WOOL POSITION

New Zealand Herald, Volume LXXV, Issue 22983, 10 March 1938, Page 11

WOOL POSITION

BRADFORD CONDITIONS CONFIDENCE IN THE FUTURE CHAMBER OF COMMERCE VIEW [fbom our own correspondent] LONDON, Feb. If) In face of the prevailing sub-normal conditions, optimism concerning the future of the wool textile industry was expressed at the annual meeting of the Bradford Chamber of Commerce this week. . ' "L do not think there is any occasion for us to get uneasy alarmed," said the president, Mr. J. H. Bates. "Wool values to-day are on a 'reasonable basis, and, given a . fair chance in world markets, 1 think the BradFord trade can look forward with happiness to the future." Referring to the overseas position, Mr. Bates said that, in the past, England could count upon a fair share of the world's trade in cloth of all qualities. Owing to restrictions-gf various kinds in other her export trade in manufactured goods ,had diminished. Notwithstanding its tariff-assured prosperity and increased buying power —due to the rearmament and rehousing programmes—the homo market was unable to absorb tlie production of the labour and the looms available. Accordingly, workpeople and machinery were not well employed. "Without a considerable export trade,'' Mr. Bates continued, "it may be that our wool textile industry will be compelled to restrict itself more largely to the production of original and novelty type cloth whic]j, at all times, will be wanted by the better dressed men and women of other countries." Confidence also was expressed by the treasurer. Mr. j. Emslev, who said he still believed there was a future for Bradford. "There is always room for the better commodity and the novelty, and I think England, and Bradford in particular, will still be able to surmoun'i many tariffs," said Mr. Emslev. "I like wool to be at a low price, not because I.do not want the wool trade to make profits, but because if our > raw material is low in price and we liave to jump a high hurdle, we have a better chance of (retting over." ' COMPETITION IN SYDNEY GOOD CLEARANCE MADE (Received March 9, 5.27 p.tfi.) SYDNEY, March » At the Sydney wool sales to-day the market, under pood competition from Yorkshire, the Continent and Japan, ruled fully firm at late rates for all descriptions, and satisfactory clearances wore made. Givasy Merino fleece brought up to 24d. A total of 9884 bales was offered, and 9070 were sold. A further 479 bules ; were sold privately. NEXT LONDON SALES FORECAST OF VALUES Dalgetv and Company, Limited, has received the followijic cablegram from its London office, dated March 9:-—The list of arrivals fof the next series of London wool sales, commencing on. I Tuesday next, closed on March 7. Tho | following vessels have arrived: —Tonga- ! rirc, Arawa. Maimoa. Cumberland, j Benarty, Wairangi 1 ; P Fordsdale, MataI roa ' i. I Dalgetv and Company will sell on 1 Ma rch 15, 17, 22. 25.' 30 and 31 the i last date being the closing day of the i sale. It is expected that prices will . ! compare as follows with the closing I rat?s of the last series:—Merino, good, ; par to 5 per cent lower; Merino, average and inferior, 5 per cent lower; crossbred, 5 to 7i per cent lower. PROCEEDS AT DUNIJDIN ' ' DECREASE ON LAST SEASON [nir TELEGRAPH —OWN CORRESPONDENT] | , DUNEDIN, Wednesday The gross proceeds from the second Duncdin wool sale of the 1937-38 sea.'ion, held on February 9, fell short of -lie receipts from the corresponding sale last vear by £'309.210. \S hen a decrease 0f*£250.000 on the first auction of i;he season is added, the result is a deficit on the two Dunedin sales to data of £559.210, compared, with last season. A smaller offering than nsvial at the firs-.; sale accounted for £119.000 of this total. Heavy passings at th 6 second auction, which reduced the amount sold, to 5000 bales below the February total last year, may be blamed for n further £70.000, but even allowing for approximately 11,500 bales which had bee:a disposed of at this time last season, Otago is still short of the previous year's returns by £369.000. The February sale this <\vnr, at which 29.832 bales were offered and only 25,788 sold, yielded a gro:;s return of £370,146 18s lid. The average prica per lb. was 10.39 d and per bale £l4 7s Id. At the corresponding last last year 30.623 bales were offered and 30.323 sold. Tho average price per lb. was 16.58 d and per kale £22 9s sd. The gross return for the sale was £679,356 16s. It is estimated that 50,000 hales remain to be sold in Otago. The full allocation of 30.000 will be ofl'ered at the third auction; on Tuesday, ' UNEMPLOYMENT GREATER BETTER CONDITIONS PREDICTED " [from OUR OWN correspondent] LONDON, Feb. 16 Ministry of Labour figures for the six principal centres of the wool industry in the West Riding of Yorkshire. Bradford. Hudderstield. Halifax, Dewsburv, Batley and Morley v show . that on January'l7 there wero 21.710, registered unemployed in the woollen and worsted trades, compared with 18,217 on December.l 3 and only 6110 on the corresponding date in January, 1937. Not since 1931 has there been suc'i a large number on the unemployed list at this' time of the year. Commenting on the position, the Bradford correspondent of the Manchester Guardian Commercial says thot the. act lal retail demand for wool goods in England during the past two or thr?e months has been in excels of production and consequently stocks of finished goods must have been substnntiallv reduced. It.therefore seems that in due course depleted shelves will lead to more orders. Meanwhile caution continues to dominate all transactions. i