ENGLISH WOOL LETTER

New Zealand Times, Volume XXXVII, Issue 8608, 19 December 1913, Page 10

ENGLISH WOOL LETTER

SO INCREASE IX BUSINESS, WITH PRICES EASIER. From Our Special Correspondent. BRADFORD, November 7. No important move has yet been inado in this market, and if present indications are anything to go by, such a thing is not yet in sight. Perhaps too much has been said in the past about the time coming for a change for the better to take place. Whatever the unspoken thoughts of individual members of the trade may be, the cur-* rent and surface impression would appear to bo that a sort of right-about-face ought to take place once more. This may bo true in certain respects, but we see no sound reason, in spite of the admitted quietness of trade generally, for demanding anything but a gradual unfolding, and though w© would not ignore the fact that things arc now in a very unsatisfactory way, we think that the progress of events will, if handled aright, bring trade out on the safe side. Not that business has not been done, and even ia being done, at a loss, but tho good has to be taken with tho bad, and shifting of the scene, so to speak, may not bo altogether a bad thing. The mo,st serious question is that of prices, and these are showing a distinct tendency towards a lower level. Cheap tops and yarns aro becoming more common, and tho position of prices all round is less satisfactory than it was a fortnight ago. THE TOP TRADE. This department of the Bradford trade is still showing most of tho features Which have had to be recorded for several weeks past. The volume of business does not increase. All that can bo said is that a hand-to-mouth trade is being done, and tho only consolation that comes of these sales is that they are usually wanted for immediate delivery. Prices are on the easy side, and reports received hero of colonial markets give no great encouragement. Those who have wool in hand in Bradford find that users are very slow indeed to follow the prices which have already been paid, and it is exceedingly difficult for them to make their own. Added to this there is the increasing difficulty of establishing a basis, brought about by the postponement of the sales at Wellington, Napier, and Christchurch, news of which has been received here. This is placing both importers and bopmakers in a more awkward position, as they have now increased difficulty in finding a working basis, so that tho getting of more light on the situation is further deferred. Topmakers themselves are having a similar experience with their own commodity, and the consequence is that when they find customers they have often either to sell at fractional reductions or hold the tops. These remarks apply both to merinos -and crossbreds, and wo could surprise a good many readers if wo had to name the exceedingly low prices which have been taken for tops. As a matter of fact, some serious losses are having to be faced, and from the prices taken it certainly looks as if some firms are compelled to sell. Several Bradford firms have representatives now across the Atlantic, and we hear that they aro doing:a reasonable amount of business, but apart from continued sample shipments, there is no big bulk business being done. No doubt it is too early to expect this, but in the bestinformed circles it is expected that the middle of December will see some fairly big weights shipped to Boston, New York, and Philadelphia. It is a fact that tho carriage from Bradford to Boston is little more than from Devon to Bradford, tho former being a distance of 3000 miles and the latter a distance of 300 miles. So much' for British railway monopolies. YARN MARKET. To say the least, the yarn trade is not as good as it might be. This is putting the case very moderately, for spinners' are finding themselves in a very different position from what they have been in the cast, so far as yarn orders are concerned. Instead of their customers having to wait for delivery, as was tho case before the present slackness came over the trade,, spinners are still prepared to give immediate delivery, and many are spinning to stock in order to keep theii frames running, this being the reason why such prompt delivery can b. given. Values are exceedingly difficult to maintain, indeed this is scarcely being done, and it is becoming more and more evident that tho present basis of values for raw material is quite high enough for any section of the trade to follow. It is becoming more and more difficult to make the various circumstances of the position fit, for it is true that there is less and less pressure, spinners being more generally compelled to work to stock if they mean, to going. Some very low prices have been taken, and this week we know of 2-48’s spun from guaranteed 64’s tops having been sold at 2s lid per lb, and 2-60’s as low as 3s Id per lb 1 We know it is difficult for outsiders to realise the radical change which has come over the position of spinners, particularly those engaged .in Botany qualities, bat instead of wanting anywhere from three to four months’ delivery on neiw contracts, as was the case six months ago, the majority are prepared to give delivery in two or three days, and even commission spinners are now seeking work. OF TOPS IN FRANCE. We have particulars to hand of the stocks of tops at the various combing establishments in tho north of France on October 31st, and they make very interesting reading to the colonial trade. The figures, compared with September 30th, 1913, and with October 31st, 1912, are as follows: October September October 31st, 1913. 30th, 1913. SOst, JOl3. Kilos. Kilos Kilns. Merinos ... 3,561.307 3,873,237 3,037 631 Crossbreds 5,968,003 6,217,595 5,304,011 Total ... 9,529,310 10,090,833 8,34,1.642 If careful note is taken of the above particulars it will be seen that the stocks of merinos at the end of Inst month were less by 311,930 kilos tliau at the end of September, while crossbreds had declined 249,592 kilos, a total diminution of 561,522 kilos. If a comparison is made with the same date a year ago, it will bo seen that both merinos and crossbreds show a total increase of 1.187,668 kilos. The total stock on October 31, 1911, was 13,326.131 kilos, hc-nlce to-day’s stock is considerably loss. We hear from Rouhaix that business is rather quieter. but there is no falling off at the mills. The French dress trade seems to be the healthiest section of the whole of the European textile’industry.

BRADFORD CONDITIONING HOUSE RETURNS.

Perhaps nothing shows the state of trade in this city, more clearly than the publication of the figures showing tho quantity of goods passed through the Conditioning House for testing purposes. Of course tho quantity gives no accurate indication of values, but it is the former which is really the most important point. If one carefully looks at them wo see that the volume shows very little decline compared with October, 1912, the greatest falling off being in tho quantity of tops conditioned. Still the aggregate is a very considerable one, and •■ve are strongly inclined to think that it is not so much the volume of trade that is wrong, as that prices aro ail against holders. That is the crux of the whole question. BRADFORD TRADE WITH AMERICA. Wool naturally appeals the most to readers of this issue. Tho exports are considerable, particularly for colonial descriptions, but many think that they are only a mere bagatelle compared with what they will bo after December Ist. Perhaps the moat significant item of all to the American texti.f, trade is tho sensible increase in cotton linings, the total being £38,786, or an increase of £18,545 an tho corresponding month of 1912. Wool wastes are also a_ noteworthy feature, hut the most has been made of the appearance of tops in the list, the shipments amounting to £463. This is only a small item in itself, and represents no doubt tho sample shipments to which wo have previously called attention, and after December there is certain to be a big increase here. Tho total shipments are £278,233, against £274,878 for the same month a year ago, the net increase being £3,359. The total is the largest since last January, and it appears as if the long lane of decreases has at last been left behind. There are considerable inquiries about from the United States for dress goods, linings, worsteds, 1 serges, as well as woollen cloths, and active preparations are being made for doing an extensive trade with that country.