BRADFORD WOOL TRADE.

Lyttelton Times, Volume CXXIII, Issue 15901, 12 April 1912, Page 3

BRADFORD WOOL TRADE.

[From Our Correspondent.]

BRADFORD, March 8

■ Tli© improvement in tone noted in our last letter became still more marked in the early part of last week. A fair amount of business was placed, and topmakers, who were faced at the raw material end with prices relatively above this market, found it necessary to raise rates all round to the extent of a farthing. The expansion of the demand was due to a corresponding renewal of activity in the yarn section, chiefly in connection with- crossbred descriptions. The business in yarns, however, was not placed by manufacturers, but by merchants who had had orders on their books for some time, and had come to the conclusion that nothing was to be gained by waiting. A new and most disturbing factor developed last Friday, when a general strike of tlie coalminers of the country took place. Tho men demanded a minimum wage within prescribed limits. Sixty-five per cent of the masters accepted the principle of the minimum wage, but the Government and the masters agreed in stipulating that the actual determination of the minimum, which varies from district, to district, should be left with an impartial tribunal. Tho leaders of the men held that tlieir demands wore reasonable and refused to allow any variation to he considered, consequently a strike became inevitable. After a week of the strike many of tj.o railway companies have had to curtail their services considerably, and a good deal of machinery lias been brought to a. standstill or is working on a reduced output. At this centre the paralysis is working upward through the woolcombers, who require most fuel for power and heating, the spinners, who require less, to the manufacturers, who require least. Manv woolcombing firms havo already stopped work, and many others are working slurt time. So far neither spinners nor manufacturers have been substantially affected. As a result of tlie strike the partial exhaustion of the spell of buying to meet actual trade demands lias been counter-balanced this week by the desire ’of spinners to replenish their stocks before ail entire stoppage of tlie woolcombing industry intervened. Consequently there has been a steadj flow of business, and stocks of tops are now verv light. In yarns, too, there lias been a continuance of activity in a small but appreciable way, and cross-bred spinners are now in a much more satisfactory position w itli regard to orders. One • important result of the strike lias been the indefinite postponement of tlio London sales, which should have opened on Tuesday. Before the strike developed there was some restriction of cross-bred supplies, owing to tlie delay in slimmer.ts from New Zealand and South America. This is amply indicated in the total arrivals of wool for the first two series of London sales, which have been 759.000 bales this year, compared with BGI.OOO bales last year and 770,000 bales in 1910. Topmakers were in many cases relying on the London sales for wool to meet their requirements, and the postponement of the sales lias accentuated the scarcitv of supplies. It seems likely, therefore, that until the London sales are actually held values will be maintained on n hardening basis. Though the temporary effect of the strike has been the stiffening of values and the stimulation of business, there is no doubt that its ultimate effect will be seriously detrimental to file trade. The,railway system is only just recovering from the congestion of trnffic which resulted from the strike of railwaymon in late summer, and even if the coal strike is immediately settled it will be some time before transport, becomes normal. The .shrinkage of the output caused by the strike is hound to 'result in a substantial diminution of purchasing power and a consequent decreased demand for wool productions, whilst the temporary and artificial inflation of values and restriction of supplies is likely to have unfavourable reactions. Whilst in this country tho outlook is unsettled in tlie manner indicated, slightly better reports are being received’ from the Continent, with the exception of Russia. There has been rather more doing in yarns for export recently, although the improvement has not yet extended in so marked a manner to tops. Tho following were the average prices ruling on the market days named -

Feb. Feb. March March 20. 20. 4. 7 d. cl. cl. d. Merinoes— 7n’s . 259 2r>2 251 251 60’a puncr . . 241 245 243, 24 j 60’a ordinary . m 23 j 234 60’s B.A. . 23J 23* 231 034 Cro^s-bred — Sfl's . m 211 on 214 5fi’n . m 105 101 in 5 50’s . 27 17 17 17 4fi's . . 13J 14 14 14 40’s . 13 131 135 135 30's . 120 12? 122 13 32’s . 12J 12j 124 13 Lincoln — Hoprijets . 10 10 10 10 Wethers . 10 9J na. 92 Kent wethers . m Hi in in