ENGLISH WOOL LETTER

New Zealand Times, Volume XXXIII, Issue 7970, 29 November 1911, Page 5

ENGLISH WOOL LETTER

"BEARING” PRICES, (Written for the “N.Z. Times. ) BRADFORD, October 13. Another week has passed and still tilings are no “Torrarder,” and the whole industry' seems to bo passing through the Slough of Despond, although wo hardly like to put things that way. No doubt markets are slow enough, and there is precious little business about except at most unsatisfactory prices. We wore going to say that no one can sell unless he is prepared to lose money on either merinos or crossbreds, and wo certainly think that if values in London are anything to go by, then on every pound of top sold in Bradford a full penny loss must be experienced on the former, 'let for all that, topmakers are prepared to do business, possibly because no one can afford to stand still, and they believe that it is best and wisest to know their losses at once, rather than hold on and sell at lower values in the course of a month. No matter from what standpoint the wool trade is looked at to-day/ no inspiration can be had. Those who were present in Coleman street know full well that good combing wool sold on a very different basis than 26d for 64 tops, and it looks on the surface absurd for users to buy as they did a good week ago, and then to find when they get heme that, everything is unsaleable unless reduced prices are taken. The past week has undoubtedly been very unsatisfactory, there being a distinct “bear movement, although in actuality prices are little different from what they were a week ago. The market to-day is one of pronounced quietness, with a total lack of confidence in the future. Various conflicting reports are current, and it seems as it only time can settle and define a programme for the future. SELLING FORWARD BEGINS IN EARNEST. It is commonly believed that no great amount of fine tops have yet been sold ferward for next January and later delivery, but somehow we have evidence which leads us to believe that some fair weights have been disposed of. It is quite true that in the aggregate the sales are not a quarter of what we have oftentimes seen at this period of the year, but there has been a little nibbling dene, and- we know that some fairly good contracts have been fixed at 25d for 64 s, and in a few cases at slightly less. Iso doubt prices are coming down, to what Bradford believes will do a safe basis, and spinners say they are prepared to place some fair big orders when they can operate on a 2s basis. That seems to bo the central object to which all, forces are gravitating, and, in our opinion, it is quite easy to get to that , spot if spinners and manufacturers continue in the same frame of mind. Everything we say is going to hinge upon* whether or no users buy on a liberal., scale. If topmakers sell considerable 1 weights say at 25d for 64's, and 24di for supers, they will then be compelled to start covering at Australian selling l centres, but if spinners do not book new! contracts for yarns, it will mean a con-j tinuance of quiet markets, with a natural] sagging of prices. One cannot say at* the moment what is going to be their programme. All we know is that there is a keen desire to see values down still further, and only time can decide jwhati is likely to obtain. Spinners seem to have fixed upon 2s for 64's, but we are, not there yet, and it seems to us os if everything is going to depend upon how much new business is booked in yarns' and pieces. This has been a very quiet, week in this respect, and the spinners we have talked to, state candidly that; they cannot sell any weight unless they are prepared to accept, prices which, at the moment, seem impossible, THE OUTLOOK FOR TRADE. ■ As already said, a good deal is going, to depend upon the future of trade, and if anyone could say definitely how far we might expect a repetition of last year's piping times, then he could gauge fairly accurately the future of prices. We are not among those who look pessimistically, into the future,' but are satisfied that 1 , another good year's trade in yarns and textiles can only be done on a lower, basis of valnes. We stand in very close; relationship to several large manufacturers of both men's and women's wear; goods, and their experience goes to con-i firm all that we have previously said—namely, that wholesale fabric buyers; have their back against the wall, andi they will not anticipate the future by placing big contracts at last season's! prices. If our overseas trade was like! it was, then manufacturers would - be inj a splendid position to enforce their quo-; tations, but there are too many stand-] ing looms in the dress trade, and too keen competition among manufacturers; to enable them to refuse any decent, offer. The same thing obtains both in; France and Germany, the inactivity) there being even more pronounced than! her© in tho West Riding. We do not! look for any serious falling off in actual; trade, for most spinners are yet in a good; position, but all the same we should be very pleased to see a further accession of* yarn orders, which would be positive proof that manufacturers are well sold. Unfortunately no weight of new; business is being placed in either Botany or crossbred yarns, antj if the figures which are named are anything to go by, there is strong evidence that spinning margins are fast dwindling. It has often been mentioned this last fortnight that some export houses over speculated in the earlier months of this year, and many cases of second-hand yarns have been offering at prices below* what spinners will accept. This development can easily upset things somewhat, and no doubt is accountable for the little figures which are being named as being accepted, and the small new orders which have been recently placed. THE FINISH IN LONDON. We have never known a time when the effects of a series of London sales have so speedily passed, and although the series finished only last Tuesday yet they seem to have dropped into complete oblivion so far as tho West Riding is concerned. Everyone is absorbed in what is doing in tli© colonies, and the large attendance on 'Change at the two markets this week is proof that interest is of no mean order. That wool was cheaper with the exception of good combing v greasy merinos and crossbreds goes without saying, some descriptions being distinctly down, and we are certain that those who consign from Sydney and Brisbane scoured wools for resale must have done very badly. It perhaps is as well that a fairly long interval will elapse before the - beginning of the sixth series, and in the meantime colonial markets are going to dominate the situation. Buying brokers this week have been very persistent in-seeking orders, and they say they can pick up at 25d for fit's; in fact, one firm is prepared to take contracts at though they will not guarantee tho top, at least to bring in every lot of wool at that price. Still, they say that wool is cheaper than is generally supposed, and they can operate at 341 d both in Sydney and Melbourne. "Messrs H. Schwartzs and Co. publish some very useful particulars showing how the arrivals of wool have been absorbed this year, and adding transit wools and direct imports the deliveries to tho trade are as follow: Same Total Period. Season. 1911. 1910. 1910. lbs. lbs. lbs. Horae c'ns’mpt’n 1,004.000 932,000 1,038,000 Continental d 0.... 1,586,000 1,533,000 1,650.000 American do. ... 48,000 125.000 125,000 2.638,000 2,580.000 2,783.000 The deliveries shoitf an increase of 58.000 bales. Tho Home trade has taken 72.000 bales and the Continent 63,000

bales more than last year, while there 'is a decline of 7T.000 bales to America. QUEENSLAND WOOLS.

As we have previously said Queensland greasy wools have been the mainstay of the recent series. Some large lines of station scon reds belonging to Mr Edmund Jowctt were offered, but we do not think they sold 100 well. Also Maxwelton was represented by some very good wools, and : so was Cob, the latter making the highest prices of the series, the scoured clothing selling up to 2s old. On the whole, the bulk of Queensland scoured combing have made no more than Is lid, and a penny less has frequently been made. tNo thought some of the wools ucro hardly as smartly handled as in former seasons, being a little ropy and cotted. It is a huge mistake to rush wool through the scouring bowls at express speed, and to use too hot water, for this undoubtedly felts wool. Good grease has done the best, and we are satisfied that there is nothing to fear about the future of this class of staple. The trade is always the keenest to acquire good greasy combing wool because of its topmaking characteristics. Below we show what were the top prices realised for Queensland new clip grease com pored with a year ago:

CROSSBREDS. Little need be said about this description of staple. Prices are no better in Bradford, and we do not think they are much different compared with a week ago. Those who have been to Coleman street know how gcod combing wool sold, and they do not feel disposed to sacrifice their position any further. Really speaking topmakers are to blame for the low prices which they have taken for tops, and to hear spinners say that they have been able to buy an average 40's prepared at 122(1 and 46’s carded at 13RI, is ridiculous in tho extreme. If topmakers had toed tho line to a man they could easily have commanded 13£d for 40’s prepared, which is a price that even London does not warrant, for with 40’s combing wool fetching Od in the metropolis there is nothing left at One of the largest bvyers of crossbreds said last 'Thursday that the “bearing" in this ‘class of staple had begun a month too’ ■ scon, and he is quite right. However, •if we are to have lower prices, then the sooner the bottom is touched tho [better. The past season has been a disjastrous one to those who have bought in ,New Zealand, Buenos Aires, or anywhere jelse, for not only has it been a lean job. but in the majority of cases a “brass" losing experience as well.

1910. 1911. Broken Pieces Pieces Fleece , etc. Fleece, etc. d. d. d. d. Coreena Mi 131 14 12* Nivo Downs 13* 13 13i 12 Retro 14 13 13* Hi Wellshot 14 12* 13 Hi Oakwood 14 13* 13 Hi Kilcumnun ... 15 33* 12* 12i Maxwellon 15* 12* 12i 12 GreeixhiUs — 12* 11 .St. Helens — 12i 9 Barcoorali ..... 15 \ 12 12 10* Doondi 12* 11 12 9 Rutland 13 12* 11J 10 Milo m 11* 11 9 Wurrnambool D. 14 12J 11 9 Warb'occau Mutti 13 11* 10* 10 Clonagh — — 10 9