OUR ENGLISH WOOL LETTER.

Press, Volume XLVIII, Issue 14547, 26 December 1912, Page 2

OUR ENGLISH WOOL LETTER.

PRICES STILL MOVING UPWARDS(from oun ppectai. correspondent.) BRADFORD, November 1-3. Wo seem to be passing through a most abnormal timo in the wool trado, and business of no mean order is boing done. Whether the present turnover in wool and tops can bo put down to j existing needs or partly to speculation, j Ls indeed hard to say, for the market is j certainly exceedingly strong, and in a very vigorous condition. Bradford users, and for that matter tho whole of tho West. Riding, havo this last two months dono their utmost to minimisethe strength of tho position of the raw j material, due no doubt to a desiro to j operato on next year's account at less than current values. However much seme Australasian wool people may condemn such an attitude, I venture to say that if they were put into the position of the average West Riding user, they would do no butter. When spinners and manufacturers have boon abio to buy in the months of September, October and November at a thick penny less for new year delivery, it certainly goes against the grain to find that it cannot bo done now, and to-day all users aliko aro confronted with the fact that wool everywhere is occupying a stronger position than at any timo this year. In a very vigorous way, somo""calamity howlers" aro asking the trado to remember 1899 and 1907. and an inevitable slump tills their vision. I do not at all agree with their prognostications, and point out that conditions to-day aro very different from what they were in either of tho years named. The only fly in tho ointment to-day is tho Balkan trouble, and what is likely to como out of it. Apart from that, the consuming end oi tho trado was never nearer the sheep's back titan is the case to-day, and undoubtedly tho present boonnnp trade is giving to the raw material the standing it now holds, its position being strengthened by tho shortage in tho current Australian clip, which it.is recognised will be no" less than oOO,(){)0 bales. s Theso aro tho two prominent factors which are forcing things onward and upward, and which nro against tho grain of all European users aliko. MERINO TOPMAKERS QUOTING HIGHER PRICES. There is no disguising tho fact that this week merinos aro tho turn dearer. 1 am in a position to say that within tho last few days good t>l's tops havo been sold for February aud March at 27Jd, and whilo to-day 1 think 27-Jd would securo a few hundred packs, tho majority of topmakers have their .backs against the wall, and aro refusing straight out to lower a singlo fraction from !28d, somo being equally linn at 28Jd. Somo topmakers are "chuckling" at a prospect of being able to get a littio puck from spinners, an experience which they havo not enjoyed for somo considerable time. Topmakers aro so confident of tho future that they are actually naming 28Jd, and one firm at least is asking _"9d for their best (j-l's, and are so confident of making tho latter prices, that they aro prepared to bet upou tho same. During tho week a considerable forward business has been done. Somo firms havo sold as much as they care to, and i<re to-day simply declining to accept further business, preferring to stand out of tho market. That shows at onca the position of merinos. A nico steady trado is also doing on spot account, and certainly a fraction moro can bo mado today There seems to bo settling upon thoso engaged in the fine wool spinning trado very strong convictions that they havo lit Mo ov nothing to fear regarding tho future* They have so far approached the question of paying to-day's prices in a very gingerly way; in fact, they havo sqt themselves against any such a figure as _"8d for 64's, and find that the longer, they stop out of tho market, the less becomo their spinning margins, the result being that a fairly big business has boon dono this week on a basis of 272 d to 2Sd. Tho whole impetus or nearly so is coming from the raw wool end of tho trade, this compelling topmakers on all hands to assume a stiffcr attitude. CROSSBItEDS DEARER. This branch of tho market has been largeiy influenced by the strong report from Buenos Ayres and Ciiristchurch, and there, too, wool is tHe top dog. The news from Chnstchurch on Thmsday came as a mild shock to practically ail tiioso engaged in the crossbred trade, and quotations for all descriptions of tops were a thick penny abovo what can be made here to-day. True, it was a very small sale, but "as a straw indicates the current of the stream, so tho big prices mado indicate an. exceptionahy strong situation. Eveiybody seems to bo seriously impressed with the extraordinary position which rtooi is occupying. It may be right, and probably is, but at the same- time things seeon to bo going a little too fast for the average West Biding wool U3er. and to find the market so vigorous at this time of tho year is beyond tho expectations of tho majority. It is to be sincerely hoped that the market is..not riding for a fall.. Of course, it will bo next January before new supplies will bo required, to keep machinery running. This is an aspect of the trado which no doubt users are fully aware of, and they are making all provision possible for meeting their prospective needs. This week there has been moro '"vim" about tho crossbred end of tho trade than we havo seen for the past three weeks, and on Thursday some spinners seemed to be blaming themselves for not snapping tip some fairly cheap lots which they had had offered previously. All topmakers alike were very firm in demanding a farthing more, most makers of •iO's prepared wanting 15d as a selling pric-e% 46's carded 16d, 48's carded 17d, and SCKs average 19d, pricee which look cheap in view of what wool is costing in Buenos Ayres and New Zealand. All South American advices are up a farthing on the week, th© lowest prices at winch 40's clean scoured, c.i.g Liverpool, can bo bought is ltfd, the majority wanting 13id. with 44's 132 d and 46 J s at 14Jd to 14Jd. SOUTH AFRICAN WOOLS. Tho same great eagerness to operate obtains in South African markets as in Australia, and both by cable and mail we have accounts of big prices being paid for Cape wools. When It is borne in mind that good topmaking wool is being bought on a clean scoured basis of 24d, it, is a mystery how Bradford importing tonmakers who specialise in the production of Cape tons will be nb'.e to deliver their well-known fri'e at 2fid to % 26.} d, prices which they took a Kood month back for January and February delivery. That means that the top will cost 2s' 4jd, and even if a little skin is blended with it, it cannot be produced at less than 2s 3|d to 2s 4d. Probably tops combed out of eight to nine months' grown wool will come in v penny cheaper, but bo that as it may, there is tonlay as much eagerness to buy the raw material at tho Cap© as iv Australia. Stocks of Cape tops in Bradford are exceedingly light- m fact, we know of very few lots indeed beiniz available, toomakers b'einf completely cleared out. I have every'reason for saying that 2s 4d could , be made today for quick delivery, although it S t i« p > be 8 W good article to fetch that ngure. Business, no doubt is cood, and it js remarkable that the old-time prejudice against the spinning 01 Cape tops is fast becoming a thing pt the past many spinners to-day beIn ? thorough converts to the valuable spinning properties of Cane ton S " an d tho improvement that is* by running them up in the drawing with Australian tops. There U also a bie demand for coarse and coloured Cap!

wools, these seemingly being altogether out of the reach of houses here. Of courso. these all go to the woollen trade, and are fetching very different prices from what they did. There is about tho whole Cape wool industry p. healthiness which has not been in evidence for some few years. ENGLISH WOOLS GETTING INTO LESS COMPASS. A much improved turnover been registered this week in domestic grown fleece wools, and there can bo no doubt as to the position occupied by tho various descriptions grown throughout Great Britain. American has again been in the market, and there is now a certainty of tho curront clip being completely exhausted before the next is available. Everything indicates a further advance in values, tho demand being too keen for prices to remain where they havo recently stooih _ I hear of a few country holders sitting tight in the hope of being able to make more, and probably they will if tho present demand is maintained. I understand that as high as lljd has been mado for a special lot of liincoln wethers; in fact, all deep grown wools are occupying an exceedingly strong position, the demand being good both on home and exj>ort account. Then we- como to demi-lustre, wools such as Konts, Irish, good Midland half-breds and North, wethers, stocks are very light, and wool is bad to buy. Thero seems to bo on the market moro North hogs than anything, and why these are sticking and not going off-liko wethers, is one of thoso things which on tho surface- is a mystery. All descriptions of Downs are exceedingly scarce, ami there appears to bo very few indeed available. Wo could name firms who have this week received enquiries which if they had been supplied, would have meant a completo exhaustion of stocks, and they would have been unable to produce a single pack of tops till next shearing arrives. If we- look at skin wools, there is the snmo active enquiry, and country fellmongers state that they aro ablo tb make exceedingly good prices. It is true that skins are fetching hig figures, and to make up for the slight ease in pelts it behoves fellmongers to obtain the uttermost tarthing out of -their pulls. The market for all homo grown wools is exceedingly strong, and thero is nothing to indicate any ease whatever this side of next clip.