THE OUTLOOK.

Otago Witness, Issue 2856, 9 December 1908, Page 8

THE OUTLOOK.

$f«esrs H. Dawsop *nd Co., in speaking •boat the vutlook, say:— "The most satisfactory feature of the series closing to-day taf been the tteady clearance of the cata&£use at well-maintained rates. Despite Wl& I*lß* offerings find gloomy outlook, all wools suitable for the worsted trade, and iipeoially merino qualities, have belied exB6otattons and defeated all the plans and reckonings of consumers. "The unexpected appreciation of merinos in a time of general dulness of trade and unsatisfactory conditions, ha 6 been due to Mie real machine hunger for raw material. The wideness of the competition has been remarkable, for the demand has come from every section of the industry, although the strongest support has been gi\ en by German spinners. This keenness on tho part of Germany is largely due to contracts in Tarns which had been made since July at low prices, owing to their mistaken confidence in cheaper "Wocla being available, And because of their anxiety to keep (maohinery employed. It could hardly be expected that German competition would be so strong, when the heavy stocks of topa in their combing mills were considered. These stocks, it appears, belonged very largely to merchants and eecond-hand iokters, who have been holding for better jwrio&s, and not to consumer*. Tbe latest

statistic* show that merino tops have been reduced during September by 600,000 kilos, and stood on September 30 at 4,277,000 kilosj_ while the 6tock of crossbred tops waa 6,682,000 kilos, showing a decrease of about 260,000 kilos during the month. "The I/ondon market has stood detached and solitary in its strength. It has been curiously out of correspondence with. Bradford and other consuming centres; and, strangely enough, up to now 'London has had very alight strengthening jffect on the value of tops and yarns in Yorkshire. Home business shows but little vitality at and sellers seem willing to negotiate new year's deliveries at prices which are from 5 to 10 per cent, below London parity. Considering the unmistakable evidences of the past series, that stocks of wools suitable for the worsted industry are light in consumers' hands, this policy seems risky. It is certain, however, that for tops required for immediate use a. higher level of values than that which has been assumed for the new year must obtain. "The colonial markets, judging from quotations to hand, are apparently slightly cheaper than London for merino combing aorta, but are not yet -near to the level of Bradford quotations. "So far as can be gathered, the home trade is suffering more acutely than some other centres at the moment. Continental reports are more hopeful, and business has shown signs of improvement; while in U.S.A. the big worsted mills are now running about £0 per cent, of their maohinery, and there is a distinct revival of business. Surveying things broadly, therefore, there are hopeful elements in the general outlook. "Crossbred wools are at a low price — 40's tops round about lOd are distinctly cheap. Compared with these, merinos are relatively not so cheap, but it must be remembered that fine worsted goods are still the popular fabric, and so long as this obtains merino combings (even with a quiet trade) will be the laec to suffer. Scoured wools and clothing sorts generally have already suffered a severe shrinkage in values. The market closes with the visible ' hold-over ' stocks of May and July much reduced. Combing merinos are practically cleared out. Seoureds and crossbred slipes will form the bulk of the wools left in London." Sold by Messrs John Hoare and Co., October 14. — Two Hearts: Grease — Four bales super combing 9Jd, 25 first do 9d, 6 do Bd, 11 do 7|d, 3 double fleece 7d, 9 necks Bd. Scoured — Four bales super combing 20d, 14 first do 20d, 14 second do 18id, 11 do 18Jd, 8 first double fleece 184 d, 6 second do 16£<3, 10 first pieces 17id, 10 second do 17d, 9 do 15Jd 4 first bellies 17d, iO second do 16Jd, 5 lock 3 15d, 8T do 15Jd. 6 do 13d. Good 64's quality, very fatty, but good length. The sooureds were a good colour and well gat up. Sold by Messr3 Jacomb, Son and Co., same day. — St. Catherine's Wheel: Grease — Five bales super combing lid, 15 first do 10id, 5 second do_9£d, 4 do lOd, 4 first pieces 9d, 17 do comeback lOJd, 4 second do lOd, 3 first halfbred 9d, 42 do lOJd, 11 second combing kalfbred 9Jd, 5 first do threequarterbred BJtl. 22 do withdrawn, 19 second do withdrawn, 19 first do 7Jd, 20 second do withdrawn, 11 first pieces halfbred 9Jd. G do three-qu«rteTbred Bid. Kice wools. Wellgrown and very good. Sold by Messrs Thomas and Cook, October 15. — St. Kilda: Gr&'asy — Four bales super 9d, 4 do 9d, 28 super halfbred lOJd. 57 do 10d, 11 do crossbred 7Jd, 42 do 6Jd, 47 super threequarterbred 9d, 46 do Bid, 56 do crossbred Bd, 121 do Leicester withdrawn, 35 first do pieces 6d, 5 second do 4Jd, 11 do 4Jd. A splendid clip; 40's to 50's well-grown and well got up. Waipara Hill- Creasy — Fourteen bal«s super halfbred combing 9d, 4 do Bid, 9 first do 7d, 3 do 6Jd, 22 do 7Jd, 14 do 7Jd, 7 three-quarterbr e d do 72d, 4 do 6Jd. 23 do 22 A do 7d, 9 crossbred do 6Jd, 14 do 6d, 7 halfbred pieces 6Jd, 3 do 6d, 11 do bellies 52<3. NNicc c character, well-grown, and average condition. Kereru. Greasy — Four bales super halfbred 9£d, 17 do 9d. 12 super crossbred 9Jd, 23 do B*d, 50 do 7d, 4 do 6id, 45 do 7d, 16 first do pieces sld. 6 second do 5Jd, 9 do bellies sid, 3 do locks 3*d, 9 A do lamb? BJd, 21 B do 7d, 6 C do sid. 7 scoured do 7d, 5 A do pieces 7»d, 5 do 6Jd. A very creditable clip. Light and well-grown. TH over M — Four bales greasy A crossbred 7id. £6 do 6id, 3 do first do pieces sd, 3 do laml>3 6id, 4 do second do i^d. MARKING TIME. All one can say about Bradford 16 that ' things are marking time, and that is all. Now that Coleman street has closed, no- ' body need be surprised to s-ee matters relapse into a very slack way, for all through , the recent series of sales Bradford has remained in a \cry unsatisfactory condition. It is true that prices have somewhat nominally hardened, but while quota- I tiom here and the-re may be a farthing more than three week* ago, yet ii amounts I to pactically nothing, for no man need pay ; more than he did recently. There is very j little actual business doing, the weight ' turned over being very disappointing in- j deed. Merinos remain stead y, but that is all, and 22d will still buy plenty of good -tandard super 60' a tops" from makers of j prominence. Here and there a fraction . more is asked, but a "firm offer" will get plenty at the price already named. Spin- ' ners are buying a few little lots to keep going their limited machinery, but they are the least concerned over the future, being as indifferent as ever respecting the real outcome of the recent London sales. Before users are going to pay enhanced prices they are first going to see an increase of • busmes3. There is anything but a confident feeling over the future, and there is complete indifference to anticipate wants. If ; there is not some improvement at the yarn and piece end, even to-day's values, reasonable as they are, will not be maintained, for however significant the buying on German account at the recent London 6ales, nobody believes that the pace can be maintained in the colonies when big weights of wool have to be lifted weekly. Crossbreds are exeeedinglj- clack, notwithstanding a little call for wool on export account. It i^ still quite easy to buy 40's at lOd, but they will cost more out of wool just bought in London. Some profess to , have more confidence even in cro*sbreds than merinos, and 110 doubt there i-3 some ' justification for thejr attitude. However j cheap and reasonable the ran material may . be, still there is no trade, and that is the crux of the whole question. The amount | of forward business already transacted is • a mere bagatelle to -what we have seen. ! there being not the least dc*ire on the ! part of either seller or buyer to tonaidei next year's business. Mohair is very quiet, and precious little indeed is being turned over. Most mohair spinners are running full time, but there is difficulty in accepting the offers which exporters are at pre- j sent disposed to make. ' I