THE WOOL TRADE.

Press, Volume LX, Issue 18135, 26 July 1924, Page 10

THE WOOL TRADE.

DIFFICULTIES OF GERMAN TRADE. (ff'oJi oca OTTS COaBESTOXDIST.) LONDON, July 11. Selling brokers from Coleman street, who have been in Bradford daring the past week, report considerable French and Belgian enquiry for Australian burry pieces, and this is taken as an encouraging sign for the next series of London sales. Prices paid are on a full parity with last London scries (says the "Daily Telegraph"), and everybody is satisfied that if financial considerations were easier there would not be, tho slightest hesitation or the least decline in prices. At the present time the difficulty experienced by German firms ill obtaining sterling to pay current accounts is leading to some cancellations as well as delayed deliveries. It is now common knowledge that Bradford export houses hare received definite instructions cither to grant six months' credit or else cancel orders, and the latter course in some cases has been resorted to. Business with the Continent now Beems to be resolving itself into a question of credit, and the firms are going to do the most business who are, prepared to risk most. One or two Bradford firms havo done a big trade with Germany, Poland, and Russia on extended terms of credit, half the account being paid immediately, and tho balance covered with bills of acceptance ranging from six to twelve months. This can hardly be called satisfactory, but for the time being it seems to be the only way in which to carry on. In Bradford the past week has been anything but inspiring, and yet merino topmakers are, if anything, more optimistic, several firms having done considerable business during the week. It simply means .that trade has been possible —at a price. That is the worst feature. In both merinos and crossbreds values have to be shaded, and whereas.' there is little change in quotations for tops, it is well knowfc. that as low as 5s 7d has been taken for average 64 's, and even 46's, carded have been sold :as low as 26|d. These prices indicate a- decline, and yet wool is held in very strong hands, and whore sales aro effected,there is practically no fall. Spinners and manufacturers are still complaining about the unprofitable state of their end of ,the trade. It seems to be impossible to.make replacement, costs, and in order to keep machinery running margins have been entirely sacrificed..

- Anglo-French Conference. . A representative delegation of business men from Roubaix and Tourcoing were at Bradford last "week. It had been felt for a long time that Bradford business men ought to do something to show-their appreciation of the great kindness, which they received when a from that city visited Northern France in 1921. The conference has resulted not only .in the unanimous ratification of the arbitration agreement,-but in a cordial understanding upon a number of other matters. The desirability of an international wool federation, international action in the compilation of wool trade statistics, reciprocal Anglo-IVench action regarding credit information, and the exchange of wool trade students between France and England, have been cordially discussed, and progress in some directions made. The event has so amply justified, itself that its repetition annually, l alternatively in France and. England, ia probablei - . ' .

FRUIT FROM THE ISLANDS. NGAKUTA'S SHIPMENT. (tEKSS ASSOCUTIO* TSUXSXUL): . , "WEULTNGTON, July 25. Tli© Ngaknta Arrived this afternoon from the Cook Islands with a cargo of 16,000 cases of orarige3, tomatoes and bananas. The vessel struck bud weather and was 40 hours late. Fl-om a cursory examination from the deck it appeared that n. proportion of the fruit was in bad condition. The inspector's report from the Islands stated that a proportion of tlie oranges bad been shipped in rain, which would oauso the fruit to sweat. An officer accustomed to dealing with fruit cargoes expressed tho opinion that about 40 per cent, would be fit for the market. Much mini was experienced at the Islands find the vessel rail into a gale, on the run. down to New Zealand,' which was detrimental, to the shipment.

A FIRM'S STANDING. Somewhat of a 'difficult problem, which the Council managed to- get out of, came before the Council of tho -Wellington Chamber o£ Commerce this week, -when it received-a letter from a businessman in a country town in the ■Far North, asking for the.standing of a firm in Wellington., Tlie writer stated he and others had been badly "had" by buying a line that was the "dnddest of the dud." It had been sold as a remedy for a number of complaints, but, when tried on his wife, had had no effect. (Laughter.) , The Wellington firm was handling the line.. The chairman (Mr H: D. Bennett} said the query was one that must'be considered as coming under the operations of the •Chamber, 1 and he* had no' hesitation in saying the Wellington-firm was. of some standing. Several members thought that it was not part of the duty of the Chamber to answer such enquiries, and the meeting managed'to evade the issue by deciding to suggest to the writer that his enquiries should be made through the Chamber of Commerce in his own town.

STOCKS AND BONDS. (special to "ihx mn.'') AUCKLAND, July 25. , ./Within the last .few. days, there 'has been a-.strong enquiry for 4 J per cen,t. inscribod War loan,. 1938, and 1939 free of income-tax. Buyers a week ago quoted £97 12s 6d, but since then a number of transactions have taken place at . £.97 10s, -with further buyers at ts under that figure. Bonds are wanted at £97' 2s 6d, but to-day no sellers were quoted of either issue. It is understood that there has also been a strong enquiry from the south for the 41 per cent, loans. Sale 3 also took place to-day of 5 per cent. War loan, 1927, at £9S, and both issues could be placed at £97 15s.- For soldiers' loan, bond and inscribed, buyers still offer £lOl ss, while the 5J ' per cent. 1927-41 are wanted at £9B. Business was- good, to-day- in other lines, the Government proposals to reduce taxation-on companies being no doubt a factor that has been taken into consideration. by buyers.