual wailings of the manufacturer who desires wool at a minimum cost. They say he has been complaining for many years and has always been threatening to cease work at his factory, but he still continues to turn out the finished article for the market's demand. Official View. The United States Department of Agriculture bureau of agriculture economics, in its latest review of the wool market says: "There is a better feeling on the Boston wool market and the demand is steadier and somewhat broader. Wools from fine to quarter blood grades are selling, but there is still more call for the medium qualities of both domestic and foreign stock; in fact, the stocks of medium wools are somewhat scarce with several of the larger concerns. Prices are very firm and a little stronger in some instances. Wools of half-blood and three-eighths combing grades seem to be improving , . Some of the manufacturers appear to be accumulating stocks which they feel will be needed to meet the demands of their trade. Some fine wools are being taken by the mills for light-weight goods and medium stock is moving for the purpose of duplicate orders in heavy-weight lines. Reports from the worsted branch of the goods market are a little more optimistic, and encouragement is also "noticed from t/he woollen branch. Real good delaines are firm at 54-55 cents in the grease. 3-8 blood combing has moved at a fraction over 53 cents for Ohio stock and quarter-blood at fully 52 cents, with the asking price up to 53 cents in some cases. Wools of 3-8 and quarterblood combing quality are firm at the range mentioned. Territory wools are firm and fairly active on tho basis of prices quoted. Sales in these wools indicate a little more regular market than for some time past. "Foreign spot wools are a little stronger locally and stocks have been moved at a better price, due somewhat to the strengthening tendency in tho foreign primary markets. A considerable volume of Australian wools has been taken by the manufacturers ranging from 1.08 dollars to 1.12 dollars, clean in bond for stock of 64-70 quality, depending on the offering. Some concerns are holding super 04-70 up to 1.13 dollars." COMPANY REPORTS. WELLINGTON MEAT EXPORT. NET LOSS £78,110. The nalancß-sheet or the Wellington Meat Export Co., Ltd.. for tun year ended September 30, affords Just another Illustration of tho extremely difficult experience of freezln? companies during the past year. It may be said that during tne past three seasons the experience has been very distressing-. For the year under review the loss on freezing- sales, manufactures, etc., was £37,211, interest, discount, and exchange amounted to £31,280, and general charges, taxes, etc., totalled £0625. making'the total £78,116, but £6 was received on account of transfer fees, making the net loss for the year £78,110. In the previous year a profit fit £7127 was shown, after providing £19,903 for depreciation. To this profit £2 5,000 was added from the Insurance reserve, and the amount applied to special dfpref iatlon, in , ' <". 10.000 was taken rrom tho dividend pri'iillsatlon reserve, and, after dedurtlnar I £4526, whlcn was the loss Incurred In I iiiia. there was a balance of £12,531, out of which a dividend of 5 per cent was paid, leaving £1151 to be carried forward. In tho current balance-shept E15..000 lias been trnnsferrod from the reserve to the appropriation account, and £5000 from the dlvl drnri equalisation reserve, and these two Items, together with the balance brought forward, amount to £21,151, which deducted from the year's loss. £78,1(0 makes the not debit £50,959. To strengthen tho finances of the company the directors have railed up the balance of the uncalled capital, that is 27/6 per shire on 52,65,0 shares, whlcn should yield £72,403 15./. U.s.a. cotton crop. According to latest mail advices rrom New York, quotations for raw cotton declined sharply during October, the net loss for the month being- Tour cents per lb, and prices at one time were the lowest since May, 1922. It was considered that tho decline was logical, and should be most heipful to the cotton industry throughout the world. The latest reports publl9hod on October 25 estimate the crop at 15,256,000 bales, which compares with 13,628,000 gathered last year. .TELLING EXCHANGE. Reporting upon the exchange position during October, Messrs. John Dunn, Son and Co., of New York, state: "A movement of gold from London to New York amounting to some 50,000,000 dollars was the most notewortny occuronce or tno past month as affecting the rates ror sterling and tbe result was immediately to correct tne declining- tendency or the pound sterling in this market, and rates gradually advanced to a point where such transactions were no longer profitable, and the movement ceased." CALCUTTA TEA SALES. CALCUTTA, December 2. At the tea sales tne quality offered was slightly below that or. previous sales. BidHn| , %StU'°?or Pr S..''SS' I rl fear 12 annas; broken leaf, & annas to 163 aI 6 3 a annes 6 pices; ordinary common £ekoe and Souchongr,, i 2 a , nna9 6 P lce , 9 , *?„„»! annas; lowest even lear Pekoe, 14 annas to 14 annaa c pices.—(A- and N.Z. cauie.)