THE WOOL MARKET.

Lyttelton Times, Volume CXIV, Issue 13934, 16 December 1905, Page 12

THE WOOL MARKET.

fFnou Om Special Coekkspoxdent.] BRADFORD, November 11. , A good deal has happened since last writing, and one’s chief difficulty is to compress within, the limits of this letter the numerous considerations which come to mind as bearing upon the present and future prospects of the wool trade. Quite apiirt from any “ bearing” influences which may have been exerted, and winch have undoubtedly been exerted less than usual, there has been some natural decline in values, especially in. low cross-breds, and also in some half-bred English sorts which were used for Japanese requirements. However, the position, taken up in this column is, first of all, that while there has been this decline, and wmle forties tbps may go down to 15d, there need not necessarily be anything like an old-time slump. Of course, it is more or less ancient news that at the time of writing about 125,000 bales more are on the water from Australia than was the case last year, at this time. This means that there will he a faii’ly early arrival of about ixalf of the estimated increase in the Australian clip. The excess should not be a great deal more than will, so to.speak, “ go round,” because it cannot be found that the bareness of stocks so far has been relieved. I - At the same time, some values have undoubtedly gone down. Personally, I think a very great importance attaches to the remarks of ■ the new Mayor of , Bradford, on November 9. Mr W. A. Whitehead is the nexv Chief Magistrate. Alderman Godwin' would probably have- been chosen, but he happened to be returning from Canada on a pleasure voyage in a slow boat unfurnished with Maxoonigraphic apparatus., He would have been invited by Maroonigram, and he was still invited on his return, a couple of days before. Lord Mayor’s day, to take the post, but he naturally declined, seeing that his personal friend, Mr Whitehead, for the sake of the Liberal party, had agreed to assume office if Mr Gfadwih could not bp approached. Mr Whitehead is one of the very biggest topmaicexs iu tlxe world, and what he said at the meeting of the City Council, in acknowledging his election; was important. Of coux'se, Bradford has haa to appoint a Distress Committee under the nexv Act of Parliament, which gix r es poxver to municipalities to appoint such bodies xx'ho can find work for the unemployed, and pay, for it out of the rates. Now, Mr Whitehead thought that the work of this committee would be lees than it had been, for the old committee, which xvas not a statutory committee, and more or less relied upon, private charity, and his ground for this conviction xvas that in 1906 he thought there would be aj normal xx'ool supply, which would mean more employment in the combing, spinning, weaviixg, and dyeing branches. Normal is a word capable of various translations, but the point is that Mr Whitehead said nothing about prices. The obvious conclusion from his remarks is that there is to be more wool in circulation, and with this so how can there be, at any rate, higher prices? Mr Whitehead’s speech was xvritten, and therefore, not an offhand statement. I have not come across him personally since he said this, and I have no doubt that if I did, he could Ixai'dly help mo xvith regard to fox-coasting the future, but,at the same time, it is significant that, quite unprovoked, a gentleman xvhose tops rule the best prices in the Bradford trade, should have committed himself to an important declaration, containing a view which has been in the minds of many of xxs. Merinoes, of course, ax’© excluded from any observations xvhiclx have so far been made. It seems likely that they will remain quite steady, xvith possibly such small ups and doxvns as’ have characterised them for three years. With regard to oross-brede, the moral of Mr. Whitehead’s remarks may be quite applicable, and yet xve may not see what may be called. a serious fall. ■ As had been pointed out hero before, there is no ostensible reason,' at any rate, xvliy croee-breds should not pursue 'something like the even course which merinoes have, shown.' Granting that prices may not-go up, aixd that there is a likelihood, as has been said, of forties coming down to 15d or less, what are the calculations which help to form an opinion as to the future. The writer may be entirely xvrong, but the opinion xxxxxst be stated, that American indications in the early spring should be regarded as a strong guide. In this letter throughout the year, and in anything xx-ritten elsewhere by your correspondent, special weight whs attached to American activity. America is still busy. Of that there can he no doxibt. One of the oldest firms in the English trade is still packing for America. The Board of Trade returns show a steady maintenance of wool exports. Even fiom Bradford last month, that is October, xx-e sent £60,000 worth of xx'ool to the States. This is as compared with £120,000 in October, 1904, but it xvas the autumn of last year xvhiclx brought up our exports to the States. Sixty thousand pounds a month xx’ould mean £720,000 a year, and, therefore, the October total, after x\/hat xve have already sent this year, is surprisingly largo. The Continent remains a good customer, though Russian;trade is almost at a standstill, very fexv tops or yarns' going from Bradford, either direct or through Germany. Russia is in an extremely bad way, and there is portended, xvhich it is hoped may bo averted, most serious dislocation of present intenxational amity. If Russia be alloxved to xvork out her own salvation, there may be no commercial paroxysm. It is a grievous fact that war in a sense makes trade, and a freed Russia or a disrupted Europe, cannot hurt the xx'ool trade so far as those countries' are concerned xxdxich have the

clothes and other textiles to make,, and have the . opportunity to make them. To sum up, the best ; available barometer as to the course of prices, under ordinary conditions, next year, should bo the state of the wealthy American market, but at the same time, - under E resent conditions the acutest_ attention as to be directed to international politics. The fervent desire must be that next year’s wool position may have to be judged only within the peaceful area of vaticination suggested by a dependence upon the course of business on the other side of tho Atlantic, where the prosperity of the United States has before now spelt industrial weal for most markets on both the TV estern Continents, and has often been synonymous with commercial activity even in the Old World. . The following are the prices of various colonial tops, and home grown wools per lb on the market days named:— * October. November.

23 26 30 2 6 9 d. d. a. a. d. d. Merino Tops— 70’a .... 271 27J 37J 27J 274 2f74 ■ 60V super ■ . . 254 264 264 26 26 26 . 60’s ordinary . 254 254 25 25 ' 25 25 - 60'a B.A. . . 26 25J 254 254 2o| 254' Crossbred Tops— £8’s ... . 244 2i| 21 24 23| 233 : 56V .... 234 23i 23 23 22J 22| 60’s .... 214 21J 3ii 21i 21 21 46's .... 184 18 18 17| 173 173 4ffa .... 163 16J 16J 163 164 164 S6’a .... 184 16 Hi 16i 15 i IS 82’s .... 154 15 143 Hi 144 Hi I/incoln Fleeces— ■ Hoggs . . . 14 14 14 13| 134 isj "Wethers . . 12| 12J 124 12i 123 134 Kent; ■wethers 13 13 12| 12i 121 124