ENGLISH WOOL REPORT.

Otago Witness, Issue 2120, 11 October 1894, Page 11

ENGLISH WOOL REPORT.

(From: Our Special Correspondent.)

Bradford, August 24.

Little quotable alteration has occurred .during the last week in the wool tr&de. Since the announcement of the settlement of the wrangle over the new American Tariff Bill our wool market has gradually gained strength, ail .suspense has 'been removed, and this week -business men have appeared more cheerful and atnguine as to the future trade. The late pronounced Inactivity has, , I think, not been the result of diminished actual requirements or ■reduced consumption,' but merely the deferring of the provision for such requirements for a time, and now everybody feels there are good .grounds for speedy recovery where requirements have become pressing, which they most have done in many cases. While business is by no means animated, there has been this last week a fair amount 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 reported settlement in the American Parliament prices went up, but this has checked business, buyers beiog very reluctant at giving the advance. In Eoglish wools a farthing perhaps represents the difference between the bottom price and tojday's rates. In colonials, good crossbred tops are being turned out at a slight advance ; these still occupy the premier position. Merinos continue to flag badly, but, while business is slow, -fcopmakers decline to do business unless they can get full advance upon the extremely low rates ruling lately. The general effect all «oond of the advanced prices has' been to check transactions, bnt everybody feel* that the rates current here have been below all profit-yie'.ding, and it is high time a better state of things were jbrought about. Cape mohair is very firm, but the prices abroad are altogether beyond companion with this market. The prospects for the future in the yarn department are regarded as hopeful, but for the present there is not very much doing. A few ' more orders are reported as stirring. Spinners continue to maintain their firm attitude, making mo abatement on the advanced rates," the firmness of tops tending to keep this branch well ;np. More it doing on account of the home trade, and the export branch shows at last signs [fti awakening. I hear of a decent order being placed for lustre yarns on the advanced scale, Wat botany spinners complain bitterly as to the flack of orders. Worsted coatings must again pcome into fashion before fine merinos will sell gike fcher 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 are getting slightly better prices.

In the piece department no alteration has taken place, it being yet too early to feel the effects of the settlement of the new Tariff Bill.

Messrs Chas. Ba'me and Co., in their periodical circular under date of August 22, cay :—": — " An early proßpect of tbe definite adoption of ihe new tariff in the United States tends to strengthen the position of our staple, and the prices of tops, both at home and abroad, have accordingly fractionally advanced."

A small extent of speculative inquiry — especially for scoured parcels— in the London market has been experienced, but has been largely checked by a general indisposition on the part of holders to anticipate the forthcoming September auctions. The re-opening of the United States market under the new conditions has been in some measure anticipated, both by accumulations of raw material in bond in America as well as of manufactured stocks in Europe for the same destination ; and the immediate influence of the tariff settlement — though no doubt a most important and necessary condition of recovery —owing to this circumstance, and to the still prevailing collapse of credit consequent upon reckless currency experiments, may very possibly prove less pronounced than might be inferred from ihe more sanguine estimates of the situation. The growth of confidence has been a marked feature in our industry for some time past, and the moral effect of the legislation of the new tariff will contribute not a lifctle to accentuate the hopeful feeling which has latterly prevailed in the trade.