WOOL IN LONDON

New Zealand Mail, Issue 1746, 23 August 1905, Page 57

WOOL IN LONDON

(From a Correspondent.)

LONDON, June 23. There has been a quiet tone in Bradford during the part week. This is mostly attributable to the Whitsuntide festivities, winch on Monday last prevented the usual market from being held. It is significant, however, of the recent large pm chases of wool for America that the staif of at least one ox the Bradford firms has been busily engaged tiiroughout the holidays in puciung wool fur the States. Although] there are rumours from America that tiie buiK oi recent purchases for that country were on speculative account, it is evident that tiie demand is not yet fuay satisued, and that inquiries are stili being made lor similar suitable wools.

Yesterday, aithough the market was quiet, witn very lit tie actual business domg, prices were exceedingly firm, and; •id’s tope ruj tner advanced id per lb on the rates current last week, and are now quoted lb 2 d. Merino tops also nardened to tbe same extent, 60s now, standing at a ngure to parallel which; it is necessary to go back as far as 1900.

jctoiders of raw material are bad to dear witn at the present moment, and insist on a full quid pro quo in any, busmens they transact. At the same time, seeing ihat users here only follow, recent rates wnen realty obliged, to buy, it is not surprising to note that seme dealers nave an uneasy feeling that unless they take advantage of the high prices now rufmg tney may possibly have to follow a fading market towards the end of the year. There is, however, a general consensus of opinion that at the fourth series or London auctions next month a further advance 13 likely to he recorded in all descriptions. Importers x who had until recently very pronounced opinions as to the wisdom of holding their shipments until une September sales are wavering in their adherence to this policy, and seem more than half inclined to offer in July some, if' not all, of the wools which otherwise would not have come into the market for several months. In examining THE STATISTICS contained in the latest reports from the colonies, it is noteworthy that compared witn two years ago the exports of crossbred wools during tiie period from Ist of Uuiy, 1904, to end of April, 1905, are actually 32,000 bales less than in 1902-3, although the figures show an increase of 18,000 bales on the corresponding months or last year. The figures for merino wools exported from Australia show gradually increasing quantities, but in spite,of this there is uo evidence to suggest that, stocks are being accumulated anywhere, a strong demand more than keeping pace with the additional supplies. The Board of Trade returns as to imports into England for the first five months of the year give the arrivals of wool from all countries as 378 million pounds, against 332 million pounds for the corresponding period last year. To make these quantities Australia leads the way, with 154 millions, New Zealand being responsible for 110 millions, the two together accounting tor more than two-thirds of the world's production. The total value of these wools was 14 millions sterling, compared with 19 millions in 1904. and here again Australia is an easy first with 6 millions to its credit, New Zealand following hard after with a total value of 5 millions. With regard to THE ENGLISH CLIP

now coming forward, we hare information that American dealers are just aa anxious to secure large quantities of this as they were six weeks ago to buy all the New Zealand and Australian; wools they could then obtain. It is within our knowledge that an order was cabled a few days ago for such a number of bales of a certain quality as excited the comment that there was nob enough of that particular kind grown to fill the order, but the foot of such an order being given indicates the determination of our American cousins to secure a large portion of this year’s English clip. With a population, of 76 millions, and an erer-mcreasing stream of immigrants' from Europe, there is little cause for astonishment at America’s capacity for absorbing such large quantities of wool as it is now receiving. All worsteds find a ready sale, and woollen goods also experience an active demand, prices of cloths having been advanced from per oetit. to 10 pea* cent, during the last month. The reports from the various places where our home-grown wool is offered indicate that the battle of prices is still going on. Farmers are expecting the Americans to come to their rescue, and they are not ready sellers, except at prioes which’ English buyers do not as a rule care to pay; but in one or two cases, notably at Howden (where all the wools on offer were sold), the bulk went to Bradford manufacturers.

In Dublin there was very keen competition, and a general advance of 2d per lb was established. Growers met the market reluctantly, and secured extreme. rate o ,'• the urice paid for a prime lot cf heggs’ being per lb. Generali;/ speaking,’ the wools are in excel-

/lent condition, being well grown, and the weight per fleece above the average. YORKSHIRE MANUFACTURERS have nothing to complain of as regards turnover. From Leeds, Huddersfield, and other places reports agree that machinery is fuUy employed on old contracts, but new orders are not coming to hand so freely. Manufacturers are trying to hold out for advanced pates, due to increased' prices of raw material, and also in anticipation of a future rise. Xn the blanket trade merchants are placing more orders to cover possible requirements for some time ahead. iSome of the French and German yarn buyers profess to believe that- the recent advances in the price of the raw material cannot be maintained, and decline to entertain, quotations on a corresponding basis; but Continental reports generally furnish confirmation of the healthy state of business in the markets there. Tbe five chief conditioning houses in Germany registered last month 64 million kilos of tops, against 54 million in May, 1904. In Antwerp there is a fair demand for .wool, and the unsold stock of 14,000 bales’ includes only 600 bales of Australasian. Piices for good merinos are 10 centimes, and for crossbreds 20 centimes above last sales, top futures being slightly easier. - In Leipzig prices are fairly steady, Respite a- little reaction in futures. Stocks of raw material and tops are fight. Xh Marseilles the month of May was 'cme of the most satisfactory on record, the demand being equally divided between domestic consumers and exporters. All imports of new clip wools .sold off the quay, and business would have been larger if more wool had been available. The latest terminal quotations are:— Antwerp—June, 5.174; July, 5.17 f; November, 5.20. Roubaix —June, 5.50; July, 5.474; November, 5.40. - Havre— June, 1754; July, 1754; November, 176.