POSITION OF WOOL

Otago Witness, Issue 3611, 29 May 1923, Page 15

POSITION OF WOOL

PROSPECTS FOR NEAR FUTURE. (Fuom Oob Own Correspondent.) LONDON, April 5. According to the well-informed wool correspondent of the Daily Telegraph, many people are beginning to wonder where the wool is coming from to be offered in London, for B.A.W.R.A. stocks are now largely disposed of. Interest has now been transferred from tho London sale room to consuming centres. During the next month no sales of the raw material will be held in this country. ’This is an experience for buyers the like of which has not been seen during the past two years, and many are of the opinion that instead of eight; series of London sales, as was the case last year, only six series will be held, as was the custom before the war.

On the assumption that something like 80 per cent, ot New Zealand glowers uro selling their clips locally, the writer observes: “It is probably correct to say that over a period of 10- years any pai toralist consigning his clips to London will receive better prices than he could make by offering them at home, but during the recent auctions ibe prices paid in London for superior clips were not as good as those paid in January in Geelong. It is regrettable that the 'crack' clips from West Australia met a somewhat indifferent market, and it is well known that clips corresponding to those recently sold in Coleman street made anywhere from 3d to 4d per lb more in Geelong. This, however, is an exceptional circumstance, and is directly traceable to tiie lower level of values ruling in all wool markets. American and home trade buyers express satisfaction at securing some of these superior lines at 3uch reasonable prices, for they will not have another chance to obtain such wools so reasonably for another 12 months. A combination of untoward circumstances has checked the consumption of wool, particularly by the home trade. Bradford has been unduly pessimistic, but the firm close in London showed clearly that things are sound at the foundation. Tn the meantime everything points to still higher merino values in the near future.” The home trade is very much impressed with the sound, healthy manufacturing conditions obtaining in America, and it is expected that this year 800.000,0001 bof wool will be consumed in that country, which will be aesily a record. There is no doubt that the present tariff is affording LTiited States mills very adequate protection against imports of fully-made goods from England and the Continent. The duties on raw wool are scandalous—far more than they need have been in view of the tremendous importations which must be made to keep machinery running. There may be some justification for the present high duties on fullymade piece goods, and apparently they are adequate to keep out big supplies of the fully-manufactured article. If this ensures the running of American mills full time, work-people in that country will benefit, and trade generally be all the better. FRANCE AND MANUFACTURED FABRICS. So far as the home trade is concerned, a gool deal of talk has been heard recently among leading manufacturers in Bradford about the big importations of Continental dress goods. France has to a large extent captured the spring trade in light-weight cheap dress fabrics, and this has dealt a rather severe blow to Bradford and district. It is in cloths priced at 4s 6d per yard where thi.s competition has been felt, most, and it is a fact, that as much as Is per yard difference has been seen between 'Continental and Bradford-made goods, due largely to tho rate of exchange favouring the former, and to the use of single yarns instead of tv-r.fol.L j :l the production of French gabardines. 1 hose goods are vastly inferior in wearing capacity to the same class of fabric made in this country, simply because Bradford manufacturers have used twofold warps, which result in a better wearing fabric being produced. In goods priced from 5s upwards, Bradford can sell a better orlicleat the same price as Continental manufacturers, and if the general public of this country want something which will retain its shape and at all well they will be well advised to buy coths nade from twofold warps.