BRADFORD WOOL MARKET.

Lyttelton Times, Volume CXX, Issue 14977, 24 April 1909, Page 12

BRADFORD WOOL MARKET.

[From Our Correspondent.] BRADFORD, March 12.

Following upon the rise in prices men* tioned in my last letter, Antwerp opened with an advance of 5 per cent all round, as compared with the previous series in mid-January, which, according to the estimates of Bradford buyers, was quite a halfpenny above this market for merinoes. .Accordingly, on Thursday, March 4, prices again rose for merinoes, and a fair amount of business was done, even at the higher level; whilst one cr two topmakersput up prices for cross-breds. The prospects for the March series of the sales at London were, therefore, exceedingly bright. I v The first day at Coleman Street made it quite clear that London had fully confirmed tho Bradford advance for cross-breds, and more than confirmed the advance in merinoes. Bradford buyers estimated that London values had gone on the basis of 13Jd for 46's and 12$d for 40's for the top in Bradford, without profit. As a result, of the spirited bidding and keen demand at Coleman Street,- topmakers again put up prices yesterday as a protective measure.

It is noteworthy, however, that business has tapered off considerably, and buyers do not seem inclined to follow the rise in placing orders. Most of thern, no doubt, covered themselves for some time to come during the spell of buying a week or two ago, but the amount of trade in tops and yarns at this centre by no means justifies the further advances which topmakers wer» compelled to make in iympathy with proceedings at London. This fact has called for some comment here, and one or two prominent yarn merchants express the belief that, if business is not forthcoming in sufficient quantities to compel customers at Home and abroad' to buy at the higher level, topmakers may be forced to moderate their demands. On the other hand, there is no doubt that-the demand for raw material is very keen, every pound of wool is wanted, and, for the present, wool is dominating tho situation. The whole strength of the. situation lies in the fact that there a*« no stocks of tops at this centre, spinners in many instances are having to press for delivery, and topmakers are compelled to operate freely hi the raw material market. If the demand for raw mata-ial is so strong when trade at this centre is in small compass, one is naturally, forced to the conclusion that, with improving business in tops and yarns, prices would further appreciate.. In view of the rapid consumption of raw material little importance is attached here'to a cablegram to the effect that up to the end of February, representing eight months of the woolyear, the total exports from Australia and New Zealand were 1,890.000 bales, or an increase of 213,000 bales on th» corresponding eight months of 1907-3. The wool trade is not governed oy statistics such as these, and the true index to the condition of affairs is to be found in the state of the textile trade in the consuming countries of tho world, which, according to reports to hand, is improving at a pace sufficient to maintain the present demand for wool and woollen goods generally. Tho following are the average quotations ruling on the market days named:— •

March.' 1. 4. 8. 11. d. d. d. d. Meriuoet— 70's . 26J 26i 264 26J ■, 60's super .. 25 to* ' 2SJ, BSJ 60's ordinary . . 23£ 23} 23} 24 60's B.A. . 24 24 2-1 21 Crossbred— 58's . . . 20J ■,21 211 22 56's . 19 19 19 19} 50's . 16i 161' 16J 17 46's . 13J 18J 1SJ 131 40's . 12J \ii 121 121 36's . IIS Hi lit 114 32's . . . 101 10* 101 10} Lincoln— ilocrsets . 9 9 9 . 9 Wethers . S 8 8 8 Kent wethers . 91 01 SI 31