ENGLISH WOOL LETTER

New Zealand Times, Volume XXXII, Issue 7300, 2 December 1910, Page 9

ENGLISH WOOL LETTER

USEES STILL INDISPOSED TO BUY AT PKESENT QUOTATIONS. (Specially Written for "N.Z. Times.”) BBADFOED, October 21. The textile industry of the West Biding is witnout douuc of very large dimensions, and if a careful canvass ■was maue of the ramihcations of tc.pinas.crs, spinners, and manuiacturers, it wou.il oe round tnat tne.r interests are wonaivida. uf course, we nave to deal iwne essentially wvtn tne iw material end of tne trade, out all tne same, the,e is a. close auinity between tne fuuy manufactured 'article and raw wool, ic is really surprising now oue reacts upon tne otner, uc good state of tne piece end certainty ui mining eons-dorably tne raw inaieriiu. xuere Is to-uay a-strong tendency on. the part of. tne majority to total more at tno semi and I uny manufactured article tnun we have known for some : montna, and. on all lianus tiie question is oeing. asked, can we expect 10-nay a booming trade to continue through 1911 ? Upon tuo answei to tnat question Will depend either, prosperity or, adversity to buyers of wool, if w can rely upon ,an'excellent trade next year, suen as we have experienced tills, tnen everybody feels satished that wool prices will not be a great dmii diuereait to what tiiey are to-uay. Various views are expressed locally as to the outlook for business. Naturally, with the present boom tbo vision to many people is somewhat coloured, and they, see ;no cause for holding pessimistic views regarding tue future. It one talks to manufacturers, he will .not, be long before he realises that tuo same optimhm i is not expressed by them. If wo go into the iiuddersfieid district, where is manufactured botu low, medium, and super nuo olotns, we Una bere a great diversity of views expressed over the future. The makers lot tne better class fabrics are conndent that there are. indications of a reaction, for they cannot soil their manufactures -os they: have been able ail through this year. They report a distinct and decided tendency in favour of {Scotch Cheviots and fabrics of that nature, in this connection it is worth noting that both in Galashiels and Hawick mills, that have been standing for yeais, are again being got to work, , and the Scotch woollen trade'has simply taken on a now lease cf life. vVuen ail is said and done, the woollen trade does not absorb anything like the same quantity of raw material as does the worsted industry, and although there is to-day no sign of a slowing down at the yarn end of the industry, still a la, go number of people are not so sanguine over next year s trade as, they were. Botany spinners are tempting users by actually oil tiring 2d to 3d per lb less , for lino merino yarns for next year’s delivery, but manufacturers at the moment are in' a ‘ large , measure holding their hands. At this writing there are no signs of any radical change, but. the feeling is towards moving forward at a slower pace. DISABLE MONEY. -

Yesterday tlio bank. late was put up to 5 per cent., and it is very singular that exactly a year ago the same tiling obtained. importing wool with money comparatively dear is not an item which can possibly give satisfaction to_ any* body, for the high bank rate is without doubt a dead weight to be carried on the top of heavy shipping charges "and exchange. Dear money and dear wool are 1 certainly factors that will need a little careful watching. Importers at this end are given to understand that the principal. buying in’ Australia so far fans been done by the German section, though French buyers this week have been a little more, active on account, of the settlement of,, the railway strike in , France, As usual, Yorkshiremen are displaying a somewhat conservative attitude, and they are not keen buyers; at- current prices. Of course, 'all alike are expecting ;to see. things a 'shade cheaper,„■ and it is ■ remarkable what, an astute move spinners are makings, with that object, in view.lt.-,is certain that a 5 per cent, bank rate can be no inspiration to anyone to advance their'limits, and nobody need; he surprised if the whole trade approaches with a little more caution the buying of the raw material in Australia. Only time can determine whether or no it will help prices to a somewhat lower basis. '-v

A LITTLE WEAKNESS IN MERINOS. 1 The feature of the, past, week; in merinos in Bradiord, has undoubtedly been a tendency towards a trills lower price for spot transactions. It is true that the decline is not much, hut even a .straw, on the stream . iis ■; suifiqient to show 'which way the current is running, It is now an absolute tact that tnu shortage bogey which has been played in. some quarters for all, it is worth lias ims exploded, and far more hue tops are availaole than the majority expected. It sounds to sense that when topmakers see no alternative but a lessening of the gap between future and present delivery, they are going to accept the best .price they, oan got bid for wuat Urey nave lor uurutuiate uonvery. The result is that a good average ill's • top can be bought to-uay from some of tub: best makers at as 4d, altnougn some ■ are quoting as lid. it is certain that wool in London - at . the last sale could not - be picked up at any less, but I .certainly cannot see any auvance for some considerable time to come. : Futures naturally . are engaging a good deal of attention, and Uere, too, no marked progress can be reported. Ail came intelligence from Australia is being devoured : most greedily. What has surprised Bradiord importers so far is the ready way in wlucti the largo olfer-ings-have been absorbed; At the same tune it is recognised that ‘still further huge weights of material will be submitted between now and Christmas, and the time cf test lies ahead. Practically the whole of the users in Bradtord are awaiting the opportunity of being able t.- yet in at cy ltd to 2s did for 61*s tops, and when they cat do that there will be a very big buy. Ait the present time quotations are 2s 2d for super fill's, and ds 3d for Gi’s. : NEWS OF DEARER WOOL IN AUSTRALLA. To-day a cable appears in our public press from Messrs Dalgoty and Co,, of Melbourne, stating tliat ‘‘sanco the opening of the sales on the 3rd of October, fine merino and crossbred wool- prices are 5 per cent, higher. Continental buyers are operating’freely." ■ The above is certain to exercise , a tigntenihg influence over; importers, for •at yesterday's market a similar cable received a week ago irom anotuer jiurvy bad been entirely discounted, the feeling , generally being .to .resume selling at tne prices previou»,y ; mentioned. All throng., me ■ week one of. the hugest firms 01 importers Irave said they coaid not pies, up in: Melbourne : on; a basis of ds 3u for. their, suammrd super lib's, and they were very reluctant to accept tnat figure; in fact, they have been quoting more. Evidently the Continental section has greater faith in the permaneiioe of to-day's raids than' Yorkshire importers, ior they arc buying with considerable freedom , at all the centres. Tliero is no question of a do-tot. as to the position or West Riding spinners and manuraocurers, and: i ami certain that if the Continent had only supported the' indifferent , attitude of the conservative Yorksbirem.cn wool would have been procurable in: Australia on a slightly lower basis. . Wnat surprises everybody is that Germany should have taken tne lead. For months back tht news forthcoming from tne Fatherland has been to the effect that spinners and manufacturers have been strongly opposed to buying at the level of prices ruling. However, it seems that they ‘have faith in the future, and are acting accordingly. What surprises users in the West Riding is that any section of the trade should bo in a desperately big

hurry to cover when all,, Australian an- , thorities predict another increase of at 'least 150,000 bales. More wool will probably come from New Zealand and South Africa, while also we are certain to receive a slight increase from bqutn America, the clip being a dls U“ ct improvement upon ; last year s. -riven., though there is no inoreaso in tho number of sheep, still everynody knows ; that,, when they , are on ; good , postures ~ lor twelve months the lleec-e is hotter, grown* ; Consequently there is certain' to ho a ’large T additional, increase in tho • wool production of the; world., I was speaking on , ■'change: to . one of the moot fitperienced otf llradfofd tradei'B, and a large buying broirer, aud in'his opinion prices; for 1 merinos, were groumirng, and, ’we should not touch; 2s ; 2d for .04's. It is that price at wa.cu everybody seems to be waiting to get 1 in; at, and x dare say there.* wvyiu ue a big buy if importers -would ’ tune 2s 2iu. X Know for ,: a fact that , too bags were; , disposed ■ uf ■at that figure; last Wednesday, 1 but the; quotation all through, tins season so tar nas' oeen an exceptional one.'; ,v, ij! • Si'uCirb U;N iVii'-i t,oiv i’INENT.,; j i' .Mho stools or tops on uio coutiucnt . seem to many;people to oe j-iuriy heavy, and , tlieU'; ;large OperaihiUb; 111 nIL-mumi. is a ditilo ioeXpi-oaoie in view , ol wna.it is still on hand at me various cou-; ! a-taining nouses ana co-aulng esiaonsnmcnis, ootn in prance and oemiany. 'jsviaeuUy uscis icei oomivrta..jie over what is in l! tight, and they are tatmued as to 'tno ’ sou ad nec’s of'proseut 'values. l ,,f •pne . following ’ were the;; stocks of lops on the dates given:—; ■ , I German combing Tambalx-Tour- I ■ estamisiniicnt. comer. j Mornics. Orosjc o. Merinos, utvsab d.,-, -i 1913. dii- iii,os, iinco. niios. linos. ' Aug. 31 eMV.Uh, A.lvosoa cent., 33 9,su u ,tvj .o.VUtd.O ; o,VWiho V,Ut,a94 ngamrt VP;; ; StS*"-?®’ 3,893.003 '4/93,000 ; 2,631.i56 6,924.709 CRUabMithdlS SiriAUiT.. ,

- The position of oroosoreds does not show much alteiation. Gonsutuption is very wt'U maintained; in tact, spinners are os hard pressed lor delivery us ever,, and they ; seem mki We to oopo 1 with; the ; Vlenrands which aro being put upon them. /■ That really is the; secret of the -present standing of the raw material, and so long as they continue to be runas thev are, prices cannot possibly decline further.-: whetheri or no, our laigeimporters of crossbreds . will manipulate markets remains to he; seen, hut at present supplies are steady and fairly arm. It is p-feihle to buy an average M's prepared top as low as 1 lid, one fairly : mg importer bhi-ring; id ; Wne taut price to-aay, out , mint. is; ah’ exception, Hid. and i*id being nearer the murk. 'Xhure is yet no development ;ih, regard to seli•ng forward,-aiiuonigh . one or two linns nave accepted lid lor */s prepared, aud lujd tor, Mi's. Uiic news to,; hand .this wccK jrora ; liuelioa .Axres shows ..toot prices'tiieic aie scusimy above this marnet, and value will have to cither come down or else go uj> at this centre. Good ,40'a crossbred wool is quoted at 143»dl 4 3»d o.i.fi, Inverpool, w-nich j .means at . least 15td in the top in Urndiord, but such a price is altogether out of the,'question. A little more is- reported as having been done in 16’s carded, but 50's to sG's somewhat drag, and this is rather suiprising. At the yarn end of the trade quotations are very' steady,; and '.spinners being; so well covered are not.,; even quoting less for nest year. Tney seem content to go on qs they., axe; stating candidly. that when they can buy tops at lower figures, then, and only: then, will they be prepared to accepcdower y AVithout a shadow of a doubt, the yarn spinners of the West Elding held the key" to the present wool situation,; and they certainly have had a very , prosperous ; time during this year. The feeling in regard to tho future of crossbreds is a trifle more hopeful tlaan even a fortnight ago, and the opening of the sales in New Zealand is being awaited with ooosidenablc interest. : .