LONDON WOOL MARKET

New Zealand Mail, Issue 1685, 15 June 1904, Page 63

LONDON WOOL MARKET

(From a Correspondent.) LONDON, April 15.

There has been a little more life in the markets this week. ®True, there has been more inquiry and push than actual business, and even then transactions are more numerous than bulky. Tins easier prices of merinoes have had the effect of bringing out some enlarged inquiry, and the accumulations in tomakers’ hands have been lessened considerably this week in Deports from German centres also indicate a slight improvement, both in demand and in values of finer sorts.

This general experience of a slighter revived interest in merinoes is probably accountable for the “tall talk” which is heard everywhere of a turn in the tioe in favour of fine sorts. There is, however, ample room for much more improvement than can yet be seen. Dining the last three months the position of merinoes has become serious. The consumption has been declining much more rapidly than has been realised, and unless a speedy change is forthcoming, a further decline in values may occur* Happily, there seems to be some improvement in the prospects. Many, manufacturers speak hopefully of the coming season, but it must be borne in mind that they had similar hopes ('which' are often synonymous with their washes) prior to the opening of last season,, which were- only followed by complete! disappointment. There are. however, better grounds for believing that merino goods will have more attention in May. Merchants hare small stocks, and the cheap woollen and crossbred goods have had a long run ;* moreover the latter have become relatively dear, and while by their first cost value may still keep in favour with the million and with the ready-made -«ssde, it seems likely that the better class trade may at last come back to finer goods. The question c£ supplies in low crossbreds will be a serious one during the current year, un-

less there is same transfer of demand to finer grades. Yorkshire consumers are already hungry for coarse grades, and prices are again hardening for all 32” s to 44’s tops. Consumption has quite overtaken supplies; and the very serious fact is beginning to be realised that both'New Zealand and River Plate supplies are a lessened quantity this year. The two main sources of supply will each show a serious falling-off in 'the medium, and lower crossbreds, which are so much in demand. Of course, manufacturers are alive to .all this, and it has probably come to the point when a little more interest may be.taken in finer sorts, and patterns pushed with more vigour than for several seasons past. In some of the worsted coating centres, particularly in the Huddersfield district, which has suffered most severely during the past two years, there is more inquiry for tops and yarns of common merino and fine comeback qualities. The price is being fixed at 21d to 22d in top, and the best things available at tfeis figure are being sought; and since Easter fair quantities of these 58’s merinoes or comeback tops have been sold. Bradford market yesterday was largely attended, and the presence of several London brokers and a few Continental representatives gave an exaggerated air of importance and activity. There was considerable inquiry for samples and quotations, hut business was limited. Concessions are being freely made by helders of merinoes, and some cheaper transactions are reported. We hear of a large transaction of super. 6G’s at 23d. and most topmakers are free sellers at 23a-d, so that merinoes are undoubtedly r~ easier. . Crossbreds are firmly held; in fact, topmakers are slow to offer, as Stocks are in most cases “non est” in ' lower sorts, and the future is too risky. The strike in Roubaix is now practically at an end. The workmen engaged in the combing mills have returned to .work, as their organisation was not in a sufficiently strong financial position to carry on the - struggle. The consequences of the strike in Roubaix have been to prevent the trade from operating at all freely in the wool markets for some weeks, and the supplies, therefore, are scarce just now in RoubaixTourcoing. A vary firm tone prevails on this account, and the “Terme” creeps a little higher each day. Business in Germany is in an unusu ally active condition so soon after the holidays, and the cause here is the same as in Roubaix, i.e., want of stock. Some of the crossbred operators imagining that the staple had reached a high level, have evidently sold- ahead, and 4s the market continues even firmer, \ there has been a rush to cover. Merinoes show no great sign of activity, but the talk is still all of their coming into favour again, and they are very firm. Terminal quotations are: —-Antwerp, t&pril 5.20. May 5.20, September 5.15; Roubaix, April 5.32£, May 5.274, September, Havre, April 1594, May 160, .September 1634* (From a Correspondent.) LONDON, April 22. The tone of the markets has improved most-deeidely during the past week. An increasing volume of business is tne chief contributor to this. Unfortunately, prices no not yet show much improvement. The complaints of spinner and manufacturer have been so long continued and so unanimous on the ground that they have been somewhat disregarded. The pinch has been, howe v er, a real and acute one. Some of the large Continental spinners and manufacturers have made heavy losses >oai the year's business in merinos. Those who have been fortunate enough to strike, the market with specialities and new things;, or who have had a fair share of crossbred business, have, of course, dene better. Crossbred raw material has/ however, come to such a high level now that it has become impossible for the fabricant to get bis advances on yarns and l cloths quickly enough to keep pace with the appreciation on wool. At length, after many hopes and disappointments, there seems to be good prospects of a somewhat better season in fine goods. The summer season, of course, demands light weights# but, apart from this, we hear from all quarters that manufac- ’ turers are already finding a tendency in the direction of the finer cloths. ' The R early arrival of bright, warm weather is helping business, and old stocks are being cleared. Altogether, there is a feeling of hopefulness in the trade, and a bigger - turnover of business at very firm rates. In crossbreds, it is difficult to understand the growing and keen demand for

strong tops and wools, and to know where the material is being used. The demand from the Continent for crossbred tops still continues, and topmakers have booked forward freely, protecting themselves by gradual advances in their quotations, and yet the business is not checked. It is estimated that not only all the wool arrived at consumers,, but also a large proportion of the crossbreds available for the next series in London, is already sold in the top, and firm, if not advanced, prices for crossbreds are assured. The lower sorts are most in request, and the signs are all in favour of a further advance.

Continental spinners complain bitterly of the competition of Yorkshire spinners on the Continent, and of the cheap yarns which are still offered, while Continental topmakers seem to be equally routed by the competition of Bradford topmakers, who sell at lower prices in Germ my. Bradford seems to be able to run ahead of all comers in crossbred business. On the other hand, Bradford has lest the bulk of the merino top trade, and merinoes seem to have become largely niono?olised by the Continental section. Quanities of German fine yarns (in small counts) now find their way to Huddersfield and Halifax manufacturers. Chea-o labour is blamed, but probably the main cause is that there is more care and skill employed in working merinos on the Continent, aiid that crossbreds have been cultivated similarly in Bradford. IFliere was a skin sale held in London yesterday, when 3070 bales of Australasian skins, 580 bales of Punta Arenas skins, 220 bales of Itiver Plate skins were offered, and all sold. • The attendance was above the average, and included several Continental buyers, Merinoes and fine crossbreds are about £d dearer, medium and low crossbreds are about £d to id dearer, than the previous sales. The Bradford market lately has been characterised by considerable activity iu low and medium crossbreds# while merinoes have barely held their own. There is, however, a general impression that prices will be fii’mly maintained at the approaching sales in London, and that any change will be in sellers' favour. Now that the strike in Roubaix is over, there is a better feeling in the RoubaixTourcoing centre. The Terme market has gradually advanced, with but slight fluctuations. To-day's quotations are as tod-low:-—Antwerp, April 5.25, May 5.224. September 5.124; Roubaix, April 5.324, May 5.80, September 5.274; Havre, April 160, May 16i>4, September 161 (Wool per ICO kilos.)

The statistical position of wool is strengthening. IThe result of the sales which have just been concluded in London has been to reduce the market stock to 9000 bales, which is the smallest total since the opening auctions of this year, and the lowest for the third series since 1899, when the carry-over reached only 5000 bales. The available total at the recent auctions amounted to 183,000 bales, compared with 210,000 bales at the corresponding series of 1903. Yorkshire took 88,000 bales against 90,000 bales a year ago, the Continent 74,000 bales against 95,000 bales, and America 12,000 bales against 5000 bales. The most pleasing feature of the sales was the demand from America, which started on crossbreds and spread to merinoes. The result was to assist in lifting values as much as 5 per cent, in the case >of fine wools, and from 5 to 74 per cent, in the case of certain crossbreds. So far this year, including the carry-over from December, which was the same as in 1903, the net imports of wool which have been available for the London market have amountßd to 470,000 bales oompared with 487,000 bales for the first three series of 1903. Prior to the recent auctions market supplies had been rather larger this year, but the available total for the May sales this .year being considerably smaller Tian was the case last year the advantage is now with 1903. To some extent this, no doubt, influenced the recent upward trend of values. On the other hand, however, business has shown a recovery. Though total clearances at the London mart this year have come to only 461,000 bales, con'trasted with 467,000 bales for the three auctions of last year, the former total represents 98 per cent, of the available total, against 95 per cent, last year. Yorkshire has taken 234,1500 bales, or 50 per cent., against 228,000 bales, or 48 per cent.; the Continent 188,000 bales, or 42 per cent., against 224,000 bales, or 47 per cent.; and America 29,000 bales, or 6 per cent., against 15,000 bales, or 3 per cent. The market stock at present consists of 9000 bales, whereas 12 months ago it was 20,000 bales, and stocks at mills and manufacturing centres are known to be correspondingly low. The outlook id therefore encouraging. A Bradford advice of April 14 states: Wool.—The market Is again very firm in tone. Merinoes have been looked after better since Monday, and the inquiry continues to-day. There is also a little more request for fine crossbreds, which of late have been rather quiet. Medium and strong sorts continue quite firm, and although there is no ohange in quotations the turn of the market is unquestionably against the buyer. Elnglish wools are keenly sought after, and some descriptions seem to be absolutely cleared. Mohair is quiet, but without change in values.—Yarns.—The export demand is not great, but spinners are finding less reluctance on the part of their customers to pay the prices demanded. In some cases on twofolds a halfpenny more has been paid than on previous transactions of a week or two , ago. These, however, are isolated instances, but confidence >in rates is evidently growing. In mohairs, the only business doing is in very low qualities. Spinners, however, have been well supplied with particulars of late, and are full of work.—Pieces.— Makers of special lines in dress goods are doing well, but the ordinary bread and butter clothe are badly neglected.

Experiments which tlx© Government is carrying out in Canterbury for the extermination of noxious weeds appear to be successful so far, and the knowledge so gained is likely to prove of value to the colony.