WOOL IN 1907.

Dominion, Volume 1, Issue 120, 13 February 1908, Page 10

WOOL IN 1907.

!'" A GOOD BEGINNING,'BUT A BAD FINISH. ■; ■ (from'odb . special correspondent.) BnADroiiD,/December 27/.

The year 1907 has belied .expectations, and as a wool year it will go down to history as making - a good start, continuing well, but ending badly.' In other words, it is a caso, to a large extent, of unrealised ideals, and what premised at one time to! be,a_ year of exceptional good has. turned-out'disappointing to a degree.- The record is -a worthy one up to a certain point, arid then comes a severe' blow which shakes confidence,. checks.iturnovpr, with, the inevitablq result that prices'fall heavily. ■/, A: GOOD' STAKT. The past year .commercially began : ivell, and wool had'a finefstart;:'When January dtiwned 1 the textile industry-,was; in. splendid form, at no time better .sinco the, year 1872. Thbre was; in sight a plentiful'supply of wool, but .the new-season's arrivals, camo to empty ' ;warc-: houses and hungry machines. Very largo con-' tracts towards the end of. 1906 had been entered upon by spinners- arid manufacturers for the supply of i raw material, and trade, was .so good that everything that came >. to hand was lifted with comparative ease..- The year opened -with wool values at a moderately, lugh'level, and yet for- all. that no difficulty was experienced ,-in financing arrivals; in fact, so urgciit were the demands of the .trade-that bills, were retired immediately the .Tyool' arrived, and ■ tho same passed on to manufacturing districts. ; When the London' wool Bales opened in January the trade was quite ready for tho offerings, and all sold in merino sorts.at par to }d. advance. By .-the ond of January new wools from all producing countries were pouring into consuming centres in very large quantities, and under ordinary circumstances this fact alone"'would have been sufficient to have caused a set-back in prices. Instead of. that, everything waa lifted with comparative ease'; so much' so that at the March aeries of London sales consumers went • still; hungry for the raw material, fino wools at tho opening marking, an advance of about 5 per . cent. . It was. now patent to all that both the woollen and worsted industries were enjoying a real boom, and that fashions - were decidcdly inclining towards fine qualities. Values in Bradford showed a-gradual-harden-ing until by the end of .March - super 60' a Colonial tops had risen a full lid.;per lb.' This js all the more remarkable', because 'importers had been expecting, with the increasing arrivals of wools from Australasia, that values would by now bo declining; but all through

the summer and right up to the end of October, trade conditions continued so healthy that' prices steadily crept upwards, aided and seconded by a "record" demand both for wool, tops, yarns, and jiicces. As wo look back, 1907 has been a year favouring the consumption of merino wool, and although Australasia turned out a record c1ip—2,090,000 bales—yet it was easily absorbed. The fact is very significant that all through the past year there has been a development of consumption on the side of merinos, even-high prices in no sense militating against tho sale of fine fabrics. Manufacturers have complained bitterly- at their inability to obtain' corresponding prices'commensurate', irith'the'cost of raw materials, but no one supposes that, with all the overtime .machinery has been worked, mills have been run at a loss. Hore in Bradford anyone possessing fine wool has been able to quickly sell the same at a profit up to. the end of October, but. since then now business has about winked up. .. CONSUMPTION -ON T$E TOP OF ■ • SUPPLIES.' London sales are always a fairly good criterion of the actual standing of tho trade, and the satisfactory: progress from January to October in fine qualities, and the speedy clearance of all supplies at steadily adTancing prices proves , that consumption has all along kept pace with supplies. The trade never before in its history has.'been called upon to lift such a large weight of wool, and yet everything has been cleared without tho slightest hitch until the American financial crisis arises at the end of October. Both at the July and September series values displayed a strong rising tendency, especially at tho fifth series, the sharp advance being butj an echo of the very pressing needs of users which must be supplied at any price. Good greasy Queensland merino that sold last January at 13d. to l.'ijd. per lb. was selling; at 15id. to 16d. at the September series; in other words, merino wool had risen an all-round full 2d. per lb. during that part of the year, and thi6 is-all .the more remarkable'when' it is remembered that' last January prices were then regarded as both high and somewhat dangetous. But- all through the year machinery has been run at such great pressure, and overtime has been, so general, that, having' no previous stocks to draw upon, arrivals have done no more than keep frames and looms running. There is no doubt that a, larger world's; Jneeds has mado itself felt in-the wool world |in a very pro'-' nounced' way, export demand both for yarn and woven fabrics contributing largely to the prosperity and briskness of the woollen and worsted trades in general. Old members of tho trade have oftentimes expressed great surprise at wool values continuing to mount up as they did, but at no single time can it be said that supplies have overtaken consumption, at least up'to the beginning of December. BRADFORD TOP TRADE. . The. trade in "tops" harmonises very largely with the.movement.of wool,"and-here things, ' divide themselves into two periods, oue of prosperity and one of-adversity. Fair weather ' undoubtedly prevailed in the: section for-fine wool tops up to tho '-Americancrisis, and this big bogey then,-sent its, paralysing inlluences through tho entire trade. Unfortunately, topmakers have not experienced;anything like a successful time as those handling the raw , material. As already said, - ..the, autumn of 1906 importing topmakers j sold-.heayily of "futnres," agreeing to deliver, large quantities i. of all'qualities of tops from January to J lino [ at' an average loss of, 2d. per lb. Good merinos I were sold forward as-low, as ,2-id; to 25{d., and >• 40's 15d. to, 16d., but wool was never: bought ,• anywhcro.to make them at ahything like the i figures. All through the season wool' markets ; have been against those chcaj). contracts,. con- > sequently to' importers,l9o7.has' been a:time of disaster. Those who did not operate in tho Colonies, last season, or. at least who ;did not sell forward, havo dono 'very; well up to ■ the end of .October, but the majority fared bally. Learning a lesson. from tlie tragic (Jeals of .a" year ago, importers; went out again to Aus- ■ tralia ;last August and September, determining ; this time to follow v a different policy altogether.'- Very few.'.'futures" ; indeed were sold ~up to,the end of .October;,in-fact, the business -now sold ahead is ; not half what'.itwas a year ; ago.- Importers, said- they • preferred to first buy the wool and know w.hat ''tops'. 1 were ijoing , to - cost' before - selling, 'forward,; and accordingly they havo/bought some .fair- weights, only to find wlien the wool- is arriving! Home that it is sadly too-dear. Whero manyj lost 2d. per lb. oh their future top. salc6"a'.'year ago, they aro now in for-facing .about, the same loss on.tlie wool already bought, providing there is not. a speedy qdvance, which-hardly -seems likely. : > .COUR-SE OF CROSSBREDS. The .course of crossbred wools, has not been v as'favourable as merino's, arid L hero nothing but a dragging, time has been experienced. Natur,ally a cessation,-or rather a modification," of . the, special conditions ; which have -favoured .crossbred-wools.in'Vptis't years has .meant .*a . lower range of value? ;both iu English and , Colonial sorts. Two wars, aided materially by a universal demand for ".tweeds," .moant the .absorption of tremendous weights of crossbrcds, , but', as .we-havo already seen, with the growing prosperity and. increased purchasing powcr.of. tlvo peoplo there has-been throughout the year , a moro ' extended call ; for fine . wools.-.. All through 1907 crossbreds have moved tardily, and wools. have only been shifted at lower , prices. The last New Zoaland clip, was hardly as bright and well-grown asithe previous-one—. ' still, for ; all'-that growors received, good-paying prices -for.their wools,iand.the iwholo has been shifted.'...The course, of-top j prices as indicated below shows aTgradual ease, 'tho -_ month of March about' seeing the highest .point touched for-crossbred qualities., All through tho year these' wools' have missed'. muolr the demand created: for crossbred .cloths; for military purposes, and' the Continent has never supported these wools-as they, have merinos. Practically the whole,of the New Zealand clip and.a larger . proportion than:,ever': from, the 'RiyerVPlato:lVqs

nauto.oo liitea oy.tne ; iorKsnire trauo, ana with tops'and yarns as well as fabrics not: going off so freely as in the tiro previous ..years, values have slightly suffered.. All through the year. Bradford spinners have Kept remarkably busy, and this has no doubt helped consumption, but for nil that there has never been about the market that "vim" ."which has /long been"such a characteristic of crossbred'wools'.'; • • ENGLISII QUALITIES, Y.Dealers'/in English wools have; had' anything' but :'a rosy .time, and the majority have lost .money. 'From January to the end of April values-kept very: steady, and a;mode'rate:.(;urnover was effected, but as, the-time of'the-"new i -clip" came: round buyers "trimmed");' for: it; ; This was really the direct result of buying the.30.00 clip too dear; in fact, very little good lias been done-out of English, wools during the past' : two.years. There was not that'rush for domes- 1 ; tic wools at country fairs' last June and 'July that-there was the year previous, "burnt , fingers" teaching country dealers and buyers in Bradford the salutary lesson of not forcing prices - beyond reason., The . consequence was that when users turned out to ■ sound farmers, their offers were generally 2d.' per lb. less than they paid the year previous,-and many growers who then refused: that offer. are - still holding their clip—worth to-day ; at least, 3d. ■to 4d. por lb. less tnan at-tlie shearing'of- 1906. .Some fair big weights.have been lifted, and farmers.who sold at clipping time have.'.ht'd' every- reason 'for congratulation. All through -. the summer English wools have never got on ! to their feet,, and although' during the months..of July, August, and. September somo big weights were shipped to America, still values have gradually dropped, until to-d&y every quality is worth sensibly "less than at clipping time. Stocks to-day in Bradford are considerable, and some big weights are in the hands, of country dealers, who are faced with, a pretty stiff loss. They seem to be "sitting tight," and are unwilling ..to,: accept what users hero will now bid, hoping with the turn , of the year that matters will_ improve. Since the beginning of November, with the financial . stringency, tho turnover has been very restricted, and forced sales have undoubtedly affected prices. ; ,'K /■ ' • COURSE OF WOOL' PRICES. •• The' following table shows the .movement-of values for the various descriptions of wool and tops over, the wholo year, the figures given being average ones for each month:—

✓. Jan Fob Mar Apr May June July Aug Sep Oct Nov Dec d. d. d. d. d. . d. d. d. d; d. d. . d., Lincoln hogs , ... ... ... ... 13} 13} 13} 13J 13} 12} 121 121 121 12}. 12 12 -lli Lincoln wethers . .... ..: ... 12} 12} 12} 12} . 121 12 , 11} . Ill 12 1U 11' 10J-10}: Yorkshire hogs ... ...15 15 15 14? 11 13} 13} 13f If 13} 13 .33.-121 ■Yorkshire 1 ; wethers ... .... ... 141,141 141 13} 131; 13 12} 13 131' 1 131" 121 114—11 ! . worth Hoes .- ... 15 15 15 144 14 13} 134 131 131 131.13 13-121 ■North wethers . ... ... 13} 13} 13} 131' 131 '13. 121. ,12} : 121 121 12' : .:llf-ll}< Half bred hogs 14 14 14 14 13 12} 12J 121'12} 12} 121' 12J-12-: naif bred wethers ....... 13} 131 131 13}'121. 12} 12 12 12J 12} 11} 11J—114 r Shropshire hogs ... ... • ,..15 15 15 ,15 14} 141 13} 131 14 .. 14 13} 13 . "Shropshire wethers ... . ... ... ;141 141/141 14} 14} 13} , 13} 13' 121, 131 .131. 12| —121 / Sopor Stafford hogs.. - ... ' ... ,14 '.-14. ■ 14 14 14 .13} , 131. 13 13 .13 12}',121 ■. Super Stafford wethers ...: 131 131 134 131 13J 13} '13 121' 12J 121 12 '. 12 • Kent wethers '•... ■ ... '...• ...'134 131 131.131 13 13 12} 12} 12} 12} 12 ' 11J-11} Selected Irish hogs ... ... ... 141 Hi Hi 141 131 13 12} 12} 12} 12} 121 12J—12 Selected Irish; .wethers 131 W 181 131 13 121 12 12 12 12 11} : 11}-U Wiltshire Down tegs ... ...-.16 .-.151 .=15 15. 15 '141 14} 14} 141'14F 14> 14 Wiltshire Down ewes ; ... ... 15} 15} 14} 14} 14} 14} 14. 14 14 14} 13}. 133—121 Devon greasy v... ... 10 10 10 M 9 ■ . 81 - 81 8} : 81 SI '8} 8J— 8 '' Hampshire Down togs ... ... ... 15 15> ; 15 14} 14} 14} 14. . 12} 14' 14.-14 - 14—131 Sussex Downs'... ... ... ... 151 151 -151 15} 15 141 14 14 14} ,141 15 15 -141 Cheviot hogs', supor ... ... ... 14} 14 14 14 1.1}'13 121 12 12 111 lli 11 Black-faced Scotch ... ... ... 9 9 . 9}. 91 .0. 8} »1 8> 8} 8 VITurkey average mohair 17: 17- 17} 17} 17} 17} 17} 171 171 "17} 17} .171 Cape firsts mohair •... 16} 10} 16} 16} 16 151 151 15J 151 15} 15 141. Capo winter mohair. 13 13 13} 131 13 12} 12}. 13 13 . 121 12. 11} 70's Colonial tops ... ... ... 1 28 281 29 291 291 231 291 291' 301 31- 29 28 -27 04's „ , ... 27 . 271. i 28 . 28 . 281 .281: 281 29: 291. '30 28 27 —2G GO's „ „ ... ... — 20 201 271 271 28} 27} 27} 27} 281 29 ' 27} 28 -25' SB's „ ... •••'. ..., ,241; 241.24 211 3*J,-2*J- 2-i* 21J ail 25 24 ■■ 234-22}' , 50's .. ' - 2)1 22} 221 22}' 22 22 21.J 211 21? 22 • 21 10J-18} ' 40 V „ ., * 181 181.19 18J 18} 18 17} ■ 171 17J 17 ■ 101 ■■ 15^-14}'" 40!s „ „ ... ~ ... 17* 17} 174 17} 17 104 104 104 164 161 15 144-13 X" m « ~ « M..MJ 16i 16 15J 151 151 151' 151 Hi lRh^i