ENGLISH WOOL LETTER

New Zealand Times, Volume XXXVII, Issue 8611, 23 December 1913, Page 2

ENGLISH WOOL LETTER

■ BEARS” IX CONTROL. From Our Special Correspondent. BRADFORD, November 14. Nothing would be more gratifying at this point than to bo able to report that a better state of things has come over his market, but it still has to bo said that an all-round view of the position shows nothing _of a more encouraging nature. 'fife market has frequently been accurately described as being in a bad state, so bad indeed that it is practically non-existent. Everything seems to hang around the question of values, for though there is so little doing and inquiry is so limited, there is good reason for believing that a considerable weight of business is being held in the background, this in spite of the fact that manufacturers are finding only a very limited demand. That values lie at the bottom of everything is made plain by the admissions ot the very limited few' who claim that they have more business in hand. PRICES STILL EASING. If on© can judge by outward appearances it looks as if things at this end of the trade are at least a little ‘slumpy.” Wo do not attach too much credence to the stories which are just now filling everyone’s mouth on ’Change, but there seems to be at ‘ the moment a disposition bo sell, and some rather nasty losses are having to be faced. It is difficult to understand how such a radical •hange has come over the face ot things. In the short space of three or four months we have emerged from che summer of strength, fulness, and prosperity to the winter of depression, and we find spinners to-day actually talking about 64’s reaching a twosiwliing basis! We don’t believe it will come to pass. We feel confident that befiore thojt point is reached spinners and manufacturers will be prepared to buy, • and there is seme bidding to-day at 2s 3d. At the same time, one of the largest topmakers said last market day that his firm found the majority of their customers, who, of course, are spinners, would not make a bid of any sort, simply because they did not want to be caught. They can see nothing to indicate higher prices, but are expecting them to become lower. The past week has seen all quotations reduced, particularly in merinos, and although still made they are mostly nominal. The best 64’s top on the market could be secured to-day at 2s 4d, and if reports are anything to go by, even decent spot lots ranging from 25 to 50 packs are obtainable at less. When topmakers are prepared to sell at little prices, it is a clear indication that things are unsatisfactory, and undoubtedly the market to-day is in a weak and thankless position. FORCING CROSSBREDS DOWN.

There is no doubt the bear party are in control at the crossbred end of the trade, and are determined to 'utilise the present opportunity to force things to a lower basis. The firms in. Bradford representing Buenos Ayres buying houses have lowered their quotations a good penny from the highest point, and eo recently as last Monday 13d was taken for 40’s44’s clean scoured wool, c.i.f. English port, and 12Jd has since been taken tor a small quantity. This is really a -speculative offer-, and is not yet a general one, but users have their eye upon the proverbial “bob,” and believe that at a shilling it will be safe to operate. This will mean 14fd to I.4id in the top, spinners to-day bidding the latter prices for January delivery. FALL IN CONTINENTAL FUTURES. Quite a flurry has, been seen on Continental termo markets. For the past three weeks theyi have shown a see-saw movement, but the decline is non- unmistakable. At first we thought it was purely and simply a “Gear” move, for there was a speedy reaction, but during the past week sellers have very largely thrown Up iheir holdings, and a rather nasty setback in values has taken place. Some seem to that French buyers have rather undervalued the general slackness which has befallen the trade of Bradford and neighbourhood, and that they are only just beginning to realise that business is so bad. It is quite true that if French buyers had not been keen in Australia prices would have undoubtedly fallen much more seriously than they have, but all the same the movement is decidedly downward. Below we give particulars of quotations for futures on the Roubaix market at the various dates this year for 60’s River Plate ivool tops, contract B: COURSE OF CO XTI NEXT Ah FUTURES.

The American trade is developing slowly, and there is not nearly thcsarao hopeful feeling regarding Bradford doing a big trade as there has been. Business is still confined to sample shipments, and this week further 5001 b to 10001 b lots of both tops and yarns have been booked. Some reasonable weights of English fleece wools have been sold, mostly Irish, half-breds, both Midland and Northern Counties, also Kents, but si.

far as colonial wools are concerned, tne shipments are disappointing. There appears to be a likelihood of fair weights of scoured wool bring shipped, and we know of 4G’s New Zealand scoured fleece being sold on a basis of IGd, and 4S’s at 17id. Also a few sample bales of Mazaraei skin wools liavo been disposed of, but the sales generally arc not what they ought to be. A representative of one of the best houses in Bradford doing a regular business with the United States says that he does not expect things to get into fall swing until next March, when Bradford tops, yarns and pieces will have had a fair chance. United States textile people in general appear to be more sanguine regarding the future, and think that they can hold their own m most things. The market to-day is sadly in need of stimulus fu.m some quarter, for trade throughout the whole of this district has fallen off in a very marked way; in fact, it is hard to believe tho change which has taken place. There are many firms already on short time, and the number is increasing weekly. Commission combers uro also slack, and wool sorters are having an unusually had time, hundreds having had no work for tho past two mouths. Tho market is utterly devoid of life, and is completely under “bear” influences. Next Monday the enhanced wool combing charges come into operation, and the time is most inopportune. Many topmakers to-day regret having such heavy stocks of tops, and wish they had been in the wool, for owing to the delayed shipments from New Zealand on account of the strikes, it looks as if tho supply of crossbreds at the January sales will be less than usual. STOCKS OF TOPS IN GERMANY. Particulars are available giving the stocks of tops at the. German combing establishments at the end of last month, and they show up very well in the interests of tho trade. The details are as follow :

A comparison with September 30tn, discloses a decline in the stock et merinos of 916,000 kilos, and crossbreds are less by 229,000 kilos, a total Jiminuition of 1144,000 kilos. Comparing the stocks with a year ago, merinos show a decline of 1,399,000 kilos, and crossbreds have fallen 47,000 kilos, a total decrease of 1,140,000 kilos. Tho total stock on October 31st, 1911, was 9,556,000 kilos, which shows that stocks are by no means heavy at the various combing establishments. All this shows either a lessened production or an increasing consumption, but we rather think it is tho former. Discussing the state of tho German textile trade, a Bradford gentleman who has just returned from a business trip, said that in Saxony things were very bad, and in no district was there any satisfaction to be derived from the present state of trade. Prices are being cut equally as keenly as they are in Bradford, in order in induce new business.

Date. ■ Eouoaix. France. English. Equivalent. Pei kilo. Per pound. January 3rd ... ... 6.12.} 2 2| • February 6th ... 6.27* 2 3} March 6th 2 3} April 10th ... 6.42} 2 4 May let 2 4 June 5th 2 33 July 3rd ... 6.25 2 3} August 29th ... 6.30 2 33 October 9th 2 3V October 23rd 2 2* November 13th .... ... 6.10 2 21 PROSPECTIVE AMERICAN REQUIREMENTS.

Slerinos .. Crossbrods Total ... October September Oct< ber 31st, 1913. 30Lh, 1913. 31st. 191& Kilos. Kilos. ICiSos. . 3,sWl,000 4,H6,OO0 d,6OO,0OO 3,()U3.W0 3,050,0)0 . 6,204,000 7,S13,C0O 7,650.000