ENGLISH WOOL REPORT.

Otago Daily Times, Issue 10179, 13 October 1894, Page 6

ENGLISH WOOL REPORT.

(From Our Special Cob-respondent.)

Bradfoki; August 24.

Little quotable alteration ias occurred during the last week in fche wool trade. Sinca tho announcement of the settlenent of the wrangle over the new American Tariff Bill onr wool market haß gradually gained itrength, aU suspense has been removed, and this week business men have appeared more cleerful and Bangui ue as to the future trade. Tm late pronounced inactivity has, I think, not been the result of diminished actual requirements ot reduced consumption, but merely the deferring of the provision for such requiremeits for a time, and now everybody feels there ire good grounds for.; speedy' recovery where requirements have become pressing, which they must have done iv many cases. While business; is. by no means animated, there has been this last week a -fair.amoint of business transacted. Holders of raw materials ~ find it very difficult work to make anything, like the advance that they talk about. As was only natural on the reptrted settlement in the American Parliament prices went up, but this has cheeked business, buyers being very reluctant at giving the advance. Ia English wools a farthing perhaps represents the difference between the bottom price and tO" day's rates. In colonials, good crossbred to*., j are being turned out at a slight advance; these still occupy the premier position. Merinos continue to flag badly, but, while business is slow, topmakers decline to do business nnless they can get full advance upon the extremely low rates ruling lately. The general effect all round of the advanced prices has been to check transactions, but everybody feels that the rates current here have been below all profit-yielding, and it is high time a better state of things were brought about. Cape mohair; is very firm, but the: prices abroad are altogether, beyond comparison with this market.;

The prospects for the future in the yarn de« parfcmcnt.are regarded as hopefnl, but for the present ': there. is not very much doing. A few more orders-are reported as stirring. Spinners contihue'to maintain their firm attitude, making no abatement on. the advanced rates, the firmness of tops tending to keep" this branch well up.j;"More isTdoing-on account of the home trade, and the export branch shows afc last; signs of" awakening;* I hear of a "decent order being placed for lustre yarns on the advanced scale, but botany spinners complain bitterly as to the lack of orders. Worsted coatings must again come into fashion before fine merinos will sell like they once did. In mohair yarns there is nothing doing for the braid trade, but a little more in singles for piece goods, and in some cases spinners who are busy in those lines ar* getting slightly better, prices. In tbe piece department no alteration has taken 1 place, it being yet too' early to feel the effects of the settlement of the new TarifJ Bill. Messrs Chas. Ba'me and Co., in their periodical circular under date of August 22, say :—" An early prospect of the definite adoption of the new tariff in the United States tends to strengthen the position of ou: staple, and the prices of tops, both at home and abread, have accordingly fractionally ad> , vanced." A small extent of speculative inquiry— especially for scoured, parcels—in the London market has been experienced, but has been i largely checked by a general indisposition oil the pert of holders to anticipate the forth,** coming September auctions. The re-opening of the United States market under the new conditions has been in Borne measure anticipated, both by accumulations of raw material in bond in America as well as of manufactured stockß in Europe for the same destination;; and the immediate influence ef the tariff settlement —though no doubt a most important and necessary condition of recovery —owing to this circumstance, and to the stil] 1 prevailing collapse of credit consequent upon ' reckless currency experiments, may very pos< sibly prove less pronounced than might be in« ferred from the more sanguine estimates of the situation. The growth of confidence has been a marked feature in our industry for.pome time past, and the moral effect of the legislation oi the new tariff will contribute net a little te accentuate the hopeful feeling which has latterlj prevailed in the trade.