ENGLISH WOOL LETTER.

Press, Volume L, Issue 14919, 18 March 1914, Page 12

ENGLISH WOOL LETTER.

RAPID RISE IN PRICES

A BIG TURNOVER

(srECLU.LT WRITTEN FOB "THE TRESS. ') BRADFORD, February 6. The wool trade has always been known as an industry of surprises, the unexpected usually happening. That is exactly what has taken place ia tho textile world during the past week, and prophets have once more been all wrong. lam open to admit that things have turned out distinctly better than 1 anticipated, and Bradford's recent fit of pessimism has, to a large extent, been unwarranted. I have discerned for a month back some amelior_,tioii in the situation, but .it last the improvement Las come with a rush: things have been pushed up at express speed, or, at least, it looks like it on tho surface. The whole market seems to have turned a somersault, and Thursday's meeting on 'Change was a remarkable "ontra.-r to what we have witnessed during the pa.-t six months. How far tho excitement is tho outcome of real legitimate prospective business one cannot fully say, but, undoubtedly, a very different temper pervaded the whole Exchange to what we have been accu_torr>ed. and this district foctva ia havo been all wrong in looking at things through somewhat bleared .spectacles. It is high cimo everyone turned over a new leaf and tried to believe that things are better. That is really what everyone is trying to believe and work for, and, no doubt, tho present spurt of activity is the direct outcome of more actual business that has been done in wool, tops, yarns, and pieces. Tho move was more than overdue, and potsibly Bradford is now trying to make tip lost ground at express speed, and I hope this move is warranted by incroased business in pieces, in particular. IS BRADFORD REALLY SHORT OF WOOL? However distasteful statistics may be to some people, the question is forced home as to whether th© West Riding has really been caught short of raw material. This question primarily refers to importing topmakers. From particulars in my possession, I am in a position to say that many of our largest importing topmakers have not lifted, by any means, their usual weight of wool at Australian selling centres. My view is that thero is not so much shortage in merinos as in crossbred**, although thero is by no means any surplus of the former. The market is moderately well supplied with -merinos, only to-day many firms are regretting that they havo not bought larger quantities in Australia, and paid prices' equal to their Continental competitors. In Cape wools tho shortage is distinotly more pronounced than in Australian descriptions, and all through the coming season there is certain to he a Bhort and insufficient supply to meet the requirements of local spinners. However distasteful prices may be in South Africa to English buyers, I can easily see Bradford topmakers compelled to purchase far more extensively in Coleman street than the,*? have hitherto done, or els© 1 can easily sco shipments returned from tho Continent, though if the latter takes place, Bradford users will have to pay very materially through the nose. I am not disposed to believe that there is any fthortage, or going to bo any deficiency in supplies of colonial merino wools, my firm conviction being that the demand can be 6tipplied, and that at the March series of London sales, even erossbreds will be sufficiently plentiful to meet all prospective requirements. The present improvement in prices is to a large extent due to a squeeze in crossbred wool, and, undoubtedly, an active week's business in tops and yarns has compelled spinners to anticipate their future requirements. SHARP ADVANCE IN MERINOS.

Merino tops show a distinct improvement on the week. A fortnight ago there was a move, and many firms were beginning to test the market by making bids. Last week the improvement was pronounced, and a big business was done over tho week-end, but since last Monday's market, some big weights of tops and yarns have been sold. Two or three of the biggest top-rnakiug firms on Thursday preferred to retire and not to quote, saying emphatically that they had sold fully as much as they had covered for in Australia, and therefore they were buyers of wool rather than sellers of tops. I know that ten days ago average 64's tops could be easily bought at 2s 3Jd, but to-day 2s 4_d is the rockbottom prico, and for a better article 2_ Sd'is firmly quoted. As a matter of fact, top-ffiakers are to-day in a very independent position, and the change is so complete that very tew indeed will consider bids unless they are around the figures 1 have named. Yaru spinners appear to be doing better, and higher prices hare actually been made. 1 am strongly inclined to think that the whole trade ha 3 turned over a new leaf during the past fortnight, and however indifferent tho piece trade is, tho firmness of raw wool is going to force every other branch of the trade. That may bo a very optimistic view to take of tho future, but in any case a very sensible improvement hau taken place m wool, tops, and yarns, and whether wholesale fabric buyers are now impressed with the position of affairs or not, time aioae will show.

BIG MOVEMENT IN CROSSBREDS

Orossbreds 1-tvo felt the benefit of a large augmented demand, a big business having been put through in almost all qualiti-_s, pa.ucu_*irly in 32's to GO'S. This is entirely due to a big covering movrinu'iit on the part of export houses, and a thbrough change has taken place in tho single and two-fold yarn traJe. Last October and November one leading export house was actually offering on the Continent single 30's demi-lustre yarns at 7s 6d :>er gross, and could not sell in big weights, l'o-day the same firm's yarns are quoted at 8s 3d, and during the week a very big business has been done around 8s to 8s lid. Really speaking, the change here is more maiked than in merinos. Prices have responded very sharply on account of the absence ot stocks of mc- ■ diuni and coarse crossbred wool, and! many top-makers have a very meagre supply of Buenos Ayres material coming to hand, and as yet practically nothing has been landed from New Zealand; consequently there has been some keen enquiry during the past few days for crossbred tops. English tops havo not moved anything like so freely as one would have expected, but all the same, al' English descriptions look like moving more freely, the scarco supply of colonial wools no don&t xeomentarilv benefiting English descriptions. I am satisfied that erossbreds to-day look more rosy than they did. and as far as one can see, the market presents many encouraging features Of course, croakers are saying that tho thing has been overdone, and probably it has, a good deal of the present rise being due to to-day's pronornced absence of stocks of both wool and tops. However, the atmosphere has been considerably cleared, and now feels that there is some ''shaft" about the market. FRENCH CONDITIONING-HOUSE RETURNS. Some very interesting and helpful information is contained in the circulars that come to hand from Roubaix. and

particulars this we™ are available showing the weights of tops which have passed through the conditioning-houses at Roubaix rud Tourcomg tor Jannarv. Along with the returns of' the Bradford Conditioning-House, I can see clearly the general tendency of trade, and I am glad to note that at all three centres there is a fair measure of activity. I take it that the conditioning-house figures aro proof of tho movement m the raw material, which certainly shows a big consumption in Rradiord and the North of • France. I give particulars below "showins* the weights of the most important j articles which have passed through the \ centres named during January of thej ore*-out and two previous years : — BRADFORD rON T,r --ING-HOI'SE RF/TTP.NS. i Jan. '14 Jan. 13. Jan. '12----lbs. lbs. lbs. Tops 7.117.690 7.HG0.5P0 7.071 .:!W)i Wool* 1.110.07-5 77~\ 101 Wd.lSl | Noil* 7tY>,sC,9 470.01.5 .513.l»r_'i Wastes 607,663 500.721 4G2.303 I Wor-tod ! yarns ?M*M 314.C30 2.52.2(H)' CONTINENTAL CONDITIONING- , IIOPSK RKTrKNS. i Kilos. Kilos. Kilos. ' Top- (Bon- '; baix-Tour-coing) 5.554,213 4.3-11.0205 0.09-j,i"33G l Tops for terminal liioi'ket.s— ; Roubaix- ! Tourcoing -119..507 02.415 Antwerp -5.01.5 — 20.335 ■ Yarns 1.108.005 1.407.227 1,320.117 j Considering the complaints whirdi have been heard during January of the j paucity of new husi-ia:,*;, I regard tho Bradford returns as excelle-.t. and no | less sitrnißcnnt languac** can be employ- • cd regarding the weight of tops • through at the two French centres.

STATE OF WOOLLEN TRADE

There are large quantities of wool, ; tops, and yarns being used in tlie trace : of Huddei-sfield, where some excellent cloths are being made, particularly of worsted fabrics. Some ot the high- ; priced lambs are used by two or three, firms in that district, and Bradford { does werkly n big trade in Bptany yarns j in particular. This week J had the! 01-; lowing letter from the princ.pal of a j large firm that produces very good fab- > rics, both in woollens and worsteds. ; This is what they say: —"Trade is still far from good, and most: worsted manu- : facturers are still on short time. "vYeav- | ers aro better employed now than they ; were, two or throe weeks ago. as they | have not as much play between wains i as they have had. The tact that manu- I facturers doing a West End London j trade are beginning to put their new ! winter pieces" into work gives the lm- ; pression that things are mending, but j it is doubtful if the new season's orders j will keep tho looms going the usual j length of time, so the probability is we | rhall experience another quiet time dur- j ing next summer, but for two or three j months now. thirgs should be much \ better. With regard to wool, we do not j see how the price is going to manage to j keep up. Tho supply is expected to be more, and the consumption has .certainly been much less, and there is no prospect of anything like a boom even with tho assistance of America. If we were j a buyer of wool we should not lay in a big stock just now. as our purchases this_.6oa©on will see us over the next six months." I believe the above" to be a canrtid statement of fact. From other sources I learn very similar news, and it w apparent that there is not the boom in Huddersfield that we saw twelve months asro. Some 'manufacturers are apprehensive of the future course of the market owing to the rising tendency of values, but all the same. I think that if trade is maintained at to-day's level, wool prices will not fall. Hnddorsheld does a very largo home trade, but develonmeuts have not taken nine© as one would like to seo. vet all the same there is hut-mess doing, and I am hoping for better things with the advent of spring. •