ENGLISH WOOL TRADE

New Zealand Times, Volume XXXVIII, Issue 8653, 11 February 1914, Page 9

ENGLISH WOOL TRADE

RETROSPECT AND PROSPECT 1013 A DISAPPOINTING YEAH. From Our Special Correspondent. BRADFORD, January 2. Olio of tlio most thoughtful students of modern life made tho remark the other day that it always pays a mcrciul man to stand and consider, and that attitude is suggested as wo cross tho threshold of another new year. Wo have just left behind 1913, and although salutations everywhere nro heard, still for a few moments let us reflect upon the record of 1013, in so far as it relates to the wool trade. Many reviews have been written regarding what lias happened, and there is a consensus of opinion that the year has been unlucky in every sense of the word. There may bo more than an atom of superstition in regarding 13 a« an unlucky number, but whether there ho any truth in it or not, 1013 certainly has failed to come up to expectations. Many things have conduced to bring this about, but when one soberly reviews tho incidents which havo composed tho record of the past year, one is compelled to say that history would havo completely belied itself if trade and commerce in general had been otherwise than what it has been. "When nations spend money too freely, when the ravages of war depopulate them aud crush out their Ufo, when financial institutions seriously call for a halt, wo aro bound to see tho upward progress of values arrested, and that is exactly what has taken place, if 1913 has not been reallw a disastrous year, it certainly lias left behind no good legacy, for very few indeed engaged in the wool trade have come out of the year’s business 'with a profit on their lodgers. HOW WOOL FARED'.

AA'c need not fill a great deal of space in tracing the record of wool itself. The first two scries of London sales passed off satisfactorily enough, in fact oven tho March sales went well, although there was no record of higher prices, Practically (speaking, the only advance that took place was in January, that being largely the outcome of a big buy of tops ana yarns in the homo trade, materially aided by the persistent cry of shortage which was everywhere to be heard. All went well so long as there was a steady movement at tho consumptive end of the trade; in fact, the lesson stands out prominently that so long hr yarns and jjieco goods movo out of mills and warehouses to the ultimate consumer, wool values are well able to look after themselves, but as soon as yarns and pieces.begin to “bank up,” tho day is certainly not far distant when wool values will decline. The record of tho wool end of the trade for tho first five months of the year left Very little to be , desired, although April and May were less active than tho previous months, but when June opened, there was distinct evidence of n slowing down. With tho turn of tho half-year many adverse factors wore operating, there was evidence of a decreased consumption, at least spindles and looms were working under distinctly less pressure, and new business was pronouncedly absent. These features continued up to the end of tho year. Merinos hold on their way as creditably as any class of raw material, although tho crossbreds sold in July in London declined very sensibly. When ono looks over the course of the London market the record is very creditable, merinos finishing the year with only a decline of about 5 per cent., fine crossbreds 10’ to 12.) per cent., medium 12) per cent., and coarse 7) per cent. South African greasies have declined 5 per cent., while snow' whites and scoureds have appreciated something like 15 per. cent. Wool has been dominant all through the year, a clear proof that given normal*conditions in consuming districts it is well able to take care of itself.

Tlie following are the prices current for colonial wools-at the close of the Inst three years, as set forth by Messrs ( harles llalmo and Co. in their lust eiroular:—

TOPMAKERS’ BAD RESULTS. Conditions in tho Home trade deserve more than passing notice. Woo! is bought in Australia, South Africa, and Coleman street to be consumed in Yorkshire and on tho Continent, and no matter from what standpoint tho market is viewed, importers and topmakers havo had a profitless experience. In fact, truth compels ns to say that practically all firms handling colonial wools have lost money, due entirely to the sensible decline in prices which took place between July Ist and December. Analysing tho pourse of values, wo find that ‘ last April good (it’s tops were sold in Bradford at 2s Gd, whereas it is a wellknown fact that they have recently sold at as low as 2s 3d for tho best 6-I’s made in Bradford. This shows a decline of 3d per lb. Other qualities have fallen in the same proportion. The fact is, topmakers have had an pphill task during the last eight months of tho year, and all' the time wool has been against them, together with the demand for tops. Many things seem to have acted distinctly against the topmaker. In: fact, ho has never been able to obtain, a satisfactory price for the combed article as lie did in 1912, and with consumption sensibly declining during the latter half of tho year I ', stocks accumulated. Many forced sales had to bo made, the result being that prices declined .very considerably.; Tho same record is seen in the course of . crossbreds.. Probably most money was lost in this department, especially in wool. If wo take 40’s as tho standard of the crossbred trade, we find that at one time - they were sold as high as IGid, and. in December as low as 14d was taken for delivery during February, March,: and April, these prices indicating considerable loss, and to topmakers, a wretched experience. The following table shows the course of the market for leading descriptions of tops during tho months of January. May, September, and December, .when, the lowest point was ■touched l ;

The position of the spinner and manufacturer lias likewise been anything but satisfactory, and very much different from the three previous years. Students of the course of wool and textiles will remember that, on the whole, spinners have had the whip hand from 1909 to April, 1913, but since they have- been more than ever creatures of circumstances, and their previous splendid margins have entirely disappeared. This has been directly due to a slackening in trade, and the lessened call for yarns at the hands of manufacturers. The reader will probably know that when looms are on short time or standing it means a lessoned consumption of yarns, and owing to many firms being short of employment, and spinning frames being kept running, at times there have been large accumulations of merino and crossbred yarns, this being an unpleasant experience. No one can look at the textile trade without feeling that a very difficult time has had to be passed through by manufacturers, and the increased prices which they were compelled to name last April, May, and June for the spring fabrics of 1911 brought forth such keen opposition, that that was really the beginning of the setback in wool values. To a very large extent it was the attitude taken up by the wholesale fabric buyer which turned the trade in textiles, and heralded a more unprofitable time. The demand on export account has also fallen off very materially, as shown by the Board of Trade returns, there being sensible declines in our exports of yarns as well as woollen and worsted fabrics. The trade of the country in these important commodities cannot decline some millions of pounds weight without the industry suffering, for it must be borne in mind that there has been so much new machinery installed during the past three or four years that the output has increased very considerably, and that the effort made on the part of spinners in particular to keep their frames running has led to a very unsatisfactory time so far as margins are concerned. The year’s trade, viow-

ert from any standpoint, must be regarded as any tiling but a profitable one.

PROSPECTS FOR 1014.

As one looks ahead, one is confronted with several items which to some extent arc checking the industry and preventing that natural flow of business which business people very much desire to see. It certainly looks as if wool prices have now touched tho bottom, and the outlook is clearer. The sun of prosperity appears for once to bo rising in the west, for it looks as if America is going to be tho greatest factor of ail in resuscitating tho industry. Tho new and lower duties came into operation on January' Ist, aud we certainly think that these are tho forerunners of a largo business in wool and its allied products. At the moment wo cannot see that much inspiration can como from either the homo or Continental trades, for with tho large direct imports of colonial wool, it will take tho trade all its time to deal effectively with them. Still, America is practically a new country, stocks aro low, and wo think that the demand for both wool and its allied products will be such as' to be a real stimulus to the whole European, textile trade. In that case, prices for'both merinos and crossbreds are unlikely, to go lower. If America buys on anything like a large scale, tho mills ,of . Europe will once more hum, a state of‘affairs which is ardently desii;ed to promote that degree of ; prosperity which everyone wishes to see. ' ,

Merino, in grease, superior Dec 1913. Dec . 1912. Dec. 1911. 11 to 171 111 to 151 131 175 Merino, in grease, average to good 10,1 to 135 111 to 11 105 13 Merino, in. grease, noor condition Gl to ID 8 to 11 10 Merino, in grease, inferior lies uud locks a to 7 fro 71 3 GV Merino, scoured, superior ■to 301 23 to 27 281 Merino, scoured, average to good 20 to 23 s»i to 13 211 > Merino, scoured, inferior 11 to ISA 13 to 20 12 m ci Merino, scoured, faulty pieces and locks Si to 13(5 M to m 51 hi H Merino Iambs’ wool, in grease, superior 13 to 1G 11 to 17 m 17 W Merino lambs’ wool, in grease, midivlm 10i to 12 V 10 to 131 8-1 12 E Merino lambs’ wool, in inferior 61 to 10 5 V to 91 91 8 Crossbred, in grease, fine 4 to 115 101 to 155 10 ii Crossbred, in grease, medium. 9 to 121 10.5 to ll 3 9 m 5*| Crossbred, in grease, coarse; superior — Crossbred, in grease, inferior pieces and 105 to m m t» 12 10 to n locks 5 to 9 * 6 to 10 5 71 Crossbred, in grease, lambs’ 8 to 151 81 to 11 12 Crossbred, scoured, fine 1G to 21 17 to 23 10 22 Crossbred, scoured, medium and coarse ... in to 16.5 115 to 19 101 to 18

Dec. 1913. Dec. 1912. Dee 1911. d a d d a a Merino in grease. good condition 1U id 12 to 15 ii to 11 Merino in grease, poor Merino in grease, inferior pieces and 9 to U 91- to 111 8 I to 101 locks "> to S’.' 51 to 9 ■t to j Merino, scorned, superior 2o.\ to 25 .V 2:i to 21 215 to 23 A to 21 “ Merino, scoured, average to good 21 .to. 23 21 to 2d 1 ; 19 Merino, scoured, intoiior Pi to 20.1 111 to 201 12 to 1S1 < Crossbred, in grease, fine superior XU to lit 131 to 151 12 to 14 Crossbred in grease*, tine ordinary 10 to 11 U to 13 v y\ to 111 ti Crossbred, in grease, medium superior... 11 to 13 121 to It ii to 12$ > Crossbred, in grease, medium ordinary... ill to 10’. 101 to 12 8 to ioi r 1 Crossbred in grease, coarse superior ... Itu to ill 111 to 12\ 10 to 11 f. Crossbred, in grease, coarse ordinary ... 9 to 10 fit to 11 8 to 91 g Crossbred, in grease, lambs, .superior ... 1U to 121 12 to 13 ii to 13 1Crossbred, in grease, lambs, ordinary ... 8 to 11 SI to 111 7$ to ltt> Crossbred, scoured, line15.\ to 211 161 to 23 1G to 22 V Crossbred scoured, medium and coarse... 1U to 17 12 to 18,| i«i to 1U1 Crossbred, fclipe, lino 11 to 171 12 to 174 to 16 Crossbred, slip©, medium, 10',- to 151 111 to If! 10 to It Crossbred, slipe, coarse 9 to 13V 10i to 11 8J to 12

Jan. May. Sept. Dec. Description. d. d. d. d. Colonial tops 35 <v> 31i SO’s Colonial tops 70’s Colon iaitbps. J-i ■ 33 29i 2b averaga Gt's Colonial tops. 30J 31 29i 28 averaga 60’s Colonial tops. ' 294 30 29 27 super 60’s Colonial tops. 28i29i 28 2Bi ordinary 58’s Colonial tops. 374 ' 29 37i 26 average 56’a Colonial tops. 25 26 . 34i 23 average 50 s Colonial tops, 22i 23i ! *33 21 average 40's Colonial tops. -20i ,20i 19J 181 . prepared 175 ISi 371 16 45'tf .Colonial tops* carded H's Colonial tops. lei; m 16i 15£ prepared. 44's Colonial tops. 165 17 16i' - 15i carded 40's Colonial tops. 155 16J ■155 15 prepared 40 a Colonial tops, ISJ 16i 155 14j» cardod 36’s Colonial tops. loi . 15* 15i 111 prepared 14’s Colonial tops. 15. 155 15J Hi, pic's Jlog 04 s Cape tops. 16J 17., 16 i 15i super 284 ' 29* r 2S.V 27 CO s Aires tops. orihuary 28£ 29 23 265 YARNS AND PIECES.