BRADFORD WOOL TRADE

Lyttelton Times, Volume CXVII, Issue 17179, 27 May 1916, Page 7

BRADFORD WOOL TRADE

[FnOU Otß COREESFOOTIWr.] BRADFORD, March 31. The market has been very much unsettled by the extreme difficulties which have prevailed in connection with the clearance of wool from the -London sales. The great delays which occur in getting wool from the docks and transferring it to Bradford by rail have led to serious financial difficulties. ..Under tho present selling conditions, which provide for payment and clearance in fourteen days, buyers are naturally put to serious inconvenience when they have to wait as long as six weeks or two months for the delivery of the wool. Heavy costs have to bo incurred apart from tho loss of interest on tho capital locked up, and there have been periods when a considerable number of workpeople have been idle at Bradford because wool had not come to hand'quickly enough. ' This state of affairs led to a conference between a deputation from the British Association of Wool Buyers and tho Board of Trade with a view to better transit facilities being conceded. Some improve-. ment followed action, hut there still remains great dissatisfaction with the selling conditions in London. . _ This culminated this week in a joint meeting at Bradford of tho Colonial Wool buyers' Association and tho' British Association of Woolbuyers for thepurpose of advocating an-extension of facilities with regard to payments and clearances from fourteen to twentyeight d'avs. Sir William Raynor, the president of tho former organisation, declared that- woolbuyers were, unfortunately, parties Ho a one-sided contract, and had to fulfil their obligations in fourteen days.or become defaulters. It was pointed out that tho conditions of sale and regulations had all been made on a oeace footing, and were not applicable to the uresent situation. It was stated that it was impossible for tho railway companies to cope with the wool traffic in the period of grace allowed' by tho brokers, and it was urged that the- whole of the burden of the delays should not fall on one section of tho trade. At the meeting in question a resolution was carried instructthe Executive Committee to appeal tiAho Board' of Trade or take any other steps necessary to obtain the extension desired. . Following upon this meeting there was some talk of boycotting the sales if tho brokers did not give way. It was rumoured on the Bradford Exchange yesterday that tho third series of London sales, which are due next Tuesday, would be postponed, but this was rather discounted by the issue of a detailed pro«rainme for thirteen selling days. The effect of-all this controversy has been to shake the market and to prevent any general resumption in business either for wool or tops. Most Bradford tcranakers have plenty of ders in hand to keep them going, but they have had to take cognisance, of tho fall in raw materials—due to the restricted' competition following upon the embargo, and financial stringency—and reckoned from the highest point in February the actual svjling prico of merino tops is down to the extent of 3d or 3Jd, and fine cross-breds have depreciated to the same extent.. Medium and low cross-bred's have fallen to the extent of 2d or 2£d. Here and there spot lots have been offered, no doubt by firms anxious to obtain some financial relief, at lower prices than what topmakers will take, and this has had a. tendency to keep the market down. Users of tops are fairly well covered by existing contracts, and are not likely to do any extensive buying until the raw. material situation is cleared • up. An important factor is thefact that about 25 per cent of machinery is idle in tho Bradford district for lack of labour, and this reduces the amount of wool which can bo consumed' here. The demand for yarns and piece goods fully keeps pace with the output, and consequently there has been very little ease in tho value of yarns, so that the net result from a spinner's point of view of the drop in wool and tops is an increased profit °n any new purchase made. The average prices mime: on the market days named wero as,follow: —

' Mar. Mar. Mar. Mar 20. 23. • 27. 30. -, j no „, d. d. d. a. ■ 70*8 . 44* ' 43J 43?> 43J 60's super . . m 42J 424 42i 60's ordinary . 42 41 41 41 60'8 B.A. . .. — — — Crass-broda— 58's . .. . 40 39 30 39 56's . • . 33 ' 37 37' 37 50's . . . 33 J 32 32 32 4G's . . 40's 3G's 32's 2SA . 2G 28 27 25J ' 24* 28 25i 2-li 28 27 23J 24J Lincoln — 20 20 Ho.sdota Wethers . 20.5 . 20i 20 20 20 20 Kent wethers . 23 22J22* 221