A SLUMPING MARKET.

Dominion, Volume 1, Issue 110, 1 February 1908, Page 8

A SLUMPING MARKET.

Bradford Ims turned von; weak, and anything but satisfactory conditions prevail. It is really surprising how quickly prices can drop when men begin to slaughter their stock, and conditions hero to-day are decidedly depressing. Several forced sales liavo been made, with tlio consequent result that values are down considerably. It is common knowledge that a 40's top is not worth more than lid., if that, and I daresay it is possible to buy even cheaper if tlio cash is forthcoming. It is not the best of signs when big firms have to resort to speedy sales, and tlio --American, flurry is accountable for much pressure in this market. Real actual business is about at a standstill, the forced sales being., quite / suffi-. cient lo supply spinners with what they are at present in need of. Thin month many "futuro" sales aro duo for delivery, and this is causing topmakers to push along with their contracts. Those, who havo had to buy early wool in Australia cannot possibly producc tops at the prices they accepted, and it is question'able!!:even with the cheaper wool that is now 'available, if they can produce tops at the figures they havo sold at. Too many contracts wero taken around 2s. 3d. last October, and the early wool bought cannot possibly produce any weight ,of supers at that figure. It is now "possible to buy easily at 2s. 2d. for; next year's delivery for a standard super GO's top, but very few/are now operating either' for present or future delivery. Ihero is a' completo lack of confidence, and everything is being allowed to. quietly drift- Everybody; seems to think that there can be no improve-'; ment until, the financial outlook improves,i and confidence is; established. Very shortly the. movement in wool will be on a very 1 -! extensivescale, and with ■ a 7 ; per cent: Bank rate -arrivals mil-take a good deal of lifting. Anj» .thing but . a -hopeful feeling- exists the. future, and/it's, a--pity that -this serious, .setback should' have: come towards' the end ■ of' the 'year,; \rhen,. so . miicli. wool has' been.bought in tHe colonies :at: -such bi.g figures,! 'Crossbreds'are just' is .weak as: merinos, and I'very low' [inces aro_ being accepted both ..for spot and. future delivery. -'There;is'ho doubt that importers' are determined'' ;on : getting prices down in order to secure the coming Now-Zealand and South American clips at'as low ■ a basis as possible, and then, perhaps, with easier money Vates, an improvement .will set in. Consumption-is still maintained, but particulars -are not coming to hand as they wore,, and some spinners, state that yarns aro not going out anything like as quick as they did iv .while back.