THE WOOL MARKET.

Lyttelton Times, Volume CXII, Issue 13575, 22 October 1904, Page 2

THE WOOL MARKET.

[From: O cp. Special Correspondent-I BRADFORD, September 17. ] The holidays arc over, belli hero and 1 abroad. There has-- been the usual recovery of bui.-ineas, ’and the chief point of | interest- is whether the- recovery 'haa b®em ' of normal or of more thain normal dimen- ■ sionfi. On the whole, there is not much ' of an encouraging nature. to say. The re- ’ tail -end /of the trade still drags. Spinners ! still find that the offers front the Continent • are at- prices which they cannot, accept, ' and 1 those in this branch engaged in the ' Homo trade have a number of frames stancl- ' ing. 'Wool, however, remains Ann’, and 1 still rules the market. It would', of course, bo better if the controlling influence- cargo from the consumer, right' down- to the 1 houscwifci going into the whop, but such- is not the case just- now. Travellers report s that the purchasing power in 'the country ‘ remains restricted, and export merchants I' tell spinners that they receive similar res ports from abroad. Nevertheless the present limits of stocks point to nearly all wools retaining their value. At -t.iiei time ’ of writing, there is a -very general impreo- ‘ sion that- attention is being turned 1 more than has' been the case, to merinces. Care- ■ ful inquiry in this direction results in- te-sti- ' mony to that effect- which is entitled to L the -highest consideration. Equally caro- ' ful inquiry, however, as to quotations, and as to the actual rates which, have ruled- in ' transactions credibly reported- does not. disclose any substantially higher basis of ' prices. Apparently on© can still obtain ai super 60*9 Botany top- for about 24d, or [ 1 .very lifct-lo more’. Until there is more f move movement amongst spinners, and *• until manufacturers’ talk more cheerfully, it is impossible to confirm' in black and' white the ’general rumour that merino wools are ' again really wanted. The obstacle in the way of writing with f any precision is that so many holders are i indifferent about soiling in any consideri able quantity in view of the London sale’s, ; which open next week. These sake, how- !> ever, will be so short that their influence 5 upon this centre will be less than- usual. I In addition to- the approach- of the Coleman • Street auction®, am obiter factor in producing > a very firm attitude on the part of holders - he-ra has been the course, so far, of the 1 Antwerp sales. Up to the present the riss : there -has only been a- farthing a- pound l , ! but it has been sufficient to give a." good b deal of encouragement to all top makers’, i and dealers in Bradford and 1 district', i Even* English staplers look upon the ad- - vance, however small, asi a. sign that the • raw material continues on a Arm footing. > as to value. Of this branch of the trade • makers of low and medium cross-breds have > for some time had most that has been) • going, and according to present premises : tho future has nothing worse in store for s them, at any rate for some time. American * competition in July and . August sxMit up Lincoln hoggis and weth- ’ era to HAd. They receded to lid, and' at the date of this contribution they are ceri Tandy worth that. During September some buyers who have been compelled to purchase have had to pay a price which > would work out at HJd or even lljd in ! Bradford, with commission, discount and 1 carriage added. These will have _ been more or less exceptional cases, but Lincoln hoggets under this date are on the upper 1 side of lid in Bradford, and it would certainly bo almost impossible to buy wethers at lOijd. Bristol Fair showed Kent 1 wethers to be well up to the value which they have for some weeks now steadily maintained. , Perhaps the most important feature of ; the situation so far as English, wool is I concerned is that the farmer has got it i firmly into his head-that .he can secure a fair price for the 'article, and those who'

have followed the ‘trade know tna-t \vruu»ever the signs of the times’, it' takes four or five years to dispossess the sheep-grow-er luve'of any notion whatever, especially when the notion, if right, tends to bis advantage. The noma farmer, at any rate, can claim that statistics support his r.olicy of only selling at the full market value. According to the preliminary statement for 1604, just issued* from the office of ths Board of Agriculture, compiled from returns collected on June 4, the' number of sheep in the United Kingdom as compared with 1905 has again declined. Tho total number for 1904 was 25,207,174, or 432,623 less than last year. The ewes kept for breeding numbered' 9,880,903, as against 9,873.101 in 1905, so that no larger clip can be reasonably- expected next year. A strong effort is being made to reconstruct thc° Yorkshire Woolcombers’ Association, and avoid further l/tigntion. Ati this date the official announcement is that the Receiver and the Trustees for the de-benture-holders 'are standing in the way. What will be the outcome, time—one would almost say years—will show. Juab one word may be said with regard! to Mr Justice Swinfen Eady’s judgment. _ Ho spoke—as indeed during the bearing of the case he more than once spoke—of, say,. Mr James Hill receiving about a quarter of a million, for his business. Mr Hiil received in cash £114,000, iu debentures £28,681, on which Ml interest has not been paid, in preferred ordinary shares (which were not to receive more than. 5 per cent interest, and! did not receive that for a single year) £28,681, and in deferredordinary shares £86,040. Bub these deferred ordinary shares were' nob to receive a penny until the debenture-holders received their interest and the ordinary shareholders their 5 per cent. They have never been worth anything. On the other hand, Mr Hill sold himself body and soul to tho Association for twenty yeans. Mr Hill’s case is simply taken as a type. There is no intention to minimise the seriousness of the trial, nor to say that the strictures of the Judge as a rule will not be of salutary effect, in the future, but no vendor received a quarter of a million from his concern, and it is certain that several of the vendors were men in too large a way of business and too highly respected' in the city to have risked the consequences of knowingly signing a document with a. view to deceiving the public. The following are the average prices of various classes of raw material on the Bradford market days named below:— Aug. Sept, 28 1 S 8 12 15

d. d. d. d. d. d. Merino — 1 70’s . . . . 26J 27 27 2G2 26J 27 6CTs svper . 24 24i 24i 24 24 24V GO'S ordinary . 23 033 23i 23J 23 23i oO's B.A. . 23v 231; 234 233 23i Gross-bred— r>3’s . . • . 2I| 22 22J 22 22 22| 50 3 a a * . 18J 20 20 20 132 20 50 r • * • . 17J 17| 173 17J 17| 173 46's a • • • . 1SJ 15J 15J 15i 154 154 40's . . 14J Hi 14 14 U 143 3tV & a • • . 131 13J 133 134 134 134 32’s . > • . 133 134 134 133 133 133 Lincoln— Hoggs . • . 11 11 Hi 11 11 11 "Wethers . . 11 11 Hi H 11 H Kent wethers . 10J 11 103 11 11 Hi