OUR ENGLISH WOOL LETTER.

Press, Volume XLVIII, Issue 14475, 2 October 1912, Page 2

OUR ENGLISH WOOL LETTER.

IMPORTANT SALES OF NEW ZEA LAND CROSSBREDS TO AMERICA.

VERY SATISFACTORY OUTLOOK.

(SPKCIALLT WRITTEV FOR "THE FIIESS."). BRADFORD, August 23. The month of August is to a large extent belieing its past history. I was talking to a leading member of the trade on Bradford Exchange on Thursday, and he made this significant statement :—"We -were looking forward to this month being a very slack time indeed, with haidly anything doing. Aβa matter of fact, we have sold more wool already during the past fortnight than we hare done in any month this year." These remarks coming from such a quarter show the position distinctly, for it is safe to affirm that if ths firm has done a trade of this characcer, others are in the came boat. We need not labour the point that August , will gtand out as being one of the busiest months seen this year for the sale of i the raw material so tar as Bradford is i concerned. When the American con- ! tingent of buyers left Colemaoi street 1 at 'one end of July, we thought we had I seen the last of them for a considerable { time, and that they would, have chough to do to deal successfully with the ld,ooo bales they purchased in Colenjan street. Many considered that during the first fortnight of the e.nes they were buying recklessly, and paying higher i>riees than they would be prepared to give in saner moments- No doubt the general expectation of the series coming to a speedy finish was largely responsible for the prices paid, but chere is every reason for saying that if they ma - © present in Coleman street to-day, the American buyers would repeat what they had previously done. Inded, since their return frequent cables have been received both in Bradford and London enquiring for further supplies of crossbred wools, thesa orders being for qualities from 3G\s to SO's, but principally 44's to 48's. Shipping houses in Bradford had a very busy time last week, and did considerable business. This week has been fully equal to last; some think better, and this notwithstanding that one important section of tho Bradford trade has been given completely over to holidays. The fact is, these large sales of raw material have totally changed the market, and instead of general slackness and inactivity, suffieiI ent business has been done in the aggre- | gate to warrant one in saying that trado is still good. WHY IS AMERICA BUYING? The largo sales of raw material already referred to prompt tho query, Why aro United States spinners and manufacturers operating so freely? Tho omy answer is that they need the wool. Thursday's market reminded one forcibly of the very active period whicn Bradford enjoyed all about this time in 1909. In*that year August was a very active month, entirely due to the large shipments of wool to United States ports. It is certainly very satisfactory to sco our American cousins in the happy position they occupy to-day, and I venture to say. from inside knowledge that tho present movement is not in the least speculative, but that tho present and prospective needs aro tho so'e determining factor in bringing a;bout these largo sales. What more evidence is required of tho improved condition of tho textile industry of our cousins ncross the Atlantic? Every practical woolman cannot but endorse tho remarks made by a well-known United States authority, .that when worsted dress goods and men's wear fabrics produced from crossbred wool are fashionable, America is compelled to meet its requirements from tho crossbreds of New Zealand and tho River Plate, as well as the wools grown in Groat Britain. This, combined with tho shortage in the American and English clips, each estimated at 15 per , pent., gives tho reason for the present ~ activity in Worstedopolis. Wo could V name firms in this city who during the ? past week have been the recipients I • h cable of some very valuable orders, and | if these demands continue, they can + ™nsily lead to sensibly higher qpotations For every class of crossbred raw material. THE CLASSES MOST FAVOURED. 3 The question.ha e been asked: What ire the descriptions which American myers are favouring the most? If we ;uin to New Zealand crossbreds, we md that 44's, 46's, and 48's are in the s! Vont rank of the wools wanted, while ti leep 36's and 40's aro also being asked w or. It will be remembered that at tho to ast series of London sales, good, deep, l>; >right Lincolns of 36's quality were 1E ;aken by one firm in fair wer'ghts at ' a Od to 10id —very good prices indeed. ** Bradford topmakors could not possibly ifford to pay more than 9d for those . vools, but evidently the* firm in ques- | x ion has a speciality which demands r hi? -class of raw material. As already °° aid the bulk trade is in medium de- ai crir tions, and here some fair weights re Being shifted. Those Bradford topnakers who contented themselves witn \ VI aking ordinary topmaking wools are jj inding among the bales a fair proporion of fleeces suitable for export when ti< h<? heavy britch and bellies are taken t<; ff. They aro doinsr this, contenting I \ K liemselves "with combing tho "cast." A &h bw fine halfbreds aro also moving da teadily, in fact the demand for these pc ools on American account is extensive $o nd important. Several eomnrssion ya 00l combers are not liking this latest af irn of the market, for they know that ho the wool is shrpped, they stand a qu oor chance indeed of running their 30 lants. Still, topmakers are not gome ha > refuse a good profit on the raw in laterial, especially when they can do *P > much better by making tops. If we »« irn to English wools, we find the de- va and is also running upon similar lines. no II classes of demi-lustro wcols are be-' on tg specially favoured, including Irish', ' s , cats, and half-breds. Unless tho ta; riter is greatly mistaken °f iero is going to bo a squeeze no these, sorts before Christmas. U P id some holders are already asking "° lore money. The fact is, all medium ** 0 lalities of home-grown fleece wools eo - •o excellent property, and going to pr j. Bright, deep wools are selling in '* . ir -weights, but are not moving so eely as descriptions previously *° imed. Good Scotch cross wethers have is ?en the favourite for some time, and ea; msiderable weights of Scotch Black- sci Cβ aro also being shipped, for carpet on lrposes. Cheviot wools are Mostly in Ze :mand for the home trade, and there Lio every prospect of Scotch tweeds being tie popular article during the coming wli itumn and winter. m£ Merinos very well held. «?< Thero is really little new to say re- t,O irding merinos. Things are not worse, Wl, it rather better compared with a '»' ;ek ago. Wo hear on unquestionable avi ithority that some firms have sold fair V.c sights in a quiet way, and made a th< action more than they could ten days on ;o. It is still possible to get in at dif 3d for an,average C 4's top, but a coi w reasonable, sales have been effected vcj a farthing more, and those who are i] u ill very firm at 2s 3Ad, could easily n II if they would meet a customer. wo icy are, however, so convinced of the und standing of the raw material -ry at they will not budge, for, as they y_. they cannot turn to any market in c world and buy wool under what ey aro asking; in fact, to do right n< ey ought to have 2s 3Jd at. the least. 11 . hich ever way one turns raw mate- '"jM il seems to ''boss the show," and j £ nJ eat confidence is expressed in the i f ai turo of fine wool. There is as much >»g tivity as , ever at the spinning end, J woi d it is still possible to sell on for- ' yea ird account. tJome spinners we know iivi c quite prepared to risk. the future ( ma

by fixing up contracts on a basis of 23 3_d for 64's, especially if manufacturers do not want delivery till later in tho year, or next January. Business on tho whole must be described as very healthy. Consumption remains large, the only fly in the ointment being that so many topmakers have yet to deliver considerable weights of fine tops at a j-enny less than they can sell at today.

CROSSBREDS MORE HEALTHY

AND SOUND. Turning to crossbreds, there is a s'iglit improvement to record„ and the situation is becoming stronger as the weeks go by. It now looks as if the '■ large weigh as of New Zealand, crossbreds which Bradford topniakers and merchants secured in Coleman street last series arc going to ba right, due to the active demand for wool both on home and export account. While no doubt America is to a large extent setting tho pace of the market, important transactions are reported on home account, and topmakers are doing a fair amount of business even with their competitors. It may seem strange? but we can vouch for the'statement that some toipmakers are actually selling. wool—mostly 40's to 50's—to__a numlier of firms who compete" with them in j the open market. The point wo men- j tioned last iveek about there being a scarcity of carded tops from 40's to 4G's ! has been emphasised this week, and wo i shou'd not be surprised if before many j da., t have passed there are further important purchases by spinneis who have _old some moderate-weights of •crossbred yarns It transpired late on Thursday afternoon that several export yarn houses had seen fi'i. to buy some fair quantities of 2-40's, 2-32's, and single 30's, and somo say that good orders have also been placed for thicker counts in two-folds. Whe.hrr this is lately speculative, or not remains to be seen, but wo tliink 'chat even here export yarn houses have acted wis'Jy. I do not want to be too optimistic or say one -word to inflate the market, but it is impossible for any sober-minded man taking an impartial view of the weight of wool which is going abroad, to ignore the influence of these shipments upon the market for tops and yarns both at home and abroad. The situation is very sound and. likely to remain so. GOOD OUTLOOK FOR CROSSBREDS. Readers of "Tlie Press" will be glad to know that the outlook for crossbreds is considered very good and. we can easily see a slight advan.e at the next series of London sales. Tlie demand on the part of America for cased New Zealand fleeces since the last series of London sales closed is important, and elearlv indicates the healthy conditions which at present obtai.i in manufacturing circles across the Atlantic. Trade seems to be so g-jod that it is a question of importers not being, able to do without further large weights, and alihough up to hist night there wen. available in London 58,37.6 hales of New Zealand wools-which have arrived lor tho next series of sales which begin on September 24th. there will be no difficulty in lifting every bale th .t conies to hand. Things certainly look very healthy, and if the weather throughout Great Britain and the Con tinent would only clear and_tho sun would shine it would have a very beneficial eftejt upon the whole mark. c. "We have had a wretched summer of inocssait rains, and although this is Tfio 23id jf August, there are still thousands of aces of hay out in the fields. It has hardly done anything else but rain since the beginning of May. ond this is on? of the wettest summers we have ever had. St.!l notwithstanding many adverse factors which the wool trade has had to fight against this year, including colossal _.trik_s, dear living ami a bad summer, the raw material shows a siniline face.