OUR ENGLISH WOOL LETTER.

Press, Volume L, Issue 15037, 4 August 1914, Page 5

OUR ENGLISH WOOL LETTER.

WHY WOOL IS SO DE.A.B.

fsr-eciALLT WRrTTEx roa "thk press.") BRADFORD, Jnno 36. "We are faced with another quiot week, and there is nothing particularly new to say about the situation. The market continues to be well attended, and a good deal of subdued interest is manifest. lam convinced that what- is killing tho West Riding trade to-day more than anything else is the high first cost cf tho raw material. "Men talk about thero being no business, and say thoy can sell "nowt," but if tho real cause is probed to the bottom, it is not that thero is no businees offering, but that those responsible for trade at tho other end, i.e., -Manufacturers and wholesale fabric buyers, will not freely follow in the wake of wool itself. Sydney this week has fully confirmed what took place in Brisbane a week ago, and there is no relief forthcoming as yet. It now remains to be >cen what London will do in a week's timo, and I belicvo that for the few merinos which will be available, the enquiry and demand will bo as keen as aver. I do not suppose any party. L-ither at Home, on the Continent, or in America, will gladly pay what selling brokers will demand, but -rallies for merinos will probably amount to a 5 ror cent, advance, and if American buyers aro deter-mined to have the few bales of good combing that -will bo available prices can easily improve $d to Id per lb. WHY IS WOOL SO DEMI?

Repeatedly ha.s the ouestion been asked, Why is the raw material costing so much, and why do we see fine woo) especially, making the price it is doing? Tho catalogues are to hand this week of ihe Brisbane sale which toolplace in the middle of last May. and they provide somo "very interesting reading. Wool is'dear, prices actually being made for the Taw material in Brisbane which were not paid for the same clip of wool in tho D-ocember series of 1899, when tho last wool boom took place. What I say is a startling fact, -and if thero wero space I could give some most interesting comparisons. I do not think the wool will be either better or worse in condition by more than 5 per cent., and yet I find many clips actually, making well ov***r Id inor© in Brisbano than was realised in Coleman street in 1899. Tin's is remarkable,' but only serves to illustrate the high price which fine wool is fetching to-day. West Riding buyers may not be such a strong determining factor as was tho case in 1899- in fact, it seems to mc that Yorkshire, with all its affluence and consumptive ability, no longer remains the sole arbiter of wool i values. This district is consuming to- I day more wool than over, that is when all 'its machinery, is kept running, but the enlarged Continental and Ajmoricm j competition to-day compared,' with 1899 i are -factore which more than ever are entering into the price question. Pro-i bably Bradford would wish it were otherwise, hut these are forces which have entered the wool world and will remain, therefore it seems .to mc that these truthsr—palatable or unpalatable i —must bo taken cognisance of by West! Riding users in particular. Wool is-j doar because stocks are low, and fash-: ions aro. still favouring mcrino*i and fine crossbreds.... . - -. A SUBSTITUTION.

-■;.' What impresses mc most this week j is tho persistent call for fine crossbred wool and tops. 1 have 6eldom known enquiry to be so persistent, ; hence tho questidn is worth asking. What does it all 'mean ? I can -. only, surmise that this'enquiry is the eratoome of tho desire on tho part of spinners arid manufacturers to substitute all they can for merinos. I have hoard of our American friends bringing out popular-named cloths which give the general public the impression that they are hard wearing fabrics, and .1 find that a good deal of the raw material .which has entered into their make-up. figures around .48'sto 56's quality. I havo often heard it mentioned this week that big efforts are being put forth to attract more general nubltc support to medium crossbred wools, and man;** hope that this move will succeed. When I oome to 58's, I-ain certain that many manufacturers are using this quality of yarn in conjunction with merinos. Manufacturers to-day. can' manipulate many cloths, and as everyone is , doing his utmost to bring in new cloths at a price, I believe that a .<sood deal of experimenting is being done in order to offer wholesale houses something attractive, and yet at a handy -price. I may bo wrong, bnt from my own practical knowledge of the ; trade, there are very few buyers indeed, who, at a timo like the present, { will not consider a'serge of coating mado with a botany warp and £ne crossbred weft, -the great de-sideratu-n being price per yard. I see no reason whj- medium, and fine crossbreds cannot bo used more .extensively. on the line sncrijestod, seeinc' that merino supplies to-day are so limited.

■■'~* TOPMAKERS''- POSITION. * I do not find a great deal of change in the position of the topmaker. Many report a slack week, but beneath the surface I _cc evidence of a steady but .limited business doing. It is quite true that many firms are selling 10 and 20 pack lots at a time, but veiy few spinners seem disposed to go in for purchasing 100 to' 150 pack lots, which would oo considered good lines to-day. Prices on the whole are steady and finp, Sydney reports to-day compelling topmakors t-o continue 10 maintain a firm attitude. Still I find that a few firms aro not giving out extreme ['quotations, as wastiie case a good j .veek ago. I believe lam right in [ -laying that average oi-'s,to-day can be bought at 2s Td and a better top at is <_d. those firms who are quotincc 2s 8d beinj-*- principally content with siipply looking on. In face ot what is likely to take place in Coleman street r-en "days hence 64's tops at 2s 7d to * 2s 7_d if they are at all decent in quality and length seem to mc to be worth considering. Botany spinners complain bitterly of th© continued absence of orders, but even here I find that spinners are quite prepared to talk reasonably to their customers, and I think on the whole there is hardly the extremeness" either on the part of buyer or seller, particularly the former that I have witnessed during the past month, I find several firms who, convinced of the dearness of merinos, seem to-day more prepared to give out particulars and to buy a little, than they have been for time past. I only hopo that this is evidence of more orders, stirring for pieces among manufacturers. " Crossbred topmakers do not appear to be doing a great deal, especially thoso making 46's and downwards. As before said, 50's and uwwcrds are moving the best, but -£6's, 4-i's, 40's, and 35's seem to be slack 6et up and prices are barely firm. lam certain I could buy to-day a good 4.o's prepared top at'Wdj and 4-S'e carded la more. English fains are being watched with considerable interest, and on the whole prices are id below last year for all strong wools, but the demand remains strong and healthy for the finer Downs; in fact everything of a Down character is making values ai>out on a parity with last year. That seems to mc to be a featuro of the English fairs. There is little direct American buying. I know' a few Bradford houses who have buying orders for America, but so far American operators have wise- '

ly refrained from actively competing acainst Bradford firms, and I am satisfied they will buy cheaper by pursuing thia poJ-cy* SHEEPSKIN SALES. There has been this week in London a two days' sheepskin sale, and although there has been a slightly diminished attendance, woolled sheepskins have gone off very creditably, and orices don't show much change compared -nth those paid in May. I observo through the whole tr«do a general feeling that values are fast nearing the top. it being only the scarcity of merinos and fino crossbreds which is coin"* to lead to more money being oiid" for fine woolled sheepskins or fleece wool. Everybody seems to be impressed with the position of prices, a „d 1 would much rather sec to-day's values consolidated than pushed higher, otilv to create trouble later on if there should be a sudden and unexpected reaction. . ... _» As compared with the prices current at the sales held on the 13th and 14th May, wo quote:— ' Merino—Full-woolled Jd per lb dearer; half-woollcd, par to id per lb dearer: short and shorn, par to Jd per Cros*-brecl—Fine, full, and three-quartcr-woolfod id per lb dearer; coarse, par to Id per lb cheaper; halfwoolled, par to id ncr lb dearer; short and shorn, id to id per lb cheaper. Lambs—Par to id per lb cheaper.