OUR ENGLISH WOOL LETTER.

Press, Volume LXV, Issue 13600, 8 December 1909, Page 3

OUR ENGLISH WOOL LETTER.

KEEN STRUGGLE OVER PRICES. | HOW FABRICS HAVE BEEN ADVANCED. CROSSBREDS FAIRLY STEADY. (SPECIALLY WRITTEN FOR "THE PREM.") BRADFORD, October 29. The week under review has seen maintained undiminished interest in the course of the raw material, and the struggle over prices is being waged as keenly as ever. It cannot be said that much development has taken place of a further downward tendency, al--though prices in Bradford are practically where they stood a week ago. The reported firmness at Brisbane and Adelaide rather upset the calculations of those who were expecting lower prices, for instead of another full 5 per cent, decline, both private and public cables intimated a keen demand for the raw material, with values on the easier side for the shabbier descriptions of wool. I thought last Monday's market gave evidence of some recovery in tone and confidence, but yesterday things were very flat, the universal verdict being that topmakers could sell "nowt.'' I hardly accept that verdict in its entirety. There is proceeding a quiet nibbling, and in the aggregate more fine tops are selling tor immediate delivery than many think. Spinners are acting very cautiously, and I was going to say in a snake-like fashion. The majority are well covered to the end of the year, but those who must buy are picking up quietly just sufficient to run their machinery without making any bounce about lt.This is all done on purpose to keep things quiet in Bradford, for everyone is still imbued with the desire to get cheaper wool in' Australia, South Africa, and Buenos Ayres. NO CHEAPER FUTURES. The most interest continues to be centred around "futures," and while there is not a big business offering, there is a little buying proceeding. A big trade would soon be done if importers would risk a little more, but .they are all afraid of embarking upon a 6lippery plane. Last week one firm of repute was quoting supers- at 24_d, but this week they have rather backed down and I cannot hear of any firm being willing to take less than 2s Id.. Those who were bitten in 190S and 1807 are sticking out for 2s lid, and several firms have private advices to the effect that wool cannot be bought in Australia under that figure. There is still as much hankering as ever over a two shilling basis, and the general belief is that before the end of the year that price will. come. Australian selling brokers will have to dole out the clip in a very judicious manner to prevent things slipping back, for there are several factors in the field which can easily bring about a lower range of prices. Nobody need be surprised to see a general election; then there is a 5 per cent bank rate, these being two important factors which play a leading part in determining w;ool prices. Happily there is no political complication, and the trade of the world is expanding. So far as regards crossbreds, all importing topmakers are lying low, and they will not sell forward at any serious decline from "spot' prices, id less being the outside figure. All alike express surprise at the quotations which are being cabled from Buenos Ayres, and the following is the cost of clean scoured wool landed at Liverpool without combing charges:— Good greasy crossbred fleeces, some burrs. Clean cost d. oG's 202 50's 19 48s ... — 171 4-4's ... — 15 40's 13 TRADE STILL GOOD. Notwithstanding the clamour for cheaper material, trade continues good, machinery is fully employed, and 1 can find no spinners or manufacturers in a grumbling vein. Even the chronic ci-oakers admit to doing middling, and if one appreciates their verdict at its proper price, then it can be taken for C ranted that no person can offer reasonable complaints. I was talking to one spinner this week, and we were comparing notes, when he had to admit" tbat for a month past he had been selling all he could of merino yarns on a bateis of 2s 3d and 2s 4d for a 64's ton be had not covered same, and natumUy he was feeling pleased with himself. It is an acknowledged fact that better spinning margins ___v_ been in vogue during ♦he P 3s * * ew months , than •since 1907, and this notwithstanding that merino yarns have come down Id to 3d per lb. Only yesterday one large

worsted coating manufacturer made a bid for 50,0001b weight of two-fold 60 s (64's) yarn at 2s Hid, the spinner booking half at 3s. He was quite prepared to take the lot at that figure, but tlie seller was obstinate, and said ho would wait and see what could be done in the course of c few months. I know no firm of spinners or manufacturers in the "West Hiding that are not busy. My Huddersfield correspondent, who is at the head of a large firm of worsted' and woollen manufacturers of high-class fabrics, writes mc this week that while there is nothing new, "those firms which were busy are very busy still. With regard to wool prices, it looks to mc as if they will go down a little until the bulk of the new clip has been disposed of. Then they will go up again to somewhere near present prices, for trade is good, and likely to be better. The new cli,p will rapidly go into consumption, and then somebody will be frightened they are.going to be short, and will rush up prices, probably early next year." In the neighbourhood of Bradford many mills are going till 8 p.m., and some are even "working all night. SHEEPSKINS LOWER. The colonial sheepskin sales held this week in London offer a clear indication as to the course of prices, and a decline has ensued. There was the U6ual number of buyers, and some nice quantities of the best woolled skins were taken for America. Competition can only be described as moderate. Merino clothing showed l the greatest decline, being down Jd to 2d per lb compared with the last sale held in the middle of September. Merino combings depreciated i.d per lb, coarse crossbreds id, and fine and l medium crossbreds were par to Jd lower than last series. Quite a feature of the skin trade is the great rise in pelts, there being quite a boom in leather. This should benefit Australian and New Zealand skins, and cofnpensate a little for the slightly lower prices for wool. CROSSBREDS ABOUT HOLDING THEIR OWN. Crossbreds are rather quiet, particularly coarse qualities, and there is certainly a little weakness. This week a common 40's prepared top has been sold at 12id, and I don't think thet 44's «nd 46's are as firm as they were. Good oO's and ■56b are about holding their own,-but no more, I have said for a fortnight past that as the New Zealand sales ap'prcached there no doubt would be an attempt to repeat what has taken place in merinos, for our big importers want to buy at a penny less in New Zealand, if that can be done. If good 40's can be bought on a basis of, say, lid to HJdj it will increase the chances of importing at a profit, and here, as in merinos, bur buyers abroad want to sail in smooth water. Wool of a crossbred character continues to sell better than tops, and America is stiH a good customer. All onr crossbred spinners continue busy, end this means that consumption is well maintained. AMERICAN WOOL NEWS. Tlie incoming mail from the United States brings news to the effect that the reported weakness in Australia had had the effect of causing operations to sensibly decline, and bearish sentiments were being entertained both in Boston and New York. Some authorities believe that there must be a re-adjust-ment of prices before the big Australian clip is lifted. The market was not active, though prices were. firm. The following are interesting particulars which show the large movement of wool this year at the three principal seaboard markets, and relate entirely to import wools: — Entered for Consumption. 1909. 1908. Pounds. Pounds. Boston ... 1,161,010 86,075 New York ... 768,018 305,976 j Philadelphia. ... 950,925 70,408 | Totals ... 2,879,953 462,459 I Withdrawn from bond .. 2,254,560 1,769,745 i _________ Total business for week ... 5,134,513 2,232,204 Previauslv rej ported ...188,878,515 96,533,972 Total since Jan. Ist ...194,013,028 98,766,176 CONTINENTAL FUTURES. Not much change is to be noted in tlie course of Continental futures, Antwerp only bavins risen 5 points, or Jd per lb., while Ronbaix is- exactly the same for December delivery. There is 32 points difference in the quotation of Roubaix between December and June deli very for a 60's River Plate wool top, which is ljd per lb lower. The battle between "bulls" and "bears" is proceeding apace, and the struggle for supremacy remains yet undecided. THE EXPANDING DEMAND FOR WOOL. Yesterday Messrs Buxton, Ronald and Co. issued their annual review of the wool trade, and referring to an increased demand for the raw material, they make the following timely observations: —"It becomes increasingly evident as the years go by that the supply of wool is not keeping pace with the growth of the wool-using population. The carrying capacity of some runs may indeed have been increased, and an excellent season experienced in some countries; but this is probably more than discounted by bad seasons in others. For instance, Australia and New Zealand will make uood returns this year, but from the Argentine comes most unfavourable news, an all-round' 10 per cent, reduction being commonly spoken of, and in some districts the shortage is reported to approximate more nearly to 30 per cent. South Africa will probably show" some sort of an increase, although the season was dry for a time. There are no fresh territories being opened up suitable for sheep raising. Rhodesia and British East Africa are about the latest recruits, but it will be some time yet before they can be seriously considered. On the other hand, the general use of wool is increasing all the lime, and the margin between supply and demand is to-day so small that all growers may. reasonably expect to market their products at satisfactory figures- for some seasons ret. The total imports of wool into this country between September 21st last rear and the 13th ult., when the wool year closed, amounted to 1,729,312 bales, against 1,612,133 during the previous year, thus resulting in an increase of 117,179 bales, or about 7 per cent."